Homework Answers
A marijuana producer can capitalize repairs expense because these costs are required to be included in the calculation of the amount of inventoriable costs.
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What indirect costs under Sec. 1.471-11(c)(i) can a marijuana producer capitalize? Advertising expenses Interest Repairs expense...
What cost can resellers of marijuana capitalize using the inventory method as specified by IRS code...
What cost can resellers of marijuana capitalize using the inventory method as specified by IRS code Sec. 1.471-3 (b)? O A. Marketing expense O B. Selling expense O C. Invoice price of marijuana purchased O D. Depreciation and depletion of equipment
What was the court's logic in denying Harborside's argument that they were entitled to Sec. 263A...
What was the court's logic in denying Harborside's argument that they were entitled to Sec. 263A capitalization of indirect expenses in the determination of cost of goods sold? O A. Drug traffickers can capitalize indirect expenses as provided by Sec. 263A. o B Producers must capitalize the cost of direct labor, direct material, and indirect production costs. o C. Producers can include and deduct an appropriate portion of management costs. o Congress is limited to taxing gross income of drug...
Exercise 19-04 a-c (Part Level Submission) Bonita Company reports the following costs and expenses in May....
Exercise 19-04 a-c (Part Level Submission)
Bonita Company reports the following costs and expenses in
May.
Factory utilities
$16,400
Direct labor
$72,100
Depreciation on factory equipment
13,350
Sales salaries
47,500
Depreciation on delivery trucks
4,200
Property taxes on factory building
2,600
Indirect factory labor
50,600
Repairs to office equipment
2,300
Indirect materials
85,000
Factory repairs
2,880
Direct materials used
142,700
Advertising
16,900
Factory manager’s salary
8,600
Office supplies used
3,420
From the information:
(a)
Determine the total amount of manufacturing...
How do I find: Total indirect costs? Fixed portion of sales representatives compensation? Total indirect selling...
How do I find:
Total indirect costs?
Fixed portion of sales representatives compensation?
Total indirect selling expense?
Thank you
Kubin Company's relevant range of production is 13.000 to 18.000 units. When It produces and sells 15,500 units, ts average costs per unit are as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Pixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Average Cost per Unit s7.40 s 4.40 s 1.90 $ 5.40 3.90 2.90 s...
Exercise 1-2 Presented below is a list of costs and expenses usually incurred by Barnum Corporation,...
Exercise 1-2 Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory. Classify the below items into the following categories: (a) direct materials, (b) direct labor, and (c) manufacturing overhead. Item Category 1Salaries for assembly line inspectors. Insurance on factory machines Property taxes on the factory building. Factory repairs E Upholstery used in manufacturing furniture Wages paid to assembly line workers. Factory machinery depreciation. Glue, nails, paint, and other...
E19-5 Ikerd Company is a manufacturer of personal computers. Various costs and expenses associated with its...
E19-5 Ikerd Company is a manufacturer of personal computers.
Various costs and expenses associated with its operations are as
follows
24/35 7,500 Delivery expense Property taxes on store Labor costs of assembly-line workers Factory supplies used 21,000 35,000 50,000 110,000 Sales commissions Salaries paid to sales clerks 13,000 (a) Identify each of the above costs as direct materials, direct labor, manufacturing over head, or period costs (b) Explain the basic difference in accounting for product costs and period costs. E19-4...
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory...
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory depreciation expense 5,000; direct labor 3,000; indirect labor 5,000; direct materials used 2,500; admin expenses 1,500. a. 5,500 & 13,000 b. 10,000 & 15,000 c. 8,000 & 12,000 d. 9,000 & 14,000 2. Calculate the overhead costs for Owl Mouse Traps based on the following cost summary: advertising expense 1,500; factory supervisor salaries 2,500; sales salaries 1,500; direct materials used 1,000; 300 indirect materials...
and d. what is the journal entry to write off the under/over allocated OH to COGS?...
and d. what is the journal entry to write off the
under/over allocated OH to COGS?
SHOW UR WORK AND CIRCLE THE ANSWERS THANK YOU
Pumpkin Plastic Products Company manufactures pipes and applies manufacturing costs to production at a budgeted indirect-cost rate of $9 per direct labor-hour. The following data are obtained from the accounting records for June 2014: Direct materials $300,000 Direct labor (16,000 hours @ $11/hour) $ 44,000 Indirect labor $ 20,000 Plant facility rent $ 100,000 Depreciation...
Can I get some help solving this problem Instructions Old School Publishing Inc. began printing operations...
Can I get some help solving this problem
Instructions Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets, Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to...
The following information relates to Curried Away Hot Air Balloons, Inc.: Advertising Costs $ 17,200 Sale...
