Company code Z is producing and selling products A and B and has two plants (Plant...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Company code Z is producing and selling products A and B and has two plants (Plant 1 and Plant 2). The preliminary cost estimate for a product A is: • Material: RM1: $90 per unit.; SFG1: $90 per unit Labor: 45 min per unit at a rate of $25 per hour. The actual costs per unit are: • Material: RM1: $93 per unit. SFG1: $90 per unit • Labor: 48 min per unit. The preliminary cost estimate for a product B is: • Material: RM1: $100 per unit.; SFG2: 100 per unit Labor: 55 min per unit at a rate of $30 per hour. The actual costs per unit are: • Material: RM1: $103 per unit. SFG2: $100 per unit • Labor: 58 min per unit. Consider a production order of product A (the planned quantity is equal 40 and the actual produced quantity is equal to 35) and a production order of product B (the planned quantity is equal 50 and the actual produced quantity is equal to 45). Both products were produced on the same day. 1) Prepare the t-accounts to illustrate the impact of the different steps of the production process of these two products on the general ledger (show your work in details). The selling unit price for product A is $270 per unit with 5% discount for both customers X and Y. The selling unit price for product B is $310 per unit. Customer X ordered 30 A and 30 B. Customer Y ordered 15 A and 15 B. • On April 12: 20 A and 20 B for customer X, 10 A and 10 B for customer B were delivered. Both customers were delivered with the same truck from Plant 1. • On April 23: The rest of the order for customers X and Y was delivered. Both customers were delivered with the same truck from Plant 1. * 2 invoices have been sent to customer X for each delivery. One total payment for the 2 invoices has been received. •One invoice for the two deliveries for customer Y has been sent. • Just before the payment, customer Y got an additional discount of 10% on the whole amount of the invoice. 2) Prepare the t-accounts to illustrate the impact on the general ledger and differentiate what happens at the different steps (show your work in details). 3) Assume now, that on April 23, both customers were delivered from Plant 2 with two different trucks. What would be the impact on the t-accounts (show all changes on the t- accounts). 4) What would be the impact on the t-accounts (show all changes on the t-accounts) if the whole order was delivered for both customers on the same day with the same truck on April 12 from Plant 1. Assume both customers received the invoice for the whole order and did the payment on the same day. All other conditions are the same. Company code Z is producing and selling products A and B and has two plants (Plant 1 and Plant 2). The preliminary cost estimate for a product A is: • Material: RM1: $90 per unit.; SFG1: $90 per unit Labor: 45 min per unit at a rate of $25 per hour. The actual costs per unit are: • Material: RM1: $93 per unit. SFG1: $90 per unit • Labor: 48 min per unit. The preliminary cost estimate for a product B is: • Material: RM1: $100 per unit.; SFG2: 100 per unit Labor: 55 min per unit at a rate of $30 per hour. The actual costs per unit are: • Material: RM1: $103 per unit. SFG2: $100 per unit • Labor: 58 min per unit. Consider a production order of product A (the planned quantity is equal 40 and the actual produced quantity is equal to 35) and a production order of product B (the planned quantity is equal 50 and the actual produced quantity is equal to 45). Both products were produced on the same day. 1) Prepare the t-accounts to illustrate the impact of the different steps of the production process of these two products on the general ledger (show your work in details). The selling unit price for product A is $270 per unit with 5% discount for both customers X and Y. The selling unit price for product B is $310 per unit. Customer X ordered 30 A and 30 B. Customer Y ordered 15 A and 15 B. • On April 12: 20 A and 20 B for customer X, 10 A and 10 B for customer B were delivered. Both customers were delivered with the same truck from Plant 1. • On April 23: The rest of the order for customers X and Y was delivered. Both customers were delivered with the same truck from Plant 1. * 2 invoices have been sent to customer X for each delivery. One total payment for the 2 invoices has been received. •One invoice for the two deliveries for customer Y has been sent. • Just before the payment, customer Y got an additional discount of 10% on the whole amount of the invoice. 2) Prepare the t-accounts to illustrate the impact on the general ledger and differentiate what happens at the different steps (show your work in details). 3) Assume now, that on April 23, both customers were delivered from Plant 2 with two different trucks. What would be the impact on the t-accounts (show all changes on the t- accounts). 4) What would be the impact on the t-accounts (show all changes on the t-accounts) if the whole order was delivered for both customers on the same day with the same truck on April 12 from Plant 1. Assume both customers received the invoice for the whole order and did the payment on the same day. All other conditions are the same.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
A ship 600 ft long steams at a rate of 25 ft/s through still freshwater (T = 50F). If the submerged area of the ship is 50,000 ft 2 , what is the skin friction drag of this ship?
-
Allison Ltd located in Figtree is producing and selling Clothes Dryers and expecting to produce 20 000 units of Dryers. Currently, Allison Ltd makes the motor in-house for its Dryers. The cost data...
-
Water (at 50F) flows through this nozzle at a rate of 25 cfs and discharges into the atmosphere. D 1 = 20 in., and D 2 = 9 in. Determine the force required at the flange to hold the nozzle in place....
-
In a closed economy, prices are constant/fixed. Behaviour is characterised by the following relationships. C=0.9375 (Y-T), T=10 and I=50-250i Money demand Md=Y-100i The supply of money and government...
-
A manufacturing company is closing three of its existing plants and intends to transfer some of its more skilled employees to three plants that will remain open. The number of employees available for...
-
The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Vance Company, a lessee. Commencement date January 1, 2020 Annual lease payment due at the beginning...
-
Predict the value of y when x1 = 20, x2 = 20, and x3 = 30. Exercises 1115 refer to the following data set: x1 *2 x3 69.8 7.9 37.3 62.4 32.3 9.3 20.2 40.7 66.9 13.3 30.5 48.7 87.5 27.4 38.8 35.8 93.5...
-
James Hardy recently rejected a $20,000,000, five-year contract with the Vancouver Seals. The contract offer called for an immediate signing bonus of $5,000,000 and annual payments of $3,000,000. To...
-
How do individual and collective perceptions of organizational justice influence employee attitudes, behaviors, and organizational outcomes, and what steps can leaders take to ensure fairness and...
-
A soft drink bottling company is interested in controlling its filling operation. Random samples of size 4 are selected and the fill weight is recorded. Table 7-17 shows the data for 24 samples. The...
-
You just inherited $10,000 from a mysterious great-aunt you never even knew existed.The goal of investing is to earn money with money. However, such a goal is completely useless for the individual...
-
In 2014, Stephen Elop of Microsoft announced layoffs of 12,500 employees. Read his email to employeeshttps://news.microsoft. com/2014/07/17/stephen-elops-email-to-employees/and then rewrite it to...
-
Log on to http://supreme.lp.findlaw.com/supreme_court. Examine the pending cases on the Supreme Courts docket. Do any of these cases involve constitutional limitations on criminal law? How would you...
-
1 Linfrae plc is a computer software development firm and is considering a hostile takeover of Jaffikake plc, a software distribution firm. Linfrae has been advised by its investment bankers that a...
-
Using the FAIR test, evaluate a Wall Street Journal interview with Tim Cook (Tim Cook Defends Apples Encryption Policy) on YouTube (https://www.youtube.com/watch?v=BZmeZyDGkQ0) about resistance to a...
-
The city of Nancy is installing a lighting system in the Harvey Subdivision, which is considered to be a major general government capital project for the city. The system is being financed by levying...
-
Cash dividend $ 83,000 Purchase of bus $ 39,000 Interest paid on debt $ 28,000 Sales of old equipment $ 75,000 Repurchase of stock $ 61,000 Cash payments to suppliers $ 98,000 Cash collections from...
-
Extend Algorithms 3.4 and 3.5 to include as output the first and second derivatives of the spline at the nodes.
-
Multiple Choice Questions 1. Levi Strauss has some of its jeans stone-washed under a contract with independent U.S. Garment Corp. If U.S. Garment's operating cost per machine is $22,000 for year 1...
-
A newly proposed project has a first cost of $325,000 and estimated annual income of $60,000 per year for 8 years. (a) Determine the IROR, PI, and PW values if the MARR is 15% per year. (b) Is the...
-
A survey of households included a question about the number of operating automobiles N currently owned by people living at the residence and the interest rate i on the lowest-rate loan for the cars....
-
How is the fixed asset list automatically updated?
-
Restore the file Santa Barbara Sailing Ch 12 (Backup) that you downloaded from the student companion site, and then do the following like you did in the chapter: Create a new client in the Fixed...
-
What circumstances require the fixed asset list to be manually updated?
Study smarter with the SolutionInn App