Solved Assignments

Huebert Company provided the following information for last year:

Huebert Company provided the following information for last year:
Beginning inventories:
Direct materials …………………….$ 52,700
Work in process ……………………. 25,000
Finished goods ……………………… 75,000
Ending inventories:
Direct materials …………………….$ 42,700
Work in process ……………………. 50,000
Finished goods …………………….. 140,000
During the year, direct materials purchases amounted to $270,000, direct labor cost was $304,000, and overhead cost was $506,000. During the year, 25,000 units were completed.

Required:
1. Calculate the total cost of direct materials used in production.
2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost.
3. Of the unit manufacturing cost calculated in Requirement 2, assume $11 is direct materials and $12 is direct labor. What is the prime cost per unit? Conversion cost per unit?

Aussie Ltd is an Australian company for which the Australian dollar is the functional

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On 1 July 2015, Richmond Ltd acquired 40% of the share capital of Carlton Ltd

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On 1 July 2015, Sweets Ltd purchased 80% of the issued shares of Savoury Ltd

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On 1 July 2017, Fantastic Ltd entered into a lease agreement

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Consolidation: Principles, accounting requirements, intra-group transactions and non-controlling interests

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On December 31, 2011, Pen Corporation purchased 80 percent of the stock of Sut Company at book

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US Bright produces a list of the activities performed at Cravings for cakes

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The Lotus Corporation signs a lease agreement dated January 1, 2010

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The Sax Company signs a lease agreement dated January 1, 2010 that provides for it to lease computers

The Sax Company signs a lease agreement dated January 1, 2010 that provides for it to lease computers from the Appleton Company beginning January 1, 2010. The lease terms, provisions, and related events are as follows: The lease term is five years. The lease is noncancelable and requires equal rental payments to be made at the end of each year. The computers have an estimated life of five years, a fair value of $300,000, and a zero estimated residual value. Sax Company agrees to pay all executory costs. The lease contains no renewal or bargain purchase option. The annual payment is set by Appleton at $83,222.92 to earn a rate of return of 12% on its net investment. The Sax Company…

The Timmer Company signs a lease agreement dated January 1, 2007

The Timmer Company signs a lease agreement dated January 1, 2007 that provides for it to lease equipment from Landau Company beginning January 1, 2007. The lease terms, provisions, and related events are as follows: The lease is non-cancellable and has a term of five years. The annual rentals are $83,222.92, payable at the end of each year, and provide Landau with a 12% annual rate of return on its net investment. The Timmer Company agrees to pay all executor costs at the end of each year. In 2007 these were: insurance $3,760; property taxes, $5,440. In 2008: insurance, $3,100; property taxes, $5,330. There is no renewal or bargain purchase option. Timmer estimates that the equipment has an economic life of…

On January 1, 2014, Alison, Inc., paid $76,800 for a 40 percent interest in Holister

On January 1, 2014, Alison, Inc., paid $76,800 for a 40 percent interest in Holister Corporation’s common stock. This investee had assets with a book value of $224,000 and liabilities of $104,000. A patent held by Holister having a $8,100 book value was actually worth $53,100. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to goodwill. During 2014, Holister earned income of $38,000 and declared and paid dividends of $13,000. In 2015, it had income of $61,700 and dividends of $18,000. During 2015, the fair value of Allison’s investment in Holister had risen from $86,200 to $92,280.   Assuming Alison uses the equity method, what balance should appear in the Investment in…