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Question 1: Blue Ridge Company manufactures a product that sells for $60 per unit. Blue Ridge incurs a variable cost per unit of $38 and $4,128,000 in total fixed costs to produce this product. It is currently selling 240,000 units.Instructions: Complete each of the following requirements, presenting labeled supporting computations.a) Compute and label the contribution margin per unit and contribution margin ratio.b) Using the contribution margin per unit, compute the break-even point in units.c) Using the contribution margin ratio, compute the break-even point in dollars.d) Compute the margin of safety and margin of safety ratio.e) Compute the number of units that must be sold in order to generate net income of $600,000 using the contribution margin per unit.f) Blue Ridge is considering reducing the salary of the sales staff and paying a commission to its salesmen equal to 10% of sales. Reducing the salaries will decrease fixed costs by $400,000 and management believes the commission incentive to the sales group will increase sales volume 30%. Should Blue Ridge implement this plan? Support your answer with computations.Question 2 : Flake Inc. uses a process cost system and the weighted average cost flow assumption. Production begins in the Cutting Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On November 1, 2012 the beginning work in process inventory consisted of 16,000 units which were 40% complete and had costs of $100,000 for materials and $90000 for conversion costs. During November, the following occurred:Materials added $323,980Conversion costs incurred $240,000Units completed and transferred out in November 24,000Units in ending work in process November 30 (60% complete) 10,000Compute the following and show the computations that support your answers.1. Equivalent units of production for materials and conversion costs in the Cutting Department for the month of November.2. Cost per equivalent unit for materials and conversion costs for November.3. Costs assigned to the ending work in process inventory on November 30.4. Costs assigned to units completed and transferred out during November.
Survival Industries, Inc. purchased a boat at a cost of $360,000-Compute the depreciation expense for 2014
What accounts does a company debit and credit in a prepaid expense adjusting entry? What accounts are debited and credited in an unearned revenue adjusting entry.
Evaluate taxable income and income taxes payable. Prepare the journal entries for income tax expense, income taxes payable, and deferred taxes.
On June 1, 2007, Rehman, Inc. issued $600,000, 6% bonds for $587,640, which includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2017. The bonds are callable at 102.
Show the proper disclosures in the stockholders' equity section of the balance sheet issued at the end of the first quarter, March 31, 2013. Assume net income of $100000 during the first quarter.
During 2013, Rachel Parkins, president of Mathieson Company, was paid a semimonthly salary of $6,800. Compute the amount of FICA taxes that should be withheld from her:
What is possible "consequence" of using the allowance method rather than the direct write-off method? The method fits the matching principle, is GAAP, the SEC likes it better, sounds better for investors, what could be bad?
Sampson Apparel Incorporated incurred actual variable overhead expenses of $62,000 in the current year for the production of 10,000 units.
The stockholders' equity accounts of Hashmi Company at January 1, 2008, are as follows. Prepare a retained earnings statement for the year. (List multiple entries in descending order of amount.) Prepare a stockholders' equity section at December 31, ..
Discuss cash dividends and stock dividends. How is each recorded? When each is issued, what is the affect may it have on assets, liabilities and owner's equity?
Converse corp sold 100,000 bond at 95 and incurred 3,000 of bond issuance costs. Which of the following statements is correct assuming converge reports under IFRS?
Short Term Financial Policy
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