List the primary and support activities of Porter’s value chain model.
Financial information related to Webber Company for the month ended June 30, 20Y7, is as follows: Prepare a statement of stockholders’ equity for the month ended June 30, 20Y7.
If you were managing a large project and your budget limitations required you to cut one of these types of evaluations, which type would you cut, and why? …….
PE 3-5B Adjustment for accrued revenues
At the end of the current year, $21,750 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
Industries manufactures a popular interactive stuffed animal for children that requires
four computer chips inside each toy. The company pays $1
for each computer chip. To help to guard against stockouts of the computer chip,Donaldson
Industries has a policy that states that the ending inventory of computer chips should be at least 25%
he production schedule for the first four months of the year is as follows:
Stuffed animals to be produced
January . . . .
February . . . .
March . . . . .
April . . . . . . .
Prepare the direct materials budget by first calculating the total quantity needed, then complete the budget.
Direct Materials Budget
For the Months of January through March
Units to be produced
Multiply by: Quantity of direct materials needed per unit
Quantity needed for production
Plus: Desired ending inventory of direct materials
Total quantity needed
Can you please help me out with all of the questions within this problem please?
The management of Firebolt Industries Inc. manufactures gasoline and diesel engines through two production departments, Fabrication and Assembly. Management needs accurate product cost information in order to guide product strategy. Presently, the company uses a single plantwide factory overhead rate for allocating factory overhead to the two products. However, management is considering the multiple production department factory overhead rate method. The following factory overhead was budgeted for Firebolt:
Fabrication Department factory overhead
Assembly Department factory overhead
Direct labor hours were estimated as follows: Fabrication Department 4,850 hours Assembly Department 5,050 Total 9,900 hours
In addition, the direct labor hours (dlh) used to produce a unit of each product in each department were determined from engineering records, as follows: Production Departments Gasoline Engine Diesel Engine Fabrication Department 3.1 dlh 2.1 dlh Assembly Department 2.1 3.1 Direct labor hours per unit 5.2 dlh 5.2 dlh Required: a. Determine the per-unit factory overhead allocated to the gasoline and diesel engines under the single plantwide factory overhead rate method, using direct labor hours as the activity base.* b. Determine the per-unit factory overhead allocated to the gasoline and diesel engines under the multiple production department factory overhead rate method, using direct labor hours as the activity base for each department.* c. (1) Recommend to management a product costing approach, based on your analyses in (a) and (b). (2) Give a reason for your answer. *If required, round all per-unit answers to the nearest cent.
a. Determine the per-unit factory overhead allocated to the gasoline and diesel engines under the single plantwide factory overhead rate method, using direct labor hours as the activity base . If required, round all per-direct labor hours and per-unit answers to the nearest cent. Gasoline engine…$How Much money per unit? Diesel engine….$How Much Money
b. Determine the per-unit factory overhead allocated to the gasoline and diesel engines under the multiple production department factory overhead rate method, using direct labor hours as the activity base for each department. If required, round all per-unit answers to the nearest cent. Gasoline engine $How Much Money per unit:? Diesel engine $How Much Money
c. (1) Recommend to management a product costing approach, based on your analyses in (a) and (b). (2) Give a reason for your answer.
Management should continue to use the single plantwide overhead rate method.
Management should change to the multiple production department factory overhead rate method.
Management is indifferent, since either method yields the same result.
In this case, the factory overhead rates for each product are the same under either method; therefore, the company should choose single plantwide method since it’s easier to implement.
In this case, the single plantwide method causes cost distortion, so the multiple production department method should be used.
In this case, the multiple production department method causes cost distortion, so the single plantwide method should be used.
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $30,000 $ 4,910 $59,400 $87,400 $ 4,110 Inventories Raw materials Work in process Finished goods Beginning $ 10, 200 $ 55,700 $ 34,700 Ending $ 19,500 $ 69,000 $ 42,500 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Answer is complete but not entirely correct. Complete the question by entering your answers in the tabs below. Required 1 Required 2 < Prev 2 of 4 Next > Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials Beginning raw materials inventory 10,200 Add: Purchases of raw materials 30,000 Total raw materials available 40,000 Less Ending raw materials inventory 19,500 O Raw malenals used in production 20,500 X Less Indirect materials included in manufacturing overhead 4,910 15,590 Direct labor 59,400 Manufacturing overhead applied to work in process 87,400 Total manufacturing costs Add. Beginning work in process inventory 162,390 55,700 218,090 Less Ending work in process inventory 69,000 Cost of goods manufactured 24 149,090 KRequired Required 2 > < Prev 2 of 4 B.. Next > Required 1 Required 2 Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Primare Corporation Schedule of Cost of Goods Sold Beginning finished goods inventory 34,700 Add Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory 149,090 183,790 0 42,500 Unadjusted cost of goods sold Add Underapplied overhead 34,700 4,110 Adjusted cost of goods sold 38,810 < Required 1 ... < Prev 2 of 4 Next >
The Laurens city council passed a resolution requiring a yearly cash budget by fund for the city beginning with its fiscal year ending September 30, 2014. The city’s financial director prepared a list of expected cash receipts and disbursements, shown in Exhibit 11.8, which follows. The financial director is having trouble subdividing the receipts and disbursements by fund. Additional information: 1. A bond issue was authorized for the construction of a civic center. Future civic center revenues are to account for 20 percent of the repayment of the debt. The remainder is to come from general property taxes. 2. A bond issue was authorized for additions to the library. The debt is to be paid from general property taxes. 3. General obligation bonds are paid from general property taxes collected by the general fund. 4. Ten percent of the total annual school taxes represents an individually voted tax for payment of bonds, the proceeds of which were used for school construction. School operations are accounted for in the general fund. 5. In 2011, a wealthy citizen donated rental property to the city. Net income from the property is to be used to assist in operating the library. The net cash increase attributable to the property is transferred to the library on September 30 of each year. 6. All sales taxes are collected by the city; the state receives 85 percent of these taxes. The state’s portion is remitted at the end of each month. 7. Payment of the street construction bonds, for which the city has no liability, is to be made from assessments previously collected from the respective property owners. The proceeds from the assessments were invested and the principal of $312,000 is expected to earn $15,000 interest during the coming year. 8. In 2013, a special assessment in the amount of $203,000 was made on certain property owners for sewer construction. During fiscal 2014, $50,000 of this assessment is expected to be collected. The remainder of the sewer cost is to be paid from a $ 153,000 bond issue to be sold in fiscal 2014. Future special assessment collections will be used to pay principal and interest on the bonds, for which the city has residual liability. 9. All sewer and sanitation services are provided by a separate enterprise fund. 10. The federal grant is for fiscal 2014 school operations. 11. The proceeds remaining at the end of the year from the sale of civic center and library bonds are to be invested. 12. The state motor vehicle tax, state gasoline tax, and state alcoholic beverage license revenue represent the city’s share of state revenues. Required Prepare a budget of cash receipts and disbursements by fund for the year ending September 30, 2014. Include all interfund cash transfers. Set up your solution in the following format: View Solution:
The Laurens city council passed a resolution requiring a yearly
Why might an auditor conduct a surprise observation of a payroll distribution? What should be observed?
What is the internal auditor’s responsibility for reporting a corporate wrongdoing? For example, what should an internal auditor do if they find management has inappropriately recognized revenue by doctoring (changing) sales invoices?