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Accounting 24th Edition Carl S Warren, James M Reeve, Jonathan Duchac - Solutions
The debits to Work in Process—Roasting Department for St. Arbucks Coffee Company for July 2012, together with information concerning production, are as follows:All direct materials are placed in process at the beginning of production. Prepare a cost of production report, presenting the
Golden Bear Refining Company processes gasoline. On April 1 of the current year, 5,000 units were 3„5 completed in the Blending Department. During April, 45,000 units entered the Blending Department from the Refining Department. During April, the units in process at the beginning of the
Pacific Products Inc. completed and transferred 55,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the department. The ending in-process inventory was 1,400 units, which were 3⁄5 complete as to conversion cost. All materials are
Units of production data for the two departments of Atlantic Cable and Wire Company for June of the current fiscal year are as follows:If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June
The Converting Department of Soft N’ Dry Towel and Tissue Company had 920 units in work in process at the beginning of the period, which were 75% complete. During the period, 16,200 units were completed and transferred to the Packing Department. There were 960 units in process at the end of the
The costs of materials consumed in producing good units in the Forming Department were $84,000 and $85,500 for May and June, respectively. The number of equivalent units produced in May and June was 700 tons and 750 tons, respectively. Evaluate the change in the cost of materials between the two
The costs of energy consumed in producing good units in the Baking Department were $15,680 and $15,400 for August and September, respectively. The number of equivalent units produced in August and September was 49,000 pounds and 44,000 pounds, respectively. Evaluate the change in the cost of energy
AM Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at October 31, 2012:Prepare a cost
Jagger and Richards Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for October:In addition, the following information is available:a. Materials and direct labor were applied to six jobs in
Capri Wigs Company supplies wigs and hair care products to beauty salons throughout California and the Pacific Northwest. The accounts receivable clerk for Capri Wigs prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2011:The
Kraus Industries Inc. manufactures recreational vehicles. Kraus uses a job order cost system. The time tickets from July jobs are summarized below.Job 501............................$4,200Job 502..............................3,200Job 503..............................2,870Job
A summary of the time tickets for the current month follows:Journalize the entry to record the factory labor costs. Job No. 301 Job No. Amount Amount $ 3,200 2,450 3,875 14,500 $ 4,500 3,450 3,760 12,500 Indirect 302 312 314 304 306 315
An incomplete subsidiary ledger of wire cable for June is as follows:a. Complete the materials issuances and balances for the wire cable subsidiary ledger under FIFO.b. Determine the balance of wire cable at the end of June.c. Journalize the summary entry to transfer materials to work in
At the end of June, Plowers Company had completed Jobs 30 and 32. Job 30 is for 6,000 units, and Job 32 is for 6,875 units. Using the data from Practice Exercises 17-1B, 17-2B, and 17-4B, determine (a) the balance on the job cost sheets for Jobs 30 and 32 at the end of June and (b) the cost per
At the end of April, Darling Company had completed Jobs 50 and 51. Job 50 is for 10,000 units, and Job 51 is for 12,500 units. Using the data from Practice Exercises 17-1A, 17-2A, and 17-4A, determine (a) the balance on the job cost sheets for Jobs 50 and 51 at the end of April and (b) the cost per
Based on the data in Exercise 12-1, what factors other than earnings per share should be considered in evaluating these alternative financing plans?Data from Exercise 12-1:Kelton Co., which produces and sells skiing equipment, is financed as follows:Bonds payable, 8% (issued at face
Selected transactions completed by Gampfer Company during its first fiscal year endingDecember 31 were as follows:Jan. 2. Issued a check to establish a petty cash fund of $3,200.Mar. 14. Replenished the petty cash fund, based on the following summary of pettycash receipts: office supplies, $1,200;
In the following summary of data for a payroll period, some amounts have been intentionally omitteda. Calculate the amounts omitted in lines (1), (3), (8), and (12).b. Journalize the entry to record the payroll accrual.c. Journalize the entry to record the payment of the payroll. Earnings: 1. At
Assume the same facts as in Exercise 9-25, except that the book value of the press traded in is $185,000. (a) What is the amount of cash given? (b) What is the gain or loss on the exchange?Data from Exercise 9-25:A printing press priced at a fair market value of $400,000 is acquired in a
The following table shows the revenue and average net fixed assets (in millions) for a recent fiscal year for Best Buy and Radio Shack:a. Compute the fixed asset turnover for each company. Round to two decimal places.b. Which company uses its fixed assets more efficiently? Explain. Average Net
List the errors you find in the following partial balance sheet: Contours Company Balance Sheet December 31, 2012 Assets Total current assets. $350,000 Replacement Accumulated Depreciation Book Value Cost Property, plant, and equipment: $ 25,000 $ 75,000 166,000 Land. $100,000 Buildings.. Factory
Use the data in Exercises 8-27 and 8-28 to analyze the accounts receivable turnover ratios of H.J. Heinz Company and The Limited Brands Inc.a. Compute the average accounts receivable turnover ratio for The Limited Brands Inc. and H.J. Heinz Company for the years shown in Exercises 8-27 and 8-28.b.
Determine the due date and the amount of interest due at maturity on the following notes: Face Amount Date of Note May 15 March 20 May 19 October 1 August 30 Term of Note 90 days 60 days 60 days 60 days 120 days Interest Rate 6% a. $40,000 15,000 24,000 10,500 18,000 C. d. e.
Using the data in Exercise 8-15, assume that during the second year of operations Filippi’s Plumbing Supply Co. had net sales of $5,500,000, wrote off $70,000 of accounts as uncollectible using the direct write-off method, and reported net income of $450,000.a. Determine what net income would
Using the data in Exercise 8-11, assume that the allowance for doubtful accounts for Imperial Bikes Co. had a debit balance of $1,400 as of December 31, 2012. Journalize the adjusting entry for uncollectible accounts as of December 31, 2012.Data from Exercise 8-11:Imperial Bikes Co. is a wholesaler
Using data in Exercise 8-9, assume that the allowance for doubtful accounts for Quigley Industries has a credit balance of $14,280 before adjustment on November 30. Journalize the adjusting entry for uncollectible accounts as of November 30.Data fro Exercise 8-9: Percent Age Class Uncollectible Not
Identify the errors in the following bank reconciliation: Alma Co. Bank Reconciliation For the Month Ended November 30, 2012 Cash balance according to bank statement.... Add outstanding checks: No. 915.... $12,090 $ 850 960.. 615 964. 850 965.. 775 $15,180 3,090 Deduct deposit of November 30, not
If the working papers correlating with this textbook are not used, omit Problem 6-4B. Data on the physical inventory of Chiron Co. as of December 31, 2012, are presented in the working papers. The quantity of each commodity on hand has been determined and recorded on the inventory sheet. Unit
Based on the data in Exercise 6-11 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the balance sheet.Data from Exercise 6-11:On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble
The merchandise inventory would appear in the Current Assets section, as follows: Merchandise inventory—at lower of cost (FIFO) or market........... $10,320Alternatively, the details of the method of determining cost and the method of valuation
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit 8.Exhibit 8: Inventory Unit Cost Price Unit Market Price Quantity 1,500 Item MT22 WY09 22 25 900 A в Unit Market Unit
Ocean Atlantic Co. is a merchandising business. The account balances for Ocean Atlantic Co. as of July 1, 2012 (unless otherwise indicated), are as follows:During July, the last month of the fiscal year, the following transactions were completed: July 1. Paid rent for July, $4,000.3. Purchased
Selected transactions for Gourmet Company during January of the current year are listed in Problem 5-4A.InstructionsJournalize the entries to record the transactions of Gourmet Company for January using the periodic inventory system.Data from Problem 5-4A:The following selected transactions were
Based on the data presented in Exercise 5-8, journalize the closing entries.Data from Exercise 5-8:On December 31, 2012, the balances of the accounts appearing in the ledger of Warm Place Furnishings Company, a furniture wholesaler, are as follows: Administrative Expenses Building Capital Stock $
The unadjusted trial balance of Bruno€™s Hauling at February 29, 2012, the end of the current year, is shown below.The data needed to determine year-end adjustments are as follows:a. Supplies on hand at February 29 are $1,000.b. Insurance premiums expired during year are $2,400.c.
