Questions
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data.

Problem 2-3A (Video)

Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data.

Raw Materials Inventory

 

$4,500

 

Manufacturing Overhead Applied

 

$35,900

Work in Process Inventory

 

$5,675

 

Manufacturing Overhead Incurred

 

$29,300


Subsidiary data for Work in Process Inventory on June 1 are as follows.

Job Cost Sheets

   

Customer Job

Cost Element

 

Rodgers

 

Stevens

 

Linton

Direct materials

 

$600

 

$900

 

$800

Direct labor

 

300

 

600

 

600

Manufacturing overhead

 

375

 

750

 

750

   

$1,275

 

$2,250

 

$2,150


During June, raw materials purchased on account were $5,200, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of $500 incurred on account.

A summary of materials requisition slips and time tickets for June shows the following.

Customer Job

 

Materials Requisition Slips

 

Time Tickets

Rodgers

 

$800

 

$700

Koss

 

2,200

 

800

Stevens

 

400

 

300

Linton

 

1,500

 

1,300

Rodgers

 

300

 

300

   

5,200

 

3,400

General use

 

1,600

 

1,300

   

$6,800

 

$4,700


Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $18,000. Each customer paid in full.

Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials, labor, and overhead to production; and (3) completion of jobs and sale of goods. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Post the entries to Work in Process Inventory. (Post the entries to Work in Process Inventory in the order presented in the problem.)

Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs.

Prepare a cost of goods manufactured schedule for June.

In: Accounting

Statitics

A researcher wants to determine the association between two continuous variables, X and Y. A sample of 100 individuals were taken from a population where the values of X and Y were measured from each individual.

 

a) The correlation coefficient of X and Y were calculated from this sample and the value is 0.2, what is the implication of this value?

 

b) What may go wrong if the researcher concludes on the association between variables X and Y based on only the correlation coefficient?

 

c) What should the researcher do to avoid the mistake that might occur in part(b)?

 

In: Statistics and Probability

What is Business Cycle in Economics?

Meaning of business cycle. Phases of business cycle in details.

In: Economics

Compute ending inventory, cost of goods sold, and gross profit.

My question: Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit. (Round price index to 2 decimal places, e.g. 1.45 and final answers to 0 decimal places, e.g. 6,548.)

 

William’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, William adopted dollar-value LIFO and decided to use a single inventory pool. The company’s January 1 inventory consists of:

Category

 

Quantity

 

Cost per Unit

 

Total Cost

Portable   5,400   $ 100   $  540,000
Midsize   7,200   250   1,800,000
Flat-screen   2,700   400   1,080,000
    15,300       $ 3,420,000


During 2020, the company had the following purchases and sales.

Category

 

Quantity
Purchased

 

Cost per Unit

 

Quantity
Sold

 

Selling Price
per Unit

Portable   13,500   $ 110   12,600   $ 150
Midsize   18,000   300   21,600   400
Flat-screen   9,000   500   5,400   600
    40,500       39,600  

 

(b)

Incorrect answer icon

Your answer is incorrect.

Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit. (Round price index to 2 decimal places, e.g. 1.45 and final answers to 0 decimal places, e.g. 6,548.)

Ending inventory  

$

Cost of goods sold  

$

Gross profit  

$

In: Accounting

Who served the longest term as the president of Kenya?

Who served the longest term as the president of Kenya?

In: History

cultural legacy of the Mongol empire?

What is the cultural legacy of the mongol empire? What are some of the great achievements of the Mongol Empire that mark its cultural legacy?

In: History

Long term capital gain

Jayne purchased General Motors stock 6 years ago for $20,000. In 2016, she sells the stock for $35,000. What is Jayne’s gain or loss?

a. $15,000 short-term gain

b. $15,000 long-term gain

c. $15,000 ordinary loss

d. $15,000 extraordinary gain

e. No gain or loss is recognized on this transaction

In: Accounting

prepare a trial balance in good form

The following accounts are taken from the ledger of chillin company at December 31,2014

200 Notes payable R$20,000                            101 Cash          R$6,000

311 Share capital - ordinary 25,000                  126  Supplies      5,000

157 Equipment - 76,000                                    729  Rent Expense  2,000

332 Dividends - 8,000                    212  Salaries & Wages payable 3,000

726 Salaries & Wages Expense -  38,000          201  Accounts Payable 9,000

400 Service Revenue - 86,000                          112  Accounts Receivable 8,000

In: Accounting

What is the amount of working capital

Harding Company

Particulars                                     Amount$

Accounts payable                          40,000

Accounts Receivable                      65,000

Cash                                               30,000

Accrued Liabilities                          7,000

Intangible assets                            40,000

Inventory                                       72,000

Long term investments                 1,10,000

Long term liabilities                      75,000

Marketable securities                   36,000

Notes payable (Short term)          30,000

Property,plant & Equipment        6,25,000

Prepaid Expenses                         2,000

What is amount of Working capital

a.$2,38,000

b.$1,68,000

c.$1,28,000

d.$2,03,000

 

 

 

In: Accounting

Based on these data, calculate Patton Corporation’s working capital for Year 2.

Patton Corporation had the following items on its financial statements for two recent years: Year 2 Year 1 Sales $2,500,000 $2,000,000 Cost of goods sold 1,975,000 1,600,000 Cash 500,000 475,000 Temporary investments 150,000 150,000 Accounts receivable (net) 200,000 175,000 Inventory 325,000 300,000 Accounts payable 450,000 400,000

Based on these data, calculate Patton Corporation’s working capital for Year 2.

A) $725,000

b) $1,625,000

c) $2,050,000

d) None of these choices are correct.

In: Accounting

Who was Adolf hitler?

Who was Adolf hitler? WRITE A ESSAY TO SHOW YOUR WORK

In: History

In finance, what do we mean by the time value of money? How do we calculate it?

In finance, what do we mean by the time value of money? How do we calculate it?

In: Finance

calculation of the total factory overhead variance.

A firm applied factory overhead of $2 per unit to manufacture each inventory unit. They expected to make 10 units of inventory but made 12 units. The total cost of factory overhead was $21 for the period. The total factory overhead variance was

Select one:

a. $3 Favorable.

b. $1 Favorable.

c. $1 Unfavorable.

d. $3 Unfavorable

In: Accounting

Auditing the accounts payable balance on the balance sheet

When auditing the accounts payable balance on the balance sheet, an auditor’s procedures most likely would focus primarily on management’s assertion of

Select one:
a. Existence
b. Rights and obligations
c. Presentation and disclosure
d. Completeness.

In: Accounting

Give the detail description of DSC scan of a certain polyethylene terephthalate polymer.

Give the detail description of DSC scan of a certain polyethylene terephthalate polymer.

In: Chemistry