Homework Answers
Solution a1:
Revenue recognized in 2020 = Air conditioning units delivered * Selling price per unit = 34200*$77 = $2,633,400
Revenue recognized in 2021 = Air conditioning units delivered * Selling price per unit = 22900*$77 = $1,763,300
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Cool-It Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT...
Cool-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT...
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500
21,800
63,300
Production costs incurred
$2,116,500
$1,111,800
$3,228,300...
Cool-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT...
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500
21,800
63,300
Production costs incurred
$2,116,500
$1,111,800
$3,228,300...
Application Problem 4-5A a1, b-c (Part Level Submission) Cool-IT Ltd. manufactures and sells air conditioning equipment...
Application Problem 4-5A a1, b-c (Part Level Submission)
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500...
is it possible to have the steps oplication Problem 4-5A al, b-c (Part Level Submission) pol-IT Ltd. manufactures and se...
is it possible to have the steps
oplication Problem 4-5A al, b-c (Part Level Submission) pol-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 64,800 units at a price of $72 per it. Cool-IT's cost to manufacture these units is $53. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory: r...
ANSWER PART C ( WITH FULL STEPS PLEASE) Application Problem 4-5A a1, b-c (Part Level Submission)...
ANSWER PART C ( WITH FULL STEPS PLEASE)
Application Problem 4-5A a1, b-c (Part Level Submission) Cool-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 63,300 units at a price of $78 per unit. Cool-IT's cost to manufacture these units is $51. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory:...
How much is assembly cost per completed air condition? Question: Cool Air Ltd. manufactures only one type of air condit...
How much is assembly cost per completed air condition?
Question: Cool Air Ltd. manufactures only one type of air conditioner and has two divisions, the Compressor Division, and the Assembly Division. The Compressor Division manufactures compressors for the Assembly Division, which completes the air conditioner and sells them to retailers. The Compressor Division "sells" compressors to the Assembly Division. The market price for the Assembly Division to purchase a compressor is $77. (Ignore changes in inventory.) The fixed costs for...
TreeHold Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which...
TreeHold Corp. designs and builds custom harvesting equipment
for logging companies across Canada. The company, which is publicly
traded, has a May 31 year end.
On February 18, 2020, TreeHold signed a contract with Coastal
Harvesting Ltd. to design and build 25 custom harvesters that can
harvest wood at the steep grades found along much of the Pacific
coast timber stands included in Coastal’s harvesting leases. The
following events took place in 2020 in relation to the
contract:
1. February...
TreeHold Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which...
TreeHold Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which is publicly traded, has a May 31 year end. On February 18, 2020, TreeHold signed a contract with Coastal Harvesting Ltd. to design and build 25 custom harvesters that can harvest wood at the steep grades found along much of the Pacific coast timber stands included in Coastal’s harvesting leases. The following events took place in 2020 in relation to the contract: 1. February...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500
21,800
63,300
Production costs incurred
$2,116,500
$1,111,800
$3,228,300...
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500
21,800
63,300
Production costs incurred
$2,116,500
$1,111,800
$3,228,300...
Application Problem 4-5A a1, b-c (Part Level Submission)
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500...
is it possible to have the steps
oplication Problem 4-5A al, b-c (Part Level Submission) pol-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 64,800 units at a price of $72 per it. Cool-IT's cost to manufacture these units is $53. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory: r...
ANSWER PART C ( WITH FULL STEPS PLEASE)
Application Problem 4-5A a1, b-c (Part Level Submission) Cool-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 63,300 units at a price of $78 per unit. Cool-IT's cost to manufacture these units is $51. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory:...
How much is assembly cost per completed air condition?
Question: Cool Air Ltd. manufactures only one type of air conditioner and has two divisions, the Compressor Division, and the Assembly Division. The Compressor Division manufactures compressors for the Assembly Division, which completes the air conditioner and sells them to retailers. The Compressor Division "sells" compressors to the Assembly Division. The market price for the Assembly Division to purchase a compressor is $77. (Ignore changes in inventory.) The fixed costs for...
TreeHold Corp. designs and builds custom harvesting equipment
for logging companies across Canada. The company, which is publicly
traded, has a May 31 year end.
On February 18, 2020, TreeHold signed a contract with Coastal
Harvesting Ltd. to design and build 25 custom harvesters that can
harvest wood at the steep grades found along much of the Pacific
coast timber stands included in Coastal’s harvesting leases. The
following events took place in 2020 in relation to the
contract:
1. February...
TreeHold Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which is publicly traded, has a May 31 year end. On February 18, 2020, TreeHold signed a contract with Coastal Harvesting Ltd. to design and build 25 custom harvesters that can harvest wood at the steep grades found along much of the Pacific coast timber stands included in Coastal’s harvesting leases. The following events took place in 2020 in relation to the contract: 1. February...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
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