Exercise 3-2 Prepare T-Accounts [LO3-2, LO3-4] Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. $75,200 in raw materials were purchased for cash. $71,400 in raw materials were used in production. Of this amount, $65,700 was for direct materials and the remainder was...
Exercise 4-2 (Algo) Variable Costing Income Statement; Explanation of Difference in Net Operating Income [LO4-2] Ida Sidha Karya Company is a family-owned company located on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $900. Selected data for the company’s operations...
Brief Exercise 9-2 Paige Company estimates that unit sales will be 11,100 in quarter 1, 12,400 in quarter 2, 14,300 in quarter 3, and 18,800 in quarter 4. Using a sales price of $84 per unit. Prepare the sales budget by quarters for the year ending December 31, 2020. PAIGE COMPANY Sales Budget Quarter 1 2 Click if you would...
Exercise 9-2 Prepare a Report Showing Revenue and Spending Variances [LO9-2] Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) 8,000 $ 32,000 Revenue ($4.009) Expensest Packing...
Exercise 11-2 Dropping or Retaining a Segment [LO11-2] The Regal Cycle Company manufactures three types of bicycles—a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: Total Dirt Bikes Mountain Bikes Racing Bikes Sales $ 923,000 $ 264,000 $ 403,000 $ 256,000 Variable manufacturing and selling expenses 477,000 117,000 204,000...
Exercise 3-2 Prepare T-Accounts [LO3-2, LO3-4) Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a $75,500 in raw materials were purchased for cash. b. $71,600 in raw materials were used in production of this amount, $66,400 was for direct materials and the...
Exercise 5-2 Error correction (LO5-2) Bettner, Inc., is a calendar-year corporation whose financial statements for 20X0 and 20X1 included errors as follows: Year Ending Inventory Depreciation Expense 20X0 $ 12,000 overstated $ 22,300 overstated 20X1 8,000 understated 6,000 understated Assume that inventory purchases were recorded correctly and that no correcting entries were made at December 31, 20X0, or December 31,...
Exercise 3-2 (Algo) Prepare T-Accounts (LO3-2, LO3-4] Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $76,800 in raw materials were purchased for cash b. $71,600 in raw materials were used in production of this amount $65.700 was for direct materials and...
Exercise 3-2 (Algo) Prepare T-Accounts (LO3-2, LO3-4) Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month is shown below. a. $75,500 in raw materials were purchased for cash. b. $72,900 in raw materials were used in production. Of this amount, $66,200 was for direct materials and...
2 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 art 1 of 2 Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for...