What would be the effect of pricing all items using prime cost versus the factor Method
What would be the effect of pricing all items using prime cost versus the factor Method
Homework Answers
The prime cost consists of the raw material cost plus the direct labor cost of the employees who is involved in the production of the item. This cost does not include service and administration costs. So for a company with various products will have to calculate the materials and labour costs individually
Factor pricing method is otherwise called as the markup method. In this method the companies determine the cost %, this cost percentage dividing 100 will give the pricing factor. The pricing factor is then multiplied by the raw materials of the item which will give the selling price.
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What would be the effect of pricing all items using prime cost
versus the factor Method
. Euclid showed that no finite collection of primes could contain all of the primes. He did this by exhibiting a number N that is either a new prime or has a prime factor that is a new prime. If our...
. Euclid showed that no finite collection of primes could contain all of the primes. He did this by exhibiting a number N that is either a new prime or has a prime factor that is a new prime. If our set of primes is f3,5,13), then what is the value of N? Is N prime? If not, find the prime factor that is not in the set [3,5,13]
. Euclid showed that no finite collection of primes could contain...
What is the effect of freight-in on the cost-to-retail ratio when using the conventional retail method?...
What is the effect of freight-in on the cost-to-retail ratio when using the conventional retail method? O No effect on the cost-to-retail ratio. Decreases the cost-to-retail ratio. Depends on the amount of the net markups. Increases the cost-to-retail ratio.
Would you expect a publishing company to use a strict cost-plus pricing system for all its...
Would you expect a publishing company to use a strict cost-plus pricing system for all its books? How might you find some indication about whether a publishing company actually was using cost-plus pricing for all its books?
Shamrock Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at De...
Shamrock Company uses the LCNRV method, on an individual-item
basis, in pricing its inventory items. The inventory at December
31, 2017, included product X. Relevant per-unit data for product X
are as follows.
Estimated selling price
$49
Cost
39
Estimated selling costs
15
Normal profit
9
There were 990 units of product X on hand at December 31, 2017.
Product X was incorrectly valued at $38 per unit for reporting
purposes. All 990 units were sold in 2018.
Compute the...
What do you think are some advantages for using the ABC method versus a single plant-wide...
What do you think are some advantages for using the ABC method versus a single plant-wide rate or multiple departmental overhead rates. Why would an activity-based costing (ABC) system appeal to some companies and not all companies. Provide at least 3 examples of companies you think would and wouldn't want to use the ABC method.
Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory...
Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D $126 Item $116 Item F $100 Item G $95 Item H $116 Item I $95 Estimated selling price Cost Cost to complete Selling costs Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes...
Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...
Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I $126 $116 $100 $95 $116 $95 Estimated selling price Cost 79 84 84 53 38 Cost to complete 32 32 26 32 32 Selling costs 19 21 21...
Bramble Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...
Bramble Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item Item Estimated selling price Cost $138 86 35 12 $127 92 35 21 $109 92 29 12 $104 92 40 23 $127 58 35 12 $104 41 35 23 Cost to...
Bonita Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...
Bonita Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item | Estimated selling price Cost $132 83 33 11 $121 88 33 20 $105 88 28 11 $99 88 39 22 $121 55 33 11 $99 40 33 22...
Coronado Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...
Coronado Company uses the LCNRV method, on an individual-item
basis, in pricing its inventory items. The inventory at December
31, 2017, consists of products D, E, F, G, H, and I. Relevant per
unit data for these products appear below.
Item D
Item E
Item F
Item G
Item H
Item I
Estimated selling price
$133
$122
$105
$100
$122
$100
Cost
83
89
89
89
56
40
Cost to complete
33
33
28
39
33
33
Selling costs
11...
. Euclid showed that no finite collection of primes could contain all of the primes. He did this by exhibiting a number N that is either a new prime or has a prime factor that is a new prime. If our set of primes is f3,5,13), then what is the value of N? Is N prime? If not, find the prime factor that is not in the set [3,5,13]
. Euclid showed that no finite collection of primes could contain...
What is the effect of freight-in on the cost-to-retail ratio when using the conventional retail method? O No effect on the cost-to-retail ratio. Decreases the cost-to-retail ratio. Depends on the amount of the net markups. Increases the cost-to-retail ratio.
Shamrock Company uses the LCNRV method, on an individual-item
basis, in pricing its inventory items. The inventory at December
31, 2017, included product X. Relevant per-unit data for product X
are as follows.
Estimated selling price
$49
Cost
39
Estimated selling costs
15
Normal profit
9
There were 990 units of product X on hand at December 31, 2017.
Product X was incorrectly valued at $38 per unit for reporting
purposes. All 990 units were sold in 2018.
Compute the...
Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D $126 Item $116 Item F $100 Item G $95 Item H $116 Item I $95 Estimated selling price Cost Cost to complete Selling costs Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes...
Marigold Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I $126 $116 $100 $95 $116 $95 Estimated selling price Cost 79 84 84 53 38 Cost to complete 32 32 26 32 32 Selling costs 19 21 21...
Bramble Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item Item Estimated selling price Cost $138 86 35 12 $127 92 35 21 $109 92 29 12 $104 92 40 23 $127 58 35 12 $104 41 35 23 Cost to...
Bonita Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item | Estimated selling price Cost $132 83 33 11 $121 88 33 20 $105 88 28 11 $99 88 39 22 $121 55 33 11 $99 40 33 22...
Coronado Company uses the LCNRV method, on an individual-item
basis, in pricing its inventory items. The inventory at December
31, 2017, consists of products D, E, F, G, H, and I. Relevant per
unit data for these products appear below.
Item D
Item E
Item F
Item G
Item H
Item I
Estimated selling price
$133
$122
$105
$100
$122
$100
Cost
83
89
89
89
56
40
Cost to complete
33
33
28
39
33
33
Selling costs
11...
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