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Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Multiple Problems
Satisfied Customers: 9482
Experience:  Completed by BA degree in 1988 and graduated with a GPA of 4.0
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1. The work-in-process inventory account of a manufacturing company

Customer Question

1. The work-in-process inventory account of a manufacturing
company shows a balance of $3,000 at the end of an
accounting period. The job-cost sheets of the two incomplete
jobs show charges of $500 and $300 for direct
materials, and charges of $400 and $600 for direct labor.
From this information, it appears that the company is
using a predetermined overhead rate as a percentage of
direct labor costs. What percentage is the rate?


2. The break-even point in dollar sales for Rice Company is
$480,000 and the company’s contribution margin ratio
is 40 percent. If Rice Company desires a profit of
$84,000, how much would sales have to total?


3. Williams Company’s direct labor cost is 25 percent of its
conversion cost. If the manufacturing overhead for the
last period was $45,000 and the direct material cost was
$25,000, how much is the direct labor cost?


4. Grading Company`s cash and cash equivalents consist of
cash and marketable securities. Last year the company`s
cash account decreased by $16,000 and its marketable
securities account increased by $22,000. Cash provided
by operating activities was $24,000. Net cash used for
financing activities was $20,000. Based on this information,
was the net cash flow from investing activities on
the statement of cash flows a net increase or decrease?
By how much?


5. Gladstone Footwear Corporation`s flexible budget cost
formula for supplies, a variable cost, is $2.82 per unit of
output. The company`s flexible budget performance report
for last month showed an $8,140 unfavorable spending
variance for supplies. During that month, 21,250 units
were produced. Budgeted activity for the month had
been 20,900 units. What is the actual cost per unit for
indirect materials?





6. Lyons Company consists of two divisions, A and B. Lyons
Company reported a contribution margin of $60,000 for
Division A, and had a contribution margin ratio of 30
percent in Division B, when sales in Division B were
$240,000. Net operating income for the company was
$22,000 and traceable fixed expenses were $45,000. How
much were Lyons Company`s common fixed expenses?


7. Atlantic Company produces a single product. For the most
recent year, the company`s net operating income computed
by the absorption costing method was $7,800, and its net
operating income computed by the variable costing method
was $10,500. The company`s unit product cost was $15
under variable costing and $24 under absorption costing.
If the ending inventory consisted of 1,460 units, how
many units must have been in the beginning inventory


8. Black Company uses the weighted-average method in its
process costing system. The company`s ending work in process
inventory consists of 6,000 units, 75 percent
Complete with respect to materials and 50 percent complete
with respect to labor and overhead. If the total
dollar value of the inventory is $80,000 and the cost per
equivalent unit for labor and overhead is $6.00, what is
the cost per equivalent unit for materials?


9. At Overland Company, maintenance cost is exclusively a
variable cost that varies directly with machine-hours. The
performance report for July showed that actual maintenance
costs totaled $11,315 and that the associated rate
variance was $146 unfavorable. If 7,300 machine-hours
were actually worked during July, what is the budgeted
maintenance cost per machine-hour?


10. The cost of goods sold in a retail store totaled $650,000.
Fixed selling and administrative expenses totaled $115,000
and variable selling and administrative expenses were
$420,000. If the store`s contribution margin totaled
$590,000, how much were the sales?





11. Denny Corporation is considering replacing a technologically
obsolete machine with a new state-of-the-art
numerically controlled machine. The new machine would
cost $600,000 and would have a 10-year useful life.
Unfortunately, the new machine would have no salvage
value. The new machine would cost $20,000 per year to
operate and maintain, but would save $125,000 per year
in labor and other costs. The old machine can be sold
now for scrap for $50,000. What percentage is the simple
rate of return on the new machine rounded to the nearest
tenth of a percent? (Ignore income taxes in this problem.

12. Lounsberry Inc. regularly uses material O55P and currently
has in stock 375 liters of the material, for which it paid
$2,700 several weeks ago. If this were to be sold as is on
the open market as surplus material, it would fetch $6.35
per liter. New stocks of the material can be purchased
on the open market for $7.20 per liter, but it must be
purchased in lots of 1,000 liters. You`ve been asked to
determine the relevant cost of 900 liters of the material
to be used in a job for a customer. What is the relevant
cost of the 900 liters of material O55P?

13. Harwichport Company has a current ratio of 3.0 and
an acid-test ratio of 2.8. Current assets equal $210,000,
of which $5,000 consists of prepaid expenses. The
remainder of current assets
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  Mr. Gregory White replied 2 years ago.
Hi, it will be a pleasure to help you with your homework today.

The last question is cut off - are there more problems you are anticipating to have answered on this thread.

Also, in D, there seems to be a problem with the numbers - can you double check them.

Thanks - get back to me and I can then put these together for you.

How soon do you need them returned to you?
Customer: replied 2 years ago.

Missing problem`s !


 


13. Harwichport Company has a current ratio of 3.0 and


an acid-test ratio of 2.8. Current assets equal $210,000,


of which $5,000 consists of prepaid expenses. The


remainder of current assets consists of cash, accounts


receivable, marketable securities, and inventory. What


is the amount of Harwichport Company`s inventory?


 


14. Tolla Company is estimating the following sales for the


first six months of next year:


January $350,000


February $300,000


March $320,000


April $410,000


May $450,000


June $470,000


Sales at Tolla are normally collected as 70 percent in the


month of sale, 25 percent in the month following the sale,


and the remaining 5 percent being uncollectible. Also, customers


paying in the month of sale are given a 2 percent


discount. Based on this information, how much cash


should Tolla expect to collect during the month of April?


15. Trauscht Corporation has provided the following data


from its activity-based costing system:


The company makes 360 units of product P23F a year,


requiring a total of 725 machine-hours, 85 orders, and 45


inspection-hours per year. The product`s direct materials


cost is $42.30 per unit and its direct labor cost is $14.55


per unit. The product sells for $132.10 per unit. According


to the activity-based costing system, what is the product


margin for product P23F?


 


 


16. Williams Company`s direct labor cost is 30 percent of its


conversion cost. If the manufacturing overhead for the


last period was $59,500 and the direct materials cost


was $37,000, what is the direct labor cost?


 


 


17. In a recent period, 13,000 units were produced, and there


was a favorable labor efficiency variance of $23,000.


If 40,000 labor-hours were worked and the standard


wage rate was $13 per labor-hour, what would be the


standard hours allowed per unit of output?


 


 


18. The balance in White Company`s work-in-process inventory


account was $15,000 on August 1 and $18,000 on


August 31. The company incurred $30,000 in direct labor


cost during August and requisitioned $25,000 in raw


materials (all direct material). If the sum of the debits to


the manufacturing overhead account total $28,000 for the


month, and if the sum of the credits totaled $30,000, then


was Finished Goods debited or credited? By how much?


Activity Cost Pool Total Cost Total Activity


Assembly $704,880 44,000 machine-hours


Processing orders $91,428 1,900 orders


Inspection $117,546 1,950 inspection-hours


 


19. A company has provided the following data:


Sales 4,000 units


Sales price $80 per unit


Variable cost $50 per unit


Fixed cost $30,000


If the dollar contribution margin per unit is increased


by 10 percent, total fixed cost is decreased by 15 percent,


and all other factors remain the same, will net operating


income increase or decrease? By how much?


 


 


20. For the current year, Paxman Company incurred


$175,000 in actual manufacturing overhead cost. The


manufacturing overhead account showed that overhead


was overapplied in the amount of $9,000 for the year.


If the predetermined overhead rate was $8.00 per


direct labor-hour, how many hours were worked


during the year?


 


 


 


 

Expert:  Mr. Gregory White replied 2 years ago.
Got them, looking through my files I have the majority of these prepared already.

Okay to get these back to you by this afternoon or when is the deadline for you to get back to compare with your own answers?

:-)
Expert:  Manal Elkhoshkhany replied 2 years ago.

Hello

 

 

If you have any questions, please do not hesitate to ask; if all is clear, please rate the solution as experts do not get paid unless you rate the solution.

 

Please click on the following link to download the solutions:

 

https://www.box.com/s/m46v4mjayxveqlzfn41p

 

 

P.S. If you like my services, please feel free to direct your future posts to me specifically by typing "ForCustomer/strong>" at the beginning of your post. Should you choose to do this, please try to allow me 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will. Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions.

 

Thank you

Customer: replied 2 years ago.

Greeting,


 


Thank you very much for quick response. But on the excel sheet only answer no 6 is shown not anything else. Could you please forward again or in different format if possible.


 


Thanks!

Customer: replied 2 years ago.

Mr. Tutor, I did not receive all the answers. I think your excel file is not attached correctly. Because I did not get all answers you posted on excel.

Expert:  Manal Elkhoshkhany replied 2 years ago.

Please download the excel file to your pc and you will see there are many tabs on the same file :)

 

Thank you

 

P.S. This is my photo there, I do not think I look like a Mr. :))

Customer: replied 2 years ago.

Good Morning,


 


I am sorry for another crappy message. I am still unable to view excel sheet. When I download excel, it shows me only first page rest of 12 pages are not shown up. Could you please froward this attachment in different format. I will be very thankful to you.


 


Thanks!

Expert:  Manal Elkhoshkhany replied 2 years ago.

You have to click on the numbers at the bottom for you to see the sheet

 

click on number 7, you will see problem 7 and so on

Expert:  Manal Elkhoshkhany replied 2 years ago.
were you able to view them?
Customer: replied 2 years ago.

Yes, thank you very much. And I am sorry for miss spelled in last massage.

Expert:  Manal Elkhoshkhany replied 2 years ago.

Not at all :)

 

I am glad all is clear now :)

 

Please rate the solution so that I get paid for my work

 

Thank you

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