A master production schedule is used to develop detailedA) timetables of daily production and determine raw material needs.B) reports on daily production and material usage.C) daily reports on direct labor needs.D) inventory charts.

Answers

Answer 1

A master production schedule is used to develop detailed A) timetables of daily production and determine raw material needs.

The Master Production Schedule (MPS), a component of production planning, specifies which goods must be produced when and in what quantities.

The materials to be utilized in production, the people who will be assigned to each task, and other specifics are typically not covered in a master production schedule.

Instead, it functions more like a contract between the sales and manufacturing departments, balancing supply and demand by specifying the amounts to be produced and the timelines for doing so.

In situations of Make-to-Stock manufacturing, where demand forecasts guide production planning, the Master Production Schedule is an essential instrument.

An MPS must be accurate and practical because it is frequently employed as the primary driver of production activity for it to have a favorable impact on the profitability of a business.

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Related Questions

You are the manager of a firm that sells a leading brand of alkaline batteries. Click on the link below to access data on the demand for your product. Specifically, the file contains data on the natural logarithm of your quantity sold, price, and the average income of consumers in various regions around the world. Use the information provided in the excel spreadsheet to perform a log-linear regression. Excel Data File Fill in your estimates below:
Instruction:
Enter a negative number if the coefficient estimate is negative, and round your response to two decimal places.
lnQ=C ____ + _____ InP+ _____ InM
Determine the likely impact of a 3 percent decline in global income on the overall demand of your product.
a. Demand will decline by approximately 0.1%, but since income elasticity isn't significantly different from zero, it likely won't fall at all.
b. Demand will fall by nearly 10%, and income elasticity is significantly less than zero.
c. Demand will fall by nearly 1%, and income elasticity is significantly less than zero.
d. Demand will decline by approximately 3%, but since income elasticity isn't significantly different from zero, it likely won't fall at all.

Answers

Answer:

lnQ=C 1.29 + -0.07 lnP + -0.03 lnM

c. Demand will fall by nearly 1% and income elasticity is significantly less than zero.

Explanation:

Income elasticity is a major factor which impact the demand of a product. It measures the change in quantity demanded due to change in income. In the given scenario the demand for product will decline due to change in income. The income elasticity is smaller there will not be major change in demand but there will be some impact observed on the quantity demanded.

A market will be efficient even if there is imperfect information as long as the market is competitive.
a. True
b. False

Answers

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Contribution Income Statement and Cost-Volume-Profit Graph Picnic Time produces a picnic basket that is sold for $100 per unit. Assume the company produced and sold 4,000 baskets during July. There were no beginning or ending inventories. Variable and fixed costs follow. Variable Costs per Unit Fixed Costs per Month Manufacturing: Manufacturing overhead $36,000 Direct materials $25 Selling and administrative 68,000 Direct labor 15 Total $104,000 Manufacturing overhead 5 $45 Selling and administrative 4 Total $49
Required
Prepare a contribution income statement for July.
Do not use any negative signs with your answers.
Picnic Time
Contribution Income Statement
For the Month of July
Sales Answer
Less variable costs
Direct materials Answer
Direct labor Answer
Manufacturing overhead Answer
Selling and administrative Answer Answer
Contribution margin Answer
Less fixed cost:
Manufacturing overhead Answer
Selling and administrative Answer Answer
Profit Answer

Answers

Answer:

Graph Picnic Time

Contribution Income Statement

For the Month of July

Sales                                               $400,000

Less variable costs:

Direct materials                              $100,000

Direct labor                                        60,000

Manufacturing overhead                  20,000

Selling and administrative                 16,000

Total variable costs                       $196,000

Contribution margin                     $204,000

Less fixed cost:

Manufacturing overhead $36,000

Selling and administrative 68,000

Total fixed costs                            $104,000

Profit                                              $100,000

Explanation:

a) Data and Calculations:

Selling price per picnic basket = $100

July Production and sales = 4,000 baskets

Variable Costs per Unit:

Manufacturing:

Direct materials              $25

Direct labor                        15  

Manufacturing overhead   5

Total                               $45

Selling and administrative 4

Total                               $49

Fixed Costs per Month

Manufacturing overhead $36,000

Selling and administrative  68,000

Total                                 $104,000

Contribution Income Statement

For the Month of July

Sales                                               $400,000 ($100 * 4,000)

Less variable costs:

Direct materials                              $100,000 ($24 * 4,000)

Direct labor                                        60,000 ($15 * 4,000)

Manufacturing overhead                  20,000 ($5 * 4,000)

Selling and administrative                 16,000($4 * 4,000)

Total variable costs                       $196,000

Contribution margin                     $204,000

Less fixed cost:

