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Question;Exercise 21-4;Schrager Company has two production departments;Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in;Process?Cutting $3,000, Work in Process?Assembly $11,000, and Finished Goods;$30,500. During July, the following transactions occurred.;1.;Purchased $62,400 of;raw materials on account.;2.;Incurred $60,400 of;factory labor. (Credit Factory Wages Payable.);3.;Incurred $70,000 of;manufacturing overhead, $40,500 was paid and the remainder is unpaid.;4.;Requisitioned;materials for Cutting $15,500 and Assembly $8,500.;5.;Used factory labor for;Cutting $26,600 and Assembly $33,800.;6.;Applied;overhead at the rate of $20 per machine hour. Machine hours were;Cutting 1,200 and Assembly 2,100.;7.;Transferred goods;costing $67,200 from the Cutting Department to the Assembly Department.;8.;Transferred goods;costing $134,600 from Assembly to Finished Goods.;9.;Sold goods costing;$149,500 for $200,300 on account.;Journalize the transactions.(Credit account titles are automatically indented when amount is;entered. Do not indent manually.);No.;Account Titles and;Explanation;Debit;Credit;1.;2.;3.;4.;5.;6.;7.;8.;9.;(To record the cost of;goods sold);(To record the sales);SHOW LIST OF;ACCOUNTS;LINK TO TEXT;Exercise 21-7;The Sanding Department of Richards;Furniture Company has the following production and manufacturing cost;data for March 2014, the first month of operation.;Production: 12,070 units finished and transferred;out, 2,600 units started that are 100% complete as to;materials and 20% complete as to conversion costs.;Manufacturing costs: Materials $41,076, labor $28,840, overhead;$47,959.;Prepare a production cost report.(Round unit costs to 2 decimal places;e.g. 15.25.);RICHARDS FURNITURE COMPANY;Sanding Department;Production Cost Report;For the Month Ended March 31, 2014;Equivalent Units;Quantities;Physical;Units;Materials;Conversion;Costs;Units to be;accounted for;Work;in process, March 1;Started;into production;Total;units;Units;accounted for;Transferred;out;Work;in process, March 31;Total;units;Costs;Materials;Conversion;Costs;Total;Unit costs;Total;cost;$;$;$;Equivalent;units;Unit;costs;$;$;$;Costs to be;accounted for;Work;in process, March 1;$;Started;into production;Total;costs;$;Cost;Reconciliation Schedule;Costs;accounted for;Transferred;out;$;Work;in process, March 31;Materials;$;Conversion;costs;Total;costs;$;LINK;TO TEXT;LINK;TO TEXT;Question;Attempts: 0 of 3 used;SAVE FOR;LATER;SUBMIT ANSWER;Copyright ?;2000-2014 by John Wiley & Sons, Inc. or related companies. All rights;reserved.;Exercise 22-5;In the month of June, Jose Hebert's;Beauty Salon gave 3,020 haircuts, shampoos, and permanents at;an average price of $30. During the month, fixed costs were;$19,800 and variable costs were 60% of sales.;Determine the contribution margin in;dollars, per unit, and as a ratio.(Round the contribution ratio to 0 decimal;places, e.g. 27%, contribution margin per unit to 2 decimal places;e.g. 15.25 and answer to the nearest whole dollar, e.g. 5,275.);Contribution;Margin in Dollars;$;Contribution;Margin Per Unit;$;Contribution;Margin Ratio;%;LINK;TO TEXT;Using the contribution margin technique;compute the break-even point in dollars and in units.(Round answers to 0 decimal places, e.g.;1,750.);Break-even;sales (in dollars);$;Break-even;sales (in units);units;LINK;TO TEXT;Compute the margin of safety in dollars;and as a ratio.(Round the Margin of Safety ratio to 0 decimal places, e.g.;27%.);Margin of;safety (in dollars);$;Margin of;safety (ratio);%;LINK;TO TEXT;Question;Attempts: 0 of 3 used;SAVE FOR;LATER;SUBMIT ANSWER;Copyright ?;2000-2014 by John Wiley & Sons, Inc. or related companies. All rights;reserved.;Exercise 22-13;Naylor Company;had $139,470 of net income in 2013 when the selling price per unit;was $180, the variable costs per unit were $70, and the fixed costs;were $1,477,530. Management expects per unit data and total fixed costs;to remain the same in 2014. The president of Naylor Company is under;pressure from stockholders to increase net income by $53,740 in;2014.;Compute the number of units sold in;2013.(Round answers to;0 decimal places, e.g. 5,275.);The Number of;Units Sold;units;LINK;TO TEXT;Compute the number of units that would;have to be sold in 2014 to reach the stockholders? desired profit;level.(Round answer to 0;decimal places, e.g. 5,275.);Units needed;in 2014;units;LINK;TO TEXT;Assume that Naylor Company sells the;same number of units in 2014 as it did in 2013. What would the selling;price have to be in order to reach the stockholders? desired profit;level?(Round answers to;0 decimal places, e.g. 5,275.);The selling;price in 2014;$;LINK;TO TEXT;Question;Attempts: 0 of 3 used;SAVE FOR;LATER;SUBMIT ANSWER;Copyright ?;2000-2014 by John Wiley & Sons, Inc. or related companies. All rights;reserved.;Exercise 22-15;Hall Company had;sales in 2014 of $1,505,520 on 62,730 units. Variable;costs totaled $690,030, and fixed costs totaled $638,890.;A new raw material is available that will decrease the variable costs;per unit by 21% (or $2.31). However, to process the new raw;material, fixed operating costs will increase by $61,710. Management;feels that one-half of the decline in the variable costs per unit should;be passed on to customers in the form of a sales price reduction. The;marketing department expects that this sales price reduction will;result in a 7% increase in the number of units sold.;Prepare a CVP income statement for 2014;assuming the changes have not been made.(Round per unit amounts to 2 decimal;places, e.g. 11.85 and all other answers to 0 decimal places, e.g.;5,275.);HALL COMPANY;CVP Income Statement;For the Year Ended December 31, 2014;Total;Per Unit;Contribution Margin;Fixed Costs;Net Income;Sales Revenue;Variable Costs;$;$;Contribution Margin;Fixed Costs;Net Income;Sales Revenue;Variable Costs;Contribution Margin;Fixed Costs;Net Income;Sales Revenue;Variable Costs;$;Contribution Margin;Fixed Costs;Net Income;Sales Revenue;Variable Costs;Contribution Margin;Fixed Costs;Net Income;Sales Revenue;Variable Costs;$;LINK;TO TEXT;Prepare a CVP income statement for 2014;assuming the changes are made as described.(Round per unit amounts to 2 decimal;places, e.g. 11.85 and all other answers to 0 decimal places, e.g.;5,275.);HALL COMPANY;CVP Income Statement;For the Year Ended December 31, 2014;Total;Per Unit;Contribution Margin;Fixed Costs;Net Income;Sales Revenue;Variable Costs;$;$;Contribution Margin;Fixed Costs;Net Income;Sales Revenue;Variable Costs;Contribution Margin;Fixed Costs;Net Income;Sales Revenue;Variable Costs;$;Contribution Margin;Fixed Costs;Net Income;Sales Revenue;Variable Costs;Contribution Margin;Fixed Costs;Net Income;Sales Revenue;Variable Costs;$;LINK;TO TEXT;Question;Attempts: 0 of 3 used;SAVE FOR;LATER;SUBMIT ANSWER;Copyright ?;2000-2014 by John Wiley & Sons, Inc. or related companies. All rights;reserved.

 

Paper#44196 | Written in 18-Jul-2015

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