Problem 2-43 (35 minutes) 1. San Fernando Fashions Company Schedule of Cost of Goods Manufactured For the Year Ended December 31‚ 20x2 Direct material: Raw-material inventory‚ January 1 $ 40‚000 Add: Purchases of raw material 180‚000 Raw material available for use $220‚000 Deduct: Raw-material inventory‚ December 31 25‚000 Raw material used $195‚000 Direct labor 200‚000 Manufacturing overhead: Indirect material
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INTERNATIONAL B-SCHOOL SUBJECT: FINANCIAL & COST ACCOUNTING Total Marks: 80 N.B.: 1)Allquestionsarecompulsory 2) All questions carry equal marks. Q1) ABC Ltd. Produces room coolers. The company is considering whether it should continue to manufacture air circulating fans itself or purchase them from outside. Its annual requirement is 25000 units. An outsider vendor is prepared to supply fans for Rs 285 each. In addition‚ ABC Ltd will have to incur costs of Rs 1.50 per unit for freight and Rs 10‚000
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COST ACCOUNTING M.ASAD ABBAS PAF KIET TABLE OF CONTENTS Executive Summary ......................................................................................................3 Introduction .....................................................................................................................4 Costing Strategy of Vesta Apparel.............................................................................5 Full Cost of the Primary
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Sunk Cost-cost that has already been incurred and cannot be avoided no matter what a manager decides to do. A business segment should only be dropped if a company can avoid more in fixed costs than it loses in: contribution margin Which of the following techniques describe how a bottleneck should be managed: Find ways to increase the capacity of the bottleneck‚ ensure there is minimal lost time at the bottleneck due to breakdowns and set-ups‚ focus business process improvement efforts on the bottleneck
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| |Md: | |Lecturer | |Department of Accounting | |Govt Azizul Haque College Bogra | |Submitted by | |
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Jenine Teixeira ACFI 406 9/24/12 Assignment chapter 19 Q: 1‚ 2‚ 11‚ 15 1. Dickison orders one thousand widgets at $5 per widget from International Widget to be delivered within sixty days. After the contract is consummated and signed‚ Dickison orally requests that International deliver the widgets within thirty days rather than sixty days. International agrees. Is the contractual modification binding? A- Both parties are merchants‚ the change of delivery date would affect the
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What is Accounting Ethics? The term accounting ethics are formed by the combination of two different words‚ namely accounting and ethics. Fortes‚ (2011) believes that ‘accounting is the collection‚ measurement‚ analysis and reporting of events in financial terms.’ While Karthik‚ (2010) believes that ‘ethics in its broader sense‚ deals with human conduct in relation to what is morally good and bad‚ right and wrong. It is the application of values to decision-making. These values include
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IMPACT OF COST ACCOUNTING ON FINANCIAL DECISION INTRODUCTION In the modern business world‚ the nature and functioning of business organizations have become very complicated. They have to serve the needs of variety of parties who are interested in the functioning of the business. These parties constitute the owners‚ creditors‚ employees‚ government agencies‚ tax authorities‚ prospective investors‚ and last but not the least the management of the business. The business has to serve the needs
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CHAPTER 6 Joint Product and By-Product Costing LEARNING OBJECTIVES After studying this chapter‚ you should be able to: 1. Identify the characteristics of the joint production process. 2. Allocate joint product costs according to the benefits-received approaches and the relative market value approaches. 3. Describe methods of accounting for by-products. 4. Explain why joint cost allocations may be misleading in management decision making. 5. Discuss why joint production is seldom found in service
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CHAPTER 1 Multiple Choice Questions- Theoretical 1. a 6. b 11. d 16. a 21. b 26. c 2. c 7. c 12. a 17. b 22. c 27. a 3. a 8. d 13. b 18. d 23. c 28. c 4. c 9. a 14. d 19. b 24. d 29. c 5. d 10. b 15. a 20. a 25. c 30. d Multiple Choice Questions - Computational 1. (b) Direct Materials P47‚000 Direct Labor 28‚000 Factory Overhead: Depreciation – Factory equipment P1‚000 Factory rent 2‚000 Factory
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