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Ashanti, Inc. manufactures and sells glass vases, bowls and other decorative pieces as home furnishings. During...
Question 3 (10 Marks) Glass Creations designs, manufactures, and sells modern glass sculptures. Sabrina Jenkinson is...
Question 3 (10 Marks) Glass Creations designs, manufactures, and sells modern glass sculptures. Sabrina Jenkinson is an artist for the company. Jenkinson has spent much of the past month working on the design of an intricate abstract piece. Jimmy Smith, product development manager, likes the design. However, he wants to make sure that the sculpture can be priced competitively. Alex Nebraska, Glass's cost accountant, presents Smith with the following cost data for the expected production of 100 sculptures: $15,000 Design...
High End Crockery Corp makes pottery bowls. The following information is available: Budgeted Selling Price $200...
High End Crockery Corp makes pottery bowls. The following information is available: Budgeted Selling Price $200 each Budgeted Unit Sales December 4,000 January 3,500 February 2,500 March 2,000 April 1,800 Desired ending finished goods inventory 15% of next month's sales Pounds of clay needed per bowl 4 Price per pound of clay $2.50 Desired ending inventory direct materials 30% of next month's production needs December purchases for direct materials $37,525 Direct labor hours per bowl...
Belcalis Almanzar, Inc., manufactures and sells sports equipment, and has a fleet of forklifts it uses...
Belcalis Almanzar, Inc., manufactures and sells sports equipment, and has a fleet of forklifts it uses in its warehouses to store and retrieve finished goods. On June 30, 2020, Almanzar sold a used forklift it no longer needed, which at the time had a book value that had been depreciated down to zero. Almanzar received $5,000 cash from the buyer. What should Almanzar record for this sale in its second-quarter income statement? O $5,000 revenue O $5,000 expense O $5,000...
QUESTIONI Titlow, Inc., produces and sells a single product. The product sells for $220.00 per unit...
QUESTIONI Titlow, Inc., produces and sells a single product. The product sells for $220.00 per unit and its variable expense is S57.20 per unit. The company's monthly fixed expense is $713,064. Required: 1. Calculate the Net operating Income of the company, if the 2. Determine the monthly break-even in units. Show your 3. If next month, the company expects to sell 4,000 units, do units sold are 5,000 work! you expect the company generating a profit or incurring a loss?...
Jouma te the following transactions for Home Hardware, Inc. that occurred during the month of November...
Jouma te the following transactions for Home Hardware, Inc. that occurred during the month of November assuming the helmethod is used. Home Hardware's cost of investory is 50 percent of the sales prio Record b est the credits Exclude explanations for any malars) Co the icon to the transactions Now Sold 2.500 of merchandise on account om 15.45. FOB shipping point Home Hardware Inc, prepaid 575 of shipping costs and added the amount to the customer's Invoice Begin by recording...
Karges Coffee Inc. manufactures a line of single-cup brewing machines for home and office use that...
Karges Coffee Inc. manufactures a line of single-cup brewing machines for home and office use that brew a cup of coffee, tea, or hot chocolate in less than a minute. The machines use specially packaged portions of coffee, tea, or hot chocolate that can be purchased online directly from Karges or at specialty coffee shops licensed to distribute the company's products. The company has three models of brewers that offer different features, such as the size of the water reservoir,...
During February, the last month of the fiscal year, Be My Valentine Ltd. sells $22,200 of...
During February, the last month of the fiscal year, Be My Valentine Ltd. sells $22,200 of gift cards. From experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In March, $6,900 of these cards is redeemed for merchandise with a cost of $5,000. In April, further $11,500 of these cards is redeemed for merchandise with a cost of $3,800. The company uses a perpetual inventory system. Also in February, Be My Valentine had...
Question #1 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with...
Question #1 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with coverage starting on that date. A) What entry is made on 11/115 Cr B) What adjusting entry is to be made on 12/31/15 Cr C) What is the balance in the prepaid insurance after the adjusting entry is made? ubmit Question 0 of S Attempts Used acBookA 0 Question #2 Clay Inc. rents office space to another business for $1,500 per month. On October...
sestion 1: Finn Inc. makes hats. For the month of March 20 Account Direct Materials Work...
sestion 1: Finn Inc. makes hats. For the month of March 20 Account Direct Materials Work in Process the month of March 2019, Finn Inc had these inventory account balance Betinnor Balance Clan 1) Endine Balance can 3) $51,000 $34,000 $72,000 $89,000 $23,000 $26,000 Finished Goods During March 2019, Finn Inc. had the following transactions: a. Spent $47,000 on direct materials b. Spent $29,000 on direct labor c. Calculated manufacturing overhead to be $25,000 d. Spent $20,000 on administrative expenses...
