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Question - Prepare the Journal entries and answer the following questions using the Job order Costing System.
Purchased $800 Raw Materials on Credit.
The Factory requests $710 Direct Materials and $100 indirect Materials from the Raw Materials Warehouse
The Factory incurs $1300 of Direct Labor and $900 Indirect Labor
Overhead is applied at 150% of the Direct Labor Cost.
The Factory has the following Actual Overhead costs:
Depreciation $400
Other Overhead $550
Finished Goods worth $3500 are transferred to the Finished Goods Warehouse
Goods that Cost $2700 are sold for $5500.
What is the Gross profit for the month? Show your calculation.
If Selling and Administrative expenses are $2000 what is the net income?
Identify the problems that appear to exist in Ferguson and Son Manufacturing Company's budgetary control system and explain how the problems are likely to reduce the effectiveness of the system.
The CAMA Corporation manufactures electrical meters. What the balances of Raw and In-Process and Finished Goods Inventory accounts at the end of September are?
Compute a cost-volume-profit analysis. What are the implications of this analysis? Compute contribution margin per unit and contribution margin ratio. Determine the breakeven quantity and the breakeven revenue accurately.
Determine how many units of each product Whitt must sell in order to breakeven in 2012 and companys fixed selling and administrative expanses are forecasted to be $500,000. Whitt has a tax rate of 40 percent.
The casino has a 2,500 seat arena with 50 events annually. Each event sells out and generates $250,000; What is the annual revenue?
What is Time between Orders (TBO)? The sales of Whole Care mouthwash at Tom's of Maine over the past six months have averaged 2,000 cases
statement of cash flows using the indirect method.
The order placing cost is Tk. 100 and the cost of carrying one unit for the year is Tk. 4. Compute economic ordering quantity
Harrison Company makes two products and uses a conventional costing system in which a single plant-wide predetermined overhead rate is computed based on direct labor-hours.
Calculate cost per unit under absorption costing and gross profit under absorption costing. Seattle Enterprises produces packaged fresh meals that sell for $10
Food does not adjust the joint cost for the value of Morefeed, the by-product, the joint cost to be allocated to Betters, using the NRV method is?
Explain Five (5) management control systems (other than the Balanced Scorecard) and their use within the organization adequately described.
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