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Using the reciprocal method spreadsheet (shown in Exhibit), show the costs allocated to production for Steamco Corporation. Use the data in Problem 11-49.In Problem 11-49, Steamco Corporation is reviewing its operations to see what additional energy-saving projects it might adopt. The company's manufacturing plant generates its own electricity using a process capturing steam from its production processes. A summary of the use of service departments by other service departments as well as by the two producing departments at the plant follows:Direct costs (in thousands) in the various departments follow: Department Direct costsSteam Generation (S1) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 210Electric Generating: Fixed costs (S2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90Variable costs (S3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240Equipment Maintenance (S4) . . . . . . . . . . . . . . . . . . . . . . 144Production Alpha (P1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800Beta (P2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,320
Steamco currently allocates costs of service departments to production departments using the step method. The local power company indicates that it would charge $480,000 per year for the electricity that Steamco now generates internally. Management rejected switching to the power company on the grounds that its rates would cost more than the $330,000 ($90,000 + $240,000) cost of the present, company-owned,system.
ABC Company sells widgets in three varieties (red, yellow and blue) but has lost money for the past three years.
How would your answer to part 2 be modified if you were asked for a schedule of cost of goods manufactured and sold instead of a schedule of cost of goods manufactured? Be specific.
Interest revenue, Cash, Fair value adjustment-AFS (ST), Unrealized gain-equity, Unrealized loss-equity, Short-term investments-AFS(ST), Gain on sale of short-term investments, Loss on sale of short-term investments
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