Prepare summary journal entries to record the following transactions and events a through h for a company in its first month of operations.

a. Raw materials purchased on account, $90,000.
b. Direct materials used in production, $39,500. Indirect materials used in production, $18,000.
c. Paid cash for factory payroll, $60,000. Of this total, $40,000 is for direct labor and $20,000 is for indirect labor.

d. Paid cash for other actual overhead costs, $7,625.
e. Applied overhead at the rate of 125 percent of direct labor cost.
f. Transferred cost of jobs completed to finished goods, $65,000.
g. Sold jobs on account for $92,800. The jobs had a cost of $65,000.
h. Close underapplied or overapplied overhead to cost of goods sold.

Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). however, an exception occurs when the annuity payments come at the beginning of each period (termed an annuity due). what is the future value of a 13-year annuity of $2,800 per period where payments come at the beginning of each period? the interest rate is 9 percent. use appendix c for an approximate answer, but calculate your final answer using the formula and financial calculator methods. to find the future value of an annuity due when using the appendix tables, add 1 to n and subtract 1 from the tabular value. for example, to find the future value of a $100 payment at the beginning of each period for five periods at 10 percent, go to appendix c for n = 6 and i = 10 percent. look up the value of 7.716 and subtract 1 from it for an answer of 6.716 or $671.60 ($100 × 6.716)

%of the world's population controls approximately % of the world's finances (the sum of gross domestic products)" quizlket

One pound of material is required for each finished unit. the inventory of materials at the end of each month should equal 20% of the following month's production needs. purchases of raw materials for february would be budgeted to be: