Please do not give solution in image format thanku Hosmer Industries provides the following information about resources and usage:UnusedResourcesCapacityResources usedMaterialsPowerSetupsPurchasingClient assistanceSupervisionFacility costResources suppliedMaterialsPowerSetupsPurchasingClient assistanceRequired A Required B$ 5,9003,854SupervisionFacility costSales revenue for Hosmer Industries is $830,000.Required:a. Prepare a traditional income statement.b. Prepare an activity-based income statement.2,0204,54018,4608,3806,940Sales revenueMaterialsPowerSetupsPurchasingClient assistanceSupervisionFacility cost$ 306,70046,01458,50257,66038,10072,636104,380Prepare a traditional income statement.Total costsOperating profitComplete this question by entering your answers in the tabs below.Traditional Income StatementCost Driver Volume6,400 pounds.272 hours62 setups64 purchase orders40 inquiries256 labor-hours3,360 square meters00Required B > Prepare an activity-based Income statement.Sales revenueCostsUnitMaterialsPowerBatchSetupsPurchasingProduct and customer sustainingClient assistanceCapacity sustainingSupervisionFacility costTotal costsOperating profitActivity-Based Income StatementUnusedResourceCapacityResourcesUsed$$$$$.$0 $$0 $$0 $$5,9003,8542,02011,774 $2,0204,540ResourcesSupplied6,560 $18,46018,460 $8,3806.94005 15,320 $05 52,114 $00000$ 830,000$0830,000

Under activity based costing method, the cost is allocated to each activity based on its…

Hosmer Industries provides the following information about resources and usage: Unused Resources Capacity Resources used Materials Power Setups Purchasing Client assistance Supervision Facility cost Resources supplied Materials Power Setups Purchasing Client assistance $ 5,900 3,854 2,020 4,540 18,460 8,380 6,940 $ 306,700 46,014 58,502 57,660 38,100 72,636 104,380 Supervision Facility cost Sales revenue for Hosmer Industries is $830,000. Required: a. Prepare a traditional income statement. b. Prepare an activity-based income statement. Cost Driver Volume 6,400 pounds. 272 hours 62 setups 64 purchase orders 40 inquiries 256 labor-hours 3,360 square meters

Hosmer Industries provides the following information about resources and usage: Unused Resources Capacity Resources used Materials Power Setups Purchasing Client assistance Supervision Facility cost Resources supplied Materials Power Setups Purchasing Client assistance $ 5,900 3,854 2,020 4,540 18,460 8,380 6,940 $ 306,700 46,014 58,502 57,660 38,100 72,636 104,380 Supervision Facility cost Sales revenue for Hosmer Industries is $830,000. Required: a. Prepare a traditional income statement. b. Prepare an activity-based income statement. Cost Driver Volume 6,400 pounds. 272 hours 62 setups 64 purchase orders 40 inquiries 256 labor-hours 3,360 square meters

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 41E

See similar textbooks

Similar questions

Bonita Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: Net Product Cost Realizable Value A B C $111000 85000 160000 $126000 $351000. O $356000. O $376000. O $371000. 80000 165000 If Bonita applies the LCNRV basis, the value of the inventory reported on the balance sheet would be
------------ distrebution being distributed the cost of sevice center to the production center lump Sum. * 1.Single distrebution 2.Step distrebution 3.Tottal distrebution
Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Purchase of raw materialsb. Design 2. Advertisingc. Production 3. Salary of research scientistsd. Marketing 4. Shipping expensese. Distribution 5. Reengineering of product assembly processf. Customer service 6. Replacement parts for warranty repairs7. Manufacturing supplies8. Sales commissions9. Purchase of CAD (computer-aideddesign) software10. Salary of website designer
Current Attempt in Progress Dr. Kimberly is evaluating her dental practice with her colleague, Dr. Matthew. Dr. Kimberly provides general dental services, while Dr. Matthew provides orthodontic care. They utilize shared business services (including human resources, billing, and purchasing) as well as shared maintenance services. Here is a summary of their costs and usages, where business services are allocated based on hours on task and maintenance costs are allocated based on square feet of space. Original cost Business services (proportion of time spent) Square feet of space (proportion of space used) Business Services $90,000 0.20 Maintenance Dental $56,000 $554,000 0.05 0.55 0.50 Orthodontics $386,000 0.40 0.30 Vi Ac
ilrn/takeAssignment/takeAssignmentMain.do?invoker%-&takeAssignmentSessionLocator3&inprogress%3false ps Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Report Quantity Requisition Quantity Date Unit Price Amount Quantity Amount Number Number price May 1 250 $5 $1,250 21 180 $7 May 4 102 280 $4 May 10 27 120 May 21 115 170 May 27 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Previous Next
Classify each of the following as either one-time or recurring costs: a. training personnel b. initial programming and testing c. systems design d. hardware costs e. software maintenance costsf. site preparation g. rent for facilities h. data conversion from old system to new system i. insurance costs j. installation of original equipment k. hardware upgrades
Required:For Minmin Company, how much was allocated to: i. Landii. Buildingiii. Machineryiv. Office equipmentv. Delivery equipment
(Please answer all required parts) Income statement info for Required 3: Advertising, Common fixed expenses, Depreciation of special equipment, Salaries of product line managers, Sales, and Variable manufacturing and selling expenses
Allocate the revenue from the computer bundle purchase to each of the hardware products using the stand-alone method based on cost per unit.
Question: Determine the total service department costs (S1 + S2) allocated to P1.
Ivano Company has collected cost accounting information for the following subset of items forYears 1 and 2. Required:Calculate the values of the missing Items a through e.
Requirements: (kindly disregard the requirements on picture.) 1. Cost of the following under FIFO method a. In process, beg to be accounted to completed and transferred. b. Started and completed for the period to be accounted to completed and transferred. c. In process, end