Questions from General Accounting

Q: Fast Co. produces its product through a single processing department.

Fast Co. produces its product through a single processing department. Direct materials are added at the start of production, and conversion costs are added evenly throughout the process. The company u...

Q: Tamar Co. manufactures a single product in one department. All

Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. Durin...

Q: Refer to the data in Problem 20-4A. Assume that

Refer to the data in Problem 20-4A. Assume that Tamar uses the FIFO method to account for its process costing system. The following additional information is available: * Beginning work in process con...

Q: The following financial statements and additional information are reported.

The following financial statements and additional information are reported. Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b....

Q: During May, the production department of a process manufacturing system completed

During May, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 37,500 were in proc...

Q: Dengo Co. makes a trail mix in two departments: roasting

Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The c...

Q: The following costs result from the production and sale of 1,

The following costs result from the production and sale of 1,000 drum sets manufactured by Tight Drums Company for the year ended December 31, 2015. The drum sets sell for $500 each. The company has a...

Q: Alden Co.’s monthly sales and cost data for its operating

Alden Co.’s monthly sales and cost data for its operating activities of the past year follow. Management wants to use these data to predict future fixed and variable costs. Require...

Q: Praveen Co. manufactures and markets a number of rope products.

Praveen Co. manufactures and markets a number of rope products. Management is considering the future of Product XT, a special rope for hang gliding, that has not been as profitable as planned. Since P...

Q: Astro Co. sold 20,000 units of its only product

Astro Co. sold 20,000 units of its only product and incurred a $50,000 loss (ignoring taxes) for the current year as shown here. During a planning session for year 2016’s activities,...