Christopher’s Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2016 follow:

Raw Materials Inventory: $ 15,200

Work in Process Inventory: 5,700

Finished Goods Inventory: 21,200

The following transactions occurred during January:

(a) Purchased materials on account for $26,800.

(b) Issued materials to production totaling $21,800, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials.

(c) Payroll costs totaling $17,500 were recorded as follows: $10,200 for assembly workers 1,800 for factory supervision 2,200 for administrative personnel 3,300 for sales commissions

(d) Recorded depreciation: $4,600 for machines, $1,400 for the copier used in the administrative office.

(e) Recorded $2,000 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense.

(f) Paid $4,800 in other factory costs in cash.

(g) Applied manufacturing overhead at a rate of 200 percent of direct labor cost.

(h) Completed all jobs but one; the job cost sheet for this job shows $2,400 for direct materials, $2,200 for direct labor, and $4,400 for applied overhead.

(i) Sold jobs costing $51,300. The revenue earned on these jobs was $66,690.

Required:

1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: (Post all amounts separately. Do not combine/add any dollar amounts when posting to the t-accounts.)

a. Raw Materials Inventory.

b. Work in Process Inventory.

c.Finished Goods Inventory.

d.Cost of Goods Sold.

e. Selling, General, and Administrative Expenses.

f. Sales Revenue.

g. Other accounts (Cash, Payables, etc.).

2. Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance.

3. Determine the amount of over- or underapplied overhead.

4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of Goods Sold.

Christopher’s Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2016 follow:

The following transactions occurred during January:
(a) Purchased materials on account for $26,800.
(b) Issued materials to production totaling $21,000, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials.
(c) Payroll costs totaling $18,400 were recorded as follows:
    $10,100 for assembly workers
     2,500 for factory supervision
     2,700 for administrative personnel
      3,100 for sales commissions
(d) Recorded depreciation: $5,000 for machines, $1,100 for the copier used in the administrative office.
(e) Recorded $1,800 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense.
(f) Paid $5,600 in other factory costs in cash.
(g) Applied manufacturing overhead at a rate of 200 percent of direct labor cost.
(h) Completed all jobs but one; the job cost sheet for this job shows $2,200 for direct materials, $2,100 for direct labor, and $4,200 for applied overhead.
(i) Sold jobs costing $50,200. The revenue earned on these jobs was $65,260.

Required:
1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: (Post all amounts separately. Do not combine/add any dollar amounts when posting to the t-accounts.)

1. Raw Materials Inventory.
2. Work in Process Inventory.
3. Finished Goods Inventory.
4. Cost of Goods Sold.
5. Selling, General, and Administrative Expenses.
6. Sales Revenue.
7. Other accounts (Cash, Payables, etc.).

2. Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance.



3. Determine the amount of over- or underapplied overhead.



4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of Goods Sold.

Annual percentage yield​) Compute the cost of the following trade credit terms using the compounding​ formula, or effective annual rate. Note​: Assume a​ 30-day month and​ 360-day year.

a. 2​/5​, net 45

b. 4​/10​, net 30

c. 2​/10​, net 60

d. 4​/10​, net 30

Which of the following cannot explain urban sprawl in the U.S.?

a. The fiscal problems with central cities

b. The high crime rate near city centers

c. Higher commuting cost due to rising fuel prices

d. Minimal lot size requirement that exclude high-density housing

Overview

For this program, add code to program 2 that will (potentially) allow for a discount to be applied to the cost of the tickets to the movie theater.

Basic Program Logic

The program should start the same as program 2 by asking the user for the number of tickets to purchase for adult and children.

The program should then ask the user if they have a discount coupon. This is a string value. A value of "Y" indicates the user does have a coupon. Any other value indicates the user does not have a coupon.

If the user does have a discount coupon, ask if the coupon is for a free adult ticket or free child ticket. This is also a string value. A value of "A" is for a free adult ticket which means that a discount of 11.25 should be applied to total purchase. A value of "C" is for a free child ticket which means that a discount of 4.50 should be applied to the total purchase. Any other value is invalid which means that no discount should be applied to the total purchase. If an invalid discount type is selected, display a message to the user that their discount type is not valid and that no discount will be applied.

Calculate the user's total purchase amount, making sure to apply the appropriate discount amount (11.25, 4.50, or 0.00).

Finally, display the results similar to program 2: the number of adult tickets that were purchased, the number of child tickets that were purchased, the discount amount (if a discount was applied to the purchase), and the total purchase amount. The discount amount should ONLY be displayed if the user indicated they had a discount coupon. As with program 2, use setw to line up the last digit of the displayed values and setprecision to display 2 digits after the decimal point.

Program Requirements

1. At the top of the C++ source code, include a documentation box that resembles the one from programs 1 and 2.

2. The dollar amounts should all be displayed with exactly 2 digits after the decimal point, including zeros.

3. The numeric values read in from the user should all be integer values. The discount values read in from the user should all be string values. Use meaningful variable names.

4. Make sure and test the program with values other than those in the sample output.

Output

A few runs of the program should produce the following results:

Run 1

Enter the number of adult tickets that are being purchased: 2
Enter the number of child tickets that are being purchased: 5

Do you have a discount coupon (Y for yes)? Y

Is the discount for an adult or child's ticket (A for adult, C for child)? C


************************************
           Theater Sale
************************************
Number of adult tickets:           2
Number of child tickets:           5

Discount:                       4.50

Total purchase:                40.50

Run 2

Enter the number of adult tickets that are being purchased: 1
Enter the number of child tickets that are being purchased: 2

Do you have a discount coupon (Y for yes)? n


************************************
           Theater Sale
************************************
Number of adult tickets:           1
Number of child tickets:           2

Total purchase:                20.25

Run 3

Enter the number of adult tickets that are being purchased: 2
Enter the number of child tickets that are being purchased: 2

Do you have a discount coupon (Y for yes)? Y

Is the discount for an adult or child's ticket (A for adult, C for child)? S
Error: S is not a valid discount type. No discount will be applied

************************************
           Theater Sale
************************************
Number of adult tickets:           2
Number of child tickets:           2

Discount:                       0.00

Total purchase:                31.50

Run 4

Enter the number of adult tickets that are being purchased: 4
Enter the number of child tickets that are being purchased: 2

Do you have a discount coupon (Y for yes)? Y

Is the discount for an adult or child's ticket (A for adult, C for child)? A


************************************
           Theater Sale
************************************
Number of adult tickets:           4
Number of child tickets:           2

Discount:                      11.25

Total purchase:                42.75

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