The following data pertain to activity and utilities costs for two recent years: Activity Level in Units Utilities Cost Multiple Choice $0.75 per unit Year 2 $1.50 per unit 12.000 $15,000 Using the high-low method, what is the variable cost per unit for utilities? Year 1 8,000 $12,000
Q: Nikam Sdn Bhd (NSB) manufactures small camping tents. NSB produced 3,000 units during the year.…
A: IntroductionDirect labor expenses and the price of the raw commodities utilized are considered prime…
Q: The following information pertains to Maxwell Corporation. Assume that all balance sheet amounts…
A: DEBT TO EQUITYDebt to Equity Ratio is the ratio between Total Debt to Total Equity. Total Debt…
Q: The following information is available for Marigold's Hot Dogs: Actual production Budgeted…
A: Variable overhead variance is the difference between standard variable overhead cost for actual…
Q: Sheffield Enterprises purchased 54,000 gallons of direct materials during the year at a price of…
A: Direct material variance is the difference between standard direct material cost for actual…
Q: amort Company reports the following cost data for its single product. The company regularly sel…
A: The cost of goods sold includes the variable and fixed manufacturing costs. The gross profit is…
Q: Myers, who is single, has compensation income of $66,600 in 2020. He is an active participant in his…
A: Answer:- Traditional IRA [Individual Retirement Arrangement] is a qualified saving plan for…
Q: 1. CJ, Inc. issued a promissory note to AJ, Inc. in the amount of $400,000 on January 1, 2014, the…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: Brief Exercise 20-8 Lisah, Inc., manufactures golf clubs in three models. For the year, the Big Bart…
A: Incremental Analysis :— This analysis shows the comparison between two different alternatives. A…
Q: the property taxes were levied in the amount of $905,000. All of the taxes are expected to be…
A: Journalizing is the process of recording financial transactions in a journal, where each entry…
Q: Additional Brief Exercise 246 On December 1, Gilman Corporation borrowed $20,000 on a 90-day, 6%…
A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…
Q: On January 1, 2019, when its $30 par value common stock was selling for $80 per share, Monty Corp.…
A: Journal entry is an art of recording, summarizing and classifying business transactions into…
Q: On January 1, 20X1, Peace, Inc., acquired 70 percent of Silver's outstanding voting stock. No excess…
A: Investment in Associates and Joint venture and SubsidiaryEquity Accounting method - This method is…
Q: Record the invoices amounting to $81,300 from the contracts.
A: Journalizing is the process of recording financial transactions in a journal, where each entry…
Q: Given the following assumptions: Selling price per pair of shoes: $55 Variable costs per pair of…
A: Break even point :— It is the point of production where total cost is equal to total revenue. At…
Q: Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid…
A: Generally assets are classified into current assets and non current assets. Current assets are those…
Q: Ace Hardware's EOQ is 100 widgets, and it maintains a 50 unit safety sto following is Ace's average…
A: Economic order quantity is the optimal quantity required to be ordered to ensure that ordering and…
Q: Which of the following accounts is not closed to the "Income and Expense Summary" account? O a.…
A: The closing entries are prepared to close the temporary accounts of the business. The revenue,…
Q: Memphis company anticipates total total sales for April, May and June of 910000, 1010000 and…
A: Credit sales are the sales made by the organization to its customer to repay the due on a later…
Q: The following were selected from among the transactions completed by Babcock Company during November…
A: The golden rules of accounting are:-Real account- Debit what comes in and credit what goes out from…
Q: Brief Exercise 10-6 Sarasota Inc. purchased land, building, and equipment from Laguna Corporation…
A: Cost payment for assets is allocated between the assets on the basis of their fair values. The…
Q: Global Corp. expects sales to grow by 9% next year. Assume that Global pays out 50% of its net…
A: Stockholders' equity is amount which belongs to the owner's of the company. It includes paid up…
Q: Melbourne Corporation has traditionally made a subcomponent of its major product. Annual production…
A: Variable costs are those costs which changes along with change in activity level. Fixed costs do not…
Q: 1. Which of the following organizations is least likely to have a liability called Deferred Revenue?…
A: Deferred Revenue, also known as Unearned Revenue, is a liability that arises when a company receives…
Q: Required information [The following information applies to the questions displayed below.] Shadee…
A: Contribution means the difference between the sale and variable cost. Net operating income means the…
Q: company has a balar Payable 15,300 Januar dger three accounts: Smith Company, balance. $4,600; White…
A: Accounts payable means all supplier accounts from whom credit purchases are being made, but amount…
Q: On April 1, 2024, Western Communications, Incorporated, issued 12% bonds, dated March 1, 2024, with…
A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from…
Q: The following transactions occurred during July 1. Received $1,090 cash for services provided to a…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: Kauler Industries, a family-run small manufacturer, has adopted an ABC costing system. The following…
A: The total cost of a job is calculated as sum of direct materials, direct labor and overhead applied…
Q: #3 Required information [The following information applies to the questions displayed below.] A…
A: TOTAL COSTTotal Cost is the cost which is incurred to manufacture a product.Total Cost Includes Cost…
Q: Schrade Company bought a machine for $114,000 cash. The estimated useful life was four years and the…
A: The accounting method of depreciation may be used to stretch out the expense of a tangible object…
Q: Assume a company makes only three products, A, B, and C: Estimated customer demand in units Selling…
A: The contribution margin is calculated as the difference between the sales and variable costs. The…
Q: Astro Company sold 25,500 units of its only product and reported income of $277,200 for the current…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for…
A: Ending inventory is the amount of inventory that an entity has on hand at the end of the period. It…
Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. FIFO stands for…
Q: D Required information [The following information applies to the questions displayed below.] Alden…
A: Variable cost means the cost which vary with the level of output where as fixed cost remains fixed…
Q: On June 1, 2024, Emmet Property Management entered into a 2-year contract to oversee leasing and…
A: Revenue is the total of an income statement over a reporting period. It serves as a gauge of a…
Q: a partial year-end adjusted trial balance. Account Title Sales revenue Loss on sale of investments…
A: Answer:- Net income meaning:- An entity's net income is what remains after expense, benefits and…
Q: Blossom Soaps Company has a balance in inventory of $98800 at the beginning of the month. During the…
A: Cost of goods sold means actual cost of goods that are being sold to customers. It includes…
Q: uary 1, 2023, French Company acquired 60 percent of K-Tech Company for $318,000 when K-Tech's book…
A: Consolidated net income: Consolidated net income is the total of the parent company's net income,…
Q: From these data compute the ending inventory on each of the following bases. Assume that perpetual…
A: Ending inventory is the amount of inventory that an entity has, in its hands at the end of the…
Q: Use this table for calculations: Minimum Days Maximum days % uncollectible 1 30 1.5% 31 60 3.5% 61…
A: Accounts receivable are the amounts owed by the customers to the firm against goods or services they…
Q: Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat.…
A: Income statement :— It is one of the financial statements that shows profitability, total revenue…
Q: On April 1, 2024, Antonio purchased appliances from the Acme Appliance Company for $2,100. In order…
A: A monthly payment which is required to be paid by the Antonio is the payment through which interest…
Q: The following information is available for Fairmount Industries from year 1 operations: Sales…
A: The cash basis income statement is prepared to record all the cash revenue and cash expenses for the…
Q: At December 31, Hawke Company reports the following results for its calendar year. $ 1,905,000 $…
A:
Q: Delph Delph Company uses a job-order costing system with a plantwide predetermined overhead rate…
A: The manufacturing costs comprises direct materials, direct labor and overhead applied. The overhead…
Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…
A: Periodic Inventory System:The periodic inventory system is a method for monitoring on both the…
Q: Required information [The following information applies to the questions displayed below.] BatCo…
A: Direct material cost is calculated by multiplying direct material quantity by direct material price.…
Q: A comparative balance sheet for XYZ Corporation is presented below. December 31 2021 2020 $ 73,000 $…
A: Lets understand the basics.Cashflow statement gets divided into three type of activities which…
Q: Ex 7-12 Prepare bank reconciliation and adjusting entries The information below relates to the Cash…
A: A bank reconciliation is a statement used to compare the balance of the bank account with the…
Step by step
Solved in 3 steps
- 1. The following data pertains to activity and utility cost for two recent periods:Activity level (units) 8,000 5,000Utility cost $8,000 $6,500Utility cost is a mixed cost with both fixed and variable components. Using the high-lowmethod, the cost formula for utility cost is:A. Y = $1.00 XB. Y = $1.25 XC. Y = $4,000 + $0.50 XD. Y = $1,500 + $1.25 X1. (Give workings for your answer) The following data pertains to activity and utility cost for two recent periods: Activity level (units) 8,000 5,000 Utility cost $8,000 $6,500 Utility cost is a mixed cost with both fixed and variable components. Using the high-lowmethod, the cost formula for utility cost is:A. Y = $1.00 XB. Y = $1.25 XC. Y = $4,000 + $0.50 XD. Y = $1,500 + $1.25 XCompute for what is being asked1. Unit selling price P800 unit variable cost P350 annual sales volume, 620 units, fixed costs and expenses P200,000 per year. Compute the following.a. Contribution margin per unitb. Contribution margin percentagec. BEP sales volume (units)d. BEP peso salee. Operating income (BIT)using the break even salef. Operating income (EBIT) using the annual sales volume
- Given the following cost and activity observations for Leno Enterprises'utilities, use the high-low method to calculate Leno's variable utilities cost permachine hour. Cost Machine HoursSeptember £4,100 22,000October £3,700 18,000November £3,900 19,000December £4,500 28,000a) £0.08b) £4.86c) £0.25d) £12.50Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to determine Bounty's variable utilities cost per machine hour. Round your answer to the nearest cent. Cost Machine Hours March $3,100 15,000 April 2,700 10,000 May 2,900 12,000 June 3,600 18,000 a.$10.00 b.$0.63 c.$0.11 d.$0.67Solve for the cost line equation using the high-low method: \table[[Month, Units Produced,Total Cost], [1,4,500,$ 38,000
- The calculated variable cost per unit of S1 High Level of activity is: 1,182 units and $6,286 cost If the low level of activity was 800 units, calculate the total cost at the low level of activity?Assume the local DHL delivery service hub has the following information available about fleet miles and operating costs: Year Miles Operating Costs 2012 556,000 $182,000 2013 684,000 214,000 Use the high-low method to develop a cost-estimating equation for total annual operating costs. (Let X = annual fleet miles.) Total annual costs = $0 +$ 0prepare a contribution income statement with the following: Selling Price Per Unit $45 Variable Expense $36 Number of Units 10,000 Sales Variable Expenses Contribution Margin Fixed Expenses Net Operating Income
- Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to calculate Bounty' variable utilities costs per machine hour. Round your answer to the nearest cent. Cost Machine Hours March $3,070 15,158 April 2,688 10,482 May 2,870 12,037 June 3,847 17,906 Oa. $1.09 Ob. $1.56 Oc. $0.16 Od. $1.05Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to determine Bounty's variable utilities cost per machine hour. Round your answer to the nearest cent. Cost Machine Hours March $3,142 15,489 April 2,691 10,041 May 2,810 11,509 4 June 3,881 18,009 a. $0.15 b. $1.05 O c. $1.64 Od. $1.01 10:21 PM 670002 K 63°FGiven the following information, find number of customers: Profit, $33,603; sales price per unit, $17.00; fixed costs, $97,197; contribution rate, .6