Part way through the production process it is discovered that the cost assignment was inaccurate for...
Part way through the production process it is discovered that the cost assignment was inaccurate for product A and that there has been an underestimation of $150 per unit. They are unable to change the pricing because of contractual obligations.
What is the impact of this error in cost assignment if sales were as predicted?
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Part way through the production process it
is discovered that the cost assignment was inaccurate for...
A furniture manufacturer predicts that they will sell 12,000 of product A and 8,000 of product...
A furniture manufacturer predicts that they will sell 12,000 of product A and 8,000 of product B in the next financial period. They prepare their budget accordingly. At the end of the financial period the actual figures are 15,000 for product A and 7,000 for product B. Costs are assigned and the wholesale margin on product A is calculated to be $450 and on product B it is $350. Calculate the predicted and the actual sales mix, the variances that...
As part of its comprehensive planning and control system, Mopar Company uses a master budget and...
As part of its comprehensive planning and control system, Mopar
Company uses a master budget and subsequent variance analysis. You
are given the following information that pertains to the company’s
only product, XL-10, for the month of December.
Required:
1. Using text Exhibit 14.4 as a guide, complete the missing
parts of the following profit report for December.
2. Based on your completed profit report, determine the dollar
amount, and label (Favorable or Unfavorable) each of the following
variances for...
ACCT495 Final Project – Part 2 Fall 2019 Assignment Long-Term Asset Acquisition Bruce and Emmett (B...
ACCT495 Final Project – Part 2 Fall 2019 Assignment Long-Term Asset Acquisition Bruce and Emmett (B & E) is considering a significant equipment replacement. B & E would like to replace some of their equipment before December 31, 2019. The equipment originally cost $500,000 and the equipment’s accumulated depreciation balance at the end of 2019 is will be $450,000. At this point the equipment is depreciated to its salvage value. Your long-term asset accountant, Boris, tells you about four equipment...
Cost Accounting Assignment 1 Fellco Manufacturing Fellco Manufacturing produces replacement parts for motorcycles. They specialize in...
Cost Accounting
Assignment 1
Fellco Manufacturing
Fellco Manufacturing produces replacement parts for motorcycles.
They specialize in the production of Part 240 and Part 390. Part
240 is the highest volume of the two and for many years was the
only part the company produced. Four years ago, Part 390 was added.
Part 390 is much more difficult to manufacture and requires special
tooling and setups. Profits were on the rise for the first two
years after the addition of Part...
11-30 Relevant Cost Exercises Each of the following situations is independent: a. Make or Buy Ter...
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(2) Schedules Complete the sales and merchandise purchase plans with supporting schedules: a) A sales plan...
(2) Schedules
Complete the sales and merchandise purchase plans with supporting
schedules:
a) A sales plan by month and in total, including a schedule of
projected cash collections from sales and accounts receivable, by
month and in total (2 schedules).
b) An inventory purchases plan in units and in dollars, including a
schedule of projected cash payments for purchases, by month and in
total (3 schedules).
NOTE: All schedules and budgets should be calculated based on
information entered into the...
Option A Two months ago, SSF paid an external consultant $950,000 for a production plan and...
Option A
Two months ago, SSF paid an external
consultant $950,000 for a production plan and demand analysis. The
consultant recommended producing and selling the product for five
years only as technological innovation will likely render the
market too competitive to be profitable enough after that time.
Sales of the product are estimated as follows:
Year
Estimated sales
volume (000’s of units)
1
4
2
3.5
3
5.5
4
3
5
1.5
In the first year, it
is estimated that...
Overview: In this milestone, you will move through the next phase of the accounting cycle by...
Overview: In this milestone, you will move through the next
phase of the accounting cycle by creating the trial balance,
adjusting entries, and adjusted trial balance. Completing the
adjusting entries implements the matching, timing, and periodicity
of the generally accepted accounting principles. Omission of this
step will show a higher net income than there actually is, which
could cause users of the financial statements to make an incorrect
decision and suffer financially. Prompt: You will find the provided
data for...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
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As part of its comprehensive planning and control system, Mopar
Company uses a master budget and subsequent variance analysis. You
are given the following information that pertains to the company’s
only product, XL-10, for the month of December.
Required:
1. Using text Exhibit 14.4 as a guide, complete the missing
parts of the following profit report for December.
2. Based on your completed profit report, determine the dollar
amount, and label (Favorable or Unfavorable) each of the following
variances for...
Cost Accounting
Assignment 1
Fellco Manufacturing
Fellco Manufacturing produces replacement parts for motorcycles.
They specialize in the production of Part 240 and Part 390. Part
240 is the highest volume of the two and for many years was the
only part the company produced. Four years ago, Part 390 was added.
Part 390 is much more difficult to manufacture and requires special
tooling and setups. Profits were on the rise for the first two
years after the addition of Part...
(2) Schedules
Complete the sales and merchandise purchase plans with supporting
schedules:
a) A sales plan by month and in total, including a schedule of
projected cash collections from sales and accounts receivable, by
month and in total (2 schedules).
b) An inventory purchases plan in units and in dollars, including a
schedule of projected cash payments for purchases, by month and in
total (3 schedules).
NOTE: All schedules and budgets should be calculated based on
information entered into the...
Option A
Two months ago, SSF paid an external
consultant $950,000 for a production plan and demand analysis. The
consultant recommended producing and selling the product for five
years only as technological innovation will likely render the
market too competitive to be profitable enough after that time.
Sales of the product are estimated as follows:
Year
Estimated sales
volume (000’s of units)
1
4
2
3.5
3
5.5
4
3
5
1.5
In the first year, it
is estimated that...
Overview: In this milestone, you will move through the next
phase of the accounting cycle by creating the trial balance,
adjusting entries, and adjusted trial balance. Completing the
adjusting entries implements the matching, timing, and periodicity
of the generally accepted accounting principles. Omission of this
step will show a higher net income than there actually is, which
could cause users of the financial statements to make an incorrect
decision and suffer financially. Prompt: You will find the provided
data for...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
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