Cost Accounting Questions and Answers

Paul and Maggie are married and want to file a joint return. • Maggie is a U S citizen and has a valid Social Security number Paul is a resident alien and has an ITIN They resided in the United Stat...

PROJECT CASE: PART A BACKGROUND Adam Kleen Enterprise [ARE] was Initially set up as a convenient shop selling laundry related Items by Adam Bollan. Despite having good results in die national—level ...

On January 1, 20X5, Power Company purchases 80% of the outstanding shares of the Spencer Company for $2,500,000 in cash . On that date, Spencer Company had No Par Common Stock of $2,000,000 and Retain...

45. A machine shop manufactures a stainless-steel part that is used in an assembled product. Materials charged to a particular job amounted to P6,000. At the point of final inspection, it was discover...

1. Per record, total payroll is 1,000,000, net of deductions from employee's salary which includes taxes of 40,000, Pagibig / SSS contributions of 55,000 and Philhealth. It shows that company's contri...

Last week, 1,215 hours are worked in the factory of X Corp. 55 of these hours are overtime which is paid time and a half. OT hours are due to company's normal operations. Also, 42 hours are idle time....

22. Last week, 1,215 hours are worked in the factory of X Corp. 55 of these hours are overtime which is paid time and a half. OT hours are due to company's normal operations. Also, 42 hours are idle t...

please solve this appendix for me really helpful for you.. Appendix Three (Cost-Volume-Profit Analysis) Objective: Based on the following Contribution Margin Income Statement the consulting group woul...

Which of the following statements regarding inventory accounting is false? Multiple Choice Under U.S. GAAP, the cost flow assumption does not need to conform to the actual flow of the goods. The...

The status of Budgeted Income and Expenses for Pink Consulting and Tutorials for 2020 are presented below. The 2016 Projected Income Statement for Consulting & Tutoring Rosa follows: Consulting &a...

Stonewall Industries, an 1,800 employee firm, is faced with a serious and growing absenteeism problem. Last year, total employee hours lost to absenteeism came to 119,808. Employees are paid wages...

Stonewall Industries, a 1,800 employee firm, is faced with a serious and growing absenteeism problem. Last year, a total number of employee hours lost to absenteeism came to 119,808. Employees are...

provide explaination please. Z O O Question 2 LiquidHair's demand for bottles of shampoo was 10,000 units. Direct Labour cost 2,000$ and Manufacturing Overhead cost 5,000$. Beginning WIP is 10,000$ an...

added in tab 3 and 4 . Alignment Formatting ~ Table ~ Styles _ Clear ~ Styles Editing O 1 Assume the Deluxe Product can be sold at the same profit margin as the Standard Product ( See Tab 3) . Cal...

Question 10 (1 point) It is time for Jenny to go to her next class. Before she leaves, she finishes cleaning up and completes the last question on her assignment. What do you think she answered for th...

Capital gains taxes... Group of answer choices Are taxed annually Losses are fully deductible against all forms of income Are currently taxed at higher rates than other income Might affect the investm...

Which of the following is true? The effective tax rate can be misleading if the market value of the parcel is inaccurate The statutory tax rate can be misleading due to the differences in assessment r...

State governments may restrain local governments in which of the following ways? Exempting certain types of residential property None of the above Determining the tax rate for local governments Limiti...

In a regressive tax system: The average rate of tax is consistent as income increases The average rate of tax falls as income increases The amount of tax paid increases with income The average rate ...

Which of the following taxes has a regressive rate structure? Recipients of an intergovernmental grant must apply to receive any funds Social security tax Property tax General retail sales tax Income ...

Tax pyramiding occurs: None of the above When the same tax base is taxed at multiple phases of the production process When a consumer pays the sale tax and the use tax on the same item Under a value...

How is property tax different from other major taxes? The government determines the value of the tax base and the tax rate The government determines the tax rate, but no the tax base The government de...

Which of the following is NOT a way that income taxes distort behavior? Changes in the amount of income they save Changes in the purchases they make Changes in the amount people work Changes in where ...

Calvin Johnson rents an apartment in Detroit from his landlord Miguel Cabrera. Detroit, which has recently experienced significant population declines and has a large number of vacant or unoccupied ho...

Which of the following is one of the purposes of using intergovernmental grants as a finance mechanism within a federalist system? To reduce tax rates in the granting jurisdiction To generate fewer re...

LMVH Corp is in the process of establishing selling prices for two of its products: A bag and B bag, which the company is newly introducing in the market. Both bags will be manufactured at their new f...

Unit: FNSACC412 / Prepare operational budgets 1. List 3 possible causes for budget variances and explain. 2. Are the budget objectives consistent with the organisational aims, projects and forec...

please help me answer the following in good acctg form problem 2: problem 3 required: compute the increase/decrease in net operating income if the production and sale of the trampoline is con...

pls help me solve the problem in good acctg form required: what price must be set to earn a profit of 8% sales?. Other data: Units produced 2,500 units 10,000 units Units sold 2,500 units 10,000 units...

pls help me answer the problem in good accounting form. Problem 17 (Sell or Process Further; Basic Analysis) SHE, Inc., produces three products (Alpha, Beta, and Gamma) from a common input. The joint ...

