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Problem 6-20 Variable and Absorption Costing

June 13, 2018

Problem 6-20 Variable and Absorption Costing Unit Product Costs and Income Statements; Explanation of Difference in Net Operating Income [LO6-1, LO6-2, LO6-3]

High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant’s operation:

Beginning inventory 0
Units produced 40,000
Units sold 35,000
Selling price per unit $76
Selling and administrative expenses:
Variable per unit $4
Fixed (per month) $561,000
Manufacturing costs:
Direct materials cost per unit $16
Direct labor cost per unit $8
Variable manufacturing overhead cost per unit $3
Fixed manufacturing overhead cost (per month) $600,000

Management is anxious to assess the profitability of the new camp cot during the month of May.

Required:

1. Assume that the company uses absorption costing.

a. Determine the unit product cost.

b. Prepare an income statement for May.

2. Assume that the company uses variable costing.

a. Determine the unit product cost.

b. Prepare a contribution format income statement for May.

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P24-4 Horizontal and Vertical Analysis

June 3, 2018

Presented below is the comparative balance sheet for Gilmour Company.
Gilmour Company
Comparative Balance Sheet
As of December 31, 2015 and 2014
December 31
2015 2014
Assets
Cash 180,000 275,000
Accounts receivable (net) 220,000 155,000
Short-term investments 270,000 150,000
Inventories 1,060,000 980,000
Prepaid expenses 25,000 25,000
Plant and equipment 2,585,000 1,950,000
Accumulated depreciation (1,000,000) (750,000)
$3,340,000 $2,785,000
Liabilities and Stockholders’ Equity
Accounts payable 50,000 75,000
Accrued expenses 170,000 200,000
Bonds payable 450,000 190,000
Capital stock 2,100,000 1,770,000
Retained earnings 570,000 550,000
$3,340,000 $2,785,000

Instructions:
(Round to two decimal places)
a. Prepare a comparative balance sheet of Gilmour Company showing the percent each item is of the total assets or total liabilities and stockholders’ equity.
b. Prepare a comparative balance sheet of Gilmour Company showing the dollar change and the percent change for each item.
c. Of what value is the additional information provided in part (a)?
d. Of what value is the additional information provided in part (b)?

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Delta Company Produces a Single Product

April 7, 2018

Delta Company produces a single product for $1.99 Only (Instant Download)

Delta Company produces a single product. The cost of producing and selling a single unit of this product at the company’s normal activity level of 91,200 units per year is:


Direct materials	$	1.90
Direct labor	$	2.00
Variable manufacturing overhead	$	0.70
Fixed manufacturing overhead	$	5.05
Variable selling and administrative expenses	$	2.10
Fixed selling and administrative expenses	$	1.00

The normal selling price is $25.00 per unit. The company’s capacity is 117,600 units per year. An order has been received from a mail-order house for 2,200 units at a special price of $22.00 per unit. This order would not affect regular sales or the company’s total fixed costs.

Required:

1. What is the financial advantage (disadvantage) of accepting the special order?

2. As a separate matter from the special order, assume the company’s inventory includes 1,000 units of this product that were produced last year and that are inferior to the current model. The units must be sold through regular channels at reduced prices. What unit cost is relevant for establishing a minimum selling price for these units?

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Managerial Accounting True-False Statements II

March 19, 2018 Leave a comment

Managerial Accounting True-False Statements II

Manufacturing costs that cannot be classified as direct material or direct labor are classified as manufacturing overhead.
Raw materials are equal to direct materials minus indirect materials.
Raw materials that can be conveniently and directly associated with a finished product are called material overhead.
The total cost of a finished product does not generally contain equal amounts of material, labor, and overhead costs.
Direct material costs and indirect material costs are prime costs.
Conversion costs consist of direct labor and manufacturing overhead.
Indirect materials and indirect labor are both inventoriable costs.
Direct labor costs subtracted from prime costs equals manufacturing overhead costs.
Total period costs are deducted from total cost of work in process to calculate cost of goods manufactured.
Period costs are not inventoriable costs.

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Case Study Analysis: Amazon.com, Inc. – 2004

March 18, 2018 Leave a comment

Case Study Analysis: Amazon.com, Inc. – 2004 in $25 Only

The case study is Amazon,com, Inc., -2004. You need the provide the answers of following questions after going through the case study.

