Jasper Carts manufactures custom carts for a variety of uses. The following data have been recorded for Job 651, which was recently completed. Direct materials used cost $7700. There were 178 direct labor hours worked on this job at a direct labor wage rate of $22 per hour. There were 90 machine hours used on this job. The predetermined overhead rate is $32 per machine hour used.

Required:
What is the total manufacturing cost of Job 651?

Answer:

The right answer is "$14,496".

Explanation:

The given values are:

Direct material cost,

= $7700

Labor hours,

= 178

Wage rate,

= $22 per hour

Machine hours,

= 90

Predetermined overhead rate per machine,

= $32

Now,

The direct labors cost will be:

= [tex]Labor \ hours\times wage \ rate[/tex]

= [tex]178\times 22[/tex]

= [tex]3,916[/tex] ($)

Mfg. overhead costs will be:

= [tex]Machine \ hours\times Predetermined \ overhead \ rate[/tex]

= [tex]90\times 32[/tex]

= [tex]2,880[/tex] ($)

So,

The total manufacturing cost will be:

= [tex]7700+3916+2880[/tex]

= [tex]14,496[/tex] ($)

Select the proper term for each definition.

a. A promise to pay issued by a borrower with annual interest payments and a principal payment at maturity.
b. A share of ownership in a company
c. Funds that are kept in a bank that must be relinquished upon the owner's request
d. An agreement between a lender and a borrower

1. Stock
2. Bank Deposit
3. Loan
4. Bond

Hi, please help me
A garage band wants to hold a concert. The expected crowd has a Normal distribution with the mean of 3000 and standard deviation of 200. The average expenditure on concessions is Uniformly distributed with a minimum of $10 and maximum of 25 dollars. Tickets sell for $10 each, and the band’s profit is 80% of the gate (ticket sale) and concession sales, minus a fixed cost of $12,000. Use the provided spreadsheet model and conduct a Monte Carlo simulation with 500 trials to analyze the band profit.
In your analysis,
a. find the minimum, maximum, average, and standard deviation for band profit.
b. create the frequency distribution (using FREQUENCY function) and the histogram for
band profit.
c. Find the probability that band profit will be greater than $62000.

PROJECT FOCUS: One day, a sophisticated business man walks into the cafe and asks to speak to the owner. He introduces himself as Brawner Smith and says that he would like to talk to you in private. Brawner has just opened a local record store down the street and would like to purchase your customer lists from music events. Brawner is offering you a rather large sum of money for the e-mail addresses and phone numbers for all of the customers who have attended concerts at the cafe over the past five years. What do you do

Rushing River Boats has the following data in its Social Security tax payable General Ledger account:
Social Security tax payable ACCOUNT NO. 221
DATE DESCRIPTION POST REF. DEBIT CREDIT DEBIT CREDIT BALANCE
Jan 31 J4 420 1,620
Feb 15 J5
It is a monthly schedule depositor. What entry should appear in the General Ledger to reflect the tax remittance on February 15?
a) Credit $420
b) Debit $420
c) Credit $1,620
d) Debit $1,620

A senior executive is offered a buyout package by his company that will pay him a monthly benefit for the next 20 years. Monthly benefits will remain constant within each of the 20 years. At the end of each 12-month period, the monthly benefits will be adjusted upwards to reflect the percentage increase in the CPI. You are given: The first monthly benefit is R and will be paid one month from today. The CPI increases 3.2% per year forever. At an annual effective interest rate of 6%, the buyout package has a value of 100,000. Calculate R.

Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,100 units. The costs and percentage completion of these units in beginning inventory were:
Cost Percent Complete
Materials costs $ 6,200 50%
Conversion costs $ 2,400 20%
A total of 7,500 units were started and 6,800 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
Cost
Materials costs $ 159,400
Conversion costs $ 121,100
The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs.
The cost per equivalent unit for materials for the month in the first processing department is closest to:______.
a. $18.82
b. $18.57
c. $18.05
d. $19.88

Olmsted Co. has small computer chips assembled in Poland and transports the final assembled products to the parent, where they are sold by the parent in the U.S. The assembled products are invoiced in dollars. It uses Polish currency (the zloty) to produce these chips, and assemble them in Poland. The Polish subsidiary pays the employees in the local currency (zloty). Olmsted Co. finances its subsidiary operations with loans from a Polish bank (in zloty). The parent of Olmsted will send sufficient monthly payments (in dollars) to the subsidiary in order to repay the loan and other expenses incurred by the subsidiary. If the Polish zloty depreciates against the dollar over time, will that have a favorable, unfavorable, or neutral effect on the value of Olmsted Co.? Briefly explain.

As reported in the chapter, quarterly revenue (in billions of dollars) for Nike is estimated as
R= 3.820 + 0.139t + 0.168 Upper D1 + 0.482 Upper D2 + 0.594 Upper D3, where t is a time trend, Upper D1 is a dummy variable indicating the year's first quarter, Upper D2 is a dummy variable indicating the second quarter, and Upper D3 is a dummy variable indicating the third quarter.
What does this estimation tell us about first quarter revenues for Nike compared to the revenue in the fourth quarter? All else equal, in the first quarter, did Nikes revenues decrease? remain unchanged? or increase? relative to revenues in the fourth quarter.

