Business, 25.03.2021 22:20 gregorio03
King James 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 King James Inc. contains the following data. Subsidiary data for Work in Process Inventory on June 1 are as follows. During June, raw materials purchased on account were $4,900, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June show the following. Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Martin, Douglas, and Malcolm were completed during June and sold for a total of $18,900. Each customer paid in full. Instructions a) 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. b) Post the entries to Work in Process Inventory. c) Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. d) Prepare a cost of goods manufactured schedule for June.
Answers: 3
Business, 22.06.2019 18:50
Plastic and steel are substitutes in the production of body panels for certain automobiles. if the price of plastic increases, with other things remaining the same, we would expect: a) the demand curve for plastic to shift to the left. b) the price of steel to fall. c) the demand curve for steel to shift to the left d) nothing to happen to steel because it is only a substitute for plastic. e) the demand curve for steel to shift to the right
Answers: 3
Business, 22.06.2019 19:40
Banana computers has decided to procure processing chips required for its laptops from external suppliers instead of manufacturing them in their own facilities. how will this decision affect the firm? a. the firm will be protected against the principal-agent problem. b. the firm's administrative costs will be low because of necessary bureaucracy. c. the firm will have more flexibility in purchasing and comparing prices of goods and services. d. the firm will have high-powered incentives, such as hourly wages and salaries.
Answers: 3
Business, 23.06.2019 00:50
On january 1 of the current year, jimmy's sandwich company reported owner's capital totaling $128,000. during the current year, total revenues were $106,000 while total expenses were $95,500. also, during the current year jimmy withdrew $30,000 from the company. no other changes in equity occurred during the year. if, on december 31 of the current year, total assets are $206,000, the change in owner's capital during the year was:
Answers: 3
Business, 23.06.2019 01:00
Why does the downward-sloping production possibilities curve imply that factors of production are scarce?
Answers: 1
King James Inc. is a construction company specializing in custom patios. The patios are constructed...
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