hampton ACCOUNTING SERVICE INC Dear Newbie, Welcome to Hampton! My name is Julio Antoni, your supervisor....
hampton ACCOUNTING SERVICE INC Dear Newbie, Welcome to Hampton! My name is Julio Antoni, your supervisor. We believe the best way for you to get familiar with what you are going to be doing here is to throw you right in, so we are asking you to start working on the books for us right away. For this project you will complete Hampton's entire accounting cycle. You will be required to record entries in a journal, post to a ledger,...
Question 3 (10 Marks) Glass Creations designs, manufactures, and sells modern glass sculptures. Sabrina Jenkinson is an artist for the company. Jenkinson has spent much of the past month working on the design of an intricate abstract piece. Jimmy Smith, product development manager, likes the design. However, he wants to make sure that the sculpture can be priced competitively. Alex Nebraska, Glass's cost accountant, presents Smith with the following cost data for the expected production of 100 sculptures: $15,000 Design...
Belcalis Almanzar, Inc., manufactures and sells sports equipment, and has a fleet of forklifts it uses in its warehouses to store and retrieve finished goods. On June 30, 2020, Almanzar sold a used forklift it no longer needed, which at the time had a book value that had been depreciated down to zero. Almanzar received $5,000 cash from the buyer. What should Almanzar record for this sale in its second-quarter income statement? O $5,000 revenue O $5,000 expense O $5,000...
QUESTIONI Titlow, Inc., produces and sells a single product. The product sells for $220.00 per unit and its variable expense is S57.20 per unit. The company's monthly fixed expense is $713,064. Required: 1. Calculate the Net operating Income of the company, if the 2. Determine the monthly break-even in units. Show your 3. If next month, the company expects to sell 4,000 units, do units sold are 5,000 work! you expect the company generating a profit or incurring a loss?...
Jouma te the following transactions for Home Hardware, Inc. that occurred during the month of November assuming the helmethod is used. Home Hardware's cost of investory is 50 percent of the sales prio Record b est the credits Exclude explanations for any malars) Co the icon to the transactions Now Sold 2.500 of merchandise on account om 15.45. FOB shipping point Home Hardware Inc, prepaid 575 of shipping costs and added the amount to the customer's Invoice Begin by recording...
Karges Coffee Inc. manufactures a line of single-cup brewing machines for home and office use that brew a cup of coffee, tea, or hot chocolate in less than a minute. The machines use specially packaged portions of coffee, tea, or hot chocolate that can be purchased online directly from Karges or at specialty coffee shops licensed to distribute the company's products. The company has three models of brewers that offer different features, such as the size of the water reservoir,...
During February, the last month of the fiscal year, Be My Valentine Ltd. sells $22,200 of gift cards. From experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In March, $6,900 of these cards is redeemed for merchandise with a cost of $5,000. In April, further $11,500 of these cards is redeemed for merchandise with a cost of $3,800. The company uses a perpetual inventory system. Also in February, Be My Valentine had...
Question #1 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with coverage starting on that date. A) What entry is made on 11/115 Cr B) What adjusting entry is to be made on 12/31/15 Cr C) What is the balance in the prepaid insurance after the adjusting entry is made? ubmit Question 0 of S Attempts Used acBookA 0 Question #2 Clay Inc. rents office space to another business for $1,500 per month. On October...
sestion 1: Finn Inc. makes hats. For the month of March 20 Account Direct Materials Work in Process the month of March 2019, Finn Inc had these inventory account balance Betinnor Balance Clan 1) Endine Balance can 3) $51,000 $34,000 $72,000 $89,000 $23,000 $26,000 Finished Goods During March 2019, Finn Inc. had the following transactions: a. Spent $47,000 on direct materials b. Spent $29,000 on direct labor c. Calculated manufacturing overhead to be $25,000 d. Spent $20,000 on administrative expenses...
hampton ACCOUNTING SERVICE INC Dear Newbie, Welcome to Hampton! My name is Julio Antoni, your supervisor. We believe the best way for you to get familiar with what you are going to be doing here is to throw you right in, so we are asking you to start working on the books for us right away. For this project you will complete Hampton's entire accounting cycle. You will be required to record entries in a journal, post to a ledger,...
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