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Axiom Mobile Plus company approached you as Management Accounting expert to assist them in preparing their 2013 budget. They provided you with the following data: Expected number of units to be sold in 2013 Model 1: 15,000 units Model 2: 10,000 units Expected selling Price Model 1: $250 Model 2: $200 Each model requires 5 components (camera, keypad, screen, frame, and motherboard). Model 1 has 2 cameras, while model 2 has only 1 camera. Component prices are as follows: Camera: $15 Keypads: $10 Screen: $20 Frame: $3 Motherboard: $12 The company already had a beginning inventory of 3,000 units of each of the above components at a cost of: Camera: $15 Keypads: $10 Screen: $20 Frame: $3 Motherboard: $12 No ending inventory of any component item or finished goods is required. Both Mobile models need 5.5 hours of labor at a cost of $5.00 per hour. Overhead is allocated at a rate of $15 per direct labor hour.
Required:
Prepare the following:
1) Sales Budget.
2) Component Budget.
3) Direct Labor Budget.
4) An overhead Budget.
5) Prepare a budgeted partial income statement till "Gross Profit Line".
You've been appointed as an executive director of small nonprofit organization. Among your many duties are to estimate an annual budget and develop a fiscal plan for organization.
Why is overhead ordinarily under applied when the predetermined overhead rate is based on capacity?
Prepare journal entries that summarize the sales and any aspects of the warranty for 2011 and the warranty for 2012.
A company has inventory days of 75, accounts receivable days of 30, and accounts payable days of 90. What is the cash conversion cycle?
Does the statement of cash flows report only transactions that cause an increase or a decrease in cash? Explain.
For August, Busters Consulting and Mediation Practice(BCMP) worked 900 hours for Quebec company and 2,100 hours for Ontario Corporation. BCMP bills clients at rate of $300 per hour
A cost behavior analysis indicates that 75% of the cost of goods sold are variable. 50% of the selling expenses are variable, and 25% of the administrative expenses are variable.
Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes.
Petty Petroleum, Inc. uses various chemicals to manufacture its products. Variance data for last month for three primary chemicals used in production are as follows (F indicates a favorable variance; U indicates an unfavorable variance):
Rivkin was left feeling puzzled and concerned by Smiths evasiveness.The next day Rivkin talked to the production manager Amy Wilcox about the concers. Later that day Wilcox raised a issue wit smith .After lenghy and sometimes heated exchange the s..
Will this method yield a valid estimate of incremental cost?Explain. What were the costs per equivalent unit for May?
Why is the cash flow from operating activities different under FIFO and LIFO?
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