Warren Company makes candy. During the most recent accounting period, Warren paid $3,000 for raw materials, $4,000 for labor, and $2,000 for overhead costs that were incurred to make candy. Warren started and completed 10,000 units of candy, of which 7,000 were sold. Based on this information, Warren would recognize which of the following amounts of expense on the income statement?…
Activity-based costing involves two allocation stages and includes a multitude of cost drivers. The first stage known as ABC assigns costs to pools; which signify the activities of the costs to be incurred. During the second stage the cost pools are allocated to products or cost objects by utilizing cost drivers that measure the object’s use of that activity.…
The accounting equation (A=L+SE) is a fundamental business concept. Explain what this equation reveals about a company’s sources and uses of funds and the claims on company resources.…
Financial Statement Analysis Project -- A Comparative Analysis of Kohl’s Corporation and J.C. Penney Co…
5-5 Production Report, No Beginning Inventory Wantler Company Mixing Department ------------------------------------------------- Production Report for 2001 Unit Information Units to account for: Units in beginning WIP 0 Units started 75,000 Units to account for 75,000 Units accounted for: Equivalent Units Physical Direct Conversion Flow Materials Costs Units completed 75,000 75,000 75,000 Units in ending WIP 12,000 12,000 11,400 Total units accounted for 87,000 87,000 86,400 Cost Information Costs to account for: Direct Conversion Materials Costs Total Costs in beginning WIP $ 0 $ 0 $ 0…
Reducing the number of December advertising spots and increasing the number to be run in January.…
for the year was $800,000 and estimated machine hours were 50,000 hours. Total machine hours…
Midterm 2 Study Guide Below is a list of some of the things you should definitely be familiar with for Midterm 2. It is not intended to be a complete list. Rather, this should be used a supplement to the studying you were otherwise doing. Chapter 7 Under variable costing, only those manufacturing costs that vary with production quantity (output) are included as product costs. This would typically include direct materials, direct labor, and the variable portion of manufacturing overhead (V-MOH). Unlike in absorption costing (i.e., everything we did in Midterm 1), fixed manufacturing overhead (F-MOH) is treated as a period expense that goes straight to the income statement rather…
BBUS2541 – ASSIGNMENT #3 Q1 – Exercise 4-18 Percentage of Physical Completion w/respect Equivalent Units Units to conversion Direct Material Conversion Work in Process, October 1 1,000 40% Units Started during October 5,000 Total Units to account for 6,000 Units from beginning WIP, completed & transferred out during October 1,000 100% 1,000 1,000 Units started & completed during Oct 3,000 3,000 3,000 Work in Process, Oct 31 (20% as to con) 2,000 20% 2,000 400 Total Equivalent Units 6,000 6,000 4,400 Q2 – Exercise 4-21 Direct Material Conversion Total Work in Process, November 1 $ 65,000 $180,000 $245,000 Costs Incurred $425,000 $690,000 $1,115,000 Total Costs to Account for: $490,000 $870,000 $1,360,000 Equivalent Units 7,000 1,740 Costs Per Equivalent Unit $70.00 $500.00 $570.00 Q3 – Problem 4-28 1. Analysis of Physical Flow of Units: Physical Units in beginning Work in Process: 50,000 Add: Physical Units started 200,000 Less: Physical Units completed & transferred out 190,000…
The comparison of a company's financial condition and performance across time is known as: Horizontal Analysis…
These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken: 7/20/2014…
Assume the net income used to calculate diluted EPS is $609,365, what is the number of weighted average shares outstanding – diluted (the denominator used in calculating diluted earnings per share) in 2008?…
Technical Help: If you require assistance with Moodle and/or Collaborate, please first contact Distance Learning: Monday-Friday, 8 a.m. – 4 p.m. (Atlantic time), (902) 457-6717;…
It is imperative that we hire another managerial accountant to focus on our internal accounting. Our internal accounting is very important because this is what sets our standards and policies. In order to maintain good internal accounting, it is important to hire someone with the expertise and experience to analyze, implement, and make necessary adjustments to our current system and policies so that we may have better control within our company.…
Reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world.…