The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.
April 30 May 31
Inventories
Raw materials $44,000 $49,000
Work in process 9,300 19,800
Finished goods 67,000 34,600
Activities and information for May
Raw materials purchases (paid with cash) 185,000
Factory payroll (paid with cash) 250,000
Factory overhead
Indirect materials 10,000
Indirect labor 57,500
Other overhead costs 106,000
Sales (received in cash) 2,000,000
Pre-determined overhead rate based
on direct labor cost 55%
Compute the following amounts for the month of May using T-accounts.
Cost of direct materials used.
Cost of direct labor used.
Cost of goods manufactured.
Cost of goods sold.
Gross profit.
Overapplied or underapplied overhead.
Answers: 1
Business, 22.06.2019 10:40
Parks corporation is considering an investment proposal in which a working capital investment of $10,000 would be required. the investment would provide cash inflows of $2,000 per year for six years. the working capital would be released for use elsewhere when the project is completed. if the company's discount rate is 10%, the investment's net present value is closest to (ignore income taxes) ?
Answers: 1
Business, 22.06.2019 13:30
On january 2, well co. purchased 10% of rea, inc.โs outstanding common shares for $400,000, which equaled the carrying amount and the fair value of the interest purchased in reaโs net assets. well did not elect the fair value option. because well is the largest single shareholder in rea, and wellโs officers are a majority on reaโs board of directors, well exercises significant influence over rea. rea reported net income of $500,000 for the year and paid dividends of $150,000. in its december 31 balance sheet, what amount should well report as investment in rea?
Answers: 3
Business, 22.06.2019 17:00
Dan wants to start a supermarket in his hometown, and wants to get into the business only after finding out about the market and how successful his business might be. the best way for dan to gain knowledge is to:
Answers: 2
The following information is available for Lock-Tite Company, which produces special-order security...
English, 11.03.2021 04:40
Mathematics, 11.03.2021 04:40
Mathematics, 11.03.2021 04:40
Biology, 11.03.2021 04:40
History, 11.03.2021 04:40
Mathematics, 11.03.2021 04:40
Mathematics, 11.03.2021 04:40
Biology, 11.03.2021 04:40
Mathematics, 11.03.2021 04:40
Social Studies, 11.03.2021 04:40
Social Studies, 11.03.2021 04:40
Mathematics, 11.03.2021 04:40
Mathematics, 11.03.2021 04:40