Info-Mart Company is an investigative services firm that is owned and operated by Tom Wagner. On June 30, 2012, the end of the current fiscal year, the accountant for Info-Mart Company prepared an end-of-period spreadsheet, a part of which is shown below. G Info-Mart Company End-of-Period
The following procedures were recently installed by The Blind Shop:a. At the end of a shift, each cashier counts the cash in his or her cash register, unlocks the cash register record, and compares the amount of cash with the amount on the record to determine cash shortages and overages.b. Checks
Selected transactions for Britt Co. during October of the current year are listed in Problem 5-4B.Journalize the entries to record the transactions of Britt Co. for October using the periodic inventory system.Data from Problem 5-4B:Oct. 1. Purchased merchandise from Mable Co., $17,500, terms FOB
Determine the amount to be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Returns and Freight Freight Terms FOB destination, 1/10, n/30 FOB shipping
On December 31, 2012, the balances of the accounts appearing in the ledger of Warm Place Furnishings Company, a furniture wholesaler, are as follows:a. Prepare a multiple-step income statement for the year ended December 31, 2012.b. Compare the major advantages and disadvantages of the
The beginning inventory for Francesca Co and data on purchases and sales for a three-month period are shown in Problem 6-1B.1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out
The following information concerns production in the Baking Department for May. All direct materials are placed in process at the beginning of production.a. Determine the number of units in work in process inventory at the end of the month.b. Determine the equivalent units of production for direct
The charges to Work in Process€”Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.Determine the following:a. The number of units in work in process inventory at the
The cost of materials transferred into the Filling Department of Rose Petal Lotion Company is $18,400, including $6,900 from the Blending Department and $11,500 from the materials storeroom. The conversion cost for the period in the Filling Department is $4,534 ($2,160 factory overhead applied and
The following information concerns production in the Forging Department for September. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $11,250 of direct materials.a.
The cost of materials transferred into the Rolling Department of Matco Steel Company is $506,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $108,684 ($63,250 factory overhead applied and $45,434 direct labor). The total cost transferred to Finished
The Cutting Department of Tangu Carpet Company provides the following data for December 2012. Assume that all materials are added at the beginning of the process.a. Prepare a cost of production report for the Cutting Department.b. Compute and evaluate the change in the cost per equivalent unit for
Airfoil Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On March 1, there were 190 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance
Beacon Paper Company manufactures newsprint. The product is manufactured in two departments, Paper-making and Converting. Pulp is first placed into a vessel at the beginning of paper-making production. The following information concerns production in the Paper-making Department for January.a.
Cool Springs Bottling Company bottles popular beverages in the Bottling Department. The beverages are produced by blending concentrate with water and sugar. The concentrate is purchased from a concentrate producer. The concentrate producer sets higher prices for the more popular concentrate
Instant Pix Inc. produces photographic paper for printing digital images. One of the processes for this operation is a coating (solvent spreading) operation, where chemicals are coated on to paper stock. There has been some concern about the cost performance of this operation. As a result, you have
The following are some quotes provided by a number of managers at Ken-Tex Machining Company regarding the company’s planned move toward a just-in-time manufacturing system:Director of Sales:I’m afraid we’ll miss some sales if we don’t keep a large stock of items on hand just in case demand
The Converting Department of Sydney Napkin Company uses the average cost method and had 1,600 units in work in process that were 60% complete at the beginning of the period. During the period, 16,200 units were completed and transferred to the Packing Department. There were 1,000 units in process
Units of production data for the two departments of Continental Cable and Wire Company for May of the current fiscal year are as follows:Each department uses the average cost method.a. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of
The following information concerns production in the Finishing Department for March. The Finishing Department uses the average cost method.a. Determine the number of units in work in process inventory at the end of the month.b. Determine the number of whole units to be accounted for and to be
The charges to Work in Process€”Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials are placed in process during production.Determine the following:a. The number of whole
The following information concerns production in the Forging Department for April. The Forging Department uses the average cost method.a. Determine the cost per equivalent unit.b. Determine the cost of units transferred to Finished Goods.c. Determine the cost of units in ending Work in Process.