Manufacturing overhead $36,000

Selling and administrative 68,000

Total fixed costs                            $104,000

Profit                                              $100,000

Mongar Corporation applies manufacturing overhead to products on the basis of standard machine-hours. Budgeted and actual overhead costs for the most recent month appear below:

Original Budget Actual Costs
Variable overhead costs:
Supplies $7,980 $8,230
Indirect labor 29,820 29,610
Total variable manufacturing overhead cost $37,800 $37,840

The original budget was based on 4,200 machine-hours. The company actually worked 4,350 machine-hours during the month and the standard hours allowed for the actual output were 4,190 machine-hours. What was the overall variable overhead efficiency variance for the month?

a. $130 Unfavorable
b. $950 Favorable
c. $1,440 Unfavorable
d. $1,310 Favorable

Answers

Answer:

c. $1,440 Unfavorable

Explanation:

Variable overhead efficiency variance = (Standard hours - Actual working hours) * Standard Rate

Variable overhead efficiency variance = ($4,190 hours - $4,350 hours)*($37,800/4,200 hours)

Variable overhead efficiency variance = ($4,190 hours - $4,350 hours)*$9 per hour

Variable overhead efficiency variance = 160 hours*$9 per hour

Variable overhead efficiency variance = $1,440 Unfavorable

Russell Retail Group begins the year with inventory of $65,000 and ends the year with inventory of $55,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $ 220,000 Purchase on May 6 140,000 Purchase on September 8 170,000 Purchase on December 4 420,000 Required: Calculate cost of goods sold for the year.

Answers

Answer:

COGS= $960,000

Explanation:

Giving the following information:

Beginning inventroy= $65,000

Ending inventory= $55,000

Total Purchase=  220,000 + 140,000 + 170,000+ 420,000= $950,000

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning inventory + cost of goods purchased - ending inventory

COGS= 65,000 + 950,000 - 55,000

COGS= $960,000

If you could start your own business, WHAT type of business would you start and WHY? Be sure your idea is a business and not a charity (animal shelter, helping homeless, etc.) The goal of your business should be to make a profit. Please answer in 3-4 sentences. "Henry Ford wanted to produce cars more efficiently; Oprah Winfrey wanted to help people make their lives better; Steve Jobs wanted to provide customers with user- friendly personal computers and new entertainment ideas." I А.​

Answers

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ZIP Company owns 46,000 shares of the common stock of PIK Company. ZIP decided to divest itself of this investment by distributing the PIK shares in the form of a property dividend. The dividend ratio is one share of PIK for every four shares of ZIP common held by shareholders. ZIP has 184,000 common shares outstanding. On April 15, 2016, the date of declaration, PIK stock had a par value of $5 per share, a book value of $12.6 per share, and a market value of $17.6 per share.
Required:
1. Prepare any necessary journal entries. The shares were distributed on May 15, 2016, to stockholders of record on May 1, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
2. Record appreciation of investment.
3. Record declaration of property dividend.
4. Record the entry on date of record.
5. Record the payment of the property dividend.

Answers

Answer and Explanation:

The journal entries are shown below:

2  On April 15,2016

Investment in PK common stock Dr (46,000 × ($17.6 - $12.6)) $230,000

       To Gain on investment $230,000

(Being appreciation of investment is recorded)

3.  On April 15,2016

Retained earnings Dr (184,000  ÷ 4 × $17.6) $809,600

     To Property dividend payable $809,600

(Being declaration of property dividend)

4. No journal entry is required for date of record

5. Property dividend payable Dr  $809,600

         To Investment in PK common stock $809,600

(Being the  payment of the property dividend is recorded)

Bismark Inc, a large manufacturer of heavy equipment components, has determined the following activity cost pools and cost driver levels for the year:
Activity Cost Pool Activity Cost Activity Cost Driver
Machine Setup $600,000 15,000 setup hours
Material handling 90,000 3,000 tons of materials
Machine operation 420,000 12,000 machine hours
The following data are for the production of single batches of two products, Camshafts and Swing Drives during the month of August:
Camshafts Swing Drives
Units produced 1,500 900
Machine hours 4 5
Direct labor hours 300 500
Direct labor cost $7,000 $12,000
Direct materials cost $40,000 $30,000
Tons of materials 10 7
Setup hours 5 8
Determine the unit costs of Camshafts and Swing Drives using ABC. Round answers to the nearest cent.
Camshafts $ _____
Swing Drives $_____

Answers

Answer:

Results are below.

