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Far North Telecom, Ltd., of Ontario, has organized a new division to manufacture and sell specialty cellular telephones. The division's monthly costs are shown in the table below. Far North Telecom regards XXX XX its workers as full-time employees and the company has a long-standing no layoff policy. Furthermore, production is highly automated. Accordingly, the company includes its labor costs in its fixed manufacturing overhead. The cellular phones sell for $150 each. During September, the first month of operations, the following activity was recorded: 12,000 units produced, 10,000 units sold. Comment on the five questions below the table. Respond to at least two of your fellow students' postings. Manufacturing costs: Variable costs per unit: Direct Materials $48 Variable manufacturing overhead $2 Fixed manufacturing overhead costs (total) $360,000 Selling and administration costs: Variable 12% of sales Fixed (total) $470,000 Compute the unit product cost under: absorption costing variable costing Prepare an absorption costing income statement for September Prepare a contribution format income statement for September using variable costing. Assume that the company must obtain additional financing in order to continue operations. As a member of top management, would you prefer to rely n the statement in (b) above or in (3) above when meeting with a group of prospective investors? Reconcile the absorption costing and variable costing net operating incomes in (2) and (3) above.
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The company's accountant determined that an appropriate allowance of $9,000,000 should be established. Ignore income taxes. i) Is this a change in accounting principle, change in estimate, or a correction of an error?
Johnson Auto Body uses a job order cost system. Overhead is applied to jobs on the basis of direct labor hours. During the current period, was charged $425 in direct materials, $475 in direct labor, and $190 in overhead. If direct labor costs an a..
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let us say you are planning to start a new business. you expect to have losses for the first two years and then achieve
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