Answer: $253.50 per unit
Explanation:
Total Overhead = Fixed manufacturing Overhead + Variable Manufacturing Overhead
= 164,000 + ($5 * 32,800)
= $328,000
Manufacturing overhead rate per hour = Total Overhead/ Machine hours
= 328,000/32,800
= $10 per hour
Job T687 used 30 machine hours so its manufacturing overhead is;
= 10 * 30
= $300
Job T687 cost = Direct materials + Direct labor cost + Manufacturing overhead
= 745 + 1,490 + 300
= $2,535
There were 10 units in the Job so unit product cost is;
= 2,535/10
= $253.50 per unit
The trial balance of Rollins Inc. included the following accounts as of December 31, 2021:_______.
Debits Credits
Sales revenue 5,900,000
Interest revenue 40,000
Loss on sale of investments 10,000
Loss on debt investments 160,000
Gain on projected benefit obligation 260,000
Cost of goods sold 4,400,000
Selling expense 400,000
Restructuring costs 190,000
Interest expense 20,000
General and administrative expense 300,000
The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%.
Required:
Prepare a 2021 separate statement of comprehensive income for Rollins Inc. (Amounts to be deducted should be indicated with a minus sign.)
Answer:
Rollins Inc.
ROLLINS INC.
Statement of Comprehensive Income
For the year ended December 31, 2021:
Sales revenue $5,900,000
Cost of goods sold -4,400,000
Gross profit $1,500,000
Selling expense 400,000
General and administrative expense 300,000 -700,000
Operating Income $800,000
Interest revenue 40,000
Interest expense -20,000 20,000
Income before taxes $820,000
Income tax (25%) -205,000
Income after tax $615,000
Other comprehensive income:
Gain on projected benefit obligation 260,000
Restructuring costs -190,000
Loss on sale of investments -10,000
Loss on debt investments -160,000 -100,000
Other comprehensive income $515,000
Explanation:
Data and Calculations:
Trial Balance as of December 31, 2021:
Debits Credits
Sales revenue 5,900,000
Cost of goods sold 4,400,000
Interest revenue 40,000
Interest expense 20,000
Loss on sale of investments 10,000
Loss on debt investments 160,000
Gain on projected benefit obligation 260,000
Selling expense 400,000
Restructuring costs 190,000
General and administrative expense 300,000
The Karns Oil Company is deciding whether to drill for oil on a tract of land that the company owns. The company estimates the project would cost $4 million today. Karns estimates that, once drilled, the oil will generate positive net cash flows of $2 million a year at the end of each of the next 4 years. Although the company is fairly confident about its cash flow forecast, in 2 years it will have more information about the local geology and about the price of oil. Karns estimates that if it waits 2 years then the project would cost $5 million. Moreover, if it waits 2 years, then there is a 90% chance that the net cash flows would be $2.1 million a year for 4 years and a 10% chance that they would be $1.1 million a year for 4 years. Assume all cash flows are discounted at 10%.
Use the Black-Scholes model to estimate the value of the option. Assume the variance of the project's rate of return is 5.12% and that the risk-free rate is 7%.
Answer:
Investing today is a better option because it has a better NPV of $2.3398 million
Explanation:
Given data :
For Today's Investment
Initial capital investment = $4 million
positive cash flow = $2 million
period of cash flow = 4 years
project cost of capital = 10%
To get the value of This option we have to determine the NPV of this option
NPV = PMT * [tex][\frac{1-(1+r)^-4}{r} ] - initial cash flow[/tex] ----------- (1)
PMT = $2 million
r = 10%
initial cash flow = $4 million
Equation 1 becomes
NPV = (2 * 3.1699 ) - 4
= $6.3398 - $4 = $2.3398 million
For later investment ( 2 years )
initial capital investment = $5 million
90% chance of positive cash flow = $2.1 million
10% chance of positive cash flow = $1.1 million
project cost of capital = 10%
NPV value for a cash flow of $1.1 million
NPV = PMT * [tex][\frac{1-(1+r)^-4}{r} ] - initial cash flow[/tex]
PMT = $1.1 million
initial cash flow = $5 million
r = 10%
Hence NPV = ($1.1 * 3.1699 ) - $5 million
= $3.48689 - $5 million
= - $1.51311
therefore the present NPV = - $1.51311 / 1.21 = -$1.25 million ( therefore no investment will be made )
NPV value for a cash flow of $2.1 million
NPV = PMT * [tex][\frac{1-(1+r)^-4}{r} ] - initial cash flow[/tex]
PMT = $2.1 million
initial cash flow = $5 million
r = 10%
hence NPV = ($2.1 * 3.1699 ) - $5 million
= $6.65679 - $5
= $1.65679
therefore the present NPV = $ 1.65679 / 1.21 = $1.369 million
The Expected NPV value of later investment ( after 2 years )
= $0 * 10% + $1.369 * 90%
= $1.2321 million
Crater HVAC Systems is preparing its statement of cash flows (indirect method) for the year ended March 31, 2018. To follow, in no particular order, is a list of items that will be used in preparing the company's statement of cash flows. Identify each item as an operating activity addition to net income; an operating activity subtraction from net income; an investing activity; a financing activity; or an activity that is not used to prepare the cash flows statement. a. Increase in inventory b. Issuance of common stock c. Decrease in accrued liabilities d. Net income e. Decrease in prepaid expense
Answer:
a. Increase in inventory - an operating activity subtraction from net income
This is an operating activity as it has to do with the day to day business of the company and its operations. It is a subtraction from Net income because an increase in inventory means that more cash was spent to buy the inventory.
b. Issuance of common stock - a financing activity
Financing activities are those that have to do with raising capital for the business so when stock is issued and Equity is raised, it is a financing activity.
c. Decrease in accrued liabilities - an operating activity subtraction from net income
Liabilities are also in relation to the firm's operations so they are operating activities. This will be a subtraction from Net income because cash was used to pay off liabilities which is what reduced them.
d. Net income - operating activity addition to net income
Net income is derived from the operations of the business so is an Operating activity. It will increase net income evidently.
e. Decrease in prepaid expense - operating activity addition to net income
Prepaid expense is in relation to expenses which is an operating activity. It will be an addition to net income because as an asset, it reducing means that cash was not paid to acquire it.
Candlewood LLC started business on August 1, and it adopted a calendar tax year. During the year, Candlewood incurred $10,950 in legal fees for drafting the LLC's operating agreement and $5,475 in accounting fees for tax advice of an organizational nature, for a total of $16,425 of organizational costs. Candlewood also incurred $22,000 of preopening advertising expenses and $31,000 of salaries and training costs for new employees before opening for business, for a total of $53,000 of startup costs. The LLC wants to take the largest deduction available for these costs. If required, round any division to six decimal places and use in subsequent computations. Round your final answers to the nearest dollar. How much can Candlewood deduct as organizational expenses
Answer:
$5,317
Explanation:
Calculation of the organizational expenses is as shown below.
Actual expense $53,000 - reduced startup $48,000 = $5,000
This means that Candlewood LLC may deduct
= ($16,425 - $5,000) × 5/180
= $11,425 × 5/180
= $317.4
Therefore, organizational expenses would be;
= $5,000 + $317.361111
= $5,317.361111
= $5,317. Approximated to the nearest dollar.
Candlewood LLC may deduct $5,317 as organizational expenses.
Variable Costing—Sales Exceed Production The beginning inventory is 14,500 units. All of the units that were manufactured during the period and 14,500 units of the beginning inventory were sold. The beginning inventory fixed manufacturing costs are $60 per unit, and variable manufacturing costs are $114 per unit. a. Determine whether variable costing income from operations is less than or greater than absorption costing income from operations. b. Determine the difference in variable costing and absorption costing income from operations. $
Answer:
a. Variable costing income from operations is greater than absorption costing income from operations.
b. $870,000
Explanation:
a. Under Variable costing, only the variable manufacturing costs are apportioned to the units produced.
Cost under Variable costing are;
= 114 * 14,500
= $1,653,000
Under Absorption Costing, both fixed and variable costs are apportioned to the units produced.
Cost therefore is;
= (114 + 60) * 14,500
= $2,523,000
Variable costing income from operations is greater than absorption costing income from operations because Absorption costs yields more cost.
b.= Absorption cost - Variable cost
= 2,523,000 - 1,653,000
= $870,000
Variable costing income from operation will be $870,000 higher than Absorption costing income from operations.
A publication's final deadline for supplying printing material for an advertisement is a ________________?
A. on sale date
B. Cover date
c. Closing date
D.Birth date
Answer:
c. Closing date
Explanation:
No advertisement is accepted for the next edition after the Closing Date. For an ad to run after this date, the publisher has to issue written permission. Cancellations are also not accepted after this date. Unless otherwise agreed, clients are expected to make full payments for the ad by the end of the closing date.
The on-sale date is the day the issue is expected at the newsstand for customers to buy.
Benny is the manager of an office-support business that supplies copying, binding, and other services for local companies. He must replace a worn-out copy machine that is used for black-and-white copying. He is considering two machines, and each of these has a monthly lease cost plus a cost for each page that is copied. Machine 1 has a monthly lease cost of $619, and there is a cost of $0.040 per page copied. Machine 2 has a monthly lease cost of $685, and there is a cost of $0.025 per page copied. Customers are charged $.12 per page copied. If Benny expects to make 75,000 copies per month, what would be the monthly cost for each machine
Answer:
Results are below.
Explanation:
Giving the following information:
Machine 1:
Monthly lease cost of $619
Cost per page= $0.040
Machine 2:
Monthly lease cost of $685
Csot per page= $0.025
First, we need to structure the total cost formula for each machine:
Machine 1:
Total cost= 619 + 0.04x
Machine 2:
Total cost= 685 + 0.025x
Now, the cost of 75,000 pages:
Machine 1:
Total cost= 619 + 0.04*75,000= $3,619
Machine 2:
Total cost= 685 + 0.025*75,000= $2,560
If you wanted to make sure a company has enough money available to pay its bills, which financial statement would be most helpful?
A. Balance sheet
B. Income statement
C. Statement of owners’ equity
D. Cash flow statement
Answer:
D. Cash flow statementExplanation:
Answer:
D) Cash Flow statement
Explanation:
Just did the quiz. please mark brainliest ! :)
1. You will receive a Financial Aid Award Letter... *
Before you have completed the FAFSA
After you have completed the FAFSA and applied to colleges
After you have completed the FAFSA and have been accepted to colleges
O After you have started your first semester of classes
_______ policy involves government changes to spending or taxation to affect the economy.
Budgetary
Fiscal
Inflation
Monetary
Answer:
The answer is B: Fiscal
Explanation:
Fiscal policy involves changes in the overall government spending and/or the overall level of taxation and the budgetary position.
Edge2020
Good luck, Stay safe!
Fiscal policy involves government changes to spending or taxation to affect the economy.
What is Fiscal policy?Fiscal policy occurs when government make use o policies like tax to increase or improve the nations economy.
The spendings of the government can also be used as a policy to improve the economy.
Therefore, Fiscal policy involves government changes to spending or taxation to affect the economy.
Learn more on fiscal policy here,
https://brainly.com/question/6583917
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Raw Materials Inventory Begin. Inv. 12,400 Purchases 47,000 Avail. for use 59,400 DM used 50,000 End. Inv. 9,400 Work in Process Inventory Begin. Inv. 15,800 DM used 50,000 Direct labor 33,300 Overhead 69,000 Manuf. costs 168,100 Cost of goods manuf. 155,200 End. Inv. 12,900 Finished Goods Inventory Begin. Inv. 17,800 Cost of goods manuf. 155,200 Avail. for sale 173,000 Cost of Goods Sold 152,500 End. Inv. 20,500 Required: 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year.
Answer:
Results are below.
