Baird Manufacturing Company makes tents that it sells directly to camping enthusiasts through a mail-order marketing program. The company pays a quality control expert $110,500 per year to inspect completed tents before they are shipped to customers. Assume that the company completed 1,570 tents in January and 1,180 tents in February. For the entire year, the company expects to produce 17,000 tents
3. Cost objective is to determine the cost per tent, is the expert’s salary a direct or an indirect cost?
4. How much of the expert’s salary should be allocated to tents produced in January and February?
In: Accounting
Find the equation of the plane through the point (1,1,1) which is perpendicular to the line of intersection of the two planes x−y−3z=−1 and x−3y+z= 2.
In: Advanced Math
The objective is to find out the number of sexual assaults cases that occur annually in association with drinking alcohol.
In: Psychology
Description or theory involved in the Madela Effect is explained in terms of theory/conspiracy theory.
In: Other
Meaning of Ozone Layer Depletion. Effects of Ozone Layer Depletion. Measures to protect Ozone Layer Depletion.
In: Computer Science
Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses.
| FORTEN COMPANY Comparative Balance Sheets December 31 |
|||||||||||
| Current Year | Prior Year | ||||||||||
| Assets | |||||||||||
| Cash | $ | 67,900 | $ | 85,500 | |||||||
| Accounts receivable | 83,890 | 62,625 | |||||||||
| Inventory | 293,656 | 263,800 | |||||||||
| Prepaid expenses | 1,330 | 2,135 | |||||||||
| Total current assets | 446,776 | 414,060 | |||||||||
| Equipment | 145,500 | 120,000 | |||||||||
| Accum. depreciation—Equipment | (42,625 | ) | (52,000 | ) | |||||||
| Total assets | $ | 549,651 | $ | 482,060 | |||||||
| Liabilities and Equity | |||||||||||
| Accounts payable | $ | 65,141 | $ | 132,675 | |||||||
| Short-term notes payable | 13,600 | 8,400 | |||||||||
| Total current liabilities | 78,741 | 141,075 | |||||||||
| Long-term notes payable | 59,000 | 60,750 | |||||||||
| Total liabilities | 137,741 | 201,825 | |||||||||
| Equity | |||||||||||
| Common stock, $5 par value | 180,750 | 162,250 | |||||||||
| Paid-in capital in excess of par, common stock | 55,500 | 0 | |||||||||
| Retained earnings | 175,660 | 117,985 | |||||||||
| Total liabilities and equity | $ | 549,651 | $ | 482,060 | |||||||
| FORTEN COMPANY Income Statement For Current Year Ended December 31 |
|||||||
| Sales | $ | 642,500 | |||||
| Cost of goods sold | 297,000 | ||||||
| Gross profit | 345,500 | ||||||
| Operating expenses | |||||||
| Depreciation expense | $ | 32,750 | |||||
| Other expenses | 144,400 | 177,150 | |||||
| Other gains (losses) | |||||||
| Loss on sale of equipment | (17,125 | ) | |||||
| Income before taxes | 151,225 | ||||||
| Income taxes expense | 41,050 | ||||||
| Net income | $ | 110,175 | |||||
Additional Information on Current Year Transactions
Required:
1. Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.)
In: Computer Science
Net Income for the period totaled OMR75,000,preferred dividends paid totaled OMR10,000 and common dividends paid totaled OMR30,000.If there 100,000 common shares outstanding throughout the year.What was the earnings per common share
(a)44.50 OMR
(b)0.35 OMR
(c)0.65 OMR
(d) 4.50 OMR
In: Accounting
Baird Manufacturing Company makes tents that it sells directly to camping enthusiasts through a mail-order marketing program. The company pays a quality control expert $110,500 per year to inspect completed tents before they are shipped to customers. Assume that the company completed 1,570 tents in January and 1,180 tents in February. For the entire year, the company expects to produce 17,000 tents.
Required
If the cost objective is to determine the cost per tent, is the expert’s salary a direct or an indirect cost?
How much of the expert’s salary should be allocated to tents produced in January and February?
In: Accounting
Rooney Manufacturing Co. expects to make 31,700 chairs during the year 1 accounting period. The company made 3,600 chairs in January. Materials and labor costs for January were $16,700 and $25,200, respectively. Rooney produced 2,000 chairs in February. Material and labor costs for February were $8,900 and $13,400, respectively. The company paid the $729,100 annual rental fee on its manufacturing facility on January 1, year 1. The rental fee is allocated based on the total estimated number of units to be produced during the year.
Required
Assuming that Rooney desires to sell its chairs for cost plus 15 percent of cost, what price should be charged for the chairs produced in January and February? (Round intermediate calculations and final answers to 2 decimal places.)
In: Accounting
Rundle Air is a large airline company that pays a customer relations representative $17,100 per month. The representative, who processed 1,190 customer complaints in January and 1,450 complaints in February, is expected to process 22,800 customer complaints during the year.
Required
Determine the total cost of processing customer complaints in January and in February.
In: Computer Science
Hannah Ortega is considering expanding her business. She plans to hire a salesperson to cover trade shows. Because of compensation, travel expenses, and booth rental, fixed costs for a trade show are expected to be $15,680. The booth will be open 32 hours during the trade show. Ms. Ortega also plans to add a new product line, ProOffice, which will cost $188 per package. She will continue to sell the existing product, EZRecords, which costs $108 per package. Ms. Ortega believes that the salesperson will spend approximately 22 hours selling EZRecords and 10 hours marketing ProOffice.
Required
Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 88 units of EZRecords and 43 units of ProOffice.
Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 204 units of EZRecords and 99 units of ProOffice.
In: Accounting
Hannah Ortega is considering expanding her business. She plans to hire a salesperson to cover trade shows. Because of compensation, travel expenses, and booth rental, fixed costs for a trade show are expected to be $7,500. The booth will be open 30 hours during the trade show. Ms. Ortega also plans to add a new product line, ProOffice, which will cost $150 per package. She will continue to sell the existing product, EZRecords, which costs $100 per package. Ms. Ortega believes that the salesperson will spend approximately 20 hours selling EZRecords and 10 hours marketing ProOffice.
1) Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 80 units of EZRecords and 50 units of ProOffice. (Round "Cost per unit" to 2 decimal places.)
2) Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 200 units of EZRecords and 100 units of ProOffice.
In: Accounting
For what value of h will the line y=-2x+h be tangent to y=3x2+4x-1?
b) Graph the line and the curve on the same set of axes to verify the solution. Use a scale.
In: Math
Caroline Company reports the following costs and expenses in May.
Factory Utilities 11,500
Depreciation on factory equipment 12,650
Depreciation on delivery trucks 3,800
Indirect factory labor 48,900
indirect materials 80,800
Direct materials used 137,600
Factory manager's salary 8,000
Direct labor 69,100
Sales salaries 46,400
Property taxes on factory building 2,500
Repairs to office equipment 1,300
factory repairs 2,000
Advertising 18,000
office supplies used 2,640
Instructions
From the information, determine the total amount of:
(a) Manufacturing overhead.
(b) Product costs.
(c) Period costs.
In: Accounting