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2 Accounting questions attached. $10 per question please help ... just need the answers thank you B10.02 Sonjay Motors recently purchased a new sign to

image text in transcribed

2 Accounting questions attached. $10 per question please help ... just need the answers

thank you

image text in transcribed
B10.02 Sonjay Motors recently purchased a new sign to be erected in front of its dealership. The sign company that produced the sign had a standard price for this item at $25,000, but Sonjay was able to negotiate a 20% discount from standard. In addition, the sign company paid $1,200 of freight costs to deliver the sign to Sonjay. Sonjay hired an electrician for $1,300 to wire the new sign's lighting. In addition, Sonjay rented a crane for $800 and paid an installation crew $1,600 to erect the sign. The city required Sonjay to pay a one-time sign inspection fee of $500. Furthermore, Sonjay had to obtain an annual permit at a cost of $50 for the first year. During installation, the crew accidentally damaged an adjoining neighbor's landscaping, and Sonjay paid $750 to clean and repair those problems. Determine the correct cost allocation to the sign, and prepare a journal entry to reflect the total expenditures related to this acquisition. Name: B10.02 Date: Section: The sign cost is computed as follows: GENERAL JOURNAL Date Accounts Debit Credit B10.09 On January 1, 20X1, Floral Features purchased a delivery truck for $65,000. At the time of purchase, Floral Features anticipated that it would use the truck for 4 years, even though its physical life is 8 years. At the end of the 4-year period, Floral believes it will be able to sell the truck for $35,000. Floral Features uses the straight-line depreciation method. Gasoline prices increased significantly, and consumers began to buy more efficient vehicles. By early 20X3, it became apparent that the market for used delivery trucks like the one belonging to Floral Features was virtually nonexistent. Accordingly, Floral Features changed its plans and decided it would use the truck for its full 8-year life. At the end of the revised useful life, it is expected that the truck will be worth $2,000 for scrap value. Prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year. Name: B10.09 Date: Year X1 X2 X3 X4 X5 X6 X7 X8 Annual Expense Accumulated Depreciation at End of Year Annual Expense Calculation Form a team consisting of six members. The following table includes information about one month's production of VitalVitamin (VV). VV is produced in a three-step process consisting of mixing, shaping, and packaging. Direct materials like tars, acids, and inert ingredients are all introduced at the beginning of the mixing cycle, at a per unit cost of $0.30. Direct labor and factory overhead are incurred uniformly throughout each stage of production, and in equal proportion (i.e., $1 of overhead for each $1 of labor). Costs are very stable, and there have been no changes in per unit costs for any element of production over the past several months. The following table provides details about units in production, the stage of completion, and costs incurred. Process Beginning of April During April End of April Mixing 100,000 units in process (40% complete at a total cost of $50,000) 800,000 units put into production; additional costs into production total $652,500 70,000 units in process (50% complete) Shaping 80,000 units in process (80% complete at a total cost of $70,400) Additional conversion costs of $63,600 50,000 units in process (30% complete) Packaging no units in process Additional conversion costs of $34,080 20,000 units in process (60% complete) (a) Team Member 1 -- prepare a cost of production report for the Mixing Department. (b) Team Member 2 -- prepare a cost of production report for the Shaping Department. (c) Team Member 3 -- prepare a cost of production report for the Packing Department. (d) Team Member 4 should use the answer prepared by Team member #1 to prepare April's journal entries related to the Mixing Department. (d) Team Member 5 should use the answer prepared by Team members #2 and #4 to prepare April's additional journal entries related to the Shaping Department. (f) Team Member 6 should use the answer prepared by Team members #3 and #5 to prepare April's additional journal entries related to the Packaging Department. Note: This problem can be solved under weighted-average or FIFO. GENERAL JOURNAL Date Accounts Debit Mixing To record overhead material, labor, Mixing To transfer units to shaping Shaping To record labor and overhead Shaping To transfer units to packaging Packing To record labor and overhead Packing To transfer units to packaging and Credit Vital Vitamin Mixing Department Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Cost of Production Report Weighted-average method Vital Vitamin Shaping Department Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Cost of Production Report Weighted-average method Vital Vitamin Packaging Department Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Cost of Production Report Weighted-average method Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Form a team consisting of six members. The following table includes information about one month's production of VitalVitamin (VV). VV is produced in a three-step process consisting of mixing, shaping, and packaging. Direct materials like tars, acids, and inert ingredients are all introduced at the beginning of the mixing cycle, at a per unit cost of $0.30. Direct labor and factory overhead are incurred uniformly throughout each stage of production, and in equal proportion (i.e., $1 of overhead for each $1 of labor). Costs are very stable, and there have been no changes in per unit costs for any element of production over the past several months. The following table provides details about units in production, the stage of completion, and costs incurred. Process Beginning of April During April End of April Mixing 100,000 units in process (40% complete at a total cost of $50,000) 800,000 units put into production; additional costs into production total $652,500 70,000 units in process (50% complete) Shaping 80,000 units in process (80% complete at a total cost of $70,400) Additional conversion costs of $63,600 50,000 units in process (30% complete) Packaging no units in process Additional conversion costs of $34,080 20,000 units in process (60% complete) (a) Team Member 1 -- prepare a cost of production report for the Mixing Department. (b) Team Member 2 -- prepare a cost of production report for the Shaping Department. (c) Team Member 3 -- prepare a cost of production report for the Packing Department. (d) Team Member 4 should use the answer prepared by Team member #1 to prepare April's journal entries related to the Mixing Department. (d) Team Member 5 should use the answer prepared by Team members #2 and #4 to prepare April's additional journal entries related to the Shaping Department. (f) Team Member 6 should use the answer prepared by Team members #3 and #5 to prepare April's additional journal entries related to the Packaging Department. Note: This problem can be solved under weighted-average or FIFO. GENERAL JOURNAL Date Accounts Debit Mixing To record overhead material, labor, Mixing To transfer units to shaping Shaping To record labor and overhead Shaping To transfer units to packaging Packing To record labor and overhead Packing To transfer units to packaging and Credit Vital Vitamin Mixing Department Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Cost of Production Report Weighted-average method Vital Vitamin Shaping Department Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Cost of Production Report Weighted-average method Vital Vitamin Packaging Department Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Cost of Production Report Weighted-average method Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation

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