Explanation:
Giving the following information:
Direct Material used= 50,000
Work in Process Inventory Begin. Inv. 15,800
Direct labor 33,300
Overhead 69,000
WIP End. Inv. 12,900
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 15,800 + 50,000 + 33,300 + 69,000 - 12,900
cost of goods manufactured= $155,200
Finished Goods Inventory Begin. Inv. 17,800
Finished Goods Inventory End. Inv. 20,500
To calculate the cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 17,800 + 155,200 - 20,500
COGS= $152,500
Which of the following statements is true concerning the consequences of rent controls? A. Construction companies are big winners because more housing units are being built due to guaranteed rental income. B. Low income earners are big winners since it is easier to obtain housing. C. Property owners are big winners since they receive a guaranteed amount of rent. D. Upper income earners are big winners due to the fact that they can better exploit nonprice rationing devices. E. All of the above.
Answer: D. Upper income earners are big winners due to the fact that they can better exploit nonprice rationing devices.
Explanation:
The market is price rationing which means that when there is more demand than supply for a particular good, it would allocate that good based on price i.e. it will increase the price which would reduce demand and so those who can afford it will afford it.
Nonprice rationing devices (like discrimination) attempt to do this same thing but without using the price mechanism when measures like rent controls are in place.
This means that landlords will start to selectively pick tenants so that they will be sure that they will be paid because they will feel that lower income earners (who can now rent the property due to the rent control) will have a harder time paying. Upper income earners will therefore be big winners because they will get preferential treatment.
Consider, in 2010, there was only one movie produced by Marvel Studios(Iron Man 2). In 2018, there were three (Black Panther, Avengers: Infinity War, and Ant-Man and the Wasp).
a) Find a linear model that shows how many MCU films are made each year (use xx to be years since 2010) using the data above.
b) With the model found in (a), how many MCU films should release in 2020?
Answer:
The answer is below
Explanation:
a) A linear model is represented in the form y = mx + c, where y is the dependent variable, x is the independent variable, m is the rate of change and c is the value of y at x = 0.
Since x = years since 2010, let y = number of movies produced
In 2010 (x = 0), y = 1, this can be represented as (0, 1)
In 2018 (x = 8), y = 3, it can be represented as (8, 3)
Hence, with the points (0,1) and (8, 3) using the formula:
[tex]y-1=\frac{3-1}{8-0}(x-0)\\ \\y-1=\frac{1}{4}x\\\\y=\frac{1}{4}x+1[/tex]
b) In 2020 (x = 10), the number of films that would be released is:
[tex]y=\frac{1}{4}x+1\\ \\y=\frac{1}{4}(10)+1\\ \\y=2.5+1\\\\y=3.5\\\\y=3[/tex]
3 movies would be released
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 43,000 units, 100% complete as to materials and 60% complete as to conversion. Units started and completed: 146,000. Units completed and transferred out: 189,000. Ending Inventory: 39,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $61,000. Costs in beginning Work in Process - Conversion: $66,850. Costs incurred in February - Direct Materials: $409,400. Costs incurred in February - Conversion: $617,150. Calculate the cost per equivalent unit of materials.
Answer: $2.06
Explanation:
Material Cost in Beginning work in process = $61,000
Material cost incurred in February for materials = $409,400
Total Material cost = 61,000 + 409,400
= $470,400
Units completed and transferred out were 189,000.
Ending inventory is 39,000 and 100% complete in relation to materials so will count towards materials.
Equivalent Material units = 189,000 + 39,000
= 228,000 units
Cost per equivalent unit of materials = Total material cost/ Equivalent Material units
= 470,400/228,000
= $2.06
The environmental protection agency of a county would like to preserve a piece of land as a wilderness area. The current owner has offered to lease the land to the county for 20 years in return for a lump-sum payment of $1.1 million, which would be paid at the beginning of the 20-year period. The agency has estimated that the land would generate $110,000 per year in benefits to hunters, bird watchers, and hikers. Assume that the lease price represents the social opportunity cost of the land and that the appropriate real discount rate is 4 percent.
a. Assuming that the yearly benefits, which are measured in real dollars, accrue at the end of each of the 20 years, calculate the net benefits of leasing the land. Should the environmental protection agency pay for this piece of land?
b. Some analysts in the agency argue that the annual real benefits are likely to grow at a rate of 2 percent per year due to increasing population and county income. Recalculate the net benefits assuming that they are correct. Should the environmental protection agency pay for this piece of land?
