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ICE Princess25 [194]
3 years ago
6

At the present time, demand for each of the company's products far exceeds its capacity to produce them. Thus, management is try

ing to determine which of its games to concentrate on next week in filling its backlog of orders. Gunst's direct labor rate is $12 per hour, and only 1,000 hours of direct labor are available each week. Determine the maximum total contribution margin the company can make by its best use of the 1,000 available hours
Business
1 answer:
Brums [2.3K]3 years ago
4 0

Answer:

Explanation:

                                                       Android Bio-Mutant Cyclops

Direct labor per unit                                       48         24             60

Divide by Direct labor rate                       12         12             12

Direct labor hours per unit                        4           2               5

                                                               Android  Bio-Mutant  Cyclops

Selling price                                            100         77              125

Less: Variable costs    

Direct labor                                              48          24                60

Direct materials                                       9           8                16

Variable overhead                                        7           4                  9

Total Variable costs                                       64           36                 85

Unit Contribution margin                               36           41                 40

Divide by Direct labor hours per unit         4            2                  5

Contribution margin per labor hour               9.00          20.50        8.00

<em>As shown in the above estimates, producing Bio-mutant is much more lucrative</em>

<em>Total contribution margin 20500 =1000 * 20.5</em>

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1 year ago
upola Fan Corporation issued 10%, $400,000, 10-year bonds for $385,000 on June 30, 2021. Debt issue costs were $1,500. Interest
maks197457 [2]

Answer:

See the journal entries below.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Cupola Fan Corporation issued 10%, $400,000, 10-year bonds for $385,000 on June 30, 2021. Debt issue costs were $1,500. Interest is paid semiannually on December 31 and June 30. One year from the issue date (July 1, 2022), the corporation exercised its call privilege and retired the bonds for $395,000. The corporation uses the straight-line method both to determine interest expense and to amortize debt issue costs.

Required: Prepare the journal entries to record the (a) issuance of the bonds, (b)the payment of interest and (c) amortization of debt issue costs on December 31, 2021 & June 30, 2022, and the (d) call of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

The explanation of the answer in now given as follows:

(a) issuance of the bonds

The journal entries will look as follows:

<u>Date               Accounts Title $ Explan.       Debit ($)       Credit ($)       </u>

30 Jun. ’21     Cash (w.1)                              383,500

                          Bonds Payable                                          383,500

<u><em>                        (To record the issuance of Bonds.)                                    </em></u>

(b)the payment of interest

The journal entries will look as follows:

<u>Date               Accounts Title $ Explan.       Debit ($)       Credit ($)       </u>

31 Dec. ’21     Interest Expense                      20,825

                        Bonds Payable (w.5)                                         825

                        Cash (w.2)                                                    20,000

<em><u>                       (To record the Interest Expense.)                                      </u></em>

30 Jun. ’22     Interest Expense 20,825

                          Bonds Payable (w.5)                                      825

                          Cash (w.2)                                                 20,000

<u><em>                         (To record the Interest Expense.)                                     </em></u>

(d) call of the bonds

The journal entries will look as follows:

<u>Date               Accounts Title $ Explan.       Debit ($)        Credit ($)       </u>

01 Jul. ’22       Bonds Payable (w.1)                385,150  

                       Loss on Bonds retired (w.7)       9,850

                         Cash                                                            $395,000

<u><em>                        (To record the bonds retired early.)                                   </em></u>

<u>Workings:</u>

w.1: Cash received = Bonds Payable = Amount the bond is issued - Debt issue costs = $385,000 - $1,500 = $383,500

w.2: Interest Expense= Bond face value * Bond rate * (Number of months in semiannual / Number of months in a year) = $400,000 * 10% * (6/12) = $20,000

w.3: Total cost on Bonds Payable issued = (Bond face value - Amount the bond is issued) + Debt issue costs = ($400,000 - $385,000) + $1,500 = $15,000 + $1,500 = $16,500

W.4: Annual cost amortization = Total cost on Bonds Payable issued * Bond rate =$16,500 * 10% = $1,650

w.5: Semiannual cost amortization = Annual cost amortization * (Number of months in semiannual / Number of months in a year) = $1,650 * (6/12) = $825

w.6: Total amount Payable on Bonds = Cash received from w.1 + Semiannual cost amortization on 31 December 2021 + + Semiannual cost amortization on 30 June 2022 = $383,500 + $825 + $825 = $385,150

w.7: Loss on retirement of Bonds = Amount the bond is retired - Total Amount Payable on Bonds = $395,000 - $385,150 = $9,850

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