Explanation:

First, we need to calculate the activities rates:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Machine Setup= 600,000 / 15,000= $40 per setup hour

Material handling= 90,000 / 3,000= $30 per ton of material

Machine operation= 420,000 / 12,000= $35 per machine hour

Now, we can allocate costs to each product:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Camshafts:

Machine Setup= 40*5= $200

Material handling= 30*10= $300

Machine operation= 35*4= $140

Total allocated costs= $640

Swing Drives:

Machine Setup= 40*8= $320

Material handling= 30*7= $210

Machine operation= 35*5= $175

Total allocated costs= $705

Finally, the unitary cost:

Camshafts:

Total cost= 40,000 + 7,000 + 640= $47,640

Unitary cost= 47,640 / 1,500= $31.76

Swing Drives:

Total cost= 30,000 + 12,000 + 705= $42,705

Unitary cost= 42,705 / 900= $47.45

Calculate the contribution to total performance from currency, country, and stock selection for the manager in the example below. All exchange rates are expressed as units of foreign currency that can be purchased with 1 U.S. dollar. (Do not round intermediate calculations. Round your answers to 2 decimal places. Input all amounts as positive values.) EAFE Weight Return on Equity Index E1/E0 Manager's Weight Manager's Return Europe 0.6 15 % 1 0.6 12 % Australasia 0.3 16 1.4 0.1 17 Far East 0.1 20 1.2 0.3 17

Answers

Answer:

A. Currency selection 4% loss relative to EAFE

B. Country Selection 1.80% loss relative to EAFE

C. Stock Selection -2.6%loss relative to EAFE

Explanation:

Calculation to determine the contribution to total performance from currency, country, and stock selection for the manager in the

A. Calculation for CURRENCY SELECTION

Using this formula

EAFE / Manager weight * Currency appreciation ( E1 / E0 - 1 )

Let plug in the formula

EAFE =[ 0.6 * ( 1 - 1 ) ] + [ 0.3 * ( 1.4 - 1 ) ] + [ 0.1 * ( 1.2- 1 ) ]

EAFE= 0+0.12+0.02

EAFE=14%

Manager =[ 0.6 * ( 1- 1 ) ] + [ 0.1 * ( 1.4 - 1 ) ] + [ 0.3 * ( 1.2- 1 ) ]

Manager=0+0.04+0.06

Manager=10%

Loss relative to EAFE=(10%-14%)

Loss relative to EAFE=4%

4% loss relative to EAFE

B. Calculation for COUNTRY SELECTION

Using this formula

EAFE/ Manager weight × Return on Equity Index

Let plug in the formula

EAFE = [ 0.6 * 15% + 0.3 * 16% + 0.1* 20% ]

EAFE = 0.09+0.048+0.02

EAFE = 15.8%

Manager = [ 0.6 * 12% + 0.1 * 17% + 0.3 * 17% ] Manager =0.072+0.017+0.051

Manager =14%

Loss relative to EAFE=15.8%-14%

Loss relative to EAFE=1.80%

1.80% loss relative to EAFE

C. Calculation for STOCK SELECTION

Using this formula

Stock Selection=( Manager’s return - Return on Equity Index ) × Manager weight

Let plug in the formula

Stock Selection=[ ( 12% - 15% ) * 0.6 ] + [ ( 17% - 16% ) * 0.1 ] + [ ( 17% - 20% ) * 0.3 ]

Stock Selection=-0.018+0.001+-0.009

Stock Selection=-2.6%

-2.6% loss relative to EAFE

Using the attached sheet (or a spreadsheet if you prefer), prepare a classified balance sheet for the ABC, LLC for the year ended December 31, 2020 using the following data.
Accounts Payable 4,000
Accounts Receivable 3,000
Cash 20,000
Common Stock 1,000
Land 25,000
Notes Payable (due in 5 years) 10,000
Paid in Capital in Excess of Par - Common Stock 17,000
Paid in Capital in Excess of Par - Preferred Stock 2,000
Preferred Stock 8,000
Retained Earnings 7,000
Salaries Payable 5,000
Treasury Stock 6,000

Answers

Answer:

ABC, LLC

Classified balance sheet as at December 31, 2020

                                                                                              $

ASSETS

Non - Current Assets

Land                                                                                 25,000

Total Non - Current Assets                                             25,000

Current Assets

Accounts Receivable                                                        3,000

Cash                                                                                 20,000

Total Current Assets                                                       23,000

TOTAL ASSETS                                                               48,000

EQUITY AND LIABILITIES

LIABILITIES

Non - Current Liabilities

Notes Payable (due in 5 years)                                      10,000

Total Non - Current Liabilities                                        10,000

Current Liabilities

Accounts Payable                                                            4,000

Salaries Payable                                                              5,000

Total Current Liabilities                                                   9,000

TOTAL LIABILITIES                                                         19000

EQUITY

Common Stock                                                                1,000

Preferred Stock                                                               8,000

Treasury Stock                                                                6,000

Retained Earnings                                                          7,000

Paid in Capital in Excess of Par - Common Stock       17,000

Paid in Capital in Excess of Par - Preferred Stock       2,000

TOTAL EQUITY                                                              41,000

TOTAL EQUITY AND LIABILITIES                                60,000  

Explanation:

A classified balance sheet shows the Assets, Liability and Equity Balances in their respective categories as shown above.