Answer:
a. Assuming that the yearly benefits, which are measured in real dollars, accrue at the end of each of the 20 years, calculate the net benefits of leasing the land. Should the environmental protection agency pay for this piece of land?
the net benefits of leasing the land = the present value of the benefits generated
PV = annual benefit x pv annuity factor
annual benefit = $110,000pv annuity factor 20 years, 4% = 13.590PV = $110,000 x 13.59 = $1,494,900
Since the present value of the benefits is higher than the lease price, then this transaction should be carried out.
b. Some analysts in the agency argue that the annual real benefits are likely to grow at a rate of 2 percent per year due to increasing population and county income. Recalculate the net benefits assuming that they are correct. Should the environmental protection agency pay for this piece of land?
this is a growing annuity, therefore we have to use the following formula:
PV = [p / (r - g)] x {1 - [(1 + g)/(1 + r)]ⁿ}
p = $110,000r = 4%g = 2%n = 20PV = [$110,000 / (4% - 2%)] x {1 - [(1 + 2%)/(1 + 4%)]²⁰} = $5,500,000 x 0.321833005 = $1,770,081.53
Since the present value of the net benefits are even higher now, then the environmental agency should definitely pay.
Which of the following is an example of nonverbal communication?
Answer:
Some examples of Nonverbal: Facial expressions. The human face is extremely expressive, able to convey countless emotions without saying a word, Body movement and posture, Gestures, Eye contact, Touch, Space, Voice, Pay attention to inconsistencies.
Explanation:
Nonverbal communication refers to gestures, facial expressions, tone of voice, eye contact (or lack thereof), body language, posture, and other ways people can communicate without using language.
Answer: INCOMPLETE QUESTION
Which of the following is an example of effective nonverbal communication?
A. Remaining close to the person's face when relaying a message.
B. Using a chart to point to text and images.
C. Avoiding facial expressions like frowning or nodding.
D. Paying attention to what's going on in the room.
The answer is B for A-P-E-X users.
This article (Links to an external site.) suggests, based on significant evidence, that competition in US markets is not only constrained, but is becoming less so, as fewer companies dominate business (Links to an external site.). The high profits and rising stock markets we have seen recently are significantly linked to this, rather than to a more competitive economy. Our model of Supply & Demand is based on a model of perfectly competitive markets. If our markets are not competitive, how does that affect this model? Read the first article and the full Introduction (at least) to the Brookings study. Submit your answer in the box. It should be a few paragraphs long and include a reference to an additional academic-level outside evidence to back up what you are saying.
Answer:
Follows are the solution to this question.
Explanation:
When economies aren't truly competitive, it can have a different monopoly or oligopoly or a monopoly competition, which leads to greater productivity or decreased level and barriers to access and excessive consumer spending than that of the aggregate supply, which causes price rises, and also inflation. It is the result of the fact, that economies are not fully efficient. Consequently, fewer companies control and divest of small and new players with reduced cash flows. Mostly as result, the fundamentals of market forces are changed by technology, fast-generation immigrant advantage, and sustainable supply, that centralizes market structures ever further.
A faculty member is retiring, and a committee has been established to select a replacement. HR conducts candidate recruitment, and the selection committee proceeds through the interview process. However, the dean has already made the decision to select David, one of his friends who is in the interview pool, for the open position. Since David is not fully qualified for the position, the dean rewrites the job description to fit David’s qualifications. Discuss the ethics of this situation using the distributive justice framework of moral principles.
Answer:
The dean has violated the brights of other members to be picked for the violation through this act of favoritism.
Explanation:
This dean has gone ahead to rewrite David's description. By so doing he has altered the job description to favor david. This shows a bias to David in the side of this dean thereby causing him to violate the act that says that there should be no discrimination or bias of my form.