Identify the firm’s vision, mission, objectives and strategies.
Develop vision and mission statements for organisation.
Identify the organization’s external opportunities and threats.
Construct and External Factor Evaluation (EFE) matrix.
Identify the organization’s internal strengths and weaknesses.
Construct and Internal Factor Evaluation (IFE) matrix.
Prepare a Threats-Opportunities-Weakness-Strengths (TOWS) matrix.
Recommend specific strategies and long term objectives.

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Fundamentals of Capital Budgeting: Billingham Packaging Production Capacity

March 17, 2018 Leave a comment

Fundamentals of Capital Budgeting: Billingham Packaging Production Capacity

Billingham Packaging is considering expanding its production capacity by purchasing a new machine, the XC-750. The cost of the XC-750 is $2.75 million. Unfortunately, installing this machine will take several months and will partially disrupt production. The firm has just completed a $50,000 feasibility study to analyze the decision to buy the XC-750, resulting in the following estimates:

Marketing: Once the XC-750 is operating next year, the extra capacity is expected to

generate $10 million per year in additional sales, which will continue for the 10-year life of the machine.

Operations: The disruption caused by the installation will decrease sales by $5 million this year. Once the machine is operating next year, the cost of goods for the products produced by the XC-750 is expected to be 70% of their sale price. The increased production will require additional inventory on hand of $1 million to be added in year 0 and depleted in year 10.

Human Resources: The expansion will require additional sales and administrative personnel at a cost of $2 million per year.

Accounting: The XC-750 will be depreciated via the straight-line method over the 10-year life of the machine. The firm expects receivables from the new sales to be 15% of revenues and payables to be 10% of the cost of goods sold. Billingham’s marginal corporate tax rate is 35%.

a. Determine the incremental earnings from the purchase of the XC-750.

b. Determine the free cash flow from the purchase of the XC-750.

c. If the appropriate cost of capital for the expansion is 10%, compute the NPV of the

purchase.

d. While the expected new sales will be $10 million per year from the expansion, estimates range from $8 million to $12 million. What is the NPV in the worst case? In the best case?

e. What is the break-even level of new sales from the expansion? What is the break-even level for the cost of goods sold?

f. Billingham could instead purchase the XC-900, which offers even greater capacity. The cost of the XC-900 is $4 million. The extra capacity would not be useful in the first two years of operation, but would allow for additional sales in years 3–10. What level of additional sales (above the $10 million expected for the XC-750) per year in those years would justify purchasing the larger machine?

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Fundamentals of Capital Budgeting: Replace Old Machine or Not

March 17, 2018 Leave a comment

Fundamentals of Capital Budgeting: Replace Old Machine or Not

One year ago, your company purchased a machine used in manufacturing for $110,000. You have learned that a new machine is available that offers many advantages; you can purchase it for $150,000 today. It will be depreciated on a straight-line basis over 10 years, after which it has no salvage value. You expect that the new machine will produce EBITDA (Earnings Before interest, taxes, depreciation, and amortization) of $40,000 per year for the next 10 years. The current machine is expected to produce EBITDA of $20,000 per year. The current machine is being depreciated on a straight-line basis over a useful life of 11 years, after which it will have no salvage value, so depreciation expense for the current machine is $10,000 per year. All other expenses of the two machines are identical. The market value today of the current machine is $50,000. Your company’s tax rate is 45%, and the opportunity cost of capital for this type of equipment is 10%. Is it profitable to replace the year-old machine?

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Fundamentals of Capital Budgeting: Percolated Fiber Free Cash Flow

March 16, 2018 Leave a comment

Fundamentals of Capital Budgeting: Percolated Fiber Free Cash Flow in $1.50 only (Instant Download)

You are a manager at Percolated Fiber, which is considering expanding its operations in synthetic fiber manufacturing. Your boss comes into your office, drops a consultant’s report on your desk, and complains, “We owe these consultants $1 million for this report, and I am not sure their analysis makes sense. Before we spend the $25 million on new equipment needed for this project, look it over and give me your opinion.” You open the report and find the following estimates (in millions of dollars):

All of the estimates in the report seem correct. You note that the consultants used straight-line depreciation for the new equipment that will be purchased today (year 0), which is what the accounting department recommended. The report concludes that because the project will increase earnings by $4.875 million per year for ten years, the project is worth $48.75 million. You think back to your halcyon days in finance class and realize there is more work to be done!

Fundamentals of Capital Budgeting: Castle View Games

March 16, 2018 Leave a comment

Fundamentals of Capital Budgeting: Castle View Games

Question from Corporate Finance. By Jonathan Berk, Peter M. DeMarzo published by Prentice Hall

Castle View Games would like to invest in a division to develop software for video games. To evaluate this decision, the firm first attempts to project the working capital needs for this operation. Its chief financial officer has developed the following estimates (in millions of dollars):

Assuming that Castle View currently does not have any working capital invested in this division, calculate the cash flows associated with changes in working capital for the first five years of this investment.

