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Advocard [28]
3 years ago
6

The following costs and inventory data were taken from the accounts of Simon Company for 2010:

Business
1 answer:
kenny6666 [7]3 years ago
8 0

Answer:

Part a

Direct Materials Schedule

Beginning Materials                               $ 8,000

<em>Add</em> Purchases                                      $83,000

<em>Less</em> Ending Materials                          ($ 7,000)

<em>Less</em> Indirect materials                          ($4,000)

Direct Materials Used in Production    $80,000

Part b

Overheads Incurred during the year

                                     $

Factory rent                  8,000

Factory utilities            10,000

Indirect materials          4,000

Indirect labor                 6,000

Total Overheads       $28,000

Part c

Cost of Goods Manufactured Schedule

Direct Materials                                   $80,000

Direct labor                                          $42,000

Overheads                                           $28,000

Add Opening Work In Process           $15,000

Less Closing Work In Process           ($13,000)

Cost of Goods Manufactured           $152,000

Part d

Cost of Goods Sold

Beginning Finished goods Inventory       $16,000

Add Cost of Goods Manufactured         $152,000

Less Ending Finished Goods Inventory ($12,000)

Cost of Goods Sold                                 $156,000

Explanation:

The following steps must be done to reach the cost of goods sold :

  1. Use the Manufacturing Cost Schedule to calculate the Cost of Goods Manufactured
  2. Use the Finished Goods Inventory Account to calculate the Cost of Goods Sold.

See the calculations and schedules prepared above.

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Answer:

1. Quuen Land Division

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Margin 3.50%

ROI 15.75%

2. New South wale Division

Explanation:

1. Computation for each division's margin, turnover, and return on investment (ROI)

QUUEN LAND DIVISION MARGIN

Using this formula

Margin =Net operating income/Total Sales

Let plug in the formula

Margin =$70,200/ $ 1,080,000

Margin=6.50%

QUUEN LAND DIVISION ROI

First step is to determine the Turnover using this formula

Turnover=Total sales/Average Asset

Let plug in the formula

Turnover= $ 1,080,000 /$600,000

Turnover =1.8 times

Now let determine the ROI using this formula

ROI =Margin * Turnover

Let plug in the formula

ROI=6.50%*1.8

ROI=11.70%

NEW SOUTH WALE DIVISION MARGIN

Margin =$ 83,475 / $ 2,385,000

Margin=3.5%

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First step is to determine the Turnover using this formula

Turnover=Total sales/Average Asset

Let plug in the formula

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