Financial Accounting Determining Monthly Break-Even Unit Sales Homework Help
- November 15, 2017
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- Category: Accounting QA
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1. The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation for the just-completed year.
Sales ………………………………………………………$950
Raw materials inventory, beginning …………………$10
Raw materials inventory, ending …………………….$30
Purchases of raw materials ………………………….$120
Direct labor ………………………………………………$200
Manufacturing overhead ……………………………..$230
Administrative expenses ……………………………..$100
Selling expenses ………………………………………..$140
Work-in-process inventory, beginning ………………$70
Work-in-process inventory, ending ………………….$40
Finished goods inventory, beginning ………………$100
Finished goods inventory, ending ……………………$80
Use these data to prepare (in thousands of dollars) a schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold for the year. In addition, elaborate on the relationship between these schedules as they relate to the flow of product costs in a manufacturing company.
2. Loxham Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Work in process, beginning:
Units in beginning work in process inventory 400
Materials costs $6,900
Conversion costs $2,500
Percent complete for materials 80%
Percent complete for conversion 15%
Units started into production during the month 6,000
Units transferred to the next department during the month 5,400
Materials costs added during the month $112,500
Conversion costs added during the month $210,300
Ending work in process:
Units in ending work-in-process inventory 1,000
Percentage complete for materials 80%
Percentage complete for conversion 30%
Required:
Calculate the equivalent units for materials for the month in the first processing department.
3. Heckaman Corporation produces and sells a single product. Data concerning that product appear below.
Selling price per unit | $230.00 |
Variable expense per unit | $112.70 |
Fixed expense per month | $239,292 |
Required:
Determine the monthly break-even in unit sales. Show your work!
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4. (Ignore income taxes in this problem.) Five years ago, the City of Paranoya spent $30,000 to purchase a computerized radar system called W.A.S.T.E. (Watching Aliens Sent To Earth). Recently, a sales rep from W.A.S.T.E. Radar Company told the city manager about a new and improved radar system that can be purchased for $50,000. The rep also told the manager that the company would give the city $10,000 in trade on the old system. The new system will last 10 years. The old system will also last that long but only if a $4,000 upgrade is done in 5 years. The manager assembled the following information to use in the decision regarding which system is more desirable
Old System | New System | ||
Cost of radar system………………….. | $30,000 | $50,000 | |
Current salvage value…………………. | $10,000 | ||
Salvage value in 10 years…………….. | $5,000 | $8,000 | |
Annual operating costs……………….. | $34,000 | $29,000 | |
Upgrade required in 5 years………… | $4,000 | ||
Discount rate…………………………….. | 14% | 14% |
Required:
a.What is the City of Paranoya’s net present value for the decision described above? Use the total cost approach.
b.Should the City of Paranoya purchase the new system or keep the old system?
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