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How are transferred-in costs treated in the calculation of equivalent units? What is operation costing? When is it used?
Prepare T-accounts for the entries made in Requirement 1. Use arrows to show the flow of costs.
Calculate the cost per haircut. Can you identify some possible direct materials used for this haircutting service?
Determine the cost of ending work in process and the cost of goods transferred out. Prepare a physical flow schedule.
Compute the unit cost for May. Determine the cost of ending work in process and the cost of goods transferred out.
Compute the cost per equivalent unit for April. Determine the cost of ending work in process and the cost of goods transferred out.
Assuming the use of the weighted average method, prepare a schedule of equivalent units. Compute the unit cost for the month.
Prepare a physical flow schedule. Calculate equivalent units of production for direct materials and conversion costs.
Prepare a cost of production report for the assembly department for May using the weighted average method of costing
How would you define the output of the business practices department? Using the FIFO method, prepare the following for the business practices department:
Calculation of unit costs. Cost of ending work in process and cost of goods transferred out e. A cost reconciliation
Prepare a production report for the tableting department. Follow the five steps outlined in the chapter.
What is the break- even point? B] What is the profit/volume ratio? C] If the selling price is reduced by 5%, how does the revised selling price affects
Calculate Break Even Point and margin of safety in sales revenue and number of shirts sold.
Define ‘Marginal Cost' and ‘Marginal Costing'. How variable and fixed costs are treated in marginal costing?
Discuss the importance of the following terms in relation to marginal costing. A] Key factor B] Breakeven point C] Margin of safety
Discuss the reasons for difference between profits under marginal costing and absorption costing. Discuss the limitations of marginal costing.
Discuss the objectives and limitations of budgetary control. List the important functional budgets prepared by a business.
Example the concept of flexible budget. How is it prepared? What is a ‘sales budget'? How is it prepared?
Distinguish between ‘fixed budget' and ‘flexible budget'. What is the starting point for the preparation of budgets?
What do you understand by ‘Performance Budgeting'? Explain its main features.
Comment on the effect of each transfer price on the performance of the managers of Division X and Division Y.
Prepare the journal entries reflecting the completion of Jobs 62 and 63 and the sale of Job 63. The selling price is 140 percent of cost.
Calculate the ending balance in Work-in-Process Inventory as of June 30. Calculate the cost of goods sold for June.
Prepare a contribution margin income statement for Apollo Company showing sales, variable costs, and fixed costs at the break-even point