Consider the following information pertaining to a years

Assignment Help Accounting Basics
Reference no: EM13373287

Consider the following information pertaining to a year's operations of Youngstown Manufacturing:

Units sold 1,400
Units produced 1,600
Direct labor $4,200
Direct materials used 3,500
Fixed manufacturing overhead 2,200
Variable manufacturing overhead 300
Selling and administrative expenses (all fixed) 700
Beginning inventories 0
Contribution margin 5,600
Direct-material inventory, end 800
There are no work-in-process inventories.
1. What is the ending finished-goods inventory cost under absorption costing?
2. What is the ending finished-goods inventory cost under variable costing?

Chan Manufacturing Company data for 20X7 follow:
Sales: 12,000 units at $17 each
Actual production 15,000 units
Expected volume of production 18,000 units
Manufacturing costs incurred
Variable $120,000
Fixed 63,000
Nonmanufacturing costs incurred
Variable $ 24,000
Fixed 18,000
1. Determine operating income for 20X7, assuming the firm uses the variable-costing approach to
product costing. (Do not prepare a statement.)
2. Assume that there is no January 1, 20X7, inventory; no variances are allocated to inventory; and
the firm uses a "full absorption" approach to product costing. Compute (a) the cost assigned to
December 31, 20X7, inventory; and (b) operating income for the year ended December 31, 20X7.

Reference no: EM13373287

Questions Cloud

Question- a parcel of land that was originally purchased : question- a parcel of land that was originally purchased for 85000 is offered for sale at 150000 is assessed for tax
1 suppose the price of a unit of medical care is 100 and : 1. suppose the price of a unit of medical care is 100 and the persons insurance policy covers up to 100000 in
Question-a master budget is a detailed and comprehensive : question-a master budget is a detailed and comprehensive analysis of organizations long- and short-term goals.1.
Let a countrys stochastic sas curve be given by y y nbsppi : let a countrys stochastic sas curve be given by y y nbsppi - pie sigma where sigma equals 5 in 50 of the cases and -5
Consider the following information pertaining to a years : consider the following information pertaining to a years operations of youngstown manufacturingunits sold 1400 units
Part i - multiple choice 75 pointsinstructions designate : part i - multiple choice 7.5 pointsinstructions designate the best answer for each of the following questions. 1. a
Seton company manufactures a single product that sells for : seton company manufactures a single product that sells for 360 per unit and whose total variable cost are 270 per unit.
1 using the traditional keynesian model explain how : 1. using the traditional keynesian model explain how contractionary monetary policy would affect equilibrium aggregate
Q a company issues 20000000 78 20-year bonds to yield 8 on : q. a company issues 20000000 7.8 20-year bonds to yield 8 on january 1 2007. interest is paid on june 30 and december

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a pro forma operating statement

Management Control is the process by which managers influence other members of the organization to implement the organization's strategies and strategy Formulation is the process of deciding on the goals of the organization and the strategies for a..

  What is the additional minimum liability for the year if any

Your company has a pension plan. At the end of the year your company reports an ABO of $250,000, PBO of $300,000 and Plan Assets of $230,000 for the year ended December 31, 2011.

  What are assets

What are assets? What are liabilities? What is equity? What are current liabilities? Explain what working capital is and how it is computed.

  Prepare a statement of cash flows

Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)

  The additional paid in surplus account

The December 31 , 2013 balance sheet of schism inc 120,000 in common stock account and 2,120,000 in the additional paid in surplus account.

  Property destruction by the firefighter

Carl applies for fire insurance for his house. Before the application is processed, Carl's house burns down. Carl will have coverage if the insurance company

  Company forecasts the free cash flows

A company forecasts the free cash flows (in millions) shown below. The weighted average cost of capital is 13%, and the FCFs are expected to continue growing at a 5% rate after Year 3.

  Company pending litigation

The following facts apply to TinyPart Toy Company's pending litigation as of December 31, 2011:

  Accounting cycle-accounting procedure

What is accounting cycle? What is accounting procedure? What are the books of maintenance?

  Weighted-average process-costing system

Strawberry Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units during the month and had 10,000units in process at month-end,20% complete.

  How to identify the factors inherent in each account

For each factor identified, briefly discuss the importance of the item to the overall account estimate. For example, how important is the interest rate assumption to the overall estimate of the pension liability.

  Inventory balance-badger report

Suppose that Badger's 2010 ending inventory, valued at year-end costs, was $143,000 and that the relative cost index for this inventory in 2010 was 1.10. In determining the inventory balance should Badger report in its 12/31/10 balance sheet:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd