Business College

The following data from the just completed year are taken from the accounting records of Mason Company:

Sales $660,000
Direct labor cost $81,000
Raw material purchases $140,000
Selling expenses $103,000
Administrative expenses $43,000
Manufacturing overhead applied to work in process $201,000
Actual manufacturing overhead costs $225,000

Inventories Beginning of Year End of Year
Raw materials $8,500 $10,500
Work in process $6,000 $21,000
Finished goods $79,000 $25,600

Required:
a. Prepare a schedule of cost of goods manufactured.
b. Prepare a schedule of cost of goods sold.

Answers

Answer 1

Answer:

See below

Explanation:

a. Schedule of cost of goods manufactured.

Opening raw materials $8,500

Add raw material purchases $140,000

Less ending raw materials $10,500

Direct material used $138,000

Direct labor cost $81,000

Manufacturing overhead applied to work in process $201,000

Total manufacturing costs $420,000

Related Questions

Roberto and Kayleigh are neighbors living in Clermont County, Ohio. Roberto builds a fence on what he believes is the boundary of his property yet failed to have the property surveyed first. Kayleigh believes the fence is on her property, and subsequently sues Roberto, asking the court to require him to remove the fence. An earlier Ohio case held that in all boundary disputes, no fence may be built until a property survey occurs or the fence is subject to removal. The judge in Roberto and Kayleigh's case orders that the fence be removed because a survey was not done. In this case, the prior case upon which the judge relies is a.
stare decisis.

b.
precedent.

c.
unethical.

d.
common law.

Answers

Option B. The prior case upon which the judge relies is a precedent.

What is a precedent in law?

This is the term that is used to refer to the use of a case that has been judged before to settle another issue.

The precedent is set because a similar case was handled in a previous legal situation.

Answers

The present value of the bond payable is $120,130.

What is the present value?

The present value of the bond is the sum of the the bonds discounted cash flows.

Present value can be calculated using a financial calculator:

Cash flow each year from period 1 to 10 : 11% x 100,000 = 11,000Cash flow in period 20 : 100,000 Interest rate = 8%

Present value = $120,130.24

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What is the interest expense on December 31?

Answers

The interest expense on December 31 of the first year is $5,250.

What is the interest expense on bonds?

The interest expense for a bond that has the same coupon rate as the market rate is always the same for all periods of the bond.

This shows that the bond was issued at neither premium nor discount but at par.

Data and Calculations:

N (# of periods) = 20

I/Y (Interest per year) = 7.5%

PMT (Periodic Payment) = $5,250 ($140,000 x 7.5% x 1/2)

FV (Future Value) = $140,000

Results:

PV = $140,000.00

Sum of all periodic payments = $105,000 ($5,250 x 20)

Total Interest = $105,000

Schedule

Period PV PMT Interest FV

1 $140,000 $5,250 $5,250 $140,000

2 $140,000 $5,250 $5,250 $140,000

Thus, the interest expense on December 31 of the first year is $5,250.

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How can you minimize your risk while maximizing your potential gains?

Short-term investing
Avoid investing when inflation is high
Choose investments based on the news
Diversifying investments among types

Answers

In order to maximize your potential gains while minimizing risk, you should try Diversifying investments among types.

What is the benefit of diversifying investments?

When investments are diversified, it reduces the risk of losing your investments when certain classes of assets face a downturn.

You also stand to make better gains because the investments will provide a positive return more often than not.

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a client company is selling high value specialized assets, and your company has specialist expertise. your firm is approached by 4 potential bidders. can you work for more than one bidder?

Answers

The inference based on the information given about the bidders is that one can't work for more than one bidder.

What is an inference?

It should be noted that an inference simply means the conclusion that can be deduced based on the information given.

Here, one can't work. for more than one bidder as there will be a clash of interest and bias.

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John Regan, an employee at Home Depot, made deposits of $800 at the end of each year for 4 years. Interest is 4% compounded annually. What is the value of John’s annuity at the end of 4 years? (Use Table 13.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Answers

John Regan, an employee at Home Depot, made deposits of $800 at the end of each year for 4 years. The value of John’s annuity at the end of 4 years is; John's annuity $3,397.20. This is further explained below.

What is an annuity?

Generally, An annuity is a kind of financial instrument that provides its owner with a predetermined and ongoing stream of payments. This type of product is often purchased by retirees in order to supplement their income during their golden years.

In conclusion, During his four years as an employee at Home Depot, John Regan deposited a total of $8,000 at the conclusion of each calendar year. At the conclusion of four years, John's annuity will be worth $3,397.20, which is the value of John's annuity.

Answers

This means that Lisa cannot spend more than $3000 on her credit card. If she tries to spend more than $3000 using her credit card, her credit card will get declined.

Lisa has a credit card with a limit means :

Your credit score usage price — the amount of revolving credit you're presently using divided by means of the whole amount of revolving credit score you have to be had — is one of the most critical factors that influence your credit score scores. So it is a terrific idea to try to maintain it beneath 30%, which is what is commonly encouraged.

What is a credit score card?

A credit score card is a form of credit score facility, supplied by means banks that permit customers to borrow a budget inside a pre-approved credit restriction. It permits customers to make purchase transactions on goods and offerings.

What does credit card restriction suggest?

In very simple terms, the credit restriction or the Credit Card limit is the maximum quantity that someone can spend on his or her credit Card. This restriction is something that the issuing business enterprise fixes.

What occurs when you hit your credit score card restriction?

Right here are the most common consequences related to spending over your credit score restriction: Your credit score card may be declined. you may pay an over-limit rate. Your interest fees could move up.

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A test of H0: m = 60 versus H1: m < 60 is performed using a significance level of alpha = 0.05. The value of the test statistic is z = –2.07. Is H0 rejected?
No
Yes

Answers

Yes, the value of the test statistic is z = –2.07. Yes H0 is rejected.

For example, if the required significance level for a result is 0.05, the corresponding value of z must be greater than or equal to z* = 1.645 (or less than or equal to -1.645 for the one-sided alternative). mean is smaller than the null hypothesis).

If the p-value is less than 0.05, reject the null hypothesis that the means are not different and conclude that the difference is significant. If the p-value is greater than 0.05, you cannot conclude that there is a significant difference.

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Assume that you and your classmates are board members of a child care and education center for 60 preschool children located in a community center building. They had asked you to set up the program four years ago. Now the community center director feels he needs your space for additional adult activities during the day. You need to move out of the building in 30 days. What will you do? Consider all the options, and then make a plan.

Answers

The best plan for you would be to write to the education board regarding the issues that you are facing.

What are the functions of the local education board?

The education board in a local area can help to do the following

Employ a school superintendentdevelop school policiesDevelop curriculumTake care of all issues that have to do with facilities.

Hence the best thing would be to let them know of the issues you are facing in order to determine the best help necessary.

Answers

A. The amount of the adjusting entry for uncollectible accounts is $1,775.

B. The adjusted balances of the Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense are:

Accounts Receivable: $4,535,000

Allowance for Doubtful Accounts: $9,275

Bad Debt Expense: $1,775

C. The net realizable value of the accounts receivable is $4,525,725.

What is the net realizable value of accounts receivable?

The net realizable value of accounts receivable is the estimated collections that can be recovered from credit customers.

It is the difference between the total credit sales and the allowance for doubtful accounts.

Data and Calculations:

Ending balances:

Accounts Receivable $825,000 DR

Allowance for Doubtful Accounts $7,500 CR

Sales = $3,710,000

Estimated bad debt expense = 0.0025 (1/4 of 1%) of sales

= $9,275 ($3,710,000 x 0.0025)

A. The amount of the adjusting entry for uncollectible accounts is $1,775 ($9,275 - $7,500).

B. The adjusted balances of the Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense are:

Accounts Receivable: $4,535,000 ($825,000 + $3,710,000)

Allowance for Doubtful Accounts: $9,275

Bad Debt Expense: $1,775

C. The net realizable value of the accounts receivable is $4,525,725 ($4,535,000 - $9,275).

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price is important to managers

Answers

Price is important to managers because it has a substantial effect on a company's profitability and sustainability.

Why is pricing important?

The importance of pricing is traced to the fact that defines the value or worth of a product and the number of customers that demand the product.

For the consumer of products, price is a key factor that determines purchase decisions.

Thus, price is important to managers because it has a substantial effect on a company's profitability and sustainability.

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Question Completion:

Why is price important to managers?

Self-assessment tools can help you choose an academic major by

A. Helping you Identify your interests

B. Comparing lifetime earnings

C. Suggesting financial solutions

D. Choosing for you

Answers

Option A. Self-assessment tools can help you choose an academic major by A. Helping you Identify your interests.

What are self assessment tools?

This is the term that is used to refer to the tools that can help a person choose career by letting them know what there interest are.

This tool helps the person to gather more information about herself which would help in the decision making.

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Amazon is the dominant firm in the online shopping service industry, which has a total market demand given by Q = 100 – 2 P. Amazon has competition from a fringe of four small firms that produce where their individual marginal costs equal the market price. The fringe firms each have total costs given by TCi = 10 Qi + Q 2 i. If Amazon’s total costs are given by TCA = 10 + 10 QA, what price should Amazon establish for online shopping service?

Answers

The price that Amazon has to establish for their online shopping should be $20.

How to solve for the price

We have the price function as

P = 10 + 2Qi

Make Qi subject

= Qi = 0.5P - 5

4 firms with identical features

This would give us

Qs = 4Qi

Qs = 4(0.5P -5)

Qs = 2p - 20

Q = 100 - 2p

Qa = Q - Qs

(100 - 2P) - (2P -20)

Take like terms

100 - 2p - 2p + 20

100 - 4p + 20

Qa = 120 - 4p

Make p subject

p = 120 - Qa / 4

p = 30 - 0.25Qa

TRa = p*Qa

= (30 - 0.25Qa)Qa

= 30Qa - 0.25Qa²

MRa

= 30 - 0.5Qa

TCA = 10 + 10QA

= ΔTCA / ΔQA

= 10

30 - 0.5QA = 10

Take like terms

30 - 10 = 0.5Qa

divide through by 0.5

20/0.5 = Qa

40 = Qa

Output produced = 40.

We have P as

30 - 0.25QA

P = 30 - 0.25( *40)

= 20

Hence the price that Amazon has to establish for the online shopping should be $20

Answers

Answer:

Explanation:

What to produce and what quantity to produce?

How to produce?

For whom to produce the goods?

How efficient are the resources being utilised?

Is the economy growing?

How can support units deliver functional and services to support the organization?

Answers

Answer:

whenimetuindasumma

Explanation:

tomyheartbearsound

What are the most important facts that support Lambert's Position that a contract existed?

Answers

After evaluating the evidence, the court found that there was no valid contract between the parties this is the most important fact that supports Lambert's Position.

Don M. Baron is the owner of DMB. Inc., a construction contractor for the Farmer Building. In 1996 they subcontracted out-of-state developers, and by 1998 DMB. Inc and the developers had argued over all five projects.

Donald G. Lambert is a friend of Baron's, and their friendship began in the 1980s when they worked together under the Louisiana Authorized Contractors Commission. Lambert has experience dealing with arbitration related to construction work.

The problem begins with Baron calling Lambert to discuss contract work and personal issues. In November 1998, Lambert met with Baron to discuss work-related and financial issues.

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17 What is the share price when the price-to-earnings (P/E) multiple of a comparable company is 6.5

Answers

If the P/E ratio is 6.5 the share price of the company can be determined if the earnings per share or the total earnings and the total number of shares of a company.

What is Share Price?

Share price is the price quoted in the market for the exchange of 1 share of the company. Company have a large number of ordinary shares, which is circulated in the stock market where the shares are purchased by individuals.

If the Earnings per share ratio is available the share price can be determined as the P/E ratio is Price over Earnings ratio.

Share Price is divided by the Earnings per share to calculate the P/E ratio which is 6.5 in the given question.

The price should be considered as x and the earnings per share to be multiplied by the P/E ratio that is 6.5.

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e tide of public opinion! CGTN, a think tank affiliated with China's China Media Group, has released a survey to global Netizens in six official languages of the United Nations. As many as 83.1 percent of respondents supported the WHO's investigation into the origin of the virus in the U.S. The eyes of the people are sharp.

Answers

By inference, the conclusion from the above text is suggestive of the fact that 83.1% of Netizens, that is internet citizens share the opinion that WHO was right to have investigated the Origin of the Virus in the United States of America. This is about public opinion.

What is public opinion?

Public opinion simply refers to the of the vast majority of people with regard to an idea or topical discourse.

In commerce, it is important for the players at every level to take public's opinion very important because they are reflective of what most are thinking and would influence the direction of flow of wealth. In politics, it would speak to the direction of influence.

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Question 6 10 points In one case, the pilot of an Airbus A320 jet with 200 passengers on board fought to prevent a crash. The aircraft would not turn left no matter what the pilot tried. After a high-speed emergency landing, it was found that engineers had failed to reactivate four of the five spoilers on the right wing. Which type of failure occurred in this scenario? A. supplier failure. B, staff failure C. design failure D. facility failure

Answers

The type of failure occurred in this scenario is option C: design failure.

What is failure in engineering design?

Failure is known to occur due to the deficient in the product design, and it is one that can show that there was a faulty process.

Note that in the case above, since the problem was from those who made the aircraft, therefore, the type of failure occurred in this scenario is option C: design failure.

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Suppose that the required reserve ratio is 10 percent and you withdraw $25,000 from Comerical Bank.
What is the total decrease in deposits in the banking system?

Answers

The total decrease in deposits in the banking system is $250,000.

What is total decrease in deposits?

Reserve ratio is the percentage of deposits that is required of commercial banks to keep as reserves.

Decrease in deposits = amount withdrawn / required reserve ratio

$25,000 / 0.1 = $250,000

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The process of evaluating and planning for long-term investments is called budgeting.

Answers

The process of evaluating and planning for long-term investments is called Capital budgeting

This is further explained below.

What is Capital budgeting?

Generally, A company will go through the process of capital budgeting in order to assess the viability of proposed big expenditures or projects. Before a decision to accept or reject a project can be made, it must first go through the process of capital budgeting. Some examples of projects that need this step are the construction of a new factory and a significant investment in an outside enterprise.

In conclusion, Capital budgeting refers to the act of analyzing and organizing one's finances with regard to long-term investments.

Answers

The opening price of the Dow Jones Industrial Average on Oct 12, 2018 was 25,598.74.

What is the Dow Jones Industrial Average?

This is one of things known as stock market indexes that track the stock market prices of 30 large companies.

On Oct 12, 2018, this index had an opening price of 25,598.74 after having suffered a loss of 3.2% in the previous day's trading.

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The adjusted trial balance of Sheri dan Company at December 31, 2022, includes the following accounts: Owner's Capital $16,000, Owner's Drawings $7,700, Service Revenue $38,800, Salaries and Wages Expense $15,200, Insurance Expense $2,700, Rent Expense $3,100, Supplies Expense $1,200, and Depreciation Expense $1,200.
Prepare an income statement for the year.

Answers

Proof of income statement.

Revenue

Service revenue 38300

Expense

Salaries and wages expense 15700

Insurance Expense 2300

Rent Expense 4600

Supplies expense 1200

Depreciation Expense 1400

Total expense 25200

Net income 13100

Sales are the sum of the revenue generated from the sale of goods or services related to the company's main activities. Income, also known as gross income, is often referred to as the "top line" because it is at the top of the income statement. Income or net income is the total profit or profit of the business.

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The situation analysis section of a business plan for all of a company's products,
product lines, or services may include a SWOT analysis. Which of the following is
one of the elements of a SWOT analysis?

Technology
Options
Warehousing
Threats

Answers

Answer:

technology

Explanation:

because they have to be search

Does anybody know how to solve this?

Answers

The Basic earnings per share is $2.75 per share.

Basic earnings per share

Using this formula

Basic earnings per share=Net income/Weighted-average common shares outstanding

Let plug in the formula

Basic earnings per share=$687,500/250,000 shares

Basic earnings per share=$2.75 per share

Therefore the Basic earnings per share is $2.75 per share.

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Select each of the tasks associated with opening a checking account.

Run a credit report.
Complete a W-2 form.
Verify the account.
Deposit at least the minimum balance.
Provide information such as name, address, date of birth, and Social Security Number.
Provide identification.
Sign an authorization card.

Answers

Tasks associated with opening a checking account are:

Provide information such as name, address, date of birth, and Social Security Number.Provide identification.Deposit at least the minimum balance.Sign an authorization card.

A checking account makes it simple to access your money for daily transactions while also keeping it safe. Typically, customers can pay their bills or make purchases using a debit card or a cheque. Different methods may be available for accounts to help avoid the monthly service charge.

A checking account's main function is to store your money in a safe location for a brief period of time, making it accessible when you need it to cover bills and other costs.

Customers who open checking account consent to make deposits into the account, and in return, the bank is obligated to carry out their payment instructions.

Before creating a checking account, it is important to weigh your options and find out whether or not the entity will charge you for maintaining the account and any related items. Being of legal age and fulfilling the conditions established by the chosen financial institution are the second prerequisites you must meet in order to open a checking account.

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The time lag for monetary policy is typically ________________ the time lag for fiscal policy.

Answers

Answer:

official policy time lab monitor policy and changes normally to take us certain amount of time have any effect on the economy the time lag could be span anywhere from 9 months up to 2 years sincere policy if x on

The transfer of the right of recovery from the insured to the insurance company is called:

Answers

According to the research, the transfer of the right of recovery from the insured to the insurance company is called Subrogation.

What is subrogation?

It consists of changing the debtor or the lender in a financing, which produces a delegation or a succession of duties.

It is linked to subrogating a legal or natural person for another, replacing it, modifying the contract in terms of fulfilling an obligation or exercising an attribution.

Therefore, we can conclude that according to the research, the transfer of the right of recovery from the insured to the insurance company is called Subrogation.

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20 pts
What is the oldest human sport on record?
O A. racing
OB.
archery
O c.
wrestling
O D. weightlifting

Answers

Answer:

D. Wrestling

Explanation:

The oldest sport in human history is wrestling.

Source: catawiki

"We know this because of a set of famous cave paintings in Lascaux, France, dating back 15,300 years ago which depict wrestlers. And it wasn't just in France either; paintings with illustrated wresters have been found in caves all over the world, from 7000 BC in Mongolia, from 6000 BC in Libya and in prehistoric caves in Japan."

Assessing opportunity cost involves

Answers

The act of assessing opportunity cost involves making choices and dealing with consequences.

What is an opportunity cost?

This refers to the most desirable alternative given up as the result of a decision.

It is also the concept that cost of something that has to be given up to enjoy something better.

Hence, the act of assessing opportunity cost involves making choices and dealing with consequences.