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Fresh Air Products manufactures and sells a variety of camping products. Recently the company opened a new plant to manufacture a deluxe portable cooking unit.
Cost and sales data for the first month of operations are shown below:
Beginning inventory 0 units
Units produced 11,600
Units sold 10,200
Manufacturing costs
Fixed overhead $127,600
Variable overhead $7 per unit
Direct labour $10 per unit
Direct material $30 per unit
Selling and administrative costs
Fixed $192,200
Variable $3 per unit sold
The portable cooking unit sells for $112. Management is interested in the opening month's results and has asked for an income statement.
Question 1: Assuming the company uses absorption costing, Calculate the Operating Income before taxes.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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