Instructions:
- Answer the ALL questions.
- Assignments should be submitted in MS Word format
- Font should be Times New Roman with 14 points.
- You are required to work in this assignment individually.
- You should submit the assignment via the Blackboard.
- Students who submit assignments after deadline, will get ZERO.
- If you engaged in plagiarism, you will get ZERO marks in the assignment or course.
Question:
- Prepare the journal entries for the following:
- When raw materials are received, Give an example
- When raw materials are sent to the factory floor, Give an example
- When a job is completed, what happen to the cost, Give an example
- Overhead expenses ( salary)paid by cheque $ 5000
- Utilities (Indirect expenses) paid in cash $ 10000
f)Salaries totaling $5,000 are accrued; 35% of these costs are direct labor,40% are indirect labor and 25% are overhead expense. Prepare the journal entry.
g)Overhead costs are allocated to work in process using an allocation rate of 150% of direct labor costs and 300% of overhead expenses.
Prepare the journal entry. (Give different examples- examples should not be same)
2- Riyadh Electricity Companymanufactures chandeliers .Following is information for next year’s operations, based on an estimated volume of 20,000 units: 4 marks
Expected revenues$1,000,000
Unit costs:
Direct materials$6.25
Direct labor15.75
Variable overhead5.50
Fixed manufacturing overhead2.50
Total$30.00
Other fixed costs:
Administration, marketing, etc.$225,000
Income tax rate30%
a.What is the breakeven point for next year?
b.What is next year’s projected after-tax income?
c.Suppose the managers set a target after-tax income of $100,000.Estimate the number of units that must be sold.
3-Ahmed has budgeted next year’s sales at 8,000 units.
Compute Ahmed’s degree of operating leverage. If P = 1,000, V = 400, F = 850,000.
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