Kim works for a clothing manufacturer as a dress designer. During 2020, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows:

Airfare $1,800
Lodging (8 nights) 2,340
Meals (8 days) 2,160
Airport transportation 115

Assume lodging/meals are the same amount for the business and personal portion of the trip ($293 per day for lodging and $270 per day for meals).

Required:
a. Presuming no reimbursement, how much can kim deduct as to the trip?
b. Would the tax treatment of Kim's deduction differ if she was an independent contractor (rather than an employee)? Explain.

Answers

Answer: See explanation

Explanation:

a. Presuming no reimbursement, how much can kim deduct as to the trip?

Airfare = $1,800

Add: Lodging = $2340 × 5/8 = $1462.50

Add: Meals = $2160 × 5/8 × 50% = $675

Add: Airport transportation = $115

Total deduction = $4052.50

b. Would the tax treatment of Kim's deduction differ if she was an independent contractor (rather than an employee)? Explain

The tax treatment of Kim's deduction if she was an independent contractor will be:

Airfare = $1,800

Add: Lodging = $2340 × 5/8 = $1462.50

Add: Meals = $2160 × 5/8 × 50% = $675

Add: Airport transportation = $115

Total deduction = $4052.50

Therefore, the tax treatment of Kim's deduction still remains the same.

On June 30, 2018, Streeter Company reported the following account balances:
Receivables $ 83,900 Current liabilities $ (12,900 )
Inventory 70,250 Long-term liabilities (54,250 )
Buildings (net) 78,900 Common stock (90,000 )
Equipment (net) 24,100 Retained earnings (100,000 )
Total assets $ 257,150 Total liabilities and equities $ (257,150 )
On June 30, 2021, Princeton Company paid $316,500 cash for all assets and liabilities of Streeter, which will cease to exist as a separate entity. In connection with the acquisition, Princeton paid $12,700 in legal fees. Princeton also agreed to pay $63,800 to the former owners of Streeter contingent on meeting certain revenue goals during 2022. Princeton estimated the present value of its probability adjusted expected payment for the contingency at $20,100.
In determining its offer, Princeton noted the following pertaining to Streeter:
It holds a building with a fair value $43,100 more than its book value.
It has developed a customer list appraised at $25,200, although it is not recorded in its financial records.
It has research and development activity in process with an appraised fair value of $36,400. However, the project has not yet reached technological feasibility and the assets used in the activity have no alternative future use.
Book values for the receivables, inventory, equipment, and liabilities approximate fair values.
Prepare Princeton’s accounting entry to record the combination with Streeter. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1. First Entry Record the acquisition of Streeter company.
2. Second Entry Record the legal fees related to the combination.

Answers

Answer:

1. Dr Receivables $ 83,900

Dr Inventory $70,250

Dr Building (net) $122,000

Dr Equipment (net) $24,100

Dr Customer list $25,200

Dr Capitalized R&D $36,400

Dr Goodwill $41,900

Cr Current liabilities $12,900

Cr Long-term liabilities $54,250

Cr Contingent obligation performance $20,100

Cr Acquisition cost $316,500

2. Dr Combination expense (Legal fees) $12,700

Cr Cash $12,700

Explanation:

1. Preparation of the First Entry to Record the acquisition of Streeter company.

First step is to calculate Goodwill on Acquisition

Acquisition cost $316,500

Add Contingent obligation performance $20,100

Total Acquisition cost $336,600

Less Fair value of Streeter company:

Receivables $ 83,900

Inventory $70,250

Building (net) $122,000

($78,900+$43,100)

Equipment (net) $24,100

Customer list $25,200

Capitalized R&D $36,400

Current liabilities ($12,900 )

Long-term liabilities ($54,250 ) ($294,700)

Goodwill $41,900

($336,600-$294,700)

Now let prepare the First Entry to Record the acquisition of Streeter company.

Dr Receivables $ 83,900

Dr Inventory $70,250

Dr Building (net) $122,000

($78,900+$43,100)

Dr Equipment (net) $24,100

Dr Customer list $25,200

Dr Capitalized R&D $36,400

Dr Goodwill $41,900

Cr Current liabilities $12,900

Cr Long-term liabilities $54,250

Cr Contingent obligation performance $20,100

Cr Acquisition cost $316,500

(To record acquisition of Streeter Company)

2. Preparation of the Second Entry to Record the legal fees related to the combination

Dr Combination expense (Legal fees) $12,700

Cr Cash $12,700

(To record payment of Legal fees)

Following are data for BioBeans and GreenKale, which sell organic produce and are of similar size. BioBeans GreenKale Average total assets $ 215,000 $ 166,500 Net sales 105,000 33,300 Net income 15,050 3,900 Required: 1a. Compute the profit margin for both companies. 1b. Compute the return on total assets for both companies. 2. Based on analysis of these two measures, which company is the preferred investment

Answers

Answer:

1a. We have:

BioBeans' profit margin = 14.33%

GreenKale's profit margin = 11.71%

1b. We have:

BioBeans' return on total assets = 7%

GreenKale's return on total assets = 2.34%

2. BioBeans is the preferred investment.

Explanation:

1a. Compute the profit margin for both companies.

Profit margin = Net income / Net sales ........... (1)

Using equation (1), we have:

BioBeans' profit margin = $15,050 / $105,000 = 0.1433, or 14.33%

GreenKale's profit margin = $3,900 / $33,300 = 0.1171, or 11.71%

1b. Compute the return on total assets for both companies.

Return on total assets = Net income / Average total assets ............ (2)

Using equation (1), we have:

BioBeans' return on total assets = $15,050 / $215,000 = 0.07, or 7%

GreenKale's return on total assets = $3,900 / $166,500 = 0.0234, or 2.34%

2. Based on analysis of these two measures, which company is the preferred investment?

Since the profit margin and return on total assets of BioBeans are greater than the profit margin and return on total assets of GreenKale, this indicates that BioBeans is the preferred investment.

Understanding how shirking decreases team output
Eleanor sells bottled water from a small stand by the beach. On the last day of summer vacation, many people are on the beach, and Eleanor realizes that she can make a lot more money this day if she hires someone to walk up and down the beach selling water. She finds a college student named Darnell and makes him the following offer: They'll each sell water all day and split their earnings (revenue minus the cost of water) equally at the end of the day. Eleanor knows that if they both work hard, Darnell will earn $110 on the beach and Eleanor will earn $240 at her stand, so they will each take home half of their total revenue: $110+$2402=$175$110+$2402=$175. If Darnell shirks, he'll generate only $60 in earnings. Eleanor does not know that Darnell estimates his personal cost (or disutility) of working hard as opposed to shirking at $30.
Once out of Eleanor's sight, Darnell faces a dilemma: work hard (put in full effort) or shirk (put in low effort).
In terms of Darnell's total utility, it is worse for him to_____ .
Taking into account the loss in utility that working hard brings to Darnell, Eleanor and Darnell together _____ better off if Darnell shirks instead of working hard.
Eleanor knows Darnell will shirk if unsupervised. She considers hiring her good friend Carrie to keep an eye on Darnell. The most Eleanor should be willing to pay Carrie to supervise Darnell, assuming supervision is sufficient to encourage Darnell to work hard, is _______ .
It turns out that Eleanor's friend Carrue is unavilable that day, so Eleanor cannot find a reliable person to watch Darnell. Which of the following arrangements will ensure that Darnell works hard without making Eleanor any worse off than she is when Darnell shirks?
A. Allow Darnell to keep 75% of the revenue from the bottles of water he sells instead of 50%
B. Allow Darnell to keep 57% of the revenue from the bottles of water he sells instead of 50%
C. Pay Darnell $70, regardless of how many bottles of water he sells
D. Make Darnell promise to work hard

Answers

Answer:

Shirk

are not better of

$30

A. Allow Darnell to keep 75% of the revenue from the bottles of water he sells instead of 50%

Explanation:

Darnell and Eleanor both can work together and their combined total earning will be high. Darnell estimates that his shirking is cost at $30 then Eleanor can pay to supervisor a maximum of $30 for the supervision service for Darnell. The best choice is to hire Carrue as a supervisor for Darnell. If Carrue is not available someday then Darnell can be motivated by allowing him to keep 75% of the revenue generated from him.

On January 1, 2018, Alamar Corporation acquired a 39 percent interest in Burks, Inc., for $228,000. On that date, Burks's balance sheet disclosed net assets with both a fair and book value of $327,000. During 2018, Burks reported net income of $79,000 and declared and paid cash dividends of $29,000. Alamar sold inventory costing $26,000 to Burks during 2018 for $42,000. Burks used all of this merchandise in its operations during 2018. Prepare all of Alamar's 2018 journal entries to apply the equity method to this investment.

Answers

Answer:

Date                    Account Title                                         Debit               Credit

Jan 1, 2018         Investment in Burks, Inc                    $228,000

                          Cash                                                                         $228,000

Date                    Account Title                                         Debit               Credit

Dec. 31, 2018     Investment in Burks, Inc                     $30,180

                          Revenue from investment                                          $30,180

Working:

= Net income of Burks * Ownership percentage

= 79,000 * 39%

= $30,180

Date                    Account Title                                         Debit               Credit

Dec. 31, 2018     Dividend receivable                          $11,310

                           Investment in Burks, Inc                                              $11,310

Working

= Dividends declared * Ownership percentage

= 29,000 * 39%

= $11,310

Date                    Account Title                                         Debit               Credit

Jan 1, 2018         Cash                                                    $11,310

                          Dividend Receivable                                                   $11,310

Baiman, Inc. issues $1,000,000 of zero-coupon bonds that mature in 10 years. Compute the bond issue price assuming that the bonds' market rate is:

a. 10% per year compounded semiannually.
Round your answers to the nearest dollar.

Answers

Answer:

Zero-cupon bond= $376,889.48

Explanation:

Giving the following formula:

Face value= $1,000,000

Mature= 10*2= 20 semesters

Market rate= 0.1/2= 0.05

To calculate the price of the bond, we need to use the following formula:

Zero-cupon bond= [face value/(1+i)^n]

Zero-cupon bond= [1,000,000 / (1.05^20)]

Zero-cupon bond= $376,889.48

What do Media Salespeople do?
A. They sell space at sport events.
B. They sell advertising space to different companies.
C. They sell-media related products online.
D. They sell websites to media companies.

Answers

Answer:

correct answer is B-they sell advertisement space to different companies

Explanation:

The following is the inventory record of widgets for the ABC Company: Units Cost/Unit 1/1 Beginning Inventory 100 $ 10.00 4/15 Purchase 200 $ 11.00 8/24 Purchase 300 $ 12.00 11/27 Purchase 400 $ 13.00
At the end of the fiscal year, the physical inventory found 450 widgets on hand at 12/31. Total sales for the year were 500 widgets
REQUIRED:
a) Calculate the ending inventory value under each of the following inventory methods:
i. FIFO
ii. LIFO
iii. Weighted Average
b) Calculate the gross profit for each of the inventory methods.

Answers

Answer:

a-i. Ending inventory = $5,800

a-ii. Ending inventory = $5,000

a-iii. Ending inventory = $5,400

b-i. Gross profit = $3,800

b-ii. Gross profit = $3,000

b-iii. Gross profit = $3,400

Explanation:

Note: This question is not complete as the sentence for the Total sales is not complete. The complete sentence of the Total sales is therefore provided before answering the question as follows:

Total sales for the year were 500 widgets sold at a retail price of $20.00 per widget.

The explanation of the answers is now provided as follows:

a) Calculate the ending inventory value under each of the following inventory methods

Ending units of inventory = 450

Therefore, we have:

a-i. Calculate the ending inventory value under first in first out (FIFO) inventory method

Ending inventory = Cost of 400 units purchased on 11/27 + Cost 50 units from 300 units purchased on 8/24 = (400 * $13) + (50 *$12) = $5,800

a-ii. Calculate the ending inventory value under Last in first out (LIFO) inventory method

Ending inventory = Cost of 100 units Beginning Inventory on 1/1 + Cost of 200 units purchased on 4/15+ Cost 150 units from 300 units purchased on 8/24 = (100 * $10) + (200 * $11) + (150 * $12) = $5,000

a-iii. Calculate the ending inventory value under Weighted Average inventory method

Cost of goods available for sale = (100 * $10) + (200 * $11) + (300 * $12) + (400 * $13) = $12,000

Units available for sale = 100 + 200 + 300 + 400 = 1,000

Weighted Average cost per unit = Cost of goods available for sale / Total units available for sale = $12,000 / 1,000 = $12

Ending inventory = Ending units of inventory * Weighted Average cost per unit = 450 * $12 = $5,400

b) Calculate the gross profit for each of the inventory methods.

Units of inventory sold = 500

Retail price per widget or unit = $20.00

Sales revenue = Units of inventory sold * Retail price per widget or unit = 500 * $20.00 = $10,000

Cost of goods available for sale = (100 * $10) + (200 * $11) + (300 * $12) + (400 * $13) = $12,000

Therefore, we have:

b-i. Calculate the gross profit under first in first out (FIFO) inventory method

Ending inventory = $5,800

Cost of goods sold = Cost of goods available for sale - Ending inventory = $12,000 - $5,800 = $6,200

Gross profit = Sales revenue – Cost of goods sold = $10,000 - $6,200 = $3,800

b-ii. Calculate the gross profit under last in first out (LIFO) inventory method

Ending inventory = $5,000

Cost of goods sold = Cost of goods available for sale - Ending inventory = $12,000 - $5,000 = $7,000

