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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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- 2. Using the information provided in the image below, determine the carrying amount of the inventory that S Company purchased from P Company in the December 31, 2019 consolidated Statement of financial position. * Selected information from the separate and consolidated statements of financial position and statements of comprehensive income of P Company. and its subsidiary, S Company., as of December 31, 2019, and for the year then ended is as follows: P Company S Company Consolidated Statement of financial position accounts Accounts receivable. . Inventory.... Investment in S Co.. Goodwill. Noncontrolling interest... Stockholders' equity... P 26,000 30,000 67,000 P19,000 25,000 P 42,000 50,000 30,000 10,000 154,000 154,000 50,000 Statement of comprehensive income accounts P200,000 150,000 50,000 P140,000 110,000 30,000 P300,000 225,000 75,000 Revenues.. Cost of goods sold.. Gross profit. Equity in earnings of S Co. Net income... P9,000 P36,000 P20,000 P36,000 Additional information…a. Using the information provided in the image below, determine the carrying amount of the inventory that S Company purchased from P Company in the December 31, 2019 consolidated Statement of financial position b. Using the same information in item 2, determine the percent of noncontrolling interest ownership in S Company as of December 31, 2019.a. Determine the carrying amount of the inventory that S Company purchased from P Company in the December 31, 2019 consolidated Statement of financial position. b. Determine the percent of noncontrolling interest ownership in S Company as of December 31, 2019.
- Using the information provided in the image below, determine the carrying amount of the inventory that S Company purchased from P Company in the December 31, 2019 consolidated Statement of financial position. Using the same information, determine the percent of noncontrolling interest ownership in S Company as of December 31, 2019.Phone Corporation owns 80 percent of Smart Company's stock. At the end of 20X8, Phone and Smart reported the following partial operating results and inventory balances: Total sales Sales to Smart Company Sales to Phone Corporation Net income Operating income (excluding investment income from Smart) Inventory on hand, December 31, 20x8, purchased from: Smart Company Phone Corporation Phone Corporation $ 700,000 148,400 Amount of sales 77,000 49,680 Required: a. What amount of sales will be reported in the consolidated income statement for 20X8? Amount of cost of goods sold Smart Company $ 522,000 Phone regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percent markup. The total sales reported by Phone and Smart include both intercompany sales and sales to nonaffiliates. 248,400 27,000 44,520 b. What amount of cost of goods sold will be reported in the 20X8 consolidated income statement? Note: Do not round intermediate…Below are the Statements of Comprehensive Income of Riego and Mercadejas Companies for 2020. Riego Company's Statement of Comprehensive Income was prepared before it reported its share of Mercadejas Company's income. Riego Company uses the equity method. Mercadejas Co. Riego Co. 800,000 320,000 480,000 380,000 100,000 Sales Cost of sales Gross profit Operating Expenses Net Income Inventories, 1/1/20: Purchased from outsiders Purchased intercompany Inventories, 12/31/20: Purchased from outsiders Purchased intercompany 200,000 90,000 110,000 60,000 50,000 15,000 20,000 10,000 25,000 5,000 5,000 The gross profit rate, as a percentage of sales, has been stable for several years and 60% of Mercadejas Company's sales are to Riego Company. 75% of Mercadejas Company's was acquired by Riego Company some time ago at book value. Mercadejas Company's equity at December 31, 2020 consisted of P20,000 of capital stock and P60,000 of retained earnings. REQUIRED: Compute the amount of the following in…
- Selected information from the separate and consolidated statements of financial position and statements of comprehensive income of Pau de Arco, Inc. and its subsidiary, Kati Alis Co., as of December 31, 20X9, and for the year then ended is as follows: (see image below) In Pau de Arco's December 31, 20X9, consolidated Statement of financial position, the carrying amount of the inventory that Kati Alis purchased from Pau de Arco. Pau de Arco Kati Alis Consolidated Statement of financial position accounts Accounts receivable. P 26,000 P19,000 P 42,000 Inventory......... 25,000 50,000 30,000 67,000 Investment in Kati Alis. Goodwill...... 30,000 Noncontrolling interest........ 10,000 Stockholders' equity........ 154,000 50.000 154,000 Statement of comprehensive income accounts Revenues............ P200,000 P140,000 P300,000 Cost of goods sold... 150,000 110,000 225.000 Gross profit................. 50,000 30,000 75,000 P9,000 Equity in earnings of Kati Alis. Net income......... P36,000…[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…Required Information (The following information applies to the questions displayed below] Selected comparative finencial statements of Korbin Company follow KORBIN COMPANY Comparative Incone tatanants Foe Year Ended Decanbar 31, 2019, 2018, and 2017 2019 8437,333 1335.033 2017 6232, S00 2018 Sales Cont of gooda sold Ge peofit Selling expanaea Adminiateatie enpenses Tetal anpensas Income hetoee tanaa 14, 00 3, 700 30,690 19,298 49,948 33,712 6.44 263,274 174,059 62, 101 210,401 174, 622 46,235 29,403 75.718 48,914 10,027 i 38,87 39,360 101,461 72, 538 523.503 S 59,095 Incoma taR xpansa. Net inoome 526,868 KORBIN COMPANY Comparativa Balanoa Sheata Decembes 31, 2019, 2018, and 2017 2019 2010 2017 Aasata Cursant a ata Long-tem invaatnanta Plant asseta, nat E37,777 6 30,499 700 4, E20 102, 224 34,157 54,768 6209. 887 Total as eta $195. 6EE E132, 634 Liabilities and Equity Cuerent 1iabilitiea Comman atook other paid-in capita Ratainad aaeninga 23,211 64,000 1,000 $ 19,762 64,000 8,000 5…
- 1.) Prepare statement of Comprehensive Income from the information given below of ABC SAOC for the year ended 31st December 2018: Sales Revenue Cost of sales Gross profit Other income Salaries and other employee related costs General and administrative expenses Selling and distribution expenses Net finance costs Taxation Fair value gain on financial assets Unrealized holding loss classified as available for sale 38,277,238 27,721,482 10,555,756 199,882 4,260,314 970,694 4,519,766 24,450 263,382 394,898 Investments on 59,236The following are the statement of comprehensive income and financial position of Jones Limited as at December 31st, 2019: Jones Limited Statement of Comprehensive Income for the Year Ended 31st December 2019 GH₵ GH₵ Net profit 45,200 Jones Limited Statement of Financial Position as at 31st December 2019 31/1/2019 31/1/2018 GH₵ GH₵ Non-current assets 209,600 150,000 Accumulated depreciation (38,000) (24,000) 171,600 126,000 Current assets Inventory 19,600 21,000 Receivables 20,400 17,200 Bank 11,400 10,000 Cash 8,400 3,600 59,800 51,800 Total assets 231,400 177,800 Equity capital Stated capital 103,600 42,400 Income surplus 56,600 160,200 45,200 87,600 Noncurrent…Question : Calculate the following ratios for Avartar Sdn. Bhd. for years ended 31 March 2019 and 31 March2018 : 11) Inventory turnover times (using closing inventories); 12) Inventory turnover days (using closing inventories); 13) Receivables collection period; 14) Payables payment period (using cost of sales); 15) Earnings per share; Provide the formulas used for calculating the ratios and all workings should be shown clearly. Answer probably please!!!!!