Get college assignment help at uniessay writers You are given the following information for transactions by Schwinghamer Co. All transactions are set Record P6-6B in cash. Schwinghamer uses a perpetual inventory system and the FIFO cost formula. Unit Cost/ Units Selling Price perpet LCNR Date Transaction Oct. 1Beginning inventory 5 Purchase 8 Sale 15 Purchase 20 Sale 25 Purchase 60 110 (140) 52 (70) 15 $14 13 20 12 16 Instructions e) Prepare the required journal entries for the month of October for Schwinghamer Co. b) Determine the ending inventory for Schwinghamer. ) On October 31, Schwinghamer determines that the product has a net realizable value of $10 per unit. What amount should the inventory be valued at on the October 31 balance sheet? Prepare any required journal entries
Baker Co. has two departments (Processing and Packaging) and uses a job order costing system. Baker applies overhead in Processing based on machine hours and on direct labor cost in Packaging. The following information is available for July: Processing Packaging Machine hours 2500 1000 Direct labor cost $44500 $23000 Applied overhead $55000 $51750 Refer to Baker Co. What is the overhead application rate for Packaging? A) $23.00 B) $51.75 C) $2.25 D) $0.44
Determine the account receivable. At the beginning of the current period, Emler Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $3,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end of the period.
The management of Garland Inc. is considering whether ot not to accept a special sales order for 500 units of a product that it manufactures. Management has been provided the following data regarding the manufacturing and selling costs per unit: Direct Materials:$225 Direct Labor:$195 Variable Manufacturing Overhead:$105 Fixed Manufacturing Overhead:$119 Variable Selling Costs:$75 Fixed Selling Costs:$25 Management has been informed that variable selling costs pertaining to the special order will be reduced by 20%. Management has also been informed that 250 units of sales to regular customers will be lost; the sales to regular customers create a contribution margin of $500 per unit. What is the lowest selling price that Garland’s management would be willing to accept?
Michael I, How did you calculate the gross profit and COGS for # 2
Record the transaction using a T-account: Incurred a repair expense for repairs of $600. The company agreed to pay in 60 days. This transaction involves an increase in accounts payable and repair expense.
Supler Company produces a part used in the manufacture of one of its products. The unit product cost is $18, computed as follows: Direct materials $ 8 Direct labor 4 Variable manufacturing overhead 1 Fixed manufacturing overhead 5 Unit product cost $18 An outside supplier has offered to provide the annual requirement of 4,000 of the parts for only $14 each. It is estimated that 60 percent of the fixed overhead cost above could be eliminated if the parts are purchased from the outside supplier. Based on these data, the per-unit dollar advantage or disadvantage of purchasing from the outside supplier would be:
Ok, so these are the homework problems I have to do. The are about Intermediate Accounting (201) – Chapter 9- Inventory. The question I have is for #’s 2
You are given the following information for transactions by Schwinghamer Co. All transactions are set Record P6-6B in cash. Schwinghamer uses a perpetual inventory system and the FIFO cost formula. Unit Cost/ Units Selling Price perpet LCNR Date Transaction Oct. 1Beginning inventory 5 Purchase 8 Sale 15 Purchase 20 Sale 25 Purchase 60 110 (140) 52 (70) 15 $14 13 20 12 16 Instructions e) Prepare the required journal entries for the month of October for Schwinghamer Co. b) Determine the ending inventory for Schwinghamer. ) On October 31, Schwinghamer determines that the product has a net realizable value of $10 per unit. What amount should the inventory be valued at on the October 31 balance sheet? Prepare any required journal entries
Olin Packett is a CGA-CPA and has been employed for over 5 years by a Canadian private corporation and recently promoted to a management position. He works in their Victoria, BC office. For 2018, his gross salary was $150,000. While he does not receive commissions, he was awarded a bonus of $10,000 for 2018 based on the performance of the business. One-half of this was paid in December 2018, with the balance paid in March 2019. The following amounts were withheld from his gross salary in 2018: Federal Income Tax $25,000 Employment Insurance Premiums 858 Canada Pension Plan Contributions 2,594 Registered Pension Plan Contributions 5,000 Charitable contributions (Centraide) 1,000 Other Information: 1. During 2018, Olin was provided with an automobile that the corporation bought at a cost of $82,500, including all taxes. The total operating costs of the car were $0.50/km for the year and they were all paid by the corporation. The car was available to Olin the entire year, except that he didn’t use the car for a 3-month period while he was on disability leave. Olin drove the car a total of 30,000kms during the year, all but 9,700kms were employment related (fully documented). Olin reimbursed his employer $950 for his personal use of the automobile for the year. 2. During 2015, Olin was granted the option to buy 1,000 shares of his employer’s common shares at a price of $31.00 per share. At that time, the shares were worth $33.00 each. On June 1, 2016, Olin exercised his option and acquired 1,000 shares at $31 each. At that time, the shares were worth $40.00 each. Olin sold all the 1,000 shares on May 1, 2018, for proceeds of $50.00 per share. 