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Question - Philly started a new business of selling cellular phones. His transactions for the month are summarized below;
May 1 purchased 10 phones for $100 each.
May 5 purchased 10 phones for $120 each.
May 8 sold 5 phones for $150 each.
May 10 sold 10 phones on credit for $150 each.
May 20 purchased 10 phones for $140 each.
May 30 sold 10 phones for $150 each.
Record all the transactions in stock ledger cards using three methods of inventory control, i.e. LIFO, FIFO and AVCO.
You are also to calculate profit under each system. Out of three recording method which gives the highest profit.
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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