First Class, Inc., expects to sell 27,000 pool cues for $13 each. Direct materials costs are $3, direct manufacturing labor is $6, and manufacturing overhead is $0.87 per pool cue. The following inventory levels apply to 2020: Direct materials Work-in-process inventory Finished goods inventory Beginning inventory 29,000 units 0 units 1,900 units Ending inventory 29,000 units 0 units 2,500 units What are the 2020 budgeted costs for direct materials, direct manufacturing labor, and manufacturing overhead, respectively? A) $87,000; $174,000; $25,230 B) $86,700; $173,400; $25,143 C) $82,800; $165,600; $24,012 D) $81,000; $162,000; $23,490
Q: 1 Journal Entries 2 Ledger 3 Trial Balance
A: There are multiple sub-parts and the count is 9 but we provide solution as per our procotol which is…
Q: Question: The credit worthiness of a customer is normally checked by the organization's Credit…
A: Creditworthiness refers to how a lender evaluates a borrower's likelihood to fail on financial…
Q: CASE 26 All taxpayers are VAT taxpayers. Prices give Sale by Mr. A to Mr. B for P140,000; Sale by…
A:
Q: Prepare: Journal Entry T Account (Ledger Account) 2020 Details of Transactions Jan- 01…
A: Journal Entry : It is a record of every business transaction in day-to-day operations of the…
Q: Computing and Evaluating Inventory and PPE Turnovers Intel Corporation reports the following…
A: The question is based on the concept of Cost Accounting. Inventory turnover is calculated by…
Q: The debits and credits from four related transactions, (1) through (4), are presented in the…
A: Note: 1/10, n/30: Here, 1 represent the discount rate if payment is made within ten days. And if…
Q: limited liability partnership
A: A partnership is a form of business where two or more persons start a business with some goals and…
Q: The following information pertains to Yuji Corporation: January 1, 20X1 December 31, 20X1 Raw…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: . Prepare the journal entry(s) to record income taxes during the period. b.How much will income…
A: It has been given in the question that a deductible temporary difference has been recognized of the…
Q: Activity Purchase Orders Inspections Assembling Purchasing Inspections Assembling Cost Driver No. of…
A: Note :— I'm assuming that I have to solve only requirement #1&#2 because information of direct…
Q: Alta Ski Company's inventory records contained the following information regarding its latest ski…
A: 1. Inventory Valuation Methods - Inventory generally valued by three methods - a. FIFO - Under this…
Q: Kim is a furniture retailer. She can buy a dining table for a list price of $1,600 with a 25% trade…
A: Discount allowed is the amount that is allowed by a supplier to its customer on account of the bulk…
Q: A stationery retailer, Millo Trading is located in Malaysia. Millo Trading's financial statements…
A: Current Ratio = Current assets Current liability Acid test Ratio = Quick assets Current liability…
Q: 2. Sales Invoice #121 Dated: July 4, 2025 To FIX IT, $900 plus $117 HST for
A: The sale of welding a trailer for a cattle farmer should be recorded as revenue in the company's…
Q: Shown below are the totals from 2025 period budgets. Revenue budget…
A: Financial forecasting is the process of estimating or predicting how a business will perform in the…
Q: Journalize transactions related to bad debts. P9.4A (LO 2) Writing Rigney Inc. uses the allowance…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Required: a. Compute Ms. Ennis's income tax and Medicare contribution tax for the year. b. How would…
A: In this Age it is to be Assumed that the Stock of 2011 instead of 2000. The tax rate liability is…
Q: P9.2A (LO 2) Writing Information related to Mingenback Company for 2020 is summarized below.…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Required: a. Firm A has a margin of 14%, sales of $540,000, and ROI of 18%. Calculate the firm's…
A: MARGIN Income Margin is Computed by dividing Total Sales From Net Income. ROI Return of Income is…
Q: Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly…
A: The percentage of completion method of accounting is used to account for the income and expenditures…
Q: Aniya borrowed 82,000 0n a 120-day 4% Note. after 50 days, Aniya made an initial payment of 40,000.…
A: The notes can be issued for a long term or a short term. The notes issued for the long term have a…
Q: a company purchases an asset for 20000 and plans to keep it for 8 years. what is the salvage value…
A: Depreciation :— It is the decrease in the value of asset due to continuos use of asset. Sum of…
Q: Estimating Useful Life and Percent Used Up The property and equipment footnote from the Deere &…
A: A depreciable asset is property that provides an economic benefit for more than one reporting…
Q: Hache Corporation uses the weighted-average method in its process costing system. Welding…
