Blaine Corp. makes floats for Mardi Gras in New Orleans. The company’s fiscal year ends on March 31. On January 1, the company’s WIP Inventory account appeared as follows: Work in Process Inventory
Beginning balance 916,650 Cost of completed jobs ??
Direct material 589,670
Direct labor 159,600
Applied overhead 127,680

The direct labor cost contained in the beginning balance of WIP Inventory was for a total of 15,200 15,200 direct labor hours (DLHs). During January, 7,600 DLHs were recorded. Only one job was still in process on January 31. That job had $73,250 in direct material and 2,850 DLHs assigned to it.

a. If overhead is applied on the basis of DLHs, what predetermined OH rate was in effect during the company’s previous fiscal year?
Note: Round unit costs to two decimal places (i. e. round $4.355 to $4.36).
$Answer

b. What was the average direct labor rate per hour?
Note: Round unit costs to two decimal places (i. e. round $4.355 to $4.36).
$Answer

c. What amount of direct material cost was in the beginning balance of WIP Inventory?

d. What was the balance in WIP Inventory at the end of January?

e. What was the total cost of jobs manufactured in January?

Accounts receivable arising from sales to customers amounted to $40,000 and $55,000 at the beginning and end of the year, respectively. income reported on the income statement for the year was $180,000. exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

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The amberssen specialty company is a chain of twelve retail stores that sell a variety of imported gift items, gourmet chocolates, cheeses, and wines in the toronto area. amberssen has an is staff of three people who have created a simple but effective information system of networked point-of-sale registers at the stores and a centralized accounting system at the company head- quarters. harry hilman, the head of amberssens is group, has just received the following memo from bill amberssen, sales director (and son of amberssen’s founder). harry—it’s time amberssen specialty launched itself on the internet. many of our competitors are already there, selling to customers without the expense of a retail storefront, and we should be there too. i project that we could double or triple our annual revenues by selling our products on the internet. i’d like to have this ready by - giving, in time for the prime holiday gift-shopping season. bill after pondering this memo for several days, harry scheduled a meeting with bill so that he could clarify bill’s vision of this venture. using the standard con- tent of a system request as your guide, prepare a list of questions that harry needs to have answered about this project.