Marsh Concert Promotions Determine whether overhead is overapplied or underapplied.

February 22, 2016, 10:51 am

≫ Next: During 2015, TRC Corporation has the following inventory transactions.

≪ Previous: The following information is available for Lock-Safe Company, which produces special-order security products and uses a job order cost accounting system.

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Marsh Concert Promotions			Ellis Home Builders
Actual indirect materials costs	$	12,200		$	6,600
Actual indirect labor costs		56,900			47,300
Other overhead costs		16,800			48,500
Overhead applied		92,900			98,000

   

Marsh Concert Promotions

Determine whether overhead is overapplied or underapplied.

Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold.

Ellis Home Builders

Determine whether overhead is overapplied or underapplied.

Prepare journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold.

 

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During 2015, TRC Corporation has the following inventory transactions.

March 12, 2016, 1:56 am

≫ Next: During 2015, Trombley Incorporated has the following inventory transactions.

≪ Previous: Marsh Concert Promotions Determine whether overhead is overapplied or underapplied.

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Exercise 6-4 Calculate inventory amounts when costs are rising (LO3)

[The following information applies to the questions displayed below.]

During 2015, TRC Corporation has the following inventory transactions.

Date	Transaction	Number of Units	Unit   Cost	Total Cost
Jan. 1	Beginning inventory	48	$ 40	$	1,920
Apr. 7	Purchase	128	42		5,376
Jul. 16	Purchase	198	45		8,910
Oct. 6	Purchase	108	46		4,968
		482		$	21,174

For the entire year, the company sells 427 units of inventory for $58 each.

Required:
1.	Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

 

Explanation:

1.

Date	Transaction	Number of Units	Unit Cost	Ending Inventory
Oct. 6	Purchase	55	$ 46	$ 2,530

Date	Transaction	Number of Units	Unit Cost	Cost of Goods Sold
Jan. 1	Beginning inventory	48	$ 40	$	1,920
Apr. 7	Purchase	128	42		5,376
Jul. 16	Purchase	198	45		8,910
Oct. 6	Purchase	53	46		2,438
		427*		$	18,644

*First 427 units purchased are assumed sold

Sales revenue = 427 units × $58 = $24,766

Gross profit	= Sales revenue − Cost of goods sold
	= $24,766 − $18,644 = $6,122

Exercise 6-4 Part 2

2.	Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

 

Explanation:

2.

Date	Transaction	Number of Units	Unit Cost	Ending Inventory
Jan. 1	Beginning Inventory	48	$ 40	$ 1,920
Apr. 07		7	$42	$294
		55		$ 2,214

Date	Transaction	Number of Units	Unit Cost	Cost of Goods Sold
Apr. 7	Purchase	121	$ 42	$   5,082
Jul. 16	Purchase	198	45	8,910
Oct. 6	Purchase	108	46	4,968
		427*		$ 18,960

* Last 427 units purchased are assumed sold

Sales revenue = 427 units × $58 = $24,766

Gross profit	= Sales revenue – Cost of goods sold
	= $24,766 ? $18,960 = $5,806

Exercise 6-4 Part 3

3.

Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round your average cost per unit to 4 decimal places.)   Explanation: 3.   Date Transaction Number of Units Unit Cost Total Cost   Jan. 1       Beginning inventory 48       $ 40         $ 1,920      Apr. 7       Purchase 128       42            5,376      Jul. 16       Purchase 198       45           8,910      Oct. 6       Purchase 108       46           4,968              482         $ 21,174              Weighted-average cost = $21,174/482 units = $43.9295 (rounded to 4 decimal places).      Ending inventory = 55 units × $43.9295 = $2,416      Cost of goods sold = 427 units × $43.9295 = $18,758 ($1 rounding error)      Sales revenue = 427 units × $58 = $24,766      Gross profit = Sales revenue − Cost of goods sold   = $24,766 − $18,758 = $6,008

During 2015, Trombley Incorporated has the following inventory transactions.

March 12, 2016, 2:05 am

≫ Next: Blanchard Company manufactures a single product that sells for $120 per unit and whose total variable costs are $84 per unit.

