Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Surplus Stores Ltd is a company which frequently buy goods in large quantities and makes alterations to the goods before selling. At 31 Dec 2000 the following items were included in stock:
(1) 8000 pairs of rubber boots. These had cost $6.50 per pair. In order to make them saleable Surplus Stores Ltd will buy linings at a cost of $1.20 per pair. These linings have not yet been delivered or paid for. The labour cost of fitting linings to boots will total $500. The expected selling price is $9.95 per pair.
(2) 100 pairs of fire damaged shoes. These cost $3000 in total. 200 pairs are so badly damaged that they will be destroyed. The remaining 800 pairs will need cleaning and polishing at a total cost of $960. This work has not yet been done. It is expected that the shoes will sell for $7.49 per pair.
(3) 40 large tents which were purchased for $150 each. After inspection the company estimated that repairs to the tents will cost a total of $250. These repairs will take 2 months and the company estimates the storage costs will amount to $1 per tent per month. The company is expecting to sell the tents for $180 each but expects to give a trade discount of 5% on half the tents and pay carriage of $4 per tent on 40% of the tents.
(4) 500 jackets in a now unfashionable style. Surplus Stores Ltd paid $8 for each jacket but is offering to sell them at $10 each. The company expects to sell 200 at this price with the remainder being sold off at $9 each. For all jacket sales they will have to pay packing and carriage of $1.50 per jacket.
(5) 20 cameras which were bought for a total cost of $1240. The company has decided to include a case, costing $2.50 and additional equipment, costing $6 with each camera which will then retail at $89. The cases and additional equipment have yet to be acquired.
REQUIRED:
Calculate the total and the total net realizable value for each of the above items at 31 Dec 2000.
Implementation of Re-Apportionment of Overheads The re-apportionment of service department costs may be implemented in a number of methods. The Two extremes are as a) Wh
how do you find the plant wide overhead rate?
The Pacific Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based
WORKED EXAMPLES OF EXPECTED CASH COLLECTIONS PATTERNS
Total Variable Overheads Variances If Variable Overhead Expenditure Variance = Shs.1, 330 Variable Overhead Efficiency Variance = Shs.320 Then total variable overheads
The Zooline Company (Pty) Ltd is an American based company that focuses on the LSM 8 -10 markets. They do vehicle interiors, raise or lower suspensions and install top end sound sy
The follow data relates ot year 20XX for Plano Manufacturing Company: Units produced - 2,000 Units sold - 1,800 Selling price - $200 / per unit Direct material costs - $80,000 Dir
how do I apportion
Ask quCalculate the standard production cost per unit and standard profit per unit using Absorption costing principles. ii. Prepare a profit statement for January and February (se
what is classification of cost?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd