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schepotkina [342]
2 years ago
14

If a company produces many different products, it will develop a standard cost for each type of product. true false

Business
1 answer:
saveliy_v [14]2 years ago
4 0

True. A company will develop a standard cost for each product type if it produces many different products.

The process cost system should be used when manufacturing is efficient and continuous. This system's equivalent units method successfully represents the challenging problem of determining how much work the Work in Process entails.

Process costing explains how to use the concept of equivalent units to assign manufacturing costs to the units produced. Businesses may create and market various goods, or at the very least, multiple versions of the same product. Most of the time, manufactured goods are connected in terms of consumption or production. The firm's output and pricing decisions must consider the relationships between the items when they are related.

Learn more about Standard Cost here:

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During 2017, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 2015 (William
sergeinik [125]

Answer:

Explanation:

Comparative income statements for Williamson is presented below:

Particulars                                  2017                2016               2015

Income before income tax       $180,000      $145,000        $170,000

Less:Income tax                        $54,000        $43,500         $51,000

Net income                                $126,000      $101,500        $119,000  

The income tax is computed below:

For 2017

= $180,000 × 30%

= $54,000      

For 2016

= $145,000 × 30%

= $43,500    

For 2015

= $170,000 × 30%

= $51,000                            

8 0
3 years ago
5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal pl
Zigmanuir [339]

Complete Question:

The Company has the following transactions related to its top-selling Mongoose mountain bike for the month of March. The Company uses a periodic inventory system.

Date Transactions Units Unit Cost Total Cost

March 1 Beginning inventory 20 $230 $4,600

March 5 Sale ($360 each) 15

March 9 Purchase 10 250 2,500

March 17 Sale ($410 each) 8

March 22 Purchase 10 260 2,600

March 27 Sale ($435 each) 12

March 30 Purchase 8 280 2,240

For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.

Required:

a. Calculate ending inventory and cost of goods sold at March 31, 2015, using the specific identification method. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes

from beginning inventory and eight bikes from the March 22 purchase.

b. Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2015.

c. Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015.

d. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2015.(Round your intermediate and final answers to 2 decimal places.)

e. Calculate sales revenue and gross profit under each of the four methods.

Answer:

The Company

Ending Inventory:

a. Specific Identification:

Beginning inventory 1 * $230 = $230

March 9 purchase  2 *  $250 =  500

March 22 purchase 2 * $260 = 520

March 30   Purchase 8 * $280 =2,240

Total value of inventory 13 units = $3,490

Cost of goods sold = Cost of goods available for sale Minus Ending Inventory

= $11,940 - $3,490

= $8,450

b. FIFO:

March 22   Purchase     5   260     1,300

March 30   Purchase     8   280    2,240

Ending Inventory          13           $3,540

Cost of goods sold = Goods available for sale Minus Ending Inventory

= $11,940 - $3,540

= $8,400

c. LIFO:

Ending Inventory:

March 1  Inventory     13    $230         $2,990

Cost of goods sold = Goods available for sale Minus Ending Inventory

= $11,940 - $2,990

= $8,950

d) Weighted -Average Cost:

Ending Inventory = $248.75 * 13 = $3,233.75

Cost of Goods Sold = $248.75 * 35 = $8,706.25

                                     Specific          FIFO         LIFO         Weighted

                               Identification                                           Average

Sales                           $13,900       $13,900      $13,900       $13,900.00

Cost of goods sold        8,450           8,400         8,950         $8,706.25

Gross profit                 $5,450         $5,500      $4,950          $5,193.75

Explanation:

Dat and Calculations:

Shop uses periodic inventory system

Date           Transactions               Units      Unit Cost    Total Cost   Total

March 1      Beginning inventory     20          $230         $4,600       Sales

March 5     Sale ($360 each)                   15   $360                          $5,400

March 9     Purchase                       10            250           2,500

March 17    Sale ($410 each)                   8     $410                           $3,280

March 22   Purchase                      10            260           2,600

March 27   Sale ($435 each)                12     $435                         $5,220

March 30   Purchase                      8             280           2,240

Total Goods available for sale     48   35                     $11,940   $13,900

Ending Inventory = 13 (48 - 35)

Weighted average cost = Cost of goods available for sale/Units of Goods available for sale

= $11,940/48 = $248.75

Specific Identification:

March 5 sale 15 consists of bikes from 15 beginning inventory Bal 5 - 4 = 1

March 17 sale 8 consists of bikes from the March 9 purchase  Bal  = 2

March 27 sale 12 consists of four bikes from beginning inventory and eight bikes from the March 22 purchase Bal  = 2

Ending Inventory:

Specific Identification:

Beginning inventory 1 * $230 = $230

March 9 purchase  2 *  $250 =  500

March 22 purchase 2 * $260 = 520

March 30   Purchase 8 * $280 =2,240

Total value of inventory 13 units = $3,490

FIFO:

March 22   Purchase     5   260     1,300

March 30   Purchase     8   280    2,240

Ending Inventory          13           $3,540

LIFO:

March 1      Beginning inventory     13    $230         $2,990

Weighted-Average Costs:

Ending Inventory = $248.75 * 13 = $3,233.75

Cost of Goods Sold = $248.75 * 35 = $8,706.25

5 0
2 years ago
Tax planning Question 6 options: guides investment activities to maximize after-tax returns over the long term for an acceptable
krok68 [10]

Answer:

guides investment activities to maximize after-tax returns over the long term for an acceptable level of risk

Explanation:

Given that the purpose of Tax planning is to ensure that there is tax efficiency for the firm, in an after-tax evaluation, the goal of the firm in terms of returns or profits is toll achieved.

Hence, in this case, the correct answer to the question is that TAX PLANNING "guides investment activities to maximize after-tax returns over the long term for an acceptable level of risk."

8 0
2 years ago
Government regulations on credit aim to
stepan [7]

Answer:

A. ensure lenders are rapaid.

6 0
3 years ago
Read 2 more answers
A(n) ________ includes a group of senior managers responsible for systems development.
Savatey [412]

A <u>steering committee</u> includes a group of senior managers responsible for system development.

A steering committee is an advisory organization that makes directional choices on various organizational initiatives. Its members at once aid project managers working in the direction of strategic enterprise directions.

Key roles and responsibilities of a steering committee: it provides recommendations on mission resource utilization, time limits, staff hiring, and advertising wishes. Manual the assignment group in accomplishing milestones in step with the challenge plan. determine average mission scope and strategic project route.

The board is made of individuals who participated on the guidance committee that created the business. The steering committee is normally composed of industry leaders inside the network that help generate assistance for the entity.

Learn more about staff hiring here brainly.com/question/2158595

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4 0
1 year ago
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