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Preparing the direct materials budget: It takes three pounds of direct materials to produce the Regular product and five pounds of direct materials to produce the Deluxe product. It is the company's policy to maintain an inventory of direct materials on hand at the end of each month equal to 30% of the next month's production needs for the Regular product and 20% of the next month's production needs for the Deluxe product. Direct materials inventory on hand at June 30 were 9,000 pounds for the Regular product and 15,000 pounds for the Deluxe product. The cost per pound of materials is $5 Regular and $7 Deluxe. Assume that the production budget reveals the following.
July August SeptemberUnits to be produced for Regular10,000 6,000 9,000
July August SeptemberUnits to be produced for Deluxe15,000 10,000 14,000
Lastly, assume that in October the Regular product requires 24,000 pounds and Deluxe 60,000 pounds of material.
Evaluate the total cost of the work in process inventory on January 31. Determine the cost of jobs completed during January, and show the proper journal entry to reflect job completion.
Prepare Company financial statements
Strauss Table Company manufactures tables for schools. The 20x4 operating budget is based upon sales of 20,000 units at $ 100 per table.
Suppose only the specified paramenters change in cost-volume-profit analysis. If the contribution margin increases by $2 per unit then operating profits will ____.
Nashville Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and long-run monthly usage of the staff hours for Operating Departments 1 and 2 follow.
Funding budget shortfalls As part of your personal budgeting process, you have determined that in each of the next 5 years you will have budget shortfalls.
What is the effect of target costing and value engineering on the use of variances?
A division of Hewelett-Packard Company altered its production operations from one where large labor force assembled electronic components to the automated production facility dominated by computer-controlled robots. Evaluate the budgeted profit as ..
Describe the relationship between the trade deficit and financing of the U.S. budget deficit by foreign countries. Is this the potentially dangerous situation?
Assume that for the second quarter in row, profits are down at Waterfall division. Division Management budgeted $250,000 in profits for the second quarter but actual results were only $197,000 in profits.
Stanley Works is one of the companies you looked at in the job-order costing vs. process costing. Which type of costing do you think that company uses, process costing or job-order costing?
Discuss the factors that a company must consider when deciding whether to use a job order or a process cost system. What might be the consequences to a company if they make the wrong choice?
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