Clay mix in beginning inventory

Assignment Help Accounting Basics
Reference no: EM13139637

Lester Production is planning to sell 600 boxes of ceramic tile, with production estimated at 580 boxes during May. Each box of tile requires 44 pounds of clay mix and a quarter hour of direct labor. Clay mix costs $0.40 per pound and employees of the company are paid $12.00 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Lester has 2,600 pounds of clay mix in beginning inventory and wants to have 3,000 pounds in ending inventory.

Reference no: EM13139637

Questions Cloud

How much oxygen gas is needed : Consider the reaction 4 Fe(s) + 3 O2(g) → 2 Fe2O3(s). If 12.5 g of iron(III) oxide (rust) are produced from 8.74 g of iron, how much oxygen gas is needed for this reaction?
How large sample is needed if principal like to assert : How large a sample is needed if the principal would like to assert with 90% confidence that the sample mean is off by, at most, 7 minutes. Assume σ = 14 minutes.
What are four ways in which surface area is expanded : Herbivores have a tougher time extracting calories from their food than a comparably sized carnivore and thus have midguts with more surface area. What are FOUR ways in which surface area is expanded in the midgut.
Determine minimum weight of heaviest items produced : Determine the minimum weight of the heaviest 5% of all items produced. If 27,875 of the items of the entire production weigh at least 5.01 ounces, how many items have been produced?
Clay mix in beginning inventory : Clay mix costs $0.40 per pound and employees of the company are paid $12.00 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Lester has 2,600 pounds of clay mix in beginning inventory and wants to have 3,000 pou..
What is the total combined mass of carbon dioxide and water : An automobile gasoline tank holds 21kg of gasoline. When the gasoline burns, 86kg of oxygen is consumed and carbon dioxide and water are produced.
What is the new water level : A graduated cylinder contains 18.0 m/L of water. What is the new water level after 35.6 g of silver metal with a density of 10.5 g/mL,is submerged in the water?
Adjusted basis for partnership interest : During the first year of partnership operations, the following events occurred: the partnership had a net taxable income of $10,000; Michelle received a distribution of $8,000 cash from the partnership; and she had a 50% share in the $16,000 of pa..
How is bacterial growth related to controlling microbes : how is bacterial growth related to controlling microbes in public facilities such as restaurants, schools, hospitals, and labs.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Margin of safety expressed in dollars

A company with a break-even point at $900,000 in sales revenue and had fixed costs of $225,000. When actual sales were $1,000,000 variable costs were $750,000. Determine (a) the margin of safety expressed in dollars, (b) the margin of safety expre..

  Future taxable amount

At the December 31, 2010 balance sheet date, Unruh Corporation reports an accrued receivable for financial reporting purposes but not for tax purposes. When this asset is recovered in 2011, a future taxable amount will occur and

  Tax research-planning-compliance activities

Which of the following serves as the highest authority for tax research, planning, and compliance activities?

  Present value of cash inflows for project

Using the net present value method, the present value of cash inflows for Project A is $44,000 and the present value of cash inflows of Project B is $24,000. If Project A and Project B require initial investments of $40,000 and $20,000, respective..

  What amount of cash did ireland receive

Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2011. The note, along with interest at 6%, is due on June 30, 2012. On September 30, 2011, Ireland discounted the note at Cloverdale bank. The bank's discount rate ..

  Calculate the economic rate of return on common stock

Which of the following formulas should be used to calculate the economic rate of return on common stock?

  Cash inflow from investing activities

How many of the above items will appear as a cash inflow from investing activities on a statement of cash flows for the current year?

  Major expected costs-benefits for globalized businesses

With the globalization of corporate business and cross border security listings, the need for a common set of accounting standards to be applied worldwide emerged to the surface. Both the IASB and the FASB have taken steps towards this goal.

  Expected return and standard deviation

Suppose Asset A has an expected return of 10% and a standard deviation of 20%. Asset B has an expected return of 16% and a standard deviation of 40%. I f the correlation between A and B is 0.35, what are the expected return and standard deviation ..

  Amount of fixed overhead allocation

a. What is the flexible-budget amount? b. What is the amount of fixed overhead allocated to production? c. What is the fixed overhead production-volume variance? d. Determine the fixed overhead's overallocated or underallocated amount.

  What amount was smith entitled to claim for realty taxes

In 2009, Smith paid $6,000 to the tax collector of Big City for realty taxes on a two-family house owned by Smith's mother. Of this amount, $2,800 covered back taxes for 2008, and $3,200 covered 2009 taxes. Smith resides on the second floor of the..

  Decisions are stored online

A business simulation game that is used by colleges and universities all over the world has students submit decisions over the Internet. Decisions are stored online, processed on the server, and then the results are stored online.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd