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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.
On January 1, Top Flight Company purchased a $68,000 machine. The estimated life of the machine was five years, and the estimated salvage value was $5,000. Compute the amount of depreciation expense for the first year, using each of the following m..
What are ways for valuing stocks? Do you believe these valuation techniques could actually lead the average investor to make a profit buying and selling stock? Why or Why not?
Elsie Dairy Products Corp. buys one input, full-cream milk, and refines it in a churning process. Allocate the $31,680 joint cost to the spreadable butter and the buttermilk using the following (show work):
Prepare a differential analysis report, dated February 8 of the current year, on the proposal to discontinue Product J. Calculate the annual differential profit.
Evaluate earnings per share
Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)
The company's net income for the year was $12,000 higher under variable costing than under absorption costing. Given these facts, the number of units of product in inventory at the beginning of the year must have been:
Prepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby-Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entri..
Betty Products Inc. manufactures three products on two machines. In a typical week 40 hours are available on each machine. The profit contribution and production time in hours per unit follows:
Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?
If standard deviation is 10 units per week, lead time is 2 weeks, demand is 50 per week, lot size is lot - for - lot, and desired service level is 97.72%, what is the statistical reorder point?
Explain how your position changes if the employer reports to the IRS the value of the employees' frequent-flyer mileage.
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