Gross profit = Sales revenue – Cost of goods sold = $10,000 - $7,000 = $3,000

b-iii. Calculate the gross profit under Weighted Average inventory method

Ending inventory = $5,400

Cost of goods sold = Cost of goods available for sale - Ending inventory = $12,000 - $5,400 = $6,600

Gross profit = Sales revenue – Cost of goods sold = $10,000 - $6,600 = $3,400

On January 5, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjusting entries at the end of each year on December 31.
Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

Answers

Answer and Explanation:

The adjusting entries are shown below

On Jan 1

Patent Dr $100,000

      To Cash $100,000

(Being patent purchased on cash is recorded)

Here patent is debited as it increased the assets and credited the cash as it decreased the assets

On Dec 31

Amortization expense - Patent ($100,000 ÷ 20 years) $5,000

           To Accumulated amortization - Patent $5,000

(being amortization expense is recorded)

Here amortization expense is debited as it increased the expense and credited the accumulated depreciation as it decreased the assets

Lumpkin Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Lumpkin’s policy is to maintain an ending inventory balance equal to 10 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $40,000. Required Complete the inventory purchases budget by filling in the missing amounts.

Answers

Answer:

February.

Desired ending inventory = 10% of March Cost of goods(COGS):

= 10% * 35,000

= $3,500

Inventory needed = COGS + ending inventory

= 32,000 + 3,500

= $35,500

Beginning inventory = January ending inventory = $3,200

Required Purchases = Inventory needed - Beginning inventory

= 35,500 - 3,200

= $32,300

March

Desired ending inventory = 10% of April COGS:

= 10% * 40,000

= $4,000

Inventory needed:

= 35,000 + 4,000

= $39,000

Beginning inventory = February ending inventory = $3,500

Required purchases:

= 39,000 - 3,500

= $35,500

You have your choice of two investment accounts. Investment A is a 6-year annuity that features end-of-month $1,980 payments and has an interest rate of 7 percent compounded monthly. Investment B is an annually compounded lump-sum investment with an interest rate of 9 percent, also good for 6 years.
How much money would you need to invest in B today for it to be worth as much as Investment A 6 years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Answers

Answer:

$112,166

Explanation:

the future value of Investment A:

payment = $1,980

n = 6 x 12 = 72

i = 9% / 12 = 0.75%

FVIFA = [(1 + i)ⁿ- 1 ] / i = [(1 + 0.0075)⁷² - 1 ] / 0.0075 = 95.007

future value = $1,980 x 95.007 = $188,114

now we need to determine the PV of investment B:

PV = $188,114 / (1 + 9%)⁶ = $112,166

Answer: $105,264.24

Explanation:

Step 1) Calculate Future Value of Investment A

Rate: .07/12 = .58%

Payment: $1,980

Term: 72 (6 years * 12 months)

Future Value: ?

In excel -> FV(.58,72,-1980,0)

Future Value = $176,538.67

Step 2) Calculate Present Value of Investment B using Investment A Future Value

Rate: .09

Payment: $0

Term: 6

Future Value: $176,538.67 (from step 1)

PV(.09,6,0,-176538.67)

Present Value = $105,264.24

Thats your answer!! ^^^^^

You can also use the formula or calculator, but I've found excel is the easiest/fastest.

Cheers!

A wedding party hired a sole proprietorship to cater their wedding, and the sole proprietorship had an employee handle the entire job. If the entire wedding party gets food poisoning, the principal is liable. The employee of the sole proprietorship is also liable because he handled the entire job.

pls dont spam me need halp

Answers

Answer:

yes because he was put in charge of the whole operation

An economy is in long-run macroeconomic equilibrium when each of the following aggregate demand shocks occurs: a. A stock market boom increases the value of stocks held by households. b. Firms come to believe that a recession is likely in the near future. c. Anticipating the possibility of war, the government increases its purchases of military equipment. d. The quantity of money in the economy declines, and interest rates increase.

Answers

Answer:

Following are the solution to these question:

Explanation:

In point a:

The population feels wealthier and seems to be socially secure. This will boost consumption, moving AD to the correct. There is a difference in deflation. Govt must adopt a discretionary monetary policy to fight deflation, that will change AD left.

In point b:

Expenditure has been decreased to increasing jobs or costs. Disinflationary distance exists. To improve DA (shift rectors) and restore full job production, Govt must pursue the expansionary monetary policy.

In point c:

It will once again raise NPA because part A contributes to even more competition with higher public expenditure. The deflation divide is that there is. That alternative is an expansionary tax reform to move to the left.

In point d:

The rise in interest rates declines expenditure and, as part B, reduces AD. The deflationary difference remains. Government must use expansionary monetary policy to fight it, moving AD to a correct.

What is a factor that does NOT go into an economic analysis?

