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Tonga Toys manufactures and distributes a number of products to retailers. One of these products, Playclay, requires two pounds of material A135 in the manufacture of each unit. The company is now planning raw materials needs for the third quarter July, August, and September. Peak sales of Playclay occur in the third quarter of each year. To keep production and shipments moving smoothly, the company has the following inventory requirements:
The finished goods inventory on hand at the end of each month must be equal to 8,000 units plus 28% of the next months sales. The finished goods inventory on June 30 is budgeted to be 20,040 units.
The raw materials inventory on hand at the end of each month must be equal to one-half of the following months production needs for raw materials. The raw materials inventory on June 30 for material A135 is budgeted to be 45,800 pounds.
Prepare a production budget for Playclay for the months July, August, September, and October. (Input all amounts as positive values. Do not round intermediate calculations.)
Prepare a direct materials budget showing the quantity of material A135 to be purchased for July, August, and September and for the quarter in total. (Input all amounts as positive values. Do not round intermediate calculations.)
Calculate the total dollar amount of discount or premium amortization during the first year (5/1/10 through 4/30/11) these bonds were outstanding. (Show computations and round to the nearest dollar.)
You note that the carload was shipped December 24 from Albuquerque, f.o.b. Albuquerque, and that the total invoice price of the goods in the car was $35,300. The freight bill called for a payment of $1,500. Terms were net 30 days. The bookkeeper a..
Fields Corporation has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporting Goods and 35% for Sports Gear. Fields incurs $2,220,000 in fixed costs. The contribution margin ratio for Sporting Goods is 30%, while for Spor..
Based on 2008 tax laws, if Salem's taxable income before charitable contributions is $11,500,000 in 2009, calculate the charitable contribution allowance for 2009. Provide a recommendation to Salem management regarding tax implications of this con..
In 2009, Austin Powers Corporation developed a new product that will be marketed in 2010. In connection with the development of this product, the following costs were incurred in 2009:
On January 1, CBU installed a new computer system for tracking and calculating inventory costs. On December 31, at yeas-end closing, CBU's system reported inventory at $4.5 million for financial statement purposes. At midnight, the auditors perfor..
(a) Determine the total estimated uncollectibles. (b) Prepare the adjusting entry at March 31, 2007, to record bad debts expense. (c) Discuss the implications of the changes in the aging schedule from 2006 to 2007
which of the following accounts is a monetary item?
Set up the known information in a linear statement and find the missing cash sales by reversing the additive functions also complete an Accrual Income Statement.
On May 31, 2010, James Logan Company had a cash balance per books of $8,205.62. The bank statement from Farmers State Bank on that date showed a balance of $7,749.57. A comparison of the statement with the cash account revealed the following facts..
Trikeco, a domestic corporation, manufactures mountain bicycles for sale both in the United States and Europe. Trikeco operates in Europe through Trike1, a wholly owned Italian corporation that manufactures a special line of mountain bicycles for ..
1. edison stagg and thornton have the following financial information at the close of business on july
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