A: The cost per equivalent unit is expressed using weighted average cost. In this method, all opening…
Q: Record entry to write off the $15,000 receivable which is over 75 days outstanding
A: Bad debt is loss to the business and as per conservatism principle we anticpate such…
Q: Padre Ltd. holds 90 percent of the outstanding shares of Sonora Ltd. On January 1, 2019, Padre Ltd.…
A: Introduction to Consolidation Consolidation of accounts or consolidated financial statements…
Q: 4. Construct balance sheets for the following scenarios, then calculate both the return on…
A:
Q: ation method. Which one is it? Double Declining Balance Method Units-of-Activity Method…
A: Straight Line method of depreciation refers to the method of depreciation under which the value of…
Q: Vail Resorts, Inc. is an American mountain resort company headquartered in Broomfield, Colorado.…
A: INTRODUCTION: Revenue is defined as the money generated by carrying out routine business activities…
Q: *4* Assume that when consumer income increases ten percent (+10%), the demand for grits increases…
A: Income elasticity of demand is the responsivenesses of the quantity demanded for a good to a change…
Q: A stationery retailer, Millo Trading is located in Malaysia. Millo Trading's financial statements…
A: As per the Honor code of Bartleby we are bound to given the answer of first three sub part only,…
Q: Find the adjusted balance (Principal) using the U.S.Rule (360days) after the first payment. Rate:…
A: Notes payable are a kind of long-term liability that show the money that a firm owes its financiers,…
Q: Gideon and Joshua were partners with capital account balances of P260,000 and $240,000,…
A: Balance of Partner's capital account after revaluation=Balance of Partner's capital account before…
Q: Case Study: Hassam runs a fruit stall at the local market and at the end of each day he banks the…
A: Internal controls: The internal controls refer to the controls that are put into place in order to…
Q: Budget Performance Report Salisbury Bottle Company manufactures plastic two-liter bottles for the…
A: Manufacturing Cost :— It is the total Cost Incurred in the manufacturing process of product. It is…
Q: Host nations have adopted competition policy and anti-dumping law. a. Why do multinational…
A: Host nations have adopted competition policy and anti-dumping law. In addition, the host countries…
Q: Bristo Corporation has sales of 1,750 units at $40 per unit. Variable expenses are 30% of the…
A: The question is based on the concept of Cost Accounting. Degree of operating leverage is the…
Q: Mario, a self-employed plumber, makes a maximum contribution to a SEP for his employee, Peach.…
A: A SEP IRA is a basic individual retirement account much like a traditional IRA. SEP IRAs are for…
Q: ., had 300 calculators on hand at January 1, 20X1, costing $16 each. Purchases and sales of…
A: Inventory valuation is the cost associated with an entity's inventory at the end of a reporting…
Q: E6.5 (LO 2), AP Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The…
A: Answer:- Periodic inventory system meaning:- The periodic inventory system is a technique for…
Q: On March 15, Drexel Corp. provides goods to a retailer through consignment where Drexel Corp.…
A: COGS is the cost of a product to a distributor, manufacturer or retailers. Sales minus cost of goods…
Q: References Knowledge Check 01 Dern Company recently sold a large order of tables to Knoll Furniture…
A: Time value of money :— According to this concept, value of money in present day is greater than the…
Q: The company's common fixed expenses total $83,200. The break-even in sales dollars for Alpha…
A: Break even point = (Fixed expenses) ÷ (Profit volume Ratio) Contribution margin = Sales - Variable…
Q: Purchase-Related Transactions The Stationery Company purchased merchandise on account from a…
A: Lets understad the basics. Supplier generally gives discount term to cutomer in order to attract…
Q: Ron and Hermione formed Wizard Corporation on January 2. Ron contributed cash of $260,000 in return…
A: Solution: RON does not realize gain on this transfer because only cash is transferred. As a result,…
Q: Jerry and Sherry own and operate a partnership. Jerry’s capital balance is $50,000 and Sherry’s is…
A: Hello. Since your question has multiple sub-parts, we will solve the first three complete sub-parts…
Q: 1. The ledger of the Khalifa Company contains the following balances: T. Khalifa, Capital $30,000;…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Determine the missing amounts in each of these four separate situations a through d. Supplies…
A: RAW MATERIAL USED/EXPENSES RAW material Used Means How much Raw Material is Used to Manufacture…
Q: What are the amounts of the unrecognized tax benefits? h) What are the penalties and interest…
A: Federal R&D Should be Reduced From Taxable Income.
Q: Motorola Credit Corporation's annual report: Net revenue (sales) Net earnings Total assets Total…
A: Ratio analysis helps to analyze the financial statements of the company. The management can take…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- First Class, Inc., expects to sell 22,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct manufacturing labor is $6.00, and manufacturing overhead is $0.83 per pool cue. The following inventory levels apply to 2019: Beginning inventory Ending inventory Direct materials 31,000 units 31,000 units Work - in- process inventory Finished goods inventory 0 units O units 1,000 units 3,300 units How many pool cues need to be produced in 2019? O A. 25,300 cues O B. 19,700 cues O C. 24,300 cues O D. 23,000 cues ga Mis https Hea In 201 10min 1 answ Missing Calculator Next https://wwXYZ Co. has the following information: Inventory at 1st Jan 2020 Inventory at 31st Dec 2020 Raw Materials Inventory OMR 20,000 OMR 30,000 Work in Process Inventory OMR 18,000 OMR 15,000 Finished Goods Inventory OMR 30,000 OMR 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 85,000 Manufacturing overhead Actual OMR 80,000 Indirect materials OMR 0 Compute the adjusted cost of goods sold.Time let XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw Materials Inventory OMR 20,000 OMR 30,000 Work in Process Inventory OMR 18,000 OMR 15,000 Finished Goods Inventory OMR 30,000 OMR 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 OMR 75,000 Direct labor OMR 85,000 Manufacturing overhead applied Manufacturing overhead Actual Indirect materials OMR 80,000 OMR ACCT2121 Ggeneral-chat. gin
- Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31, 2020 Beginning Work-in-Process Inventory, Jan. 1 $60,000 Ending Work-in-Process Inventory, Dec. 31 40,000 Beginning Finished Goods Inventory, Jan. 1 50,000 Ending Finished Goods Inventory, Dec. 31 20,000 Net Sales Revenue 1,800,000 Selling and Administrative Expenses 500,000 Direct Labor 300,000 Manufacturing Overhead; actual and allocated 400,000 Direct Materials Used 200,000 Income Tax Expense 70,000From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales $ 870,000 Direct Materials used 170,000 Direct Labor costs 90,000 Total Overhead costs Work-in-Process inventory, 12-31-2019 Finished Goods inventory, 12-31-2019 Work-in-Process inventory, 12-31-2020 Finished Goods inventory, 12-31-2020 60,000 $ 35,000 $ 40,000 30,000 25,000 Rent, utilities for corporate headquarters building 70,000 A) $315,000 B) $325,000 C) $330,000 D) $340,000EXYZ Co. has the following information Inventory at 15t Jan 2020 Inventory at 31 Dec 2020 35,000 OMR 20,000 OMR Raw Materials Inventory 18,000 OMR 15,000 OMR Work in Process Inventory 20,000 OMR 30,000 OMR Finished Goods Inventory Additional information for the year is as follows 100,000 OMR Raw materials purchases 75,000 OMR Direct labor 85,000 OMR Manufacturing overhead applied 80,000 OMR Manufacturing overhead Actual OMR Indirect materials Compute the adjusted cost of goods sold OMR 252,000 La O OMR 247.000.50 OMR 257,000 OMR 258,000 None of thegiven answeris correct
- Coronado Industries's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 O $2050000. $1910000. $2110000. $2010000. $310000 300000 190000 Dec. 31, 2019 $250000 160000 150000 During 2020, $800000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Coronado Industries's total manufacturing costs incurred in 2020 amounted toThe following information relates to production of ABC Company for the month of March 2019: Direct Materials used 10,000; Direct labor rate per hour 5.00 ; Overhead cost 2,300.00 ; Direct labor hours employed 500.00 ; Gross Profit rate 25% based on selling price; Increase in WIP 1,100.00 ; Ending inventory of Finished goods is 30% of its beginning balance; Total sales 50,000.00. What is the ending inventory of Finished goods of the company?Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produced 10,000 15,000 Beg. Inventory Units Sold 3,000 4,000 11,000 2,000,000 300,000 P60 per unit P275 per unit 15,000 3,000,000 800,000 Total Manufacturing Cost General and Administration Cost Estimated Selling Cost Selling Price P80 per unit P275 per unit At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been incurred. Beginning inventory has the following cost: Product C- P800,000 Product D- P600,000 Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?
- Concord Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory. Dec. 31, 2020 O $2190700 O $2110700 Ⓒ$2260700. O $2010700 $310000 300000 190000 Dec. 31, 2019. $260000 160000 150000 During 2020, $920000 of raw materials were purchased, direct labor costs amounted to $684700, and manufacturing overhead incurred was $736000. If Concord Corporation's cost of goods manufactured for 2020 amounted to $2150700, its cost of goods sold for the year isInformation concerning sales and production for ABC Co. for November 2019 are summarized asfollows:A. Estimated Sales:Product X: 80,000 units at $60, per unitProduct Y: 40,000 units at $130 per unitB. Estimated inventories, November 1, 2019Material A: 8,000 lbs Product X: 6,000 units at $34 per unit $204,000Material B: 7,000 lbs Product Y: 5,400 units at $70 per unit 378,000Total $582,000C. Desired inventories at November 30,2019Material A: 6,000 lbs Product X: 5,000 units at $34 per unit $170,000Material B: 5,000 lbs Product Y: 4,000 units at $70 per unit 280,000Total $450,000D. Direct materials used in productionProduct X Product YMaterial A 1.4 lbs per unit 7.0 lbs per unitMaterial B 2.4 lbs per unit 3.6 lbs per unitE. Unit costs for direct materialsMaterial A: $ 8.0 per lbMaterial B: $ 4.0 per lbF. Direct labor requirementsDepartment 1 Department 2Product X 0.8 hr per unit 0.30 hr per unitProduct Y 1.2 hr per unit 0.50 hr per unitWhat to do:1. Prepare a sales budget for November2.…Department B of SimTech Manufacturing Company presents the following production data for the month of October 2019: Beginning inventory (3/8 completed) 8,000 units Started in process 26,000 units Transferred out 18,000 units Ending inventory: (1/2 completed) 8,000 units (3/4 completed) 8,000 units What are the equivalent units of production for the month of October 2019 using Average Method? A. 28,000 units B. 25,000 units C. 26,000 units D. 30,000 units