≪ Previous: During 2015, TRC Corporation has the following inventory transactions.

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Exercise 6-5 Calculate inventory amounts when costs are declining (LO3)

[The following information applies to the questions displayed below.]

During 2015, Trombley Incorporated has the following inventory transactions.

Date	Transaction	Number of Units	Unit Cost	Total Cost
Jan. 1	Beginning inventory	18	$ 20	$ 360
Mar. 4	Purchase	23	19	437
Jun. 9	Purchase	28	18	504
Nov. 11	Purchase	28	16	448
		97		$ 1,749

 
For the entire year, the company sells 71 units of inventory for $28 each.

Required:
1.	Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

 

Explanation:

1.

Date	Transaction	Number of Units	Unit Cost	Ending Inventory
Nov. 11	Purchase	26	$ 16	$ 416

  

Date	Transaction	Number of Units	Unit Cost	Cost of Goods Sold
Jan. 1	Beginning inventory	18	$ 20	$ 360
Mar. 4	Purchase	23	19	437
Jun. 9	Purchase	28	18	504
Nov. 11	Purchase	2	16	32
		71*		$ 1,333

* First 71 units purchased are assumed sold
 

Sales revenue = 71 units × $28 = $1,988

  

Gross profit	= Sales revenue − Cost of goods sold
	= $1,988 − $1,333 = $655

2.

Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.

 

Explanation:

2.

Date	Transaction	Number of Units	Unit Cost	Ending Inventory
Jan. 1	Beginning Inventory	18	$ 20	$ 360
Mar. 4	Purchase	8	19	152
		26		$ 512

    

Date	Transaction	Number of Units	Unit Cost	Cost of Goods Sold
Mar. 4	Purchase	15	$ 19	$ 285
Jun. 9	Purchase	28	18	504
Nov. 11	Purchase	28	16	448
		71*		$ 1,237

* Last 71 units purchased are assumed sold
 

Sales revenue = 71 units × $28 = $1,988

  

Gross profit	= Sales revenue – Cost of goods sold
	= $1,988 − $1,237 = $751

Which method will result in higher profitability when inventory costs are declining?

LIFO

Weighted-average

FIFO

	FIFO	LIFO	Weighted Average
Gross profit	$ 655	$ 751	$ 708

     LIFO results in higher profitability when inventory costs are declining.

Blanchard Company manufactures a single product that sells for $120 per unit and whose total variable costs are $84 per unit.

June 13, 2016, 12:49 pm

≫ Next: For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) the summary of significant accounts policies or (B) a separate note.

≪ Previous: During 2015, Trombley Incorporated has the following inventory transactions.

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Blanchard Company manufactures a single product that sells for $120 per unit and whose total variable costs are $84 per unit. The company’s annual fixed costs are $627,000. The sales manager predicts that annual sales of the company’s product will soon reach 39,700 units and its price will increase to $197 per unit. According to the production manager, the variable costs are expected to increase to $137 per unit but fixed costs will remain at $627,000. The income tax rate is 35%. What amounts of pretax and after-tax income can the company expect to earn from these predicted changes?
Prepare a forecasted contribution margin income statement.

Explanation: BLANCHARD COMPANY Forecasted Contribution Margin Income Statement   Sales (39,700 × $197)   $ 7,820,900     Variable costs (39,700 × $137)     5,438,900           Contribution margin (39,700 × $60)     2,382,000     Fixed costs     627,000           Income before taxes     1,755,000     Income taxes (35% × $1,755,000)     614,250           Net income   $ 1,140,750

For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) the summary of significant accounts policies or (B) a separate note.

July 15, 2016, 5:30 am

≫ Next: The following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments and funds g. Long-term liabilities c. Property, plant, and equipment. h. Paid-in-capital d. Intangible assets i. Retained earnings e. Other assets Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.)

≪ Previous: Blanchard Company manufactures a single product that sells for $120 per unit and whose total variable costs are $84 per unit.

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For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) the summary of significant accounts policies or (B) a separate note.

