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Toy Box Inc. is contemplating expanding their sales of their children's toys. The have an opportunity to stock and sell the X toy that has been a big hit with children everywhere. They need to order the X toys from the manufacturer in a minimum order of 100 at a cost of $12 each. They could resell the X toy in their store for $22 each. Due to anticipated demand, Toy Box Inc. will need to hire an additional part-time cashier at $600 a month which will be classified as a fixed-cost attributable to the X toy. Also, they have offered a $1 sales commission per toy to their floor sales representative. They will also include a package of trading cards with every purchase of an X toy, which will cost them an additional $2 each. Required:To make the project worthwhile, Toy Box Inc. would require a $5,000 profit per month. What level of sales in units and in dollars would be required to reach this target profit? Show all computations. Assume that the venture is undertaken and an order is placed for 100 X toys. What would be Toy Box's break-even point in units and in sales dollars? Show computations and explain the reasoning behind your answer. You can ignore the fixed cost of $600 for this part.
Which one of the following is a characteristic of a business combination that should be accounted for as a purchase?
Overhead is applied on the basis of direct labor hours. Three direct labor hours are required for each product unit. Planned production for the period was set at 8,000 units. Manufacturing overhead for the period is budgeted at $204,000, of which ..
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Bob has 2,000,000 of shoes in stock that cost $12 per pair. You are also able to determine the following amounts: Calculate the value of the inventory under both IFRS and US GAAP.
So what is the effect of a bargain purchase option on accounting for a capital-lease transaction by a lessee?
Which of the following statements is true concerning assets? a) Assets are measured using a time-period approach. b) Assets are initially recorded at market value and then adjusted for inflation.
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On the problems you just completed for me, how did you come up with the cost price to the retailer of $7.11? I understand the profit margin is 40% so wouldn't that mean that 9.95*.60=5.97 would be the cost to retailer?
What are Jamestown's options regarding the treatment of these three customers? Based on this initial customer profitability analysis, what action do you recommend Jamestown take with each of these three customers?
Presented below are selected transactions at Thomas Company for 2006. Prepare necessary adjusting entries at December 31 to record amortization required by the events above.
Space coast city issued the following during the year ended September 30, 2010: (1) $200,000 in bonds for the installation of stop signs, to be assessed against properties benefited, but secondarily backed by the city; (2) $320,000 in bonds for const..
Using the activity-based costing approach, determine the overhead cost per unit for each product. Prepare a Schedule of Expected Cash Collections for November and December. Prepare a Merchandise Purchases Budget for November and December.
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