Manufacturing Costs Q1. What is the difference between the product cost and period cost? Give some examples for each type Q2. What do you understand by utilization rate? Give an example Q3. The AMS Manufacturing Company uses a job costing system with machine hours as the allocation base for overhead. The company uses normal costing to develop the overhead allocation rate. The following data are […]

Purpose Of The Assessment Students are required to: • Critically evaluate the purpose and role of   Accounting Information Systems in today’s business environment. • Articulate the various transaction cycles, financial reporting, management reporting systems, and eCommerce systems to technical and non-technical stakeholders. • Appraise the risks inherent in computer-based systems/ERP, including the role of ethics and the various internal control processes that need to be […]

Calculating Residual Income Forchen, Inc., provided the following information for two of its divisions for last year: Small Appliances Division Cleaning Products Division Sales $34,620,000 $31,370,000 Operating income 2,387,000 1,254,300 Operating assets, January 1 6,397,000 5,620,000 Operating assets, December 31 7,470,000 6,590,000 Forchen, Inc., requires an 9 percent minimum rate of return. Required: 1. Calculate residual income for the Small Appliances Division. $ fill in […]

Paragraph Corporation purchased land on January 1, 20×1, for $26,500. On June 10, 20X4, it sold the land to its subsidiary, Senu Corporation, for $32,500. Paragraph owns 60 percent of Sentence’s voting shares. Required: a. Prepare the worksheet consolidation entries needed to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X4 and 20X5. (If no entry is […]

Part 2 of 3 666 points Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 The following information applies to the questions displayed below) Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial […]

Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 [The following information applies to the questions displayed below) Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017, […]

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Instructions – Avoid plagiarism, the work should be in your own words – All answered must be typed using Times New Roman (size 12, double-spaced) font. – Use APA style references   – Q1– What are support departments, and why are their costs allocated to other departments?  What process is used to allocate support department costs?    Q2– How are joint costs allocated? Explain and […]