The following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments and funds g. Long-term liabilities c. Property, plant, and equipment. h. Paid-in-capital d. Intangible assets i. Retained earnings e. Other assets Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.)

July 15, 2016, 5:31 am

≫ Next: The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation.

≪ Previous: For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) the summary of significant accounts policies or (B) a separate note.

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The following are the typical classifications used in a balance sheet:

a.	Current assets	f.	Current liabilities
b.	Investments and funds	g.	Long-term liabilities
c.	Property, plant, and equipment.	h.	Paid-in-capital
d.	Intangible assets	i.	Retained earnings
e.	Other assets

Required:

For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.)

The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation.

July 15, 2016, 5:36 am

≫ Next: The following is a partial year-end adjusted trial balance. Account Title Debits Credits Sales revenue 390,000 Loss on sale of investments 40,000 Interest revenue 8,500 Cost of goods sold 205,000 General and administrative expenses 49,000 Restructuring costs 59,000 Selling expenses 29,500 Income tax expense 0 Income tax expense has not yet been recorded. The income tax rate is 40%.

≪ Previous: The following are the typical classifications used in a balance sheet: a. Current assets f. Current liabilities b. Investments and funds g. Long-term liabilities c. Property, plant, and equipment. h. Paid-in-capital d. Intangible assets i. Retained earnings e. Other assets Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.)

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The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation.

Account Title	Debits		Credits
Cash	47,000
Accounts receivable	41,000
Inventories	82,000
Prepaid rent	23,000
Marketable securities (short term)	17,000
Machinery	180,000
Accumulated depreciation—machinery			18,000
Patent (net of amortization)	86,000
Accounts payable			11,500
Wages payable			7,500
Taxes payable			39,000
Bonds payable (due in 10 years)			210,000
Common stock			100,000
Retained earnings			90,000
Totals	476,000		476,000

Required:

Prepare a classified balance sheet for Jackson Corporation at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)

The following is a partial year-end adjusted trial balance. Account Title Debits Credits Sales revenue 390,000 Loss on sale of investments 40,000 Interest revenue 8,500 Cost of goods sold 205,000 General and administrative expenses 49,000 Restructuring costs 59,000 Selling expenses 29,500 Income tax expense 0 Income tax expense has not yet been recorded. The income tax rate is 40%.

July 15, 2016, 7:31 am

≫ Next: On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $17 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $16 million. The loss from operations of the segment during 2016 was $4.6 million. Pretax income from continuing operations for the year totaled $6.7 million. The income tax rate is 30%. Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

≪ Previous: The following is a December 31, 2016, post-closing trial balance for the Jackson Corporation.

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The following is a partial year-end adjusted trial balance.

Account Title	Debits	Credits
Sales revenue		390,000
Loss on sale of investments	40,000
Interest revenue		8,500
Cost of goods sold	205,000
General and administrative expenses	49,000
Restructuring costs	59,000
Selling expenses	29,500
Income tax expense	0

Income tax expense has not yet been recorded. The income tax rate is 40%.

Explanation:

a.

Sales revenue	$	390,000
Less: Cost of goods sold		(205,000	)
General and administrative expenses		(49,000	)
Restructuring costs		(59,000	)
Selling expenses		(29,500	)
Operating income	$	47,500

b.

Operating income	$	47,500
Add: Interest revenue		8,500
Deduct: Loss on sale of investments		(40,000	)
Income before income taxes	$	16,000

c.

Income before income taxes	$	16,000
Income tax expense (40%)		(6,400	)
Net income	$	9,600

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On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $17 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $16 million. The loss from operations of the segment during 2016 was $4.6 million. Pretax income from continuing operations for the year totaled $6.7 million. The income tax rate is 30%. Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

July 15, 2016, 7:32 am

≫ Next: Intangible Assets/Intangible assets accounting

≪ Previous: The following is a partial year-end adjusted trial balance. Account Title Debits Credits Sales revenue 390,000 Loss on sale of investments 40,000 Interest revenue 8,500 Cost of goods sold 205,000 General and administrative expenses 49,000 Restructuring costs 59,000 Selling expenses 29,500 Income tax expense 0 Income tax expense has not yet been recorded. The income tax rate is 40%.

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On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $17 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $16 million. The loss from operations of the segment during 2016 was $4.6 million. Pretax income from continuing operations for the year totaled $6.7 million. The income tax rate is 30%.

 
Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

 

Explanation:

Income tax expense = $6,700,000 × 30% = $2,010,000

Loss from operations of discontinued component:

  

Gain on sale of assets	$	1,000,000		($17 million less $16 million)
Loss from operations		(4,600,000	)
Total before-tax loss	$	(3,600,000	)

Intangible Assets/Intangible assets accounting

March 28, 2017, 5:09 pm

≫ Next: Current ratio formula/ Current ratio defination

≪ Previous: On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $17 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $16 million. The loss from operations of the segment during 2016 was $4.6 million. Pretax income from continuing operations for the year totaled $6.7 million. The income tax rate is 30%. Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

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Current ratio formula/ Current ratio defination

May 23, 2017, 5:22 pm

≫ Next: The following information pertains to Mason Company for 2016:

≪ Previous: Intangible Assets/Intangible assets accounting

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The following information pertains to Mason Company for 2016:

October 4, 2017, 12:39 am

≫ Next: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 130 units at $60 per unit.

≪ Previous: Current ratio formula/ Current ratio defination

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The following information pertains to Mason Company for 2016:

Beginning inventory	132	units	@	$	38
Units purchased	390	units	@	$	57

Ending inventory consisted of 50 units. Mason sold 472 units at $114 each. All purchases and sales were made with cash. Operating expenses amounted to $3,675.

Required

a.

Compute the gross margin for Mason Company using the following cost flow assumptions:(1) FIFO, (2) LIFO, and (3) weighted average.

 

Explanation:

Mason Company
FIFO
Sales (472 @ $114)											$	53,808
Cost of goods sold:
From beginning inv.	132	units		@	$ 38		=	$	5,016
From purchases	340	units		@	$ 57		=		19,380			(24,396	)
Gross margin											$	29,412
LIFO
Sales (472 @ $114)											$	53,808
Cost of goods sold:
From purchases	390	units		@	$ 57		=	$	22,230
From beg. inv.	82	units		@	$ 38		=		3,116			(25,346	)
Gross margin											$	28,462
Weighted average
Sales (472 @ $114)											$	53,808
Cost of goods sold:
Average cost per unit	472	units	@	$	52.1951		=	$	24,6362			(24,636	)
Gross margin											$	29,172

1Total cost $5,016 + $22,230 = $27,246 ÷ Total units 522 = $52.195 Cost per unit

2Rounded to the next highest whole dollar.

 b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.)

 

Explanation:

	FIFO				LIFO				Weighted Avg.
Sales	$	53,808			$	53,808			$	53,808
Cost of goods Sold		(24,396	)			(25,346	)			(24,636	)
Gross margin		29,412				28,462				29,172
Operating expenses		3,675				3,675				3,675
Net income	$	25,737			$	24,787			$	25,497

c. Compute the amount of ending inventory using (1) FIFO, (2) LIFO, and (3) weighted average. 

 

Explanation:

Ending Inventory
FIFO	50 @ $57		$	2,850
LIFO	50 @ $38			1,900
Weighted average	50 @ $52.195			2,610*

*rounded to the nearest whole dollar.

Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 130 units at $60 per unit.

October 4, 2017, 12:52 am

≫ Next: How to get A in accounting class?

≪ Previous: The following information pertains to Mason Company for 2016:

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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 130 units at $60 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 146-unit purchase at $68 per unit; the second was a 224-unit purchase at $72 per unit. During the period, it sold 292 chairs.

 

Required

Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses

a.

