how do i solve the following problems

Individual Homework Assignment #3 Summer 2019 Page 2 of 10 Problem #1: Who's Better? (24 points) You recently analyzed the GAAP financial statements of two competitors, Reilly Manufacturing and Roberti Industries, and obtained the following results: Reilly Manufacturing 2017 Roberti Industries 2017 48.0% 38.2% 18.4% 19.9% 8.8% 10.0% 2.55x 2.37x Gross Margin Operating Margin Net Margin Current Ratio Days in Accounts Receivable Inventory Turnover Cash Conversion Cycle Total Asset Turnover Debt-to-Total Assets 45.6 days 53.8 days 6.75x 6.57% 66.1 days 1.21x 64.4 days 0.79x 61.7% 75.4% Required: 1. Use DuPont Analysis to compute the following ratios for Reilly Manufacturing and Roberti Industries: (4 points) Reilly Manufacturing 2017 Roberti Industries 2017 Return on Assets Supporting Calculations Required: Individual Homework Assignment #3 Summer 2019 Page 3 of 10 Use the measurements provided to compute the following ratios for Reilly Manufacturing and Roberti Industries: (2 points each = 4 points) Reilly Manufacturing 2017 Roberti Industries 2017 Accounts Receivable Turnover Days in Inventory Supporting Calculations Required: Individual Homework Assignment #3 Summer 2019 Page 4 of 10 3. Use the information in the table above and in your calculations to answer the following questions. (2 points each = 16 points) Reilly a) Which company sold its products at prices with an average percentage markup that was higher in fiscal year 2017? Roberti SUPPORT: Reilly b) Which company was more efficient in managing its primary, core business operations in fiscal year 2017 in terms of the percentage profit generated from net sales? Roberti SUPPORT: Reilly c) Which company was more efficient in managing its business in fiscal year 2017 in terms of the percentage of overall profit generated from net sales? Roberti SUPPORT: Reilly d) Which company was more efficient in using its total assets to produce sales in fiscal year 2017? Roberti SUPPORT: Reilly Roberti e) Which company was more efficient in using its total assets to produce profits in fiscal year 2017? SUPPORT: Individual Homework Assignment #3 Summer 2019 Page 5 of 10 Reilly f) Which company was better able to pay its short-term debts and obligations as of the end of fiscal year 2017? Roberti SUPPORT: Reilly g) Which company was more efficient in managing its inventory in fiscal year 2017? Roberti SUPPORT: Reilly h) Which company was more efficient in managing its accounts receivable in fiscal year 2017? Roberti SUPPORT: Individual Homework Assignment #3 Summer 2019 Page 6 of 10 Problem #2: Manufacturing Overhead (24 points) Beckham Spice Products Mfg. Corp. applies overhead based on direct labor costs used. The following information was obtained from the budget of Beckham Spice Products Mfg. Corp. for 2017: Total Budgeted Overhead Costs for 2017 Total Budgeted Machine Hours for 2017 $17,187,500 275,000 MHS. 625,000 DLHS. $13,750,000 Total Budgeted Direct Labor Hours for 2017 Total Budgeted Direct Labor Costs for 2017 (4 points) Your Answer a. Compute the predetermined overhead rate that Beckham Spice Products Mfg. Corp. would use for 2017. Supporting Calculation Required: During 2017, Beckham Spice Products Mfg. Corp. reported the following: Total Actual Overhead Costs for 2017 Total Actual Machine Hours Used during 2017 Total Actual Labor Hours Used during 2017 Total Actual Direct Labor Costs during 2017 $17,905,860 286,000 MHS. 637,400 DLHS. $14,341,500 Your Answer (4 points) b. Compute the total amount of overhead applied into work in process by Beckham Spice Products Mfg. Corp. during 2017. Supporting Calculation Required: Individual Homework Assignment #3 Summer 2019 For the year ended December 31, 2017, Beckham Spice Products Mfg. Corp. reported cost of goods sold before the adjustment for the under lover) applied overhead as indicated in the T-account below. Page 7 of 10 C. Enter the relevant amounts from above into the overhead T-account and calculate the resulting balance. (4 points) Manufacturing Overhead Cost of Goods Sold Balance 58,645,110 (4 points) Your Answer d. Identify the total amount of under (over) applied overhead recorded by Beckham Spice Products Mfg. Corp. during 2017 e. Prepare the general journal entry to write-off the under (over) applied overhead. Post the entry to the T-accounts and compute the resulting account balances. (4 points) DEBIT CREDIT DATE ACCOUNT NAMES Thaividual Homework Assignment #3 Summer 2019 Page 10 of 10 Determine the amounts of the following items as reported by Padma Custom Kitchens Inc.: Your Answer Raw Materials Purchased during August (2 points) Direct Materials Entered into Production during August (2 points) Manufacturing Overhead Applied during Augusti (2 points) Cost of Goods Manufactured for August 2017 (2 points) Total Amount of Under (Over) Applied Overhead (2 points) Cost of Goods Sold for August 2017* (2 points) You may simply complete the T-Accounts. *Supporting Calculations Required: Individual Homework Assignment #3 Summer 2019 Page 8 of 10 (2 points) Your Answer f. In its 2017 income statement, Beckham Spice Products Mfg. Corp. reported cost of goods sold of: g. Select the statement that is consistent with your answer to d. above. (2 points) 1. Beckham Spice Products Mfg. Corp. believes its products cost more to produce during 2017 than they actually cost and therefore may have overpriced them to customers. Beckham Spice Products Mfg. Corp. believes its products cost less to produce during 2017 than they actually cost and therefore may have underpriced them to customers. Your Answer: Individual Homework Assignment #3 Problem #3: Manufacturing T-Accounts (12 points) Summer 2019 Padma Custom Kitchens Inc. primarily produces goods to meet specific customer orders. The Company accumulates its product costs using a job-order cost system. Page 9 of 10 Presented below are the Company's general ledger T-accounts that are partially completed and their job cost sheets for August 2017: Raw Materials Inventory Work In Process Inventory Finished Goods Inventory 8/1 2017 125,790 8/1 2017 -0- 8/1 2017 723,800 610,750 550,390 800,700 980,024 BAL 504,540 BAL BAL Cost of Goods Sold Manufacturing Overhead 698,350 7,550