3. In order to assist Olin in purchasing a new luxury boat, his employer granted him a 3-year, interest-free loan of $100,000. The loan was granted on July 1, 2018. At that time, the interest rate on an open 5-year loan was 5%. The prescribed interest rate for 2018 was 2.5% for the period of July to September and 3% for the period of October to December 2018. 4. Olin has been a member of his employer’s defined benefits Registered Pension Plan (“RPP”) for the last 3 years. For 2018, his employer made a $5,000 matching contribution to the RPP on his behalf. 5. Other disbursements made by Olin during 2018 include the following: Tuition fees for a business management course $1,500 Tuition fees for a sailing course $1,000 Professional dues paid to CPA association $1,600 Premiums paid on life insurance policy $720 Mortgage payments on home $24,000 Olin’s employer reimbursed the tuition fees for both the business management and the sailing courses but none of the other costs paid personally by Olin, given his recent promotion to a manager’s position. Required: Calculate Olin’s net employment income for tax purposes for the year 2018. Explain your answer, including detailed calculations, and provide reasons for omitting items that you have not included in your calculations. Ignore all GST/HST considerations. Assume all applicable elections were made.
Get college assignment help at uniessay writers 2. CheckPoint: Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance • Complete parts a, b, and c of P3-1A on pp. 128–129 of Financial Accounting. • Use the templates in Appendix D. Complete all three tabs. • Post the completed Appendix D as an attachment.
Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year, 9% bonds. Present entries to record the following selected transactions
Hello, I need to get the solution manual for my book. It’s called Accounting Tools for Business Decision Making Kimmel 3rd Edition, 2nd value. Please any HELP?
During its first year of operations, Privat Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 70,000 shares for cash at $5 per share. July 1 Issued 40,000 shares for cash at $7 per share.
I need the whol solution manual for the book. Its the second value. I found the 1st value everywhere, however, I couldn’t find the second value of the soltuion manual. The book is called Accounting Tools for Business Decision Making Kimmel 3rd Edition.
Young Corporation expects an EBIT of $16,000 every year forever. The company currently has no debt and its cost of equity is 15%. Determine the value of the firm
A depreciable asset currently has a $24,500 book value. The company owning the asset uses straight-line depreciation. They paid $37,000 for this asset and consider it to have a $2,000 salvage value with a seven year useful life. How long has the company owned this asset?
In 2010, Logan sold 1,000 units at $500 each, and earned net income of $40,000. Variable expenses were $300 per unit, and fixed expenses were $160,000. The same selling price is expected for 2011. Logan’s variable cost per unit will rise by 10% in 2011 due to increasing material costs, so they are tentatively planning to cut fixed costs by $10,000. How many units must Logan sell in 2011 to maintain the same income level as 2010? a. 882 b. 1,000 c. 1,056 d. 1,118
Fields Corporation has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporting Goods and 35% for Sports Gear. Fields incurs $2,220,000 in fixed costs. The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. 4. The weighted-average contribution margin ratio is a. 37%. b. 40%. c. 43%. d. 50%. 5. The break-even point in dollars is a. $821,400. b. $5,162,791. c. $5,550,000. d. $6,000,000. 6. What will sales be for the Sporting Goods Division at the break-even point? a. $1,800,000 b. $2,100,000 c. $3,355,814 d. $3,900,000 7. What will be the total contribution margin at the break-even point? a. $1,910,233 b. $2,220,000 c. $2,400,000 d. $2,580,000
sam’s auto parts uses the FIFo costing method. the following sata is available: Beginning inventory 20 units 4,000 unit cost total cost 80,000 purchase 20 units 4,800 unit cost total cost 96,000 purchase 16 units 3,600 unit cost total cost 57,600 sales during the year 25 units the ending inventory should be valued at? a. 81,600 b. 100,800 c. 129,600 d. 132,800
Jeff, Bob and I stopped by the old “watering hole” for an attitude adjustment. Guess what? The conversation turned to work. Here is how the conversation unfolded. Over the past year, good old SVF has realized an increase in our current ratio and a drop in total assets turnover ratio. Conversely, SVF’s sales, quick ratio, and fixed assets turnover ratio have remained constant. We are arguing about what could cause this. What do you think?
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