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The following account appears in the ledger after only part of the postings have been completed for July, the first month of the current fiscal year: Work in Process Balance, July 1 60,200 Direct materials 147,000 Direct labor 120,000 Factory overhead is applied to jobs at the rate of 60% of direct labor cost. The actual factory overhead incurred for July was $75,000. Jobs completed during the month totaled $301,200. (a) Prepare the journal entries to record (1) the application of factory overhead to production during July and (2) the jobs completed during July. (b) What is the balance of the factory overhead account on July 31? (c) Was factory overhead overapplied or underapplied on July 31? (d) Determine the cost of the unfinished jobs on July 31.
What would be the effect on the company's overall net operating income if product L28N were dropped?
Prepare a pro forma balance sheet dated December 31, 2008 and show the financing changes suggested by the statement prepared in part A
What is the manager’s responsibility in comparing data? What are the four common uses of comparative data? Illustrate what is meant by standardized data?
How many units were completed and started during May? Units started and completed during May, What were the equivalent units of production for May for conversion costs and materials?
Net purchases amount to $500,000 per year. On average, how much "free" trade credit does the firm receive during the year?
You have been hired as a consultant to improve the throughput of the polishing operation. Describe the tactics you would recommend Xcaliber to employ for handling the capacity limitation.
Compute the NPV and IRR for each of the two projects. Assume that the discount rate is 10%. Which project would you select and why?
A disbursement by the general fund to another fund may be recorded as a receivable, an expenditure, or a fund transfer. Elucidate the circumstances that would result in each of these different treatments.
The actual activity level was 110000 direct labor hours so Caldwell prepared a flexible budget at 110,000 labor hours. How much are total overhead costs at this flexible budget level of activity?
The company re - computes its predetermined overhead rate every month. Evaluate the predetermined overhead rate for August
Nathan Akpan is planning to invest in a seven-year bond that pays annual coupons at a rate of 7 percent. It is currently selling at $927.23. What is the current market yield on such bonds?
Find Reed's cost of not taking the suppliers' discounts and What is each project's payback period
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