The following information relates to Curried Away Hot Air Balloons, Inc.: Advertising Costs $ 17,200 Sale Salary Sales Reve 570,000 President's Salary 59,000 Office Rent 61.500 Manufacturing Equipment Depreciation 1,500 Indirect Materials Used 5.400 Indirect Labor 12,600 Factory Repair and Maintenance Direct Materials Used 29,800 Direct Labor 32,400 Delivery Vehicle Depreciation Administrative Salaries 25,500 How much was carried manufacturing overheat? A. $62,200 B S 18.000 C. $ 20,00 D. $ 18, 800 Click to select your answer Kentucky Company was...
What cost can resellers of marijuana capitalize using the inventory method as specified by IRS code Sec. 1.471-3 (b)? O A. Marketing expense O B. Selling expense O C. Invoice price of marijuana purchased O D. Depreciation and depletion of equipment
What was the court's logic in denying Harborside's argument that they were entitled to Sec. 263A capitalization of indirect expenses in the determination of cost of goods sold? O A. Drug traffickers can capitalize indirect expenses as provided by Sec. 263A. o B Producers must capitalize the cost of direct labor, direct material, and indirect production costs. o C. Producers can include and deduct an appropriate portion of management costs. o Congress is limited to taxing gross income of drug...
Exercise 19-04 a-c (Part Level Submission)
Bonita Company reports the following costs and expenses in
May.
Factory utilities
$16,400
Direct labor
$72,100
Depreciation on factory equipment
13,350
Sales salaries
47,500
Depreciation on delivery trucks
4,200
Property taxes on factory building
2,600
Indirect factory labor
50,600
Repairs to office equipment
2,300
Indirect materials
85,000
Factory repairs
2,880
Direct materials used
142,700
Advertising
16,900
Factory manager’s salary
8,600
Office supplies used
3,420
From the information:
(a)
Determine the total amount of manufacturing...
How do I find:
Total indirect costs?
Fixed portion of sales representatives compensation?
Total indirect selling expense?
Thank you
Kubin Company's relevant range of production is 13.000 to 18.000 units. When It produces and sells 15,500 units, ts average costs per unit are as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Pixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Average Cost per Unit s7.40 s 4.40 s 1.90 $ 5.40 3.90 2.90 s...
Exercise 1-2 Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory. Classify the below items into the following categories: (a) direct materials, (b) direct labor, and (c) manufacturing overhead. Item Category 1Salaries for assembly line inspectors. Insurance on factory machines Property taxes on the factory building. Factory repairs E Upholstery used in manufacturing furniture Wages paid to assembly line workers. Factory machinery depreciation. Glue, nails, paint, and other...
E19-5 Ikerd Company is a manufacturer of personal computers.
Various costs and expenses associated with its operations are as
follows
24/35 7,500 Delivery expense Property taxes on store Labor costs of assembly-line workers Factory supplies used 21,000 35,000 50,000 110,000 Sales commissions Salaries paid to sales clerks 13,000 (a) Identify each of the above costs as direct materials, direct labor, manufacturing over head, or period costs (b) Explain the basic difference in accounting for product costs and period costs. E19-4...
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory depreciation expense 5,000; direct labor 3,000; indirect labor 5,000; direct materials used 2,500; admin expenses 1,500. a. 5,500 & 13,000 b. 10,000 & 15,000 c. 8,000 & 12,000 d. 9,000 & 14,000 2. Calculate the overhead costs for Owl Mouse Traps based on the following cost summary: advertising expense 1,500; factory supervisor salaries 2,500; sales salaries 1,500; direct materials used 1,000; 300 indirect materials...
and d. what is the journal entry to write off the
under/over allocated OH to COGS?
SHOW UR WORK AND CIRCLE THE ANSWERS THANK YOU
Pumpkin Plastic Products Company manufactures pipes and applies manufacturing costs to production at a budgeted indirect-cost rate of $9 per direct labor-hour. The following data are obtained from the accounting records for June 2014: Direct materials $300,000 Direct labor (16,000 hours @ $11/hour) $ 44,000 Indirect labor $ 20,000 Plant facility rent $ 100,000 Depreciation...
Can I get some help solving this problem
Instructions Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets, Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to...
The following information relates to Curried Away Hot Air Balloons, Inc.: Advertising Costs $ 17,200 Sale Salary Sales Reve 570,000 President's Salary 59,000 Office Rent 61.500 Manufacturing Equipment Depreciation 1,500 Indirect Materials Used 5.400 Indirect Labor 12,600 Factory Repair and Maintenance Direct Materials Used 29,800 Direct Labor 32,400 Delivery Vehicle Depreciation Administrative Salaries 25,500 How much was carried manufacturing overheat? A. $62,200 B S 18.000 C. $ 20,00 D. $ 18, 800 Click to select your answer Kentucky Company was...
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