Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The Tuba Company commenced business on 1 April 2004 and during its first production period produced 200,000 identical units of a product termed ‘the valve'. The company sold 175,000 units of ‘the valve' during this period. As this was the company's first period of operation there was no opening stock at the start. The 25,000 units unsold are closing stock.
The costs for this period were as follows:
Manufacturing costs
£
Direct labour
800,000
Direct materials
400,000
Manufacturing overheads
150,000
Non-manufacturing costs amounted to £175,000.
(i) Prepare the profit and loss account for the period.
(ii) Explain what you understand by ‘period costs' and discuss your treatment of them in the calculations you have carried out. Explain fully why you have treated them as you have.
(iii) The company believes that in period 2 it will only sell 50 per cent of the items left in stock at the end of period 1. What implications do you think this has for the Tuba Company.
The net income after taxes is $11,200 for FIFO and $9,800 for LIFO. The tax rate is 30%. The bonus rate is 20%. Explain how much higher is the manager's bonus if FIFO is adopted instead of LIFO?
explain cash receipt versus revenuescash receipts versus revenues during the month of april. simpson co. had cash
In an irrigation district in the west, an irrigator can purchase an extra share (allotment) which entitles the holder to a 0.7 acre-foot of water per year in perpetuity. If the share costs $1600, what is the cost of one acre-foot of water to the ..
Compute the companys gross profit percentage and rate of inventory turnover for 2012.
Using the information available at the SEC''s website or any other authoritative source, describe how the SEC is structured.
In an organization that does not use responsibility accounting, where would the various costs be assigned? What effect might this have on future printing orders from the marketing department?
question premier trust and bank is considering giving alou company a loan. before doing so management decides that
Role of the Computer in graphing the Scatter diagram.
Decision on lease or buying the home - Which is the preferred alternative after one year? (Interest payments over the first year would equal $17,852.)
On April 1, 20X0, your company finances partial payment of the sale of machinery to a customer for a $20,000, 3-year, 8% note receivable.
Accounting fundamentals involves completion of accounting cycle and Barber-Williams, Inc. sells, installs, and services a variety of industrial equipment from several manufacturers.
What is the minimum price (or "floor" price) at which the Neuman's bonds should sell? If the following is true: Years to maturity: 10 Stock price: $30.00. Par value: $1,000.00 Conversion price: $35.00. Annual coupon: 5.00% Straight-debt yield: 8.00%
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd