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ACC 400 Week 4 Assignment

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ACC 400 Week 4 Assignment BE23.6 Identify the budgets in Column B from which dollar amounts are transferred directly in constructing the budgets listed in Column A. Column A Column B E23.1 The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication: E23.8 Sales on account for the first two months of the current year are budgeted as follows: Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $800,000 Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880,000 All sales are made on terms of 2/10, n/30 (2% discount if paid in 10 days, full amount by 30 days); collections on accounts receivable are typically made as follows:Collections within the month of sale: Within discount period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70% After discount period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Collections within the month following sale: Within discount period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 After discount period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Returns, allowances, and uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% Compute the estimated cash collections on accounts receivable for the month of February. E23.9 On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company’s sales are made on account. The following information has been provided by Spicer’s management: E24.2 The standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows: Variances Standard Cost Unfavorable Favorable Direct materials . . . . . . . . . . . . . . . . . . . . . . . . $ 85,000 Price variance . . . . . . . . . . . . . . . . . . . . . . . $5,000 Quantity variance . . . . . . . . . . . . . . . . . . . . . $3,000 Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 Rate variance . . . . . . . . . . . . . . . . . . . . . . . . 2,700 Efficiency variance . . . . . . . . . . . . . . . . . . . . 6,200 Manufacturing overhead . . . . . . . . . . . . . . . . . 300,000 Spending variance . . . . . . . . . . . . . . . . . . . . 4,000 Volume variance . . . . . . . . . . . . . . . . . . . . . . 5,000 Determine the actual costs incurred during the month of May for direct materials, direct labor, and manufacturing overhead. E24.4 Gumchara Corporation reported the following information with respect to the materials required to manufacture amalgam florostats during the current month: Standard price per gram of materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4 Standard quantity of materials per amalgam florostat . . . . . . . . . . . . . . . . . . . . . 5 grams Actual materials purchased and used in production . . . . . . . . . . . . . . . . . . . . . . . 6,000 grams Actual amalgam florostats produced during the month . . . . . . . . . . . . . . . . . . . . 1,000 units Actual cost of materials purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18,000 Normal monthly output . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 units E24.6 Marlo Enterprises produces radon mitigation pumps. Information pertaining to the company’s m

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