Questions
Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. $ (b) Standard direct materials quantity per gallon. pounds (c) Total standard materials cost per gallon.

Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials—net purchase price $2.50, freight-in $0.50, and receiving and handling $0.40. (2) Quantity per gallon of the finished product—required materials 3.40 pounds, allowance for waste and spoilage 0.60 pounds

Compute the following. (Round answers to 2 decimal places, e.g. 1.25.)

 

(a)   Standard direct materials price per pound of raw materials.   $

 
(b)   Standard direct materials quantity per gallon.  

pounds
(c)   Total standard materials cost per gallon.

In: Accounting

What is classification of market?

What is classification of market in economics? What is perfect competition market, monopolistic competition market, oligopoly market, monopoly market? Discuss in detail. 

In: Economics

What is Green House Effect?

Meaning of Green House Effect . Impacts of Green House Effect. 

In: Other

Prepare the general journal entries to record the above transactions.

Read each of the following transactions 

A). The cash sales per a register tape were $593 The cash count is $559 

B). The cash sales per a register tape were $9,400 The cash count is $8,910. 

Prepare the general journal entries to record the above transactions.

In: Accounting

From the information, determine the total amount of: (a) Manufacturing overhead $ (b) Product costs $ (c) Period costs $

Question Description

Knight Company reports the following costs and expenses in May.

Factory utilities   $15,500   Direct labor   $69,100
Depreciation on factory equipment   12,650   Sales salaries   46,400
Depreciation on delivery trucks   3,800   Property taxes on factory building   2,500
Indirect factory labor   48,900   Repairs to office equipment   1,300
Indirect materials   80,800   Factory repairs   2,000
Direct materials used   137,600   Advertising   15,000
Factory manager’s salary   8,000   Office supplies used   2,640

From the information, determine the total amount of:

(a) Manufacturing overhead $
(b) Product costs $
(c) Period costs $

In: Accounting

Prepare Sunland’s journal entries to record. (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.)

Sunland, Inc. purchased 1,890 shares of Oneida Corporation common stock for $89,400. During the year, Oneida paid a cash dividend of $1.00 per share. At year-end, Oneida stock was selling for $45.90 per share. Prepare Sunland’s journal entries to record.

(a) the purchase of the investment,

(b) the dividends received, and

(c) the fair value adjustment.

(Assume a zero balance in the Fair Value Adjustment account.)

In: Accounting

What is the total amount of property, plant, and equipment that will appear on the Balance Sheet?

These are selected account balances on December 31, 2017: Land (location of the corporation’s office building) $400,000, Land held for investment $600,000, Office Building $2,900,000, Inventory $800,000, Equipment $1,800,000, Office Furniture $400,000, Accumulated Depreciation $1,200,000. What is the total amount of property, plant, and equipment that will appear on the Balance Sheet?

  • $5,700,000
  • $6,900,000
  • $4,300,000
  • $4,900,000

In: Accounting

What is Ozone Layer Depletion?

Meaning of Ozone Layer Depletion. Effects of Ozone Layer Depletion. Measures to protect Ozone Layer Depletion. 

In: Other

The journal entry to record the share issue would include which of the following? A). A debit to Cash for $10,000. B). A credit to Common Shares for $10,000. C). A credit to Common Shares for $15,000. D). A credit to Cash for $15,000

Liberward, Inc., sold and issued 1,000 shares for $15 per share. The book value of the shares was $10 per share. The journal entry to record the share issue would include which of the following?

A). A debit to Cash for $10,000.

B). A credit to Common Shares for $10,000.

C). A credit to Common Shares for $15,000.

D). A credit to Cash for $15,000

In: Accounting

What is a firm's total asset turnover

What is a firm's total asset turnover, If its fixed assets are 120,000 current assets are 30,000 current liabilities are 44,000 sales were 200,000 and net income was 75,000.

In: Accounting

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