Please provide solutions in good accounting form. Thank you! RMG Corporation has the following information for the current month: Units started 175 000 Units Beginning Work in Process: (65% to be d...

Dexter Company has been approached by a new customer with an offer to purchase 1,400 units of Dexter's product at a price of P3 each. The new customer is graphically separated from Dexter's other cust...

Section A: Argument mapping exercise (20 marks) Read the following article and answer the questions listed in regard to argument mapping. Adapt or perish: Australia Post must embrace digital dis...

Looking to calculate the adjusting/eliminating journal entry while consolidating SBW and its subsidiary CDL. SBW owns 90% of shares in CDL that were purchased in 2018. Preparing consolidated books ...

How would I enter the parent to sub-transaction as a journal entry when I consolidate these books... I am consolidating the books for Dec 31, 2022. SBW owns 90% of share in CDL; SBW periodicall...

How would I enter this journal entry for an intercompany (downstream) transaction when I consolidate these books... I am consolidating the books for Dec 31, 2022. SBW owns 90% of share in CDL. In t...

Playten Ltd is a manufacturer of various pet accessories. They carry many lines of products that are produced in their main factory in Arthur. On October 5, 2021 the CFO, Cecily Jones called a m...

How would I enter the parent to sub-transaction as a journal entry when I consolidate these books... On April 1, 2019, SBW sold to CDL equipment for $8,500,000. The equipment had a net carrying v...

4. Jose Corp makes bottles using the latest automated technology. The company applies FOH cost to products on the basis of machine hours. The following are estimates used to determine the factory over...

JYD Manufacturing Company has two production departments (Fabrication and Assembly) and three services departments (General Factory Administration, Factory Maintenance, and Factory Cafeteria). A sum...

Charlie Corporation's managers in the stamping department have been studying the overhead cost and the relationship with machine hours. The following are data from the most recent 12 months. Month Ove...

Bambina Corporation, a manufacturer of beauty products has the following partially completed manufacturing cost data for its production. The relevant range of production is 800,000 to 1,200,000 per ye...

The following are the flexible budget of Coco Corporation in different levels of direct labor hours. Direct labor hours 20,000 | 30,000 | 40,000 Variable Factory Overhead 40,000 | 60,000 | 80,00...

D E F G SmartOrange H 1,000 $ 1,300 K M FancyOrange 1,000 S 900 RoundOrange 1,000 S 950 CheapOrange 1,000 S 800 OrangeOrange 1,000 $ 1,100 Rent is 1,000$ per month. a) What is the cost per kg of orang...

Number Styles Cells X fx B C D E F G H 1 J K L M N O P Question 5 SoftwareExperts Inc produces an innovative and popular finance software. The company hires the most qualified programmers with an annu...

. ce Wrap Text General aste BIUVV DAV Merge & Center ~ $ ~ % " .00 Conditional Format as Cell .00 -.0 Inser Formatting " Table Styles Clipboard Font Alignment Number Styles 6 X V A B C...

natting Table Styles v 15 Font Alignment Number Styles X V B C D E F G H 1 J Question 8 YesChairs Inc. produces 3 types of chairs for 3 sizes of buyers. Overhead costs incurred during the manufacturin...

1. Peter Senen Corp has the following data for the fourth week of March ?...

12. Senen, a factory laborer earns P18,000 per month, and the company pays one month salary as a bonus at the end of the year. Senen is entitled to a half month paid vacation leave. The company also p...

1. JYD Accounting Firm pays its employees at a rate of P50/hr. The tax and other deductions amount to 20% of monthly income in excess of P1,000 if an employee works 40 hours in a 120 hours in a month....

Which of the following is TRUE regarding nontaxable combat pay? Nontaxable combat pay is automatically included in gross income only when calculating the Earned Income Tax Credit. Nontaxable comba...

Zane (31) and Kristi (32) are married. They have two boys, Ian (8) and Zed (10). They lived together from January through April, when Kristi moved out and left the boys with Zane. Zane and Kristi did ...

Which of these is NOT an eligibility requirement for the Premium Tax Credit? Household income within a certain range. Not eligible for a government health insurance program. Not eligible for an ...

Lens Care Inc. (LCI) manufactures specialized equipment for polishing optical lenses. There are two models - one mainly used for fine eyewear (F-32) and another for lenses used in binoculars, cameras,...

Jordan Company manufactures a single product that has a standard materials cost of P20 (4 units of materials at P5 per unit), standard direct labor cost of P9 (1 hour per unit), and standard variable ...

Effect of loss of product (Appendix). Innova Machines (Pvt) Limited, located in Chennai, India, supplies automotive components to two-wheeler (scooters, motorcycles, mopeds, and such) manufacturers. A...

Determining Whether an Impairment Is "Other Than Temporay" Assume you are an auditor, and your client is a public company with a large portfolio of available-for-sale equity securities. The client rep...