Rewriting the job description to favor david is against the ethics of the distributive justice framework which says that the distribution of goods in a society must be done In an equitable manner for all. 2 principles of this are applicable here. The rights based justice and also the legal justice. Rights based justice demands that the rights of people bare respected which the dean has clearly also violated.
REFRESH Produce is a distributor of fresh produce. They conducted a thorough analysis of its market and identified groups of consumers that had similar product-related needs. One particular market identified wanted fresh and unique produce, such as Swiss chard, radicchio, and exotic fruits, and they were willing to pay higher prices for these choices. REFRESH Produce decided to focus its marketing effort on this segment of the total market. This segment is REFRESH Produce's
Answer:
D. target market
Explanation:
The target market can be identified as the group of people that the company has identified as potential consumers of its products or services, based on its similar characteristics, such as preferences and needs, aligned with the purpose of a product or service.
After identifying its target market, the company will focus its marketing efforts on that group of consumers to promote its business and become competitive and profitable in the market.
It is essential that the company develops personalized marketing to attract and retain potential consumers, using marketing strategies such as the marketing mix and the four pillars of product, price, market and promotion, in order to balance the company's marketing forces by promoting products and making available in the target market with elements that attract the attention and consumer desire for your product or service.
differences between a small office and a big office
Answer:
one is bigger and the other one is smaller
Three Square Market, a Wisconsin-based tech firm, made headlines after they offered implantable microchips to its employees. The controversy highlights a generational divide, with younger generations being less concerned about privacy and much more open to sharing their lives. The move to place technology inside of employees raises concerns about data privacy issues, the lack of legislation around the technology, and the long-term health implications for our bodies.
Answer:
True.
Explanation:
Although the implantation of microchips in humans is a great technological advance that is gradually being added to our society, this technology raises many concerns that are the main causes of rejection of this technology.
Many people reject the placement of bio microchips for religious reasons, but in addition, there is no type of legislation that regulates these processes which can result in abuse, invasion of privacy and other illegal issues. Finally, many people complain about the lack of information about the physical, chemical and biological consequences that a body with microchips can have.
Assume that MTA Sandwiches sells sandwiches for $7.20 each. The cost of each sandwich follows. Materials $ 2.70 Labor 0.90 Variable overhead 0.45 Fixed overhead ($10,800 per month, 6,000 units per month) 1.80 Total costs per sandwich $ 5.85 One of MTA’s regular customers asked the company to fill a special order of sandwiches at a selling price of $5.40 each for a fund-raising event sponsored by a social club at the local college. MTA has capacity to fill it without affecting total fixed costs for the month. MTA’s general manager was concerned about selling the sandwiches below the cost of $5.85 and has asked for your advice. Required: a. Prepare a schedule to show the impact on MTA’s profits of providing 400 sandwiches in addition to the regular production and sales of 6,000 sandwiches per month. b. Based solely on the data given, what is the lowest price per sandwich at which the special order can be filled without reducing MTA’s profits?
Answer:
MTA Sandwiches
a. A Schedule:
Special Order Regular Production Total
Total contribution $540 $18,900 $19,440
Fixed overhead 0 10,800 10,800
Profit $540 $8,100 $8,640
Profits increased by $540 with the special order.
b. The lowest price per sandwich at which this special order of 400 sandwiches can be filled without reducing MTA's profits is $4.05. This is equal to the unit variable cost. At this price, neither profit will be generated nor loss incurred from the special order.