The manufacturing costs of Fuld Industries for three months of the year are provided below.Using the high-low method, determine (a) The variable cost per unit (b) The total fixed cost. Total Costs Production 7,500 units January $175,000 February March 390,000 490,000 20,000 25,000
Colt Industries Inc., operating at full capacity, sold 30,000 units at a price of $56 per unit during 2012. Its income statement for 2012 is as follows:The division of costs between fixed and variable is as follows:Management is considering a plant expansion program that will permit an increase of
The manufacturing costs of Greenburg Enterprises for the first three months of the year are provided below.Using the high-low method, determine (a) The variable cost per unit (b) The total fixed cost. Production Total Costs April May 2,000 units $210,000 320,000 4,000 June 225,000 2,500
Armstrong Company, operating at full capacity, sold 80,000 units at a price of $124 per unit during 2012. Its income statement for 2012 is as follows:The division of costs between fixed and variable is as follows:Management is considering a plant expansion program that will permit an increase of
For the coming year, Viking Products Inc. anticipates a unit selling price of $125, a unit variable cost of $50, and fixed costs of $1,200,000.1. Compute the anticipated break-even sales (units).2. Compute the sales (units) required to realize income from operations of $300,000.3. Construct a
Gluxman Company sells 10,000 units at $25 per unit. Variable costs are $22 per unit, and fixed costs are $20,000. Determine(a) The contribution margin ratio, (b) The unit contribution margin, (c) Income from operations.
Last year, Gelbin Inc. had sales of $240,000, based on a unit selling price of $120. The variable cost per unit was $90, and fixed costs were $42,000. The maximum sales within Gelbin’s relevant range are 2,500 units. Gelbin is considering a proposal to spend an additional $12,000 on billboard
Gregory Enterprises sells a product for $80 per unit. The variable cost is $55 per unit, while fixed costs are $20,000. Determine (a) The break-even point in sales units (b) The break-even point if the selling price were increased to $87 per unit.
Grobe Inc. sells a product for $50 per unit. The variable cost is $40 per unit, while fixed costs are $14,000. Determine (a) The break-even point in sales units (b) The break-even point if the selling price were decreased to $45 per unit.
Fortress Inc. manufactures pistons for custom motorcycles within a relevant range of 300,000 to 375,000 pistons per year. Within this range, the following partially completed manufacturing cost schedule has been prepared:Complete the cost schedule, identifying each cost by the appropriate letter
Emily Enterprises reports the following data:Determine Emily Enterprises€™s operating leverage. Sales Variable costs Contribution margin Fixed costs Income from operations $180,000 100,000 $ 80,000 30,000 $ 50,000
Crane Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows:a. Determine the variable cost per unit and the fixed cost.b. Based on part (a), estimate the total
Ivey Inc. sells a product for $100 per unit. The variable cost is $75 per unit, and fixed costs are $30,000. Determine (a) The break-even point in sales units (b) The break-even point in sales units if the company desires a target profit of $10,000.
Hofstra Company sells a product for $120 per unit. The variable cost is $100 per unit, and fixed costs are $120,000. Determine (a) The break-even point in sales units (b) The break-even point in sales units if the company desires a target profit of $40,000.
Diamond Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by Diamond Railroad is a measure of railroad operating activity, termed €œgross-ton
a. Bryan Company budgets sales of $1,800,000, fixed costs of $1,000,000, and variable costs of $1,080,000. What is the contribution margin ratio for Bryan Company?b. If the contribution margin ratio for Carnegie Company is 32%, sales were $900,000, and fixed costs were $210,000, what was the income
For a recent year, McDonald€™s company-owned restaurants had the following sales and expenses (in millions):Assume that the variable costs consist of food and packaging, payroll, and 40% of the general, selling, and administrative expenses.a. What is McDonald€™s contribution
For the current year ending March 31, Ewok Company expects fixed costs of $740,000, a unit variable cost of $55, and a unit selling price of $80.a. Compute the anticipated break-even sales (units).b. Compute the sales (units) required to realize income from operations of $140,000.
Anheuser-Busch InBev Companies, Inc., reported the following operating information for a recent year (in millions):In addition, assume that Anheuser-Busch InBev sold 200 million barrels of beer during the year. Assume that variable costs were 75% of the cost of goods sold and 40% of selling,
Currently, the unit selling price of a product is $110, the unit variable cost is $80, and the total fixed costs are $345,000. A proposal is being evaluated to increase the unit selling price to $120.a. Compute the current break-even sales (units).b. Compute the anticipated break-even sales
Media outlets such as ESPN and Fox Sports often have Web sites that provide in-depth coverage of news and events. Portions of these Web sites are restricted to members who pay a monthly subscription to gain access to exclusive news and commentary. These Web sites typically offer a free trial period
At the beginning of the 2012 school year, Candace Thompson decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following
At the beginning of the period, the Assembly Department budgeted direct labor of $166,500 and property tax of $12,000 for 9,000 hours of production. The department actually completed 11,200 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.
