Solution Library


Calculate Cost Elements Using Weighted Average And FIFO Methods

Question Colourful Paints manufactures quality paint sold at premium prices. It has gradually expanded its business. Management now believes that it is appropriate to further strengthen the Accounting Group within the business. It is considering separating out the roles of the Financial Accountant ... Read More

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Preparation Of Job Order For Manufacturing Unit

Question Tom’s Manufacturing Company Ltd makes sophisticated custom parts on a job order basis. The company has two direct product cost categories: direct materials and direct labor. In the past, indirect manufacturing costs were allocated to products using a single indirect cost pool, alloca ... Read More

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Prepare Ledger Accounts For Machinery And Income Statement Showing Depreciation Expense

Question On 1 July, 2007 Voicestar Ltd purchased factory machinery at a cost (including GST) of $11,000. Depreciation is to be provided on a reducing balance basis at 25% per annum. Required (a) Depreciation schedule tocover the years ended: (i) 30 June 2008 (ii) 30 June 2009 (b) Ledger accoun ... Read More

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Calculation of Work In Progress And Finished Goods

QuestionXYZ has the following job-cost records: Total cost of Job #  Date Started         Date Finished         Date Sold at June 30 220     May 18              &nb ... Read More

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Calculation of Direct Raw Materials In Inventory

QuestionPrior to making any adjustments for over/under-allocated manufacturing overhead, XYZ has the following account balances as of the year ended December 31, 2012: Direct Material Inventory $30,000 Debit Balance WIP $69,000 Debit Balance Finished Goods $99,000 Debit Balance Manufacturing Overhea ... Read More

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Journals For Writing Off Overhead Allocation

QuestionDuring the year, XYZ allocated $435,000 of manufacturing overhead cost into the production process. XYZ incurred actual manufacturing overhead costs during the year of $425,000. Relevant ending balances before adjusting for any over/under-allocated manufacturing over head are: Cost of Goods ... Read More

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Determining WIP And Finished Goods With Weighted Average Method

QuestionXYZ makes widgets. Materials are added at the beginning of the process and conversion costs are evenly incurred. At the beginning of October, work in process is 40% complete and at the end of the month it is 60% complete. Other data for the month include: Beginning work-in-process inventory ... Read More

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Prepare Cash Receipts Cash Disbursements And Cash Balance

Question One Stop Jersey Stop (OSJS) sells sports jerseys. OSJS’s management accountant has gathered the following information for OSJS. Month Sales Purchases February $42,000 $17,640 March $48,000 $20,160 April $54,000 ... Read More

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Preparation of Family Tax Planning And Giving Them Recommendations

Question Husband (A50)           Salary:             $90,000 Wife (A48)                  Salary: & ... Read More

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Tax Planning For a Working Woman And Giving Her Suggestions

Question Career Woman Salary:            $100,000 Child1 (A12)   Student 401k                          &nbs ... Read More

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Calculation Of Breakeven Point With Sales And Units

Question A new firm, Sensor International, is preparing a plan based on its new device to be used in a security network. The cost of manufacturing, marketing and distributing a package of six sensors is 14 cents, and the price to the distributor is 68 cents. The firm calculates its one time fixed c ... Read More

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Management’s Perspective On Return On Sales

QuestionFrom management's perspective, discuss and whether the item is positive or negative. Increase in return on sales.SummaryThe question belongs to Accounting and it is about management’s perspective on increase in return on sales.Total Word Count 18 ... Read More

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