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Homework Answers
A profit is made, when the person selling the good or product incurs a cost less than the price paid for a contract. In this case study, the basic step is to understand the total costs which will be incurred by us and then subtracting them from the overall cost of the contract respectively.
The equation used to calculate the profits for us are as follows:-
Profits= Price of the Contract-Costs Incurred to Complete the Contract
Price of Contract= $23023 Cost Incurred to Complete The Contract= (5247+6683)=$11930 (Calculated by adding expected and current costs.
After substituting the values in the formula, we get the following answer-
Profits= $23023-$11930
= $11093
Therefore, as illustrated from our calculation, all other options are incorrect and the correct option is b) $11093
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You enter...
please show all steps so I can fully understand how to solve. thank you On December 31, 20x5, you enter into a three...
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On December 31, 20x5, you enter into a three year contract to build an office building for $24492415. At the end of 20x6, you incurred $6841214 of costs and expect to incur an additional $8892327 to complete the contract. How much revenue will you realize on this contract in 20x6? Select one: a. $10649723 O b. $3808509 0 c. $18842970 d. $8758874
please show all steps so I can fully understand how to solve. thank you Bella Construction...
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Bella Construction Co. uses the percentage-of-completion method. In 20x1, Bella began work on a contract for $2276800; it was completed in 20x2. The following cost data pertain to this contract: Year ended December 31 20x120x2 $767287 $595787 Costs incurred during the year Estimated costs to complete at the of year 478591 The amount of gross profit to be recognized on the income statement for the year...
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Wiley Corp. offers a 3 year warranty. They expect the warranty costs to be 2% of the selling price in the 1st year, 3% in the second and third year. Sales in year 1 = $5882707 and warranty costs incurred =$126269. What is the balance in the warranty liability account? Select one: a. $ 344348 O b. $ 403175 O c.$ 126269 O d. $ 470617...
Please show all steps so I can fully understand how to solve. Thank you An entity offers a 2 year warranty program o...
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An entity offers a 2 year warranty program on all the products is sells. They estimate that warranty costs will equal 3% of sales in the first year of the warranty and 1% of sales in the second year of the warranty. In the first year, total sales amounted to 52909041. Warranty costs incurred to service products under warranty was 534227. What is the warranty expense...
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The following costs were incurred to complete 3 jobs during the year Direct materials Direct labour Job Al $2384 $4278 Job G1 $1272 $3351 Job A2 $3032 $2996 In addition, the supervisor's salary (who is responsible for monitoring the whole 3rd and 4th floors of the factory) is $82961. The journal entries for the year will include which of the following: Select one: a. A debit...
Please show all steps so I can fully understand how to solve. thank you Vaider Inc....
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Vaider Inc. has provided you with the following selected data regarding the company's production costs for the year 20x5: Direct Materials used Direct Labour Costs Indirect materials Indirect labour Closing WIP inventory Opening Finished Goods Inventory Ending Finished Goods Inventory Current sales (gross profit is 45% of sales) $281850 414437 118883 208017 268853 131434 123708 2182427 What was Vaider Inc.'s beginning WIP inventory balance for the...
Please show all steps so I can fully understand how to solve. thank you On September...
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On September 30, the fixed manufacturing overhead account of Gordon Ltd. showed a debit balance of $5893 after fixed manufacturing overhead had been applied for the month. If the actual total manufacturing overhead cost incurred in September was $109762 and the production was 8087 units, then what was the rate for applying fixed manufacturing overhead cost? Select one: a. $ 0.73 per unit b. $ 12.84...
Please show all steps so I can fully understand how to solve. thank you Fred Co.,...
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Fred Co., a publicly accountable company, applies manufacturing overhead to jobs using a predetermined overhead rate that is based on direct labour costs. Data for the most recent year is as follows: Actual direct labour hours 8687 Direct labour rate $10/hour Actual manufacturing overhead costs $95770 At the end of the year, Fred Co, disposed of over under-applied overhead by crediting COGS for $8874. What was...
Please show all steps so I can fully understand how to solve. thank you Vanex Co,...
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Vanex Co, a publicly accountable company, uses a job order system and has provided the following selected information regarding its manufacturing operations for 20x10: $448570 60406 hours 41063 hours Total estimated overhead Total estimated direct labour hours Total direct labour hours incurred Manufacturing overhead costs incurred: Indirect labour Indirect materials Utilities $115385 216065 144040 Which of the following would be included in the journal entry to...
