is it possible to have the steps
Homework Answers
Revenue is recognized on basis of units delivered
Revenue recognized in 2020 = 41100 x $72 = $2,959,200
Revenue recognized in 2021 = 23700 x $72 = $1,706,400
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is it possible to have the steps oplication Problem 4-5A al, b-c (Part Level Submission) pol-IT Ltd. manufactures and se...
Application Problem 4-5A a1, b-c (Part Level Submission) Cool-IT Ltd. manufactures and sells air conditioning equipment...
Application Problem 4-5A a1, b-c (Part Level Submission)
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500...
ANSWER PART C ( WITH FULL STEPS PLEASE) Application Problem 4-5A a1, b-c (Part Level Submission)...
ANSWER PART C ( WITH FULL STEPS PLEASE)
Application Problem 4-5A a1, b-c (Part Level Submission) Cool-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 63,300 units at a price of $78 per unit. Cool-IT's cost to manufacture these units is $51. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory:...
Cool-It Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT...
Cool-It Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 57,100 units at a price of $77 per unit. Cool-IT's cost to manufacture these units is $54. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory: Air conditioning units delivered Production costs incurred Cash payments received 2020 2021 34,200 22,900 $1,846,800 $1,236,600...
Cool-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT...
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500
21,800
63,300
Production costs incurred
$2,116,500
$1,111,800
$3,228,300...
Cool-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT...
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500
21,800
63,300
Production costs incurred
$2,116,500
$1,111,800
$3,228,300...
Problem 3-5A (Video) (Part Level Submission) Polk Company manufactures basketballs. Materials are added at the beginning...
Problem 3-5A (Video) (Part Level Submission) Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows. Units Percent Complete 440 60 % 1,120 600 40 % Production Data-Basketballs Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Materials Conversion costs Direct materials Direct...
show your work Application Problem 4-2B al, b (Part Level Submission) Derby Transportation Inc. designs and...
show your work
Application Problem 4-2B al, b (Part Level Submission) Derby Transportation Inc. designs and buids trains for rail networks across Canada. The company, which is publicly traded, has an October 31 year end. On March 15, 2020, Derby Transportation signed a contract with OM Corridor Corp. to design and build 10 high-speed trains, with each train consisting of seven passenger cars. The high-speed train will operate between Ottawa and Montreal. The following events took place in 2020 in...
Application Problem 4-5A a1, b-c (Part Level Submission)
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500...
ANSWER PART C ( WITH FULL STEPS PLEASE)
Application Problem 4-5A a1, b-c (Part Level Submission) Cool-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 63,300 units at a price of $78 per unit. Cool-IT's cost to manufacture these units is $51. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory:...
Cool-It Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 57,100 units at a price of $77 per unit. Cool-IT's cost to manufacture these units is $54. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory: Air conditioning units delivered Production costs incurred Cash payments received 2020 2021 34,200 22,900 $1,846,800 $1,236,600...
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500
21,800
63,300
Production costs incurred
$2,116,500
$1,111,800
$3,228,300...
Cool-IT Ltd. manufactures and sells air conditioning equipment
to retailers across North America. In 2020, Cool-IT signed a
two-year contract with BigMart Ltd. to supply it with 63,300 units
at a price of $78 per unit. Cool-IT’s cost to manufacture these
units is $51. The following schedule summarizes the production,
delivery, and payments in relation to the contract. Production
costs are recorded to inventory:
2020
2021
Total
Air conditioning units delivered
41,500
21,800
63,300
Production costs incurred
$2,116,500
$1,111,800
$3,228,300...
Problem 3-5A (Video) (Part Level Submission) Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows. Units Percent Complete 440 60 % 1,120 600 40 % Production Data-Basketballs Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Materials Conversion costs Direct materials Direct...
show your work
Application Problem 4-2B al, b (Part Level Submission) Derby Transportation Inc. designs and buids trains for rail networks across Canada. The company, which is publicly traded, has an October 31 year end. On March 15, 2020, Derby Transportation signed a contract with OM Corridor Corp. to design and build 10 high-speed trains, with each train consisting of seven passenger cars. The high-speed train will operate between Ottawa and Montreal. The following events took place in 2020 in...
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