Explanation:
a) Data and Calculations:
Cost of each sandwich:
Materials $ 2.70
Labor 0.90
Variable overhead 0.45
Fixed overhead
($10,800 per month,
6,000 units per month) 1.80
Total costs per sandwich $ 5.85
b) Computation of total profit for special order and regular production:
Special Order Regular Production Total
Selling price = $5.40 7.20
Variable (Relevant) cost:
Materials $ 2.70
Labor 0.90
Variable overhead 0.45 $4.05 $4.05
Contribution per unit $1.35 $3.15
Total contribution ($1.35*400) $540 $18,900 ($3.15*6,000) $19,440
Fixed overhead 10,800
Profit $8,640
Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 499,968 (b) 416,640 Bal. 83,328 Work in Process Bal. 5,360 (c) 778,000 319,500 93,500 (b) 416,640 Bal. 57,000 Finished Goods Bal. 33,000 (d) 674,000 (c) 778,000 Bal. 137,000 Cost of Goods Sold (d) 674,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows:
Work in Process, ending $ 27,360
Finished Goods, ending 65,760
Cost of Goods Sold 323,520
Overhead applied $ 416,640
For example, of the $57,000 ending balance in work in process, $27,360 was overhead that had been applied during the year. Required:
1. Identify reasons for entries (a) through (d).
2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry.
3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry.
Answer:
1. a would be the Actual Manufacturing cost for the year
b would be the Manufacturing Overhead applied to the Work in Process
c is the Cost of Goods Manufactured in the year
d is the Cost of Goods Sold as shown in the same named account.
2.
DR Cost of Goods Sold $83,328
CR Manufacturing Overhead $83,328
3.
DR Work in Process $5,472
Finished Goods $13,152
Cost of Goods sold $64,704
CR Manufacturing Overhead $83,328
Working
Overhead is distributed as follows;
Work in process = 27,360/ 416,640 * 83,328 = $5,472
Finished Goods = 65,760/ 416,640 * 83,328 = $13,152
Cost of Goods sold = 323,520/416,640 * 83,328 = $64,704
Tariff effects: An overview
Consider two hypothetical countries, Alagir and Ertil. Both countries produce iGadgets, and the price of iGadgets is lower in Alagir than in Ertil. If Alagir and Ertil open to trade, producers in would be more likely to lobby their government for an import tariff on iGadgets in order to protect themselves from foreign competition.
Which of the following statements about the effects of the tariff compared to free trade are correct?
A. In Alagir, workers in iGadget importing companies lose their jobs.
B. In Ertil, some workers at retail and shipping companies that import iGadgets lose their jobs.
C. In Ertil, consumers pay more for the domestic iGadgets.
D. In Ertil, workers in iGadget importing companies see more jobs available to them.
E. In Ertil, producers of iGadgets are willing to expand output.
Answer:
The answer is "Option E, Option B, and Option C".
Explanation:
There are two Alagir and Ertil nations, and both iGadgets are created by the nations. Its price throughout the world was lower than in the world, and the manufacturers in Ertil will be more likely to ask their government for just a tariff on iGadgets to protect them against the international competition so because the cost in the nation is higher and consumers are starting to import goods from the country.
According to the article, companies that have successfully used the discrimination and fairness paradigm to increase their demographic diversity.
a. are usually run by leaders who value due process and equal treatment of all employees
b. are usually run by leaders who have top-down directives
c. to enforce initiatives often have entrenched, easily observable cultures operate in a business environment where there is increased diversity among customers, clients, or the labor pool
Answer: a, b and c.
Explanation:
The article in question is the Harvard Business Review article titled Making Differences Matter: A New Paradigm for Managing Diversity by David A. Thomas and Robin J. Ely.
In this article, the logic that diversity in employment apart from it being the moral and legal way to do things, is also good for business is explored.
It is shown that companies that have been able to successfully use the discrimination and fairness paradigm to increase their demographic diversity were usually run by effective leaders who valued due process and equality in the treatment of their employees and they had top-down directive issuing power which they used to enforce their view.
The organizations also often have entrenched, easily observable cultures.
Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.
Answer:
Cost of goods sold Ending Inventory
April 19 2,500 at $40 = $100,000 1,500 at $40 = $60,000
Sept 2 5,000 at $49.67 248,350 1,000 at $49.67 = 49,670
Explanation:
Data and Calculations:
Date Details Units Cost price Total cost Inventory
Jan. 1 Inventory 4,000 units at $40 $160,000
Apr. 19 Sale 2,500 units $40 $100,000 60,000
June 30 Purchase 4,500 units at $44 298,000
Sept. 2 Sale 5,000 units $50 248,350 49,670
Nov. 15 Purchase 2,000 units at $46
b) Cost of goods sold c) Ending Inventory
April 19 2,500 at $40 = $100,000 1,500 at $40 = $60,000
Sept 2 5,000 at $49.67 248,350 1,000 at $49.67 = 49,670
Which examples demonstrate tasks commonly performed in Printing Technology jobs? Check all that apply.
