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Income statement and schedule of cost of goods manufacturedthe howell corporation has the following account balances (in millions): for specific datedirect materials inventory, jan. 1, 2014 $15work- in- process inventory, jan. 1, 2014 10finished goods inventory, jan. 1, 2014 70direct materials inventory, dec. 31, 2014 20work- in- process inventory, dec. 31, 2014 5finished goods inventory, dec. 31, 2014 55for year 2014purchases of direct materials $325direct manufacturing labor 100depreciation— plant and equipment 80plant supervisory salaries 5miscellaneous plant overhead 35revenues 950marketing, distribution, and Âcustomer- service costs 240plant supplies used 10plant utilities 30indirect manufacturing labor 60requirements: prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended december 31, 2014.1. how would the answer be modified if you were asked for a schedule of cost of goods manufactured and sold instead of a schedule of cost of goods manufactured? be specific.2. would the sales manager’s salary (included in marketing, distribution, and customer- service costs) be accounted for any differently if the howell corporation were a merchandising-sector company instead of a manufacturing-sector company? describe how the wages of an assembler in the plant would be accounted for in this manufacturing company.3. plant supervisory salaries are usually regarded as manufacturing overhead costs. when might some of these costs be regarded as direct manufacturing costs? give an example.4. suppose that both the direct materials used and the plant and equipment depreciation are related to the manufacture of 1 million units of product. what is the unit cost for the direct materials assigned to those units? what is the unit cost for plant and equipment depreciation? assume that yearly plant and equipment depreciation is computed on a straight-line basis.5. assume that the implied cost-behavior patterns in requirement 4 persist. that is, direct material costs behave as a variable cost and plant and equipment depreciation behaves as a fixed cost. repeat the computations in requirement 4, assuming that the costs are being predicted for the manufacture of 1.2 million units of product. how would the total costs be affected? 6. as a management accountant, explain concisely to the president why the unit costs differed in requirements 4 and 5.
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Business, 22.06.2019 02:00, sciencegeekgirl2017
Corporations with suppliers, vendors, and customers all over the globe are referred to as : a) global corporations b) international corporations c) multinational corporations d) multicultural corporations
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Business, 22.06.2019 15:20, ashleyuchiha123
Gulliver travel agencies thinks interest rates in europe are low. the firm borrows euros at 5 percent for one year. during this time period the dollar falls 11 percent against the euro. what is the effective interest rate on the loan for one year? (consider the 11 percent fall in the value of the dollar as well as the interest payment.)
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Business, 22.06.2019 17:00, kiahbryant12
Zeta corporation is a manufacturer of sports caps, which require soft fabric. the standards for each cap allow 2.00 yards of soft fabric, at a cost of $2.00 per yard. during the month of january, the company purchased 25,000 yards of soft fabric at $2.10 per yard, to produce 12,000 caps. what is zeta corporation's materials price variance for the month of january?
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Income statement and schedule of cost of goods manufacturedthe howell corporation has the following...
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