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Management Accounting Multiple Choice Questions (MCQ)

March 15, 2018 Leave a comment

1. Managerial accounting information is generally prepared for

a. stockholders.

b. creditors.

c. managers.

d. regulatory agencies.

2. Managerial accounting information

a. pertains to the entity as a whole and is highly aggregated.

b. pertains to subunits of the entity and may be very detailed.

c. is prepared only once a year.

d. is constrained by the requirements of generally accepted accounting principles.

3. The major reporting standard for presenting managerial accounting information is

a. relevance.

b. generally accepted accounting principles.

c. the cost principle.

d. the current tax law.

4. Managerial accounting is also called

a. management accounting.

b. controlling.

c. analytical accounting.

d. inside reporting.

Managerial Accounting True-False Statements

March 15, 2018 Leave a comment

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Managerial Accounting True-False Statements in $3.50 only

1. Reports prepared in financial accounting are general-purpose reports, whereas reports

prepared in managerial accounting are usually special-purpose reports.

2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated.

3. Managerial accounting applies to all forms of business organizations.

4. Determining the unit cost of manufacturing a product is an output of financial accounting.

5. Managerial accounting internal reports are prepared more frequently than are classified financial statements.

6. The management function of directing and motivating is mainly concerned with setting goals and objectives for the entity.

7. An organization chart in a manufacturing company replaces the chart of accounts.

8. Controlling is the process of determining whether planned goals are being met.

9. Decision-making is an integral part of the planning, directing and motivating, and controlling functions.

10. Both direct labor cost and indirect labor cost are product costs.

Bauer Industries Free Cashflow Projections

March 14, 2018 Leave a comment

Bauer Industries is an automobile manufacturer. Management is currently evaluating a proposal to build a plant that will manufacture lightweight trucks. Bauer plans to use a cost of capital of 12 to evaluate this project. Based on extensive research, it has prepared the following incremental free cash flow projections (in millions of dollars):

a. For this base-case scenario, what is the NPV of the plant to manufacture lightweight trucks?

Financial Statement Comparison of PepsiCo and Coca-Cola

March 14, 2018 Leave a comment

Financial Statement Comparison of PepsiCo and Coca-Cola in $21 Only (Instant Download)

Free Sample Answer Given Below

PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.
This is from the appendixes in the 7th edition of financial accounting byWeygandt, kimmel, and kieso.

Instructions:

(a) Based on the information contained in these financial statements, determine each of the following for each company. Please show all numerical equations including numerator and denominator, not just a final number. Present your work in a comparative format using a table as illustrated:
1) Gross profit for 2008 PepsiCo Coca-Cola and Gross profit rate for 2008.

2) Percent change in operating income from 2007 to 2008.

3) Accounts receivable turnover for 2008.

4) Days sales in receivable for 2008.

5) Inventory turnover for 2008.

6) Days inventory on hand for 2008.

7) Increase (decrease) in cash and cash equivalents from 2007 to 2008.

8 ) Asset turnover ratio for 2008.

Car Buying Assignment

March 13, 2018 2 Comments

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Car Buying Assignment

In this assignment, we will learn how to buy a car and figure out whether it is priced at or below market value.

First, you need to decide on your budget which is the maximum you can spend on a car and that maximum number should take into consideration price, tax, registration, and fixing if needed.

Second, go to the web site: www.cars.com and search for a car in within your budget constraint.

Third, go to the web site: www.kbb.com (The Kelly Blue Book web site) and find out whether the car is at market value, overpriced, or under priced.

Finally, write a two page paper discussing your findings. Issues to explain or discuss:

• Why did you pick the car your picked?
• What are the 3 different prices that Kelly Blue Book provides?
• Based on Kelly Blue Book prices, is the car over or under priced?
• Any surprises, prior experience, feedback, thoughts…etc

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Price of Answer: Just US$ 15 only

How to purchase this answer: Actually it is very simple. Just mail us at [email protected]. Your work is over now, just sit back at your place in your comfort. Very soon you will receive our mail. So, why wait and pay more just mail us at [email protected].

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Multiple Choice Questions

March 13, 2018 Leave a comment

1. A problem with the specific identification method is that

a. inventories can be reported at actual costs.

b. management can manipulate income.

c. matching is not achieved.

d. the lower of cost or market basis cannot be applied.

