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lana [24]
2 years ago
10

Each visor requires a total of $4.00 in direct materials that includes an adjustable closure that the company purchases from a s

upplier at a cost of $2.00 each. Shadee wants to have 27 closures on hand on May 1, 20 closures on May 31, and 28 closures on June 30 and variable manufacturing overhead is $1.25 per unit produced. Suppose that each visor takes 0.30 direct labor hours to produce and Shadee pays its workers $12 per hour.
Budgeted Production in Units:

May 585
June 410

Required:
a. Determine Shadee's budgeted manufacturing cost per visor. (Note: Assume that fixed overhead per unit is $1.90.) (Round your answer to 2 decimal places.)
b. Compute the Shadee's budgeted cost of goods sold for May and June.
Business
1 answer:
olasank [31]2 years ago
3 0

Answer:

A. $10.75

B. May $6,288.75

June $4,407.5

Explanation:

A . Calculation to Determine Shadee's budgeted manufacturing cost per visor.

Budgeted direct Material $4.00

Direct labor $3.6

(0.30*$12)

ariable manufacturing overhead is $1.25

Fixed overhead per unit is $1.90

Budgeted manufacturing cost per visor $10.75

Therefore Shadee's budgeted manufacturing cost per visor is $10.75

B. Computation for Shadee's budgeted cost of goods sold for May and June.

May June

Expected sales units 585 410

Minimum cost per unit $10.75 $10.75

Budgeted cost of goods sold for May and June

$6,288.75 $4,407.5

May (585*$10.75=$6,288.75)

June(410*$10.75=$4,407.5)

Therefore the budgeted cost of goods sold for May is $6,288.75 and June is $4,407.5.

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3 years ago
The demand for one of X Company’s products has declined in recent years. The product is manufactured using designated equipment
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Answer:

$230,000

Revised Question:

The demand for one of X Company's products has declined in recent years. The product is manufactured using designated equipment that originally cost $1,300,000 and has a carrying value of $720,000. As of the current date, December 31, 2012, it is expected that only an additional 400,000 units are likely to be sold over the remaining life of the equipment. Each unit sells for $3 and has a manufacturing cost of $1.50. Relevant information as of December 31, 2018:

The undiscounted future cash inflows from the sale of products over the life of the equipment is expected to be $600,000.

The present value of the future cash inflows from the sale of products over the life of the equipment, calculated at the company's cost of capital, is $475,000.

The equipment has a fair value of $490,000 on the date of evaluation.

How much of an impairment loss will X Company recognize in 2018?

Explanation:

IAS 36 Impairment of Assets states that company's or entity's assets can not be carried at more than their Recoverable Amount

<em>Recoverable Amount</em> equals to higher of Fair Value less cost of disposal and Value in Use

<em>Value in Use</em> is net present value (NPV) of future cashflows generated by an asset.

Lets calculate the Recoverable amount of the equipment of Company X:

Fair Value less Cost of disposal = $490,000 - 0 = $490,000

Value in Use = discounted future cashflows from equipment =  $475,000

<em>So Recoverable Amount is higher of Fair Value less cost of disposal and Value in Use i.e $490,000</em>

<h3>Impairment Loss = Carrying Value - Recoverable Amount </h3><h3>                              = $720,000 - $490,000</h3><h3>                              = $230,000</h3>
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Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,600 account of a customer
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Answer: Please see explanation for answers

Explanation:

1. Journal entry to record bad debt on January 31st

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Jan. 31st      Allowance for doubtful account            $1,600

Account receivables  ( Customer C. Green)                                  $1.600

2. Journal entry to record recovery of bad debt on March 9

A) To reinstate Amount previously written off

Date            Account Titles and Explanation                  Debit            Credit

March 9 Account receivables  ( Customer C. Green)    $1,100

Allowance for doubtful account                                                          $1,100

B) To record payment of account

Date            Account Titles and Explanation             Debit            Credit

March 9            Cash                                                   $1,100

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Answer:

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The objective of marketing is to make customers interested in the company's products. Graphic designers can use their talents to create charming visual arts to make customers want to buy a company's products. Graphic designers can be employed, but the majority work as independent contractors. Lisa has the skills to be a graphic designer. She can practice her talent as a self-employed individual.

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