06 Feb AccountingQuestion 1Jordan Company produced 150,00
AccountingQuestion 1Jordan Company produced 150,000 floor lamps during the past calendar year Jordan had 2,500 floor lamps in finished goods inventory at the beginning of the year At the end of the year, there were 11,500 floor lamps in finished goods inventory The lamps sell for $50 each Jordan’s accounting records provide the following information for the past year:Purchases of direct materials $ 1,675,000Direct materials inventory, January 1 $ 380,000Direct materials inventory, December 31 $ 327,000Direct labor $ 2,000,000Indirect labor $ 790,000Depreciation, factory building $ 1,100,000Depreciation, factory equipment $ 630,000Property taxes on the factory $ 65,000Utilities, factory $ 150,000Insurance on the factory $ 200,000Research and development $ 120,000Salary, sales supervisor $ 85,000Commissions, salespersons $ 370,000General Administration $ 390,000Work in process inventory, January 1 $ 450,000Work in process, December 31 $ 750,000Finished goods inventory, January 1 $ 107,500Finished goods inventory, December 31 $ 489,0001 Prepare a statement of cost of goods manufactured2 Prepare an income statement in good form3 Calculate prime cost and conversion cost4 Calculate cost per unit5 What is the purpose of a cost of goods manufactured statement?Question 2PhotoQuik is a film developing company Customers mail their undeveloped rolls of film to the company and receive the completed photographs in return mail The PhotoQik facility is built and staffed to handle the processing of $100,000 rolls of film per year The lab facility cost $330,000 to build and expected to last 20 years Processing equipment cost $592,000 and has a life expectancy of five years Both facility and equipment are depreciated on a straight-line basis PhotoQuik expects to spend $400,000 for chemicals, photo paper, envelopes, and other supplies (assuming $100,000 rolls of film are processed) Last year, 96,000 rolls of film were processed1 Classify the resources associated with the film-processing activity into one of the following types: (1) committed resources and (2) flexible resources2 Calculate the total activity rate for the film-processing activity Break the activity rate into fixed and variable components3 Compute the total activity availability, and break this into activity output and unused activity4 Calculate the total cost of resources supplied, and break this into the cost of activity used and cost of unused activity5 Explain the step-cost function
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