1. marginal analysis

2. societal concerns

3 ethical concerns

4 sunk costs​

Answers

sunk cost! :)) so number 4

Essence of Skunk Fragrances, Ltd., sells 5,750 units of its perfume collection each year at a price per unit of $445. All sales are on credit with terms of 1/10, net 40. The discount is taken by 35 percent of the customers.

Required:
What is the amount of the company's accounts receivable?

Answers

Answer:

The amount of the company's accounts receivable is $2,558,750.

Explanation:

Accounts Receivables are amounts owed to the company. They are measured at amounts that the company expects to be entitled to after a sale.

The sale journal is :

Debit : Accounts Receivables (5,750 units x $445) $2,558,750

Credit : Sales Revenue (5,750 units x $445)  $2,558,750

Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken files as a single taxpayer. Determine Ken’s gross income and complete page 1 of Form 1040 for Ken.
a. Ken won $1,200 in an illegal game of poker (the game was played in Utah, where gambling is illegal).
b. Ken sold 1,000 shares of stock for $32 a share. He inherited the stock two years ago. His tax basis (or investment) in the stock was $31 per share.
c. Ken received $25,000 from an annuity he purchased eight years ago. He purchased the annuity, to be paid annually for 20 years, for $210,000.
d. Ken received $13,000 in disability benefits for the year. He purchased the disability insurance policy last year.
e. Ken resided in Ireland from July 1, 2011, through June 30, 2012, visiting relatives. While he was there he earned $35,000 working in his cousin’s pub. He was paid $17,000 for his services in 2011 and $18,000 for his services in 2012. Assume Ken elects to use the foreign-earned income exclusion to the extent he is eligible.
f. Ken decided to go back to school to learn about European history. He received a $500 cash scholarship to attend. He used $300 to pay for his books and tuition, and he applied the rest toward his new car payment.
g. Ken’s son, Mike, instructed his employer to make half of his final paycheck of the year payable to Ken. Ken received the check on December 30 in the amount of $1,100.
h. Ken received a $610 refund of the $3,600 in state income taxes his employer withheld from his pay last year. Ken claimed $5,850 in itemized deductions last year (the standard deduction for a single filer was 5,800).
i. Ken received $30,000 of interest from corporate bonds and money market accounts.

Answers

Answer:

bru is ken that ugly?

Explanation:

poor loner he must have been so ugly

Polson Pool Company is involved in a number of competitive bidding situations. The following costs are anticipated for a project to be bid for Terrance Manufacturing:
Direct material $ 680,000
Direct labor 2,450,000
Allocated variable overhead 570,000
Allocated fixed cost 230,000
Which of these costs would be treated differently if Polson had either excess capacity or no excess capacity?
a. Allocated variable overhead, $570,000
b. Direct labor, $2,450,000
c. Allocated fixed cost, $230,000
d. Direct materials used, $680,000.

Answers

Answer: c. Allocated fixed cost, $230,000

Explanation:

The Allocated fixed cost is fixed based on a certain level of production. If Polson had excess capacity to produce more goods or no excess capacity, the allocated fixed costs would have to be treated differently to account for this.

The variable costs however would not have to change because they are already based on the quantity of goods produced so even if there is excess or no excess capacity, their cost per unit would not change.

management must be applied according to the needs of the organization. This implies that management is .....​

Answers

Answer:

Explanation:

Management is the coordination and management of tasks to achieve a goal. Such management activities include setting the organization's strategy and coordinating employees' efforts to achieve these goals using available resources. Management can also refer to the seniority structure of employees in the organization.

g Travis and Jeff own an adventure company called Whitewater Rafting. Due to quality and availability problems, the two entrepreneurs have decided to produce their own rubber rafts. The initial investment in plant and equipment is estimated to be $2,000. Labor and material cost is approximately $5 per raft. Of the rafts can be sold at a price of $10 each, what volume of demand would be necessary to break even

Answers

Answer: Travis Scott?

The CEO is considering your recommendations, and it will take time to make some of these changes. However, you know that it's not just the structure of the department that is stifling creativity. You believe that the culture could be significantly improved, and you want to start working on these issues ASAP. It will be a slow process to make some of these changes, but the time to get started is now. You have a lot of ideas, but only a few should be implemented initially. Which three do you think should be started immediately

Answers

Explanation:

1- Hire an organizational consultancy specialized in diagnostics and solutions to improve the organizational culture, as an external view can be beneficial to perceive the organization free of bias.

2- Planning of the teams' routine and better redesign and definition of the functions of each employee, seeking greater integration and personal satisfaction with the work, which increases productivity and the valorization of the work.

3- Implementing changes in the way of communicating with the teams and providing feedback, clear and objective communication is essential for there to be a correct understanding of what is expected of each team and how to carry out the tasks to achieve the organizational objectives and goals.

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