FIFO:

b. LIFO:

c. Weighted average:

 

 

Explanation:

CORTEZ COMPANY Inventory Purchases
Beginning inventory	130	@	$60	=	$7,800
First purchase	146	@	68	=	9,928
Second purchase	224	@	72	=	16,128
Goods available for sale	500				$33,856

c.
Total Cost	÷	Total Units	=	Cost per Unit
$ 33,856	÷	500	=	$ 68

How to get A in accounting class?

October 10, 2017, 3:20 am

≫ Next: At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $954,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $477 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions.

≪ Previous: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 130 units at $60 per unit.

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At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $954,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $477 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions.

October 27, 2017, 11:33 am

≫ Next: Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $115,250. The seller agreed to allow a 6.00 percent discount because Southwest Milling paid cash.

≪ Previous: How to get A in accounting class?

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At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $954,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $477 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off.
 
Prepare the journal entries for these transactions.

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Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $115,250. The seller agreed to allow a 6.00 percent discount because Southwest Milling paid cash.

October 28, 2017, 3:44 pm

≫ Next: The following are the financial statements of Nosker Company.

≪ Previous: At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $954,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $477 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions.

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Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $115,250. The seller agreed to allow a 6.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,300. Southwest Milling had to hire a specialist to calibrate the loader. The specialist’s fee was $1,210. The loader operator is paid an annual salary of $18,700. The cost of the company’s theft insurance policy increased by $1,890 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $6,100.

    

Required

a.	Determine the amount to be capitalized in an asset account for the purchase of the loader.    b. Record the purchase in general journal format. Explanation: a.  Discount: $115,250 × 6.00% = $6,915 The operator salary and increase in insurance are operating expenses.

The following are the financial statements of Nosker Company.

December 9, 2017, 4:41 pm

≫ Next: Calculate Declining Balance Method of Depreciation in Excel

≪ Previous: Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $115,250. The seller agreed to allow a 6.00 percent discount because Southwest Milling paid cash.

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The following are the financial statements of Nosker Company.

Nosker Company Comparative Balance Sheets December 31
Assets		2019			2018
Cash		$38,000			$20,000
Accounts receivable		30,000			14,000
Inventory		27,000			20,000
Equipment		60,000			78,000
Accumulated depreciation—equipment		(29,000	)		(24,000	)
Total		$126,000			$108,000
Liabilities and Stockholders’ Equity
Accounts payable		$24,000			$15,000
Income taxes payable		7,000			8,000
Bonds payable		27,000			33,000
Common stock		18,000			14,000
Retained earnings		50,000			38,000
Total		$126,000			$108,000

Nosker Company Income Statement For the Year Ended December 31, 2019
Sales revenue		$242,000
Cost of goods sold		175,000
Gross profit		67,000
Operating expenses		24,000
Income from operations		43,000
Interest expense		3,000
Income before income taxes		40,000
Income tax expense		8,000
Net income		$32,000

Additional data:

1.		Dividends declared and paid were $20,000.
2.		During the year, equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had a book value of $8,500 at the time of sale.
3.		All depreciation expense, $14,500, is in the operating expenses.
4.		All sales and purchases are on account.

 


[Net cash provided by oper. act. = Net inc. + (Depr. exp. - Incr. in accts. rec. - Incr. in inv. + Incr. in accts. pay. - Decr. In inc. tax. pay.)]
Compute free cash flow.
Free cash flow = $31,500 – $0 – $20,000 = $11,500
Here

Calculate Declining Balance Method of Depreciation in Excel

December 28, 2017, 9:07 pm

≫ Next: double declining depreciation method

≪ Previous: The following are the financial statements of Nosker Company.

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double declining depreciation method

January 3, 2018, 6:54 pm

≫ Next: What is depreciation?

≪ Previous: Calculate Declining Balance Method of Depreciation in Excel

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What is depreciation?

January 14, 2018, 6:57 am

≫ Next: The Laramie factory runs two departments: the Preparation Department and the Processing Department. The departmental overhead cost pool for the Preparation Department was $25,000 and was $20,000 for the Processing Department. The total amount of departmental allocation base was 400 DL hours in the Preparation Department and 600 DL hours in the Processing Department.

≪ Previous: double declining depreciation method

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