At the beginning of the period, the Fabricating Department budgeted direct labor of $6,500 and equipment depreciation of $2,000 for 400 hours of production. The department actually completed 500 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.
MyLife Publishers Inc. projected sales of 165,000 diaries for 2012. The estimated January 1, 2012, inventory is 24,200 units, and the desired December 31, 2012, inventory is 18,200 units. What is the budgeted production (in units) for 2012?
Confederate Candle Co. projected sales of 64,000 candles for 2012. The estimated January 1, 2012, inventory is 2,900 units, and the desired December 31, 2012, inventory is 3,200 units. What is the budgeted production (in units) for 2012?
The controller of Santa Fe Housewares Inc. instructs you to prepare a monthly cash bud-get for the next three months. You are presented with the following budget information:The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in
As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2013, the following tentative trial balance as of December 31, 2012, is prepared by the Accounting Department of Tahiti Blossom Soap Co.:Factory output and sales for 2013 are
Confederate Candle Co. budgeted production of 64,300 candles in 2012. Wax is required to produce a candle. Assume eight ounces (one-half of a pound) of wax is required for each candle. The estimated January 1, 2012, wax inventory is 3,000 pounds. The desired December 31, 2012, wax inventory is
MyLife Publishers Inc. budgeted production of 159,000 diaries in 2012. Each diary requires assembly. Assume that 12 minutes are required to assemble each diary. If assembly labor costs $14.50 per hour, determine the direct labor cost budget for 2012.
Confederate Candle Co. budgeted production of 64,300 candles in 2012. Each candle requires molding. Assume that 15 minutes are required to mold each candle. If molding labor costs $13.00 per hour, determine the direct labor cost budget for 2012.
Prepare a cost of goods sold budget for Confederate Candle Co. using the information in Practice Exercises and Assume the estimated inventories on January 1, 2012, for finished goods and work in process were $11,500 and $3,200, respectively. Also assume the desired inventories on December 31, 2012,
MyLife Publishers Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales on account are budgeted to be $340,000 for April and $300,000 for May, what are the budgeted cash receipts from sales on account for May?
Confederate Candle Co. pays 20% of its purchases on account in the month of the purchase and 80% in the month following the purchase. If purchases are budgeted to be $18,000 for October and $19,500 for November, what are the budgeted cash payments for purchases on account for November?
Levi Strauss & Co.manufactures slacks and jeans under a variety of brand names, such as Dockers® and 501 Jeans ®. Slacks and jeans are assembled by a variety of different sewing operations. Assume that the sales budget for Dockers and 501 Jeans shows estimated sales of 20,500 and 44,200
Earthy Grains Food Company is a diversified food company with three operating divisions organized as investment centers. Condensed data taken from the records of the three divisions for the year ended June 30, 2012, are as follows:The management of Earthy Grains Food Company is evaluating each
The income from operations and the amount of invested assets in each division of Steele Industries are as follows:a. Compute the rate of return on investment for each division.b. Which division is the most profitable per dollar invested? Income from Operations Invested Assets Retail Division
Based on the data in Exercise 23-10, assume that management has established a 9% mini-mum acceptable rate of return for invested assets.a. Determine the residual income for each division.b. Which division has the most residual income?Data from Exercise 23-10:The income from operations and the
On May 1, Interstate Distribution Company is considering leasing a building and buying the necessary equipment to operate a public warehouse. Alternatively, the company could use the funds to invest in $800,000 of 5% U.S. Treasury bonds that mature in 14 years. The bonds could be purchased at face
Sure-Bilt Construction Company is considering selling excess machinery with a book value of $280,000 (original cost of $400,000 less accumulated depreciation of $120,000) for $276,000, less a 5% brokerage commission. Alternatively, the machinery can be leased for a total of $285,000 for five years,
The capital investment committee of Safety Haul Trucking Inc. is considering two in-vestment projects. The estimated income from operations and net cash flows from each investment are as follows:Each project requires an investment of $400,000. Straight-line depreciation will be used, and no
Lifestyle Publications Inc. is considering two new magazine products. The estimated net cash flows from each product are as follows:Each product requires an investment of $320,000. A rate of 10% has been selected for the net present value analysis.1. Compute the following for each product:a. Cash
Runway Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows:Each project requires an investment of $700,000. A rate of 15% has been selected for the net present value analysis.1. Compute the following for each product:a. Cash payback
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