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Create a tab named “Q7”.The Titanic II, a close replica of the 1912 Titanic cruise liner will set sail in 2022. The Titanic II is the brainchild of Australian businessman Clive Palmer, who established a shipping company called Blue Star Line in 2012 in order to make the project a reality. The ship is under construction now and is expected to cost $500 million. The new ship will start out in China, where it's currently under construction, traveling to Dubai...
A television station airs network programming between 9am and 10pm. Between 10 p.m. and 9 a.m., they broadcast programming of their choice . This costs them $500 in additional costs per night. During the night slots they sell airtime to infomercials at the following selling prices: TimeslotSlot TimesHours per slotSelling Price per hour of airtimeTotal timeslot airtime revenues (hrs x selling price)Night10pm to 1am3 hours$150$450Late Late night1am to 4am3 hours$20$60Pre-dawn4am to 6am2 hours$1$2Morning6am to 9am3 hoursNote 1Note 1 Instead...
Monthly information is as follows: Beginning of month End of month Work in process Inventory: 1,000 units 4,000 units Conversion: degree of completion in WIP 60% 40% Direct Material Costs in Beginning WIP $ 8,100 ? Conversion Costs in Beginning WIP $11,300 ? During the month: Costs incurred for Direct Materials $27,975 Costs incurred for Conversion $27,235 At month end: 2,860 good units were...
Variable costing is similar to absorption costing in that A-Both recognize fixed costs as period costs. B-Standard costs may be used with either method. C-Both may be used for tax purposes. D-They produce the same amount of pretax net income.
Use the data below to make July Production Report for Toystore Inc. using Weighted Average method of Process costing? Do all the steps, show all the manufacturing cost flows. Finally, using the data, make Cost of Goods Manufactured Statement, Cost of Goods Sold Statement and Income Statement. DataAmountWIP, July 01 - 6,000 unitsDirect Material: 100% complete, at cost from June $ 15,000 Conversion: 40% complete, at cost from June $ 10,368 Balance in WIP, July 01 $ 25,368 Units started during July9000unitsUnits completed and...
Jacob Corporation is a manufacturer that produces cosmetics. The following information has been taken from the company’s production, sales, and cost records for the just-completed year:Production in units100,000Sales in units?Ending finished goods Inventory in units?Sales in RupeesRs 2,000,000Costs :Other selling and administrative expensesRs 40,000Other factory overhead costsRs 22,000Selling and administrative salariesRs 240,000Maintenance FactoryRs 50,000Utilities-factoryRs 60,000Building Rent (Production Uses 80% of the Space; administrative and sales offices use the rest)Rs 100,000Royalty paid for use of Production patent, Rs 0.5 per unit...
A. Midsem Ltd produces a single product. The management currently uses marginal costing but is considering using absorption costing in the future. The budgeted fixed production overheads for the period are 500000. The budgeted output for the period is 2000 units. There were 800 units of opening inventory at the beginning of the period and 500 units of closing inventory at the end of the period. Calculate the difference in the profits between the absorption costing profit and the marginal...
ITS AN INCOME STATEMENT INCLUDES COST OF GOODS MANUFACTURED AND COST OF GOOD SOLD
Job 434 was recently completed. The following data have been recorded on its job cost sheet: The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $12 per machine-hour.Required: Compute the unit product cost that would appear on the job cost sheet for this job.
Halston Manufacturing uses actual costing. The following events took place during the current year:(1) Purchased $95,000 in direct materials.(2) Incurred labor costs as follows: (a) direct, $56,000 and (b) indirect, $13,600.(3) Other manufacturing overhead was $107,000, excluding indirect labor.(4) Transferred 80% of the materials to the manufacturing assembly line.(5) Completed 65% of the Work-in-Process during the year.(6) Sold 85% of the completed goods.(7) There were no beginning inventories. Required:(a) Determine the ending Direct Materials Inventory balance.(b) Determine the ending Work-in-Process Inventory balance.(c) Determine...