2. In a period of increasing prices, which inventory flow assumption will result in the lowest amount of income tax expense?

a. FIFO

b. LIFO

c. Average Cost Method

d. Income tax expense for the period will be the same under all assumptions.

3. When applying the lower of cost or market rule to inventory valuation, market generally means

a. current replacement cost.

b. original cost.

c. resale value.

d. original cost, less physical deterioration.

Comparison of Oracle and Microsoft (Ratio Analysis)

March 12, 2018 Leave a comment

For Parts 1 and 2:

Create an Excel spreadsheet to show your computations for the six ratios listed under each part.

For Part 3:

Create an Excel spreadsheet to show your computations for the six ratios listed under this part and also to include (copy and paste) the ratio calculations from the first two parts. In this part, you will calculate the last six ratios as well as comment on all of the ratios calculated so far, including the first twelve ratios calculated under the first two parts. Your comments for each ratio should include more than just a definition of the ratio. You should focus on interpreting each ratio number for each company and support your comments with the numbers found in the ratios.

The summary and conclusion should discuss the liquidity, solvency and profitability of each company.

Part 1

Prepare a four-column worksheet in Excel, with the left-most column (column 1) to write the ratio names, the second column from the left (column 2) to show the calculation of each ratio for Oracle Corporation, the second column from the right (column 3) to show the calculation of each ratio for Microsoft Corporation, and the right-most column (column 4) to include your DETAILED comments about each ratio and what the ratio tells you about each company under study. Calculate each of the following six ratios. Earnings per Share Current Ratio, Gross Profit Rate, Profit Margin Ratio, Inventory Turnover Ratio, and Days in Inventory (Average Age of Inventory).

Part 2

Part 3

Prepare a four-column worksheet in Excel, column 1 to write the ratio names, column 2 to show the calculation of each ratio for Oracle Corporation, column 3 to show the calculation of each ratio for Microsoft Corporation, and column 4 to include your DETAILED comments about each ratio and what the ratio tells you about each company under study. Remember to copy and paste the ratio calculations and interpretations from the first two parts of the project in this worksheet, in addition to calculating the following six ratios. Payout ratio, Return on Common Stockholders’ Equity Ratio, Free Cash Flow Current, Cash Debt Coverage ratio, Cash Debt Coverage ratio, and Price/Earnings Ratio [For the purpose of this ratio, use the market price per share on June 1, 2007 for each company].

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Objective Type Costing Questions

March 12, 2018 1 Comment

Objective Type Costing Questions

1. Which one of the following does not appear on the balance sheet of a manufacturing company?

Raw materials inventory
Finished goods inventory
Work in process inventory
Cost of goods manufacture

2. Cost of goods manufactured is calculated as follows:

Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP.
Direct materials used + direct labor + manufacturing overhead – beginning WIP + ending WIP.
Beginning WIP + direct materials used + direct labor + manufacturing overhead – ending WIP.
Direct materials used + direct labor + manufacturing overhead – ending WIP – beginning WIP.

3. Which one of the following is an example of a period cost?

A change in benefits for the union workers who work in the New York plant of a Fortune 1000 manufacturer
Workers’ compensation insurance on factory workers’ wages allocated to the factory
A box cost associated with computers
A manager’s salary for work that is done in the corporate head office

Summary of MediSys Corp.: The IntensCare Product Development Team Summary

March 11, 2018 Leave a comment

Write a one page summary of HBR Brief case study ‘MediSys Corp.: The IntensCare Product Development Team’.

Please, also include the key points of this case study.

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Solve My Question: Home Work and Assignment Help for All Subjects

Problem 6-20 Variable and Absorption Costing

P24-4 Horizontal and Vertical Analysis

Delta Company Produces a Single Product

Managerial Accounting True-False Statements II

Case Study Analysis: Amazon.com, Inc. – 2004

Fundamentals of Capital Budgeting: Billingham Packaging Production Capacity

Fundamentals of Capital Budgeting: Replace Old Machine or Not

Fundamentals of Capital Budgeting: Percolated Fiber Free Cash Flow

Fundamentals of Capital Budgeting: Castle View Games

Management Accounting Multiple Choice Questions (MCQ)

Managerial Accounting True-False Statements

Bauer Industries Free Cashflow Projections

Financial Statement Comparison of PepsiCo and Coca-Cola

Car Buying Assignment

Multiple Choice Questions

Objective Type Costing Questions

Summary of MediSys Corp.: The IntensCare Product Development Team Summary

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