Curtis writes articles for a local newspaper.
Opal creates a schedule for all the printing press projects lined up for a facility.
Ramona writes a long novel.
Natasha assigns articles to Reporters and Correspondents.
Glenn uses computer software to prepare a document for publishing.
Theo sews together bindings for books.
Answer:
2,5,6
Explanation:
Answer:
-Opal creates a schedule for all the printing press projects lined up for a facility.
-Glenn uses computer software to prepare a document for publishing.
-Theo sews together bindings for books.
Explanation:
or 2,5,6
Item 6Item 6 On July 15, 2018, Ortiz & Co. signed a contract to provide EverFresh Bakery with an ingredient-weighing system for a price of $90,000. The system included finely tuned scales that fit into EverFresh's automated assembly line, Ortiz's proprietary software modified to allow the weighing system to function in EverFresh's automated system, and a one-year contract to calibrate the equipment and software on an as-needed basis. (Ortiz competes with other vendors who offer ongoing calibration contracts for Ortiz's systems.) If Ortiz was to provide these goods or services separately, it would charge $60,000 for the scales, $10,000 for the software, and $30,000 for the calibration contract. Ortiz delivered and installed the equipment and software on August 1, 2018, and the calibration service commenced on that date. Assume that the scales, software and calibration service are viewed as one performance obligation. How much revenue will Ortiz recognize in 2018 for this contract?
Answer: $74,250
Explanation:
Ortiz put the individual goods together and so charged lower. The amount will need to be apportioned based on the amount they will charge had they sold the goods individually.
Total if sold individually;
= 60,000 + 10,000 + 30,000
= $100,000
Scales;
= (60,000/100,000) * 90,000
= $54,000
Software;
= (10,000/100,000) * 90,000
= $9,000
Calibration;
= (30,000/100,000) * 90,000
= $27,000
The Calibration service is for a year and commenced on August 1, and the year ended December 31 so Ortiz would have to account for a year given those 5 months alone.
= 27,000 * 5/12
= $11,250
The total revenue recognized in 2018;
= 54,000 + 9,000 + 11,250
= $74,250
During the month your company paid for gasoline for the company vehicles using the company credit card issued by First Bank. Match the journal entries that are prepared behind the scenes with the corresponding transaction or event that has occurred in QBO. Record purchases on credit card as an Expense Transaction. Answer 1 DR: Gasoline expense, CR: Credit Card payable Reconcile the credit card account and enter a bill for payment later. Answer 2 Choose... Pay the credit card bill with a check
Answer:
1. Record purchases on credit card as an Expense Transaction.
Dr. Gasoline expense Cr. Credit Card payableThe Gasoline purchase is an expense so it is debited to an expense account. The purchase was paid for by the Credit Card which is a liability so it will be credited.
2. Reconcile the credit card account and enter a bill for payment later.
Dr. Credit Card Payable Cr. Accounts PayableAs the credit Card is a liability it will need to be accounted for as an Accounts Payable.
3. Pay the credit card bill with a check
Dr. Accounts payable Cr. CheckingWhen paying for the credit card bill, the Accounts payable will be debited to recognize the reduction in Accounts payable. The checking account is credited to recognize a reduction in money in the bank account.
Which of these is a risk in introducing a new product in the market?
A.
Consumers demand more of your product.
B.
Consumers do not find your product good enough to shift loyalty.
C.
Consumers expect you to come up with another product variant soon enough.
D.
Consumers value your new product more than the old variant.
Answer: B
Explanation: consumers do not find your product good enough to shift loyalty.
It’s the only logical risk, also I just took this test and it’s correct