Distributors of cigarettes earn some monopoly profits in their local markets but see them slowly erode as substitutes enter the market. Suppose Nebraska has scheduled a vote on the legalization of marijuana. Additionally, suppose that marijuana and cigarettes are substitutes and that the legalization of marijuana would lead to a decrease in the price of marijuana.

Given the relationship between marijuana and cigarettes, the legalization of marijuana would lead to_______in demand for cigarettes. Thus, distributors of cigarettes would likely____the legalization of marijuana.

At a sales volume of 34,500 units, Choice Corporation's sales commissions (a cost that is variable with respect to sales volume) total $455,400. To the nearest whole dollar, what should be the total sales commissions at a sales volume of 33,400 units? (Assume that this sales volume is within the relevant range.) (Round intermediate calculations to 2 decimal places.)

Tirri Corporation has provided the following information: Cost per UnitCost per PeriodDirect materials$ 7.05 Direct labor$ 4.20 Variable manufacturing overhead$ 1.55 Fixed manufacturing overhead $ 23,500Sales commissions$ 1.15 Variable administrative expense$ 0.40 Fixed selling and administrative expense $ 7,900 If the selling price is $27.20 per unit, the contribution margin per unit sold is closest to:

The debt ratio is calculated by dividing total assets by total liabilities.

True
OR
False

The advantage of having many potential suppliers is their willingness to A. provide technical expertise. B. participate in JIT. C. provide innovations. D. offer lower prices in the short term.

Eric wants to invest in government securities that promise to pay $1,000 at maturity. The opportunity cost (interest rate) of holding the security is 13.80%. Assuming that both investments have equal risk and Ericâs investment time horizon is flexible, which of the following investment options will exhibit the lower price?

a. An investment that matures in four years
b. An investment that matures in five years

Hickory Company manufactures two products—14,000 units of Product Y and 6,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that allocates all of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z:
Activity Cost Pool Activity Measure Estimated Overhead Cost Expected Activity
Machining Machine-hours $ 200,000 10,000 MHs
Machine setups Number of setups $ 100,000 200 setups
Production design Number of products $84,000 2 products
General factory Direct labor-hours $ 300,000 12,000 DLHs
Activity Measure Product Y Product Z
Machine-hours 7,000 3,000
Number of setups 50 150
Number of products 1 1
Direct labor-hours 8,000 4,000
1. What is the activity rate for the Product Design activity cost pool?
2. What is the activity rate for the General Factory activity cost pool?
3. Which of the four activities is a batch-level activity?
4. Which of the four activities is a product-level activity?
5.Using the ABC system, how much total manufacturing overhead cost would be assigned to Product Y? (Do not round intermediate calculations.)
6. Using the ABC system, how much total manufacturing overhead cost would be assigned to Product Z? (Do not round intermediate calculations.)
7. Using the plantwide overhead rate, what percentage of the total overhead cost is allocated to Product Y and Product Z? (Round your "Percentage" answer to 1 decimal place. (i.e. .1234 should be entered as 12.3))
8. Using the ABC system, what percentage of the Machining costs is assigned to Product Y and Product Z?
9. Using the ABC system, what percentage of Machine Setups cost is assigned to Product Y and Product Z?
10. Using the ABC system, what percentage of the Product Design cost is assigned to Product Y and Product Z?
11. Using the ABC system, what percentage of the General Factory cost is assigned to Product Y and Product Z? (Round your "Percentage" answer to 1 decimal place. (i.e. .1234 should be entered as 12.3))

what is a down payment of 20 percent on a purchase price of $215,000​

Consider the supply and demand tables for milk. Draw the supply and demand curves for this market. Milk Market Price ($) Quantity (gallons) 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Supply Demand Price of One GallonQuantity SuppliedQuantity Demanded $120150 $240110 $47070 $610050 $1012020 The equilibrium price is and the quilbrium quantity is gallons of milk. At a price of $1, there is a and the price will At a price of $10, there is a and the price will

A common error made when solving a future value of an annuity problem is: Multiple Choice Using factor tables to help solve the problem. Dividing the annual deposit by the number of years before calculating the problem. Using a financial calculator to help solve the problem. Multiplying the number of years and the interest rate before calculating the problem. Multiplying the annual deposit and the number of years before calculating the problem.

Let x1 represent a typical good (i.e., consumers prefer more of good x1 to less). Let x2 represent a second good in a two-good world. Both goods have continuous indifference curves and income, m, is greater than $0. Under which of the following situations would consumers spend all of their income on just x1?

a. X1 and x2 are perfect complements.
b. The consumer has Cobb-Douglas preferences, and p2 > p1.
c. xi and x2 are perfect substitutes at a 1-to-1 ratio, and p2 > p1.
d. x2 is a bad, meaning less is preferred to more.
e. x2 is a neutral good.

Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following accounts and amounts for the month of August.
Cash $ 25,420 C. Camry,
Withdrawals $6,070
Accounts receivable 22,430
Consulting fees earned 27,070
Office supplies 5,330
Rent expense 9,630
Land 44,070
Salaries expense 5,670
Office equipment 20,080
Telephone expense 950
Accounts payable 10,550
Miscellaneous expenses 570
Use the above information to prepare an August statement of owner's equity for Help Today. The owner's capital account balance at July 31 was $0, and the owner invested $102,600 cash in the company on August 1.

The Best Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated here. The corporate tax rate is 34%. Assume all sales revenue is received in cash, all operating costs and income taxes are paid in cash, and all cash flows occur at the end of the year. All net working capital is recovered at the end of the project.
Year 0 Year 1 Year 2 Year 3 Year 4
Investment $40,000
Sales revenue $20,500 $21,000 $21,500 $18,500
Operating costs 4,300 4,400 4,500 3,700
Depreciation 10,000 10,000 10,000 10,000
Change in NWC 460 510 560 460 ?
Change in NWC in year 4 will be sum of all the NWC needed in year 0-3.
A. Compute the incremental net income of the investment for each year. Do not intermediate calculations.
Year 1 Year 2 Year 3 Year 4
Net income $ $ $ $
B. Compute the incremental cash flows of the investment for each year. Do not round intermediate calculations. Negative amounts should be indicated by a minus sign.
Year 0 Year 1 Year 2 Year 3 Year 4
Cash Flow $ $ $ $ $
C. Suppose the appropriate discount rate is 12%. What is the NPV of the project? Do not Round intermediate calculations and round your final answer to 2 decimal places.
NPV $____

5. Destiny is asked if she wants to open a Macy's credit card on the spot when she is checking out.
Macys is influencing which part of demand by this offer?
A. desire
B. ability to pay
C. willingness to pay
D.
none of the above

A corporation sold 14,000 shares of its $10 par value common stock at a cash price of $13 per share. The entry to record this transaction would include: A credit to Paid-in Capital in Excess of Par Value, Common Stock for $42,000. A debit to Cash for $140,000. A credit to Common Stock for $182,000. A credit to Cash for $182,000.

When overhead is underapplied: A. Cost of Goods Sold is understated B. Work in Process inventory is overstated C. Finished Goods inventory is overstated D. Gross Profit is understated

Question 2. (6)
Briefly explain why Investors, Competitors and Suppliers take interest in
accounting information related to a business. (Please include examples)

AssetsLiabilities Net Worth Reserves$60Checkable Deposits$150 Loans100Stock Shares135 Securities25 Property100 Refer to the accompanying consolidated balance sheet for the commercial banking system. Assume the required reserve ratio is 12 percent. All figures are in billions of dollars. The maximum amount by which the commercial banking system can expand the supply of money by lending is

A good time to find a bargain on a swimsuit is at at

Problem 4-8 Sales and Growth [LO2] The most recent financial statements for Alexander Co. are shown here: Income Statement Balance Sheet Sales $ 42,950 Current assets $ 17,580 Long-term debt $ 37,070 Costs 35,550 Fixed assets 68,350 Equity 48,860 Taxable income $ 7,400 Total $ 85,930 Total $ 85,930 Taxes (21%) 1,554 Net income $ 5,846 Assets and costs are proportional to sales. The company maintains a constant 35 percent dividend payout ratio and a constant debt-equity ratio. What is the maximum dollar increase in sales that can be sustained assuming no new equity is issued

1. Firm L, which operates an internet clothing business, is located in State L. This year, the firm shipped $18 million of merchandise to customers living in State R. State R imposes a six percent sale and use tax on the purchase and consumption of retail goods within the state. a) Do State R residents who purchased Firm L merchandise owe use tax on their purchases? b) If State R could legally require Firm L to collect a 6 percent tax on internet sales made to residents of the State, how much additional revenue would the state collect?

Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which is privately owned, has approached a bank for a loan to help finance its growth. The bank requires financial statements before approving the loan.

Required:
Classify each cost listed below as either a product cost or a period cost for the purpose of preparing financial statements for the bank.

1. Depreciation on salespersonsâ cars.
2. Rent on equipment used in the factory.
3. Lubricants used for machine maintenance.
4. Salaries of personnel who work in the finished goods warehouse.
5. Soap and paper towels used by factory workers at the end of a shift.
6. Factory supervisorsâ salaries.
7. Heat, water, and power consumed in the factory.
8. Materials used for boxing products for shipment overseas. (Units are not normally boxed.)
9. Advertising costs.
10. Workersâ compensation insurance for factory employees.
11. Depreciation on chairs and tables in the factory lunchroom.
12. The wages of the receptionist in the administrative offices.
13. Cost of leasing the corporate jet used by the companyâs executives.
14. The cost of renting rooms at a Florida resort for the annual sales conference.
15. The cost of packaging the companyâs product.