Homework Answers
6) What are the three criteria a company should use to evaluate and choose a cost...
6) What are the three criteria a company should use to evaluate and choose a cost driver? Briefly explain each of the three criteria.
Exercise 6-14 (Part Level Submission) The cost of goods sold computations for Alpha Company and Omega...
Exercise 6-14 (Part Level Submission) The cost of goods sold computations for Alpha Company and Omega Company are shown below. Alpha Company $ 47,080 Omega Company $ 72,480 291,200 Beginning inventory Cost of goods purchased 193,260 240,340 Cost of goods available for sale 363,680 Ending inventory 59,430 73,690 $180,910 $289,990 Cost of goods sold (a1) X Your answer is incorrect. Try again. Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.) Alpha Company Omega Company...
6 Prepare the schedule of cost of goods manufactured for Barton Company using the following information....
6 Prepare the schedule of cost of goods manufactured for Barton Company using the following information. 125 points Direct materials Direct labor Factory overhead costs Work in process, beginning Work in process, ending $ 215,000 64,500 30,400 160,000 151,750 eBook References Barton Company Schedule of Cost of Goods Manufactured Total manufacturing costs Total cost of work in process Cost of goods manufactured Direct materials Direct labor Factory overhead costs Work in process, beginning Work in process, ending $ 215,000 64,500...
QUESTION 6 A company sells its product subject to a warranty that covers the cost of...
QUESTION 6 A company sells its product subject to a warranty that covers the cost of parts for repairs during the six months after the date of sale. Warranty costs are estimated to be 6% of sales. During the month of June, the company performed warranty work using $12,000 worth of parts for the warranty repairs. The total sales for June were equal to $450,000. If the Estimated Warranty Liability account had a credit balance of $10,000 on May 31,...
Exercise 6-17A Asset replacement-opportunity cost LO 6-5 Walton Freight Company owns a truck that cost $32,000....
Exercise 6-17A Asset replacement-opportunity cost LO 6-5 Walton Freight Company owns a truck that cost $32,000. Currently, the truck's book value is $26,000, and its expected remaining useful life is four years. Walton has the opportunity to purchase for $28,000 a replacement truck that is extremely fuel efficient. Fuel cost for the old truck is expected to be $5,500 per year more than fuel cost for the new truck. The old truck is paid for but, in spite of being...
6. The Power Tires Company has man in the figure. The firm's marginal cost company has...
6. The Power Tires Company has man in the figure. The firm's marginal cost company has market power and faces the demand curve shown im's marginal cost and marginal revenue curve are MC = 30+32 MR = 300 -69 Price ($/tire) $300 - 100 Quantity of tires (thousands) Answer the following questions: a. What are the firm's profit-maximizing output and price? b. If the firm's demand declines to P= 240-20, what is the firm's profit- maximizing level of output and...
Your company is investing in a 6-year project. The cost of the machine is $25,000 with...
Your company is investing in a 6-year project. The cost of the machine is $25,000 with a salvage value of $5000 at the end of the project. The machine will save labor costs but will have operating costs of $3000/ year. What is the annual savings in labor in order to make a 10% return on your investment? $5,092 $8,740 $6,283 $8,092
Engineering Economics A manufacturing company is producing a product with variable cost of $6/unit, fixed costs of $70,000, and selling price of $13/unit. a. How many units should the company pro...
Engineering Economics
A manufacturing company is producing a product with variable cost of $6/unit, fixed costs of $70,000, and selling price of $13/unit. a. How many units should the company produce and how much must the sales be to break-even? b. Compute the Marginal Contribution Rate for this line of production. c. The manager demanded $100,000 profit, how many units must the company produce to reach the manager's goal if the variable cost per unit remains $6 and the price...
Exercise 10-6 Scrap or rework LO A1 A company must decide betwee that cost $5.40 per...
Exercise 10-6 Scrap or rework LO A1 A company must decide betwee that cost $5.40 per unit to manufacture. The units can be sold for the full price of $8.70 each. If the units are sold as is, the company will be able to build 16,000 replacement units at a cost of n scrapping or reworking units that do not pass inspection. The company has 16,000 defective units sold as is for $3.30 each, or they can be reworked for...
Cornerstone Exercise 6-26 (Algorithmic) Lower of Cost or Market The accountant for Murphy Company prepared the...
Cornerstone Exercise 6-26 (Algorithmic) Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its inventory at year end: Cost per Unit N et Realizable Value Item RSK-89013 $38 $44 Units 450 329 462 LKW-91247 QEC-57429 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-item basis. < 2. Prepare the journal entry required to value the inventory at lower of cost or...
6) What are the three criteria a company should use to evaluate and choose a cost driver? Briefly explain each of the three criteria.
Exercise 6-14 (Part Level Submission) The cost of goods sold computations for Alpha Company and Omega Company are shown below. Alpha Company $ 47,080 Omega Company $ 72,480 291,200 Beginning inventory Cost of goods purchased 193,260 240,340 Cost of goods available for sale 363,680 Ending inventory 59,430 73,690 $180,910 $289,990 Cost of goods sold (a1) X Your answer is incorrect. Try again. Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.) Alpha Company Omega Company...
6 Prepare the schedule of cost of goods manufactured for Barton Company using the following information. 125 points Direct materials Direct labor Factory overhead costs Work in process, beginning Work in process, ending $ 215,000 64,500 30,400 160,000 151,750 eBook References Barton Company Schedule of Cost of Goods Manufactured Total manufacturing costs Total cost of work in process Cost of goods manufactured Direct materials Direct labor Factory overhead costs Work in process, beginning Work in process, ending $ 215,000 64,500...
Exercise 6-17A Asset replacement-opportunity cost LO 6-5 Walton Freight Company owns a truck that cost $32,000. Currently, the truck's book value is $26,000, and its expected remaining useful life is four years. Walton has the opportunity to purchase for $28,000 a replacement truck that is extremely fuel efficient. Fuel cost for the old truck is expected to be $5,500 per year more than fuel cost for the new truck. The old truck is paid for but, in spite of being...
6. The Power Tires Company has man in the figure. The firm's marginal cost company has market power and faces the demand curve shown im's marginal cost and marginal revenue curve are MC = 30+32 MR = 300 -69 Price ($/tire) $300 - 100 Quantity of tires (thousands) Answer the following questions: a. What are the firm's profit-maximizing output and price? b. If the firm's demand declines to P= 240-20, what is the firm's profit- maximizing level of output and...
Engineering Economics
A manufacturing company is producing a product with variable cost of $6/unit, fixed costs of $70,000, and selling price of $13/unit. a. How many units should the company produce and how much must the sales be to break-even? b. Compute the Marginal Contribution Rate for this line of production. c. The manager demanded $100,000 profit, how many units must the company produce to reach the manager's goal if the variable cost per unit remains $6 and the price...
Exercise 10-6 Scrap or rework LO A1 A company must decide betwee that cost $5.40 per unit to manufacture. The units can be sold for the full price of $8.70 each. If the units are sold as is, the company will be able to build 16,000 replacement units at a cost of n scrapping or reworking units that do not pass inspection. The company has 16,000 defective units sold as is for $3.30 each, or they can be reworked for...
Cornerstone Exercise 6-26 (Algorithmic) Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its inventory at year end: Cost per Unit N et Realizable Value Item RSK-89013 $38 $44 Units 450 329 462 LKW-91247 QEC-57429 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-item basis. < 2. Prepare the journal entry required to value the inventory at lower of cost or...
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