Company has the following information relating to its manufacturing during February:

• Beginning Raw Materials Inventory was $1,800. Purchases were $21,000.
• Budgeted Overhead is $30,000. Overhead is allocated using machine hours.   Budgeted machine hours are 1,500 machine hours. Actual overhead was $32,000.
• Job #2 was unfinished on January 31^st. The total cost of the job was $4,000.
• Jobs #3-5 were started in February, while Job #2 was continued to be manufactured. Data related to jobs in manufacturing during February are as follows:

Job #                   DM                  DL                Machine Hours

   2                   $1,000             $ 700                          120

   3 2,000 800                          240

   4 3,000 1,200                          360

   5 5,000 1,400                          480

• Job #1, costing $12,000, was finished in January but not sold during that month.
• Jobs #1, 2, and 4 were sold during February.
• Job #3 was unfinished at the end of February and Job #5 was finished but not sold.
• ABC Company’s fiscal year ends on December 31^st.
• Over/underapplied overhead is closed out at the end of each fiscal quarter.

1. Calculate the February Ending Balance of Work In Process.
2. Calculate the February Cost of Goods Manufactured showing detail BY JOB!
3. Calculate the February Ending Balance of Finished Goods showing detail BY JOB!
4. Calculate the February Balance in Factory Overhead.

Inventory Costing Methods—Periodic Method Archer Company is a retailer that uses the periodic inventory system.

August 1 Beginning inventory 80 units of Product A @ $1,600 total cost

5 Purchased 100 units of Product A @ $2,116 total cost

8 Purchased 200 units of Product A @ $4,416 total cost

11 Sold 165 units of Product A @ $4,800 total sale

Calculate the August cost of goods sold and the ending inventory at August 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar.

QUESTION 1

During the past century the average growth rate of U.S. real GDP per person is 2% per year. It implies that it doubled, on average, about every

Select one:

a. 100 years

b. 70 years

c. 35 years

d. 25 years

e. 50 years

QUESTION 2

In the loanable funds market, if the government is running a budget surplus

Select one:

a. it is a supplier of funds as it is taking in more than it is spending

b. it is a demander of funds as it is taking in more than it is spending

c. it is a supplier of funds as it is spending more than it is taking in

d. it is neither be a supplier or demander

e. it is a demander of funds as it is spending more than it is taking in

QUESTION3

What is the effect of diminishing returns to labor on the slope of the aggregate production function (where output is measured on the vertical axis and employment is measured on the horizontal axis)?

Select one:

a. It implies that the slope of the curve increases as the number of workers employed increases

b. It implies that the slope of the curve becomes negative as the number of workers employed increases

c. It implies that the slope of the curve decreases (or becomes flatter) as the number of workers employed increases

d. It keeps the slope the same throughout

e. It has nothing to do with the slope of the aggregate production function

QUESTION4

The supply of loanable funds curve is upward-sloping because a rise in the interest rate

Select one:

a. decreases the opportunity cost of firms' investment spending

b. stimulates the economy

c. decreases the opportunity cost to households’ current consumption

d. increases the opportunity cost to households’ current consumption

e. increases the government's desire to run a budget deficit

Ten years ago Diana Torres wrote what has become the leading Tort textbook. She has been receiving royalties based on revenues reported by the publisher. These revenues started at $1.4 million in the first​ year, and grew steadily by 5.9% per year. Her royalty rate is 15% of revenue.​ Recently, she hired an auditor who discovered that the publisher had been under reporting revenues. The book had actually earned 10% more in revenues than had been reported on her royalty statements.

a. Assuming the publisher pays an interest rate of 3.7% on missed​ payments, how much money does the publisher owe​ Diana?

b. The publisher is short of​ cash, so instead of paying Diana what is​ owed, the publisher is offering to increase her royalty rate on future book sales. Assume the book will generate revenues for an additional 20 years and that the current revenue growth will continue. If Diana would otherwise put the money into a bank account paying interest of 3.8%​, what royalty rate would make her indifferent between accepting an increase in the future royalty rate and receiving the cash owed today.

please , show every process !

for Georgia-Atlantic to make semiannual lease payments of $545,554 over a four-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2018. Georgia-Atlantic’s incremental borrowing rate is 8%, the same rate IC uses to calculate lease payment amounts. Depreciation is recorded on a straight-line basis at the end of each fiscal year. The fair value of the warehouse is $3.8. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the present value of the lease payments at June 30, 2018 that Georgia-Atlantic uses to record the right-of-use asset and lease liability. 2. What pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31, 2018? 3. What pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2018? (For all requirements, enter your answers in whole dollars and not in millions. Round your final answer to nearest whole dollar.)

Consider the following time series data.

Consider the following time series data.

Nadia Company, a merchandising company, prepares its master budget on a quarterly basis. The following data has been assembled to assist in preparation of the master budget for the second quarter.

a. As of March 31 (the end of the prior quarter), the company’s balance sheet showed the following account balances:

b. Sales for March total 10,000 units. Each month’s sales are expected to exceed the prior month’s results by 5%. The product selling price is $25.00 per unit.

c. Sales are 20% for the cash and 80% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at March 31 are a result of March credit sales.

d. Company’s policy calls for a given month’s ending inventory to equal 80% of the next month’s expected unit sales. The March 31 inventory is 8,400 units, which complies with the policy. The purchase price is $15.

e. Monthly selling and administrative expenses are budgeted as follows: salaries and wages, $7500 per month; shipping 6% of sales; advertising, $6,000 per month; other expenses, 4% of sales. Depreciation including depreciation on new assets acquired during the quarter, will be $6,000 for the quarter. Sales representatives’ commissions are 12.5 % of sales and are paid in the month of the sales. The sales manager’s salary will be $3,500 in April and $4,000 per month thereafter.

f. Half a month’s inventory purchases are paid in the month of purchase and half in the following month.

g. Equipment purchases during the quarter will be as follows: April, $11,500; and May, $3,000.

h. Dividends totaling $3,500 will be declared and paid in June.

i. No cash payment for income taxes are to be made during the second calendar quarter. Income taxes will be assessed at 35% for the quarter.

1. Management wants to maintain a minimum cash balance of $8,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total balance of $20,000. The interest rate of these loans is 1% per month, and for simplicity, we will assume that the interest is not compounded. The company would as far as it is able, repay the loan plus accumulated interest at the end of the quarter.

Required: Using the above data, complete the following statements and schedules for the second quarter.

1. Sales budget

2. Purchases budget

3. Selling expense budget

4. General and administrative expense budget

5. Expected cash receipts from customers

6. Expected cash payments for purchases

7. Cash budget

8. Budgeted income statement, budgeted statement of retained earnings, and budgeted balance sheet