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F. Naz
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I need the answers for tests 061681,

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I need the answers for tests 061681, 061682, 061683, 061684. Here is a preview for one of the test. I have 4 more test.

Use the following information to answer this question.
The following data (in thousands of dollars) have been taken from the accounting records of Karlana
Corporation for the just-completed year.
Sales $910
Raw materials, inventory, beginning $80
Raw materials, inventory, ending $20
Purchases of raw materials $100
Direct labor $130
Manufacturing overhead $200
Administrative expenses $160
Selling expenses $140
Work in process inventory, beginning $40
Work in process inventory, ending $10
Finished goods inventory, beginning $130
Finished goods inventory, ending $150
1. The cost of goods sold for the year (in thousands of dollars) was
A. $500.
B. $670.
C. $540.
D. $650.
Use the following information to answer this question.
Abis Corporation uses the weighted-average method in its process-costing system. This month, the
beginning inventory in the first processing department consisted of 800 units. The costs and percentage
completion of these units in beginning inventory were
Cost Percent Complete
Material costs $6,000 50%
Conversion costs $9,900 30%
A total of 9,200 units were started, and 8,200 units were transferred to the second processing department
during the month. The following costs were incurred in the first processing department during the month:
The ending inventory was 80% complete with respect to materials and 20% complete with respect to
conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the
answer that's the closest to the answer you computed. To reduce rounding error, carry out all