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Managerial Finance and AccountingKaplan University (KU Campus)
James JiambalvoManagerial Accounting, 4eHoboken, NJ: John Wiley & Sons.Unit 3: Unit Costs for Decision Making
Calculation of Equivalent Units [LO 2] McMillian Tire Company produces tires used on small trailers. The month of June ended with 500 tires in process, 90 percent complete as to direct materials, and 50 percent complete as to conversion costs; 2,000 tires were transferred to finished goods during the month, and 2,400 were started during the month. The beginning Work in Process inventory was 60 percent complete as to direct materials and 40 percent complete as to conversion costs.
RequiredDetermine the denominators to be used in the calculations of cost per equivalent unit for materials and conversion costs.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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