Question 1: Pamlico Manufacturing Ltd h
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- When prices are falling (deflation), which costing method would produce the highest gross margin for the following? Choose first-in, first-out (FIFO); last-in, first-out (LIFO); or weighted average, assuming that B62 Company had the following transactions for the month. Calculate the gross margin for each of the following cost allocation methods, assuming B62 sold just one unit of these goods for $400. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)Question 1: Pamlico Manufacturing Ltd has the following information given in the table below. 12.50 Sales per unit Variable production cost per unit Variable administration sales and distribution per 7.50 1.00 unit Fixed production costs 37 500 18 750 Fixed administration sales and distribution Opening inventory in units Units produced 2 500 25 000 At the beginning of December 2018, there were 2 500 units in inventory. Required: Draw up a staement of comprehensiy income according to margial costing principlesor three differenevels of sales, for the moth of December 12 500 units b) 18 750 units c) 25 000 units Question 2 Using the above information on Pamlico Manufacturing Ltd, prepare the statement of comprehensive income using absorption costing principles for the month of December and assume the following: 1. Normal level of activity is 25 000 shirts per month. 2. Fixed production costs were 37 500 for the month.Question-2 REQUIRED Use the information given below to prepare the Income statement of Kendall Manufacturers for October 2023 using the following methods: 2.1 Marginal costing 2.2 Absorption costing INFORMATION The following information was provided by Kendall Manufacturers for the only product produced during October 2023: Opening inventory Number of units manufactured Sales Selling price per unit Variable manufacturing costs per unit Fixed manufacturing overhead cost Variable selling cost per unit Fixed selling cost Fixed administrative cost Nil 5 000 R4 200 000 R1 000 R425 R325 000 R80 R175 000 R200 000
- By using the information given below calculate the net income under the traditional costing method. Show your calculations. (No beginning finished goods inventory.) Variable cost of goods sold per unit Fixed cost of goods sold per unit Variable operating expenses per unit Fixed operating expenses per unit Selling price Number of units sold Number of units produced 18,000 20,000 $4.00 $ 3.00 $1.50 $1.25 $12.00Cost of Goods Sold As an accountant for Lee Company, your supervisor gave you the following calculations of the gross profit for the first quarter: Alternative Sales ($50 per unit) Cost of Goods Sold Gross Profit A $500,000 $200,000 $300,000 B 500,000 228,000 272,000 C 500,000 213,333 286,667 The three alternative cost flow assumptions are FIFO, average, and LIFO (the alternatives are not necessarily presented in this sequence). Lee uses the periodic inventory system. The computation of the cost of goods sold under each alternative is based on the following data: Units Cost/Unit Inventory, January 1 12,000 $20 Purchase, January 10 4,000 21 Purchase, February 15 6,000 22 Purchase, March 10 8,000 23 1. Prepare schedules proving the cost of goods sold shown here under each of the three alternatives. For average cost. LEE COMPANY Schedules of Cost of Goods Sold For First Quarter Ended March 31 FIFO LIFO Average Beginning…Prepare the Income Statement for the year ended 31 December 2022 using the Marginal costing and Absorption costing methods. Opening inventory Nil Number of units manufactured 5 000 Number of units sold 4 500 Selling price per unit R200 Direct material cost per unit R14 Direct labour cost per unit R23 Variable manufacturing overheads cost per unit R12 Variable selling and administrative cost per unit sold R3 Fixed manufacturing overhead cost R200 000 Fixed selling and administrative costs R400 000
- The following information is for Lawrence Company, who uses the LIFO method: Item Cost NRV MinusNormal Profit Net RealizableValue ReplacementCost a $3.40 $2.79 $4.14 $4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 1. Determine the lower of cost or market for each inventory item. Item Lower ofCost or Market Value a $ b $ c $ d $ e $ f $ 2. Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item. Item Lower ofCost or Net Realizable Value a $ b $ c $ d $ e $ f $Following information is related to Product X of Zempa Company: Current replacement cost Cost to distribute Historical cost Normal profit margin Selling price $230 $42 $215 $36 $245 If lower-of-cost-or-market rule (LCM Rule) is applied, then the value of Product X that would be reported in the balance sheet is: a. $215 b. $230 c. $203 d. $167Following information is related to Product X of Zempa Company: Current replacement cost $230 Cost to distribute $42 Historical cost Normal profit margin Selling price $215 $36 $245 If lower-of-cost-or-market rule (LCM Rule) is applied, then the value of Product X that would be reported in the balance sheet is: a.
- Question 1: Muscat Company has the financial information given in the table for the year ended on 30 September 2021. It is assumed that volume of production and volume of sales are equal. According to the information given, you are required to calculate the following; a) Break-even point (in units and amount) b) PV ratio c) Margin of Safety (as percentage) amount and as OMR Sales (actual) 1,600,000 Total fixed cost 900,000 Selling price per unit 375 Variable cost per unit 2257. Which one of these is not an objective of cost accounting? a.Assisting shareholders in decision making b.Cost control and reduction c.Ascertainment of cost d.Determination of selling price 8. Calculate EOQ from the following details: Consumption per month is 2,000 units, ordering cost is RO 10 per order, purchase price is RO 100 per unit and annual carrying cost is 6%. a.283 units b.245 units c.219 units d.310 unitsBlossom Company has the following information available for September 2022. Unit selling price of video game consoles Unit variable costs Total fixed costs Units sold $400 $320 $24,000 600