BUS 294 Assignment on Cost Terms and Classifications

BUSI 294Assignment on Cost Terms and ClassificationsDelta Mountain Supplies has been in business for three months. The company was formed by twooutdoor enthusiasts to produce high quality sleeping bags, which can used in all kinds of weatherconditions. The owners of the company were well skilled in production and had developed an excellentrelationship with a boutique store that specializes in selling outdoor equipment. The administrationwork and the accounting have been managed by the brother of one of the owner’s. The brother had abusiness degree but no special training in accounting.The owners had just received the income statement for the latest quarter and were somewhat dismayedby the results. The company had almost reached its productive capacity for producing sleeping bags andmost of them had been sold. Still, the income statement, presented in exhibit one, showed an operatingloss for the quarter.Believing something was not correct, the owners have hired you to review the accounting informationand to report back to them.Exhibit OneDelta Mountain SuppliesIncome StatementFor the Quarter ended, December 31stSales (6,000 sleeping bags)Operating expenses:Selling and administrative salariesTravel for sales purposesAdvertisingIndirect labour costsRaw materials purchasedPlant suppliesDirect labour costPlant maintenanceDepreciation, office equipmentRent (90% for the plant, 10% for sales space)Insurance (Plant only)Depreciation, Plant equipmentUtilities (80% plant, 20% for sales operations)Total operating expensesOperating loss$750,000$63,00045,00098,00097,000225,0005,00070,00038,00013,00050,0006,00060,00032,000802,000$(52,000)During the quarter, the company completed 8,000 sleeping bags. The owners completed a physicalinventory count and valuation on March 31st. The opening and closing inventory values are as follows:Raw materials inventoryWork-in-process inventoryFinished goods inventoryOctober 1st$0$0$0December 31st$30,000$24,000?Required:1. Describe two conceptual errors that the “accountant” made in preparing the income statementshown in exhibit one2. Prepare a schedule of the cost of goods manufactured for the quarter ending December 31 st.3. Prepare a corrected income statement for the quarter.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Essay Fountain
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Sociology
The writer covered all points as expected by the professor. Thank you for your commitment to serve students.
Customer 452919, February 21st, 2024
Sociology
Thanks to the entire Team of Solutions.
Customer 452919, March 29th, 2022
Sociology
Thank you, this is an 8-week course, so I will be needing your assistance.
Customer 452919, January 20th, 2023
Sociology
Thank you, I have been averaging 16/20 points for the past discussions 1-4). Unsure why, but I will know how this one goes in a few days. Thank you for your assistance.
Customer 452919, February 16th, 2023
Sociology
I have never experienced receiving a paper past the due date and time. That is the only thing that displeases. I don't have time o Overall, your team does a great job.
Customer 452919, November 18th, 2021
Business Studies
I had no idea what to do here and you nailed it! Thank you so much!
Customer 453131, November 21st, 2022
Sociology
Thank you, Team I sincerely appreciate your service.
Customer 452919, April 13th, 2022
Nursing
The second attempt was an unplagiarized paper. Thank you
Customer 452545, September 25th, 2020
Sociology
Thanks to the Team
Customer 452919, March 22nd, 2022
Criminal Justice
Very well and a good paper. Well worded and organized. I would like to know where the references come from
Customer 452519, June 13th, 2020
Psychology
Paper was received before time which I was quite please with.
Customer 453101, June 18th, 2022
WRTG 393 6360 Advanced Technical Writing (2222)WRTG-393
Patience and truly superb service considering all the information was not uploaded.
Customer 452995, February 4th, 2022
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat