Accounting

  Running head: ACTIVITY BASED COSTING 1 PAGE 5 ACTIVITY BASED COSTING Activity Based Costing Student’s Name Institutional Affiliations Activity Based Costing Activity-based costing (ABC) is a concept which refers to the accounting method whereby the costs are identified and assigned to the overhead activities and subsequently to the products. As such, an activity based […]

Prepare a schedule of cost of goods manufactured for Opal Inc. (23 points)     The phone bill for a company consists of both fixed and variable costs. Given the data below for four months apply the high-low method to calculate the total fixed costs and variable cost per unit. (10 points)   Minutes Total

Product or Period Cost Variable or Fixed Cost Item Product Period Variable Fixed A B C D E F G H I         Consider the following cost items: 1. Sales commissions earned by a company’s sales force. 2. Raw materials purchased during the period. 3. Current year’s depreciation on a firm’s manufacturing

Identification/Problems (Points as Noted) Consider the following items: A. Tomatoes used in the manufacture of ketchup B. Administrative salaries of executives employed by a regional airline C. Wages of assembly-line workers at an automobile manufacturing plant D. Marketing expenditures of the major league baseball club E. Commissions paid to the salespeople working for a soft

Multiple Choice (2 points each)   1. Which of the following statements represents a similarity between financial and managerial accounting?  A. Both are useful in providing information for external users. B. Both are governed by GAAP. C. Both draw upon data from an organization’s accounting system. D. Both rely heavily on published financial statements. E. Both are solely concerned with

Huron Corporation:Income statement Income statement For the year ended December 31, 20×2 Particulars Amounts $ sales revenue 2,115,000 Less: cost of goods sold 1,762,000 Gross margin 353,000 Selling and administrative expenses 269,000 Income before taxes 84,000 Income tax Expense 25,000 Net income 59,000 References Hundal, J., Kiwala, S., Feng, Y. Y., Liu, C. J., Govindan,

Huron Corporation:Schedule of cost goods sold Schedule of cost goods sold For the year ended December 31, 20×2 Particular Amounts Finished goods inventory, January 1 35,000 Add: cost of goods manufactured 1,775,000 Cost of goods available for sale 1,810,000 Less: finished goods inventory, December 31 40,000 Cost of goods sold 1,770,000 Add: under applied manufacturing

Schedule of cost of goods manufactured For the year ended December 31,20×2 Particulars Amount $ Amounts $ Direct material Raw material inventory, January 1 89,000 Add: Purchase of raw material 731,000 Raw material available 820,000 Less: raw material inventory, December 31 59,000 Raw material used 761,000 Direct labor 474,000 Manufacturing overhead: Indirect material 45,000 Indirect

Income statement For the year ended December 31, 20×2 Particulars Amounts $ sales revenue 2,105,000 Less: cost of goods sold 1,770,000 Gross margin 335,000 Selling and administrative expenses 269,000 Income before taxes 66,000 Income tax Expense 25,000 Net income 41,000 Place Your Order Here!

Schedule of cost goods sold For the year ended December 31, 20×2 Particular Amounts Finished goods inventory, January 1 35,000 Add: cost of goods manufactured 1,772,500 Cost of goods available for sale 1,807,500 Less: finished goods inventory, December 31 40,000 Cost of goods sold 1,767,500 Add: under applied manufacturing overhead ($580,000-$577,500) 2,500 Cost of goods