Please show all steps so I can fully understand how to solve. Thank you An entity...
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An entity has the following inventory transactions for an item of inventory: Opening Inventory 111 units @ 10 Purchase 1 212 units @ 13 Sale 1 63 units $1110 $2756 What is cost of goods sold assuming the entity uses the FIFO method? Select one: a. $754 b. $819 c. $724 O d. 5630
please show all steps so I can fully understand how to
solve. thank you
On December 31, 20x5, you enter into a three year contract to build an office building for $24492415. At the end of 20x6, you incurred $6841214 of costs and expect to incur an additional $8892327 to complete the contract. How much revenue will you realize on this contract in 20x6? Select one: a. $10649723 O b. $3808509 0 c. $18842970 d. $8758874
please show all steps so I can fully understand how to
solve. thank you
Bella Construction Co. uses the percentage-of-completion method. In 20x1, Bella began work on a contract for $2276800; it was completed in 20x2. The following cost data pertain to this contract: Year ended December 31 20x120x2 $767287 $595787 Costs incurred during the year Estimated costs to complete at the of year 478591 The amount of gross profit to be recognized on the income statement for the year...
Please show all steps so I can fully understand how to
solve. Thank you
Wiley Corp. offers a 3 year warranty. They expect the warranty costs to be 2% of the selling price in the 1st year, 3% in the second and third year. Sales in year 1 = $5882707 and warranty costs incurred =$126269. What is the balance in the warranty liability account? Select one: a. $ 344348 O b. $ 403175 O c.$ 126269 O d. $ 470617...
Please show all steps so I can fully understand how to
solve. Thank you
An entity offers a 2 year warranty program on all the products is sells. They estimate that warranty costs will equal 3% of sales in the first year of the warranty and 1% of sales in the second year of the warranty. In the first year, total sales amounted to 52909041. Warranty costs incurred to service products under warranty was 534227. What is the warranty expense...
Please show all steps so I can fully understand how to
solve. thank you
The following costs were incurred to complete 3 jobs during the year Direct materials Direct labour Job Al $2384 $4278 Job G1 $1272 $3351 Job A2 $3032 $2996 In addition, the supervisor's salary (who is responsible for monitoring the whole 3rd and 4th floors of the factory) is $82961. The journal entries for the year will include which of the following: Select one: a. A debit...
Please show all steps so I can fully understand how to
solve. thank you
Vaider Inc. has provided you with the following selected data regarding the company's production costs for the year 20x5: Direct Materials used Direct Labour Costs Indirect materials Indirect labour Closing WIP inventory Opening Finished Goods Inventory Ending Finished Goods Inventory Current sales (gross profit is 45% of sales) $281850 414437 118883 208017 268853 131434 123708 2182427 What was Vaider Inc.'s beginning WIP inventory balance for the...
Please show all steps so I can fully understand how to
solve. thank you
On September 30, the fixed manufacturing overhead account of Gordon Ltd. showed a debit balance of $5893 after fixed manufacturing overhead had been applied for the month. If the actual total manufacturing overhead cost incurred in September was $109762 and the production was 8087 units, then what was the rate for applying fixed manufacturing overhead cost? Select one: a. $ 0.73 per unit b. $ 12.84...
Please show all steps so I can fully understand how to
solve. thank you
Fred Co., a publicly accountable company, applies manufacturing overhead to jobs using a predetermined overhead rate that is based on direct labour costs. Data for the most recent year is as follows: Actual direct labour hours 8687 Direct labour rate $10/hour Actual manufacturing overhead costs $95770 At the end of the year, Fred Co, disposed of over under-applied overhead by crediting COGS for $8874. What was...
Please show all steps so I can fully understand how to
solve. thank you
Vanex Co, a publicly accountable company, uses a job order system and has provided the following selected information regarding its manufacturing operations for 20x10: $448570 60406 hours 41063 hours Total estimated overhead Total estimated direct labour hours Total direct labour hours incurred Manufacturing overhead costs incurred: Indirect labour Indirect materials Utilities $115385 216065 144040 Which of the following would be included in the journal entry to...
Please show all steps so I can fully understand how to
solve. Thank you
An entity has the following inventory transactions for an item of inventory: Opening Inventory 111 units @ 10 Purchase 1 212 units @ 13 Sale 1 63 units $1110 $2756 What is cost of goods sold assuming the entity uses the FIFO method? Select one: a. $754 b. $819 c. $724 O d. 5630
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