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The Cords Company manufactures and sells basketball nets in custom colors. The income statement (absorption costing) for the month of December showed a gross profit of P60,000 and net income of P20,000. Selling and administrative expenses were 50% fixed. Two thousand nets in Miami Heat team colors were sold at an average price of P75.00 per unit. During the month, 400 nets in Chicago Bulls colors were manufactured but not sold. Cost of goods sold was 20% fixed and 80% variable (direct materials, direct labor and variable manufacturing overhead). Variable manufacturing costs are the same for all nets.
Required:
Problem 1. income statement for the month using variable costing.
Problem 2. income statement for the month using absorption costing.
Problem 3. Reconcile the net income under variable costing with the net income under absorption costing.
Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year).
Criticize the preceding presentation. On what basis does the $30,000 of company fixed expenses appear to be allocated - calculate the effect on total company net income if the MV12 model were discontinued.
Schroeder Corporation had the stock outstanding - Compute earnings per share data as it should appear in the 2012 income statement of Schroeder Corporation.
The expected future net cash flows from the use of the asset are expected to be $550,000. The fair value of the equipment is $440,000.
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Net income and have similar financial positions, your decision depends on their cash flow statements - which company looks better?
The Alfonso Company has used market-based transfer prices in the past. Calculate the income for the bottle division, the cologne division and the corporation.
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In spite of this weakness, why do some organizations prefer to use one plantwide overhead rate to allocate overhead to products?
Compute the breakeven point in units, assuming that the planned revenue mix is maintained and compute the breakeven point in units if Only standard carriers are sold
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