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Questions -
Q1. During the most recent year, Evans Company had an operating income of $90,000 using absorption costing and $84,000 using variable costing. The fixed manufacturing overhead application rate was $6 per unit. There were no beginning inventories. If 16,000 units were produced last year, what were the sales in units for last year?
a. 15,000 units.
b. 23,000 units.
c. 21,000 units.
d. 28,000 units.
Q2. What is a continuous (or perpetual) budget?
a. It is a strategic plan that does not change.
b. It is prepared for a range of activities so that the budget can be adjusted for changes in activity.
c. It is used in companies that experience no change in sales.
d. It is a plan that is updated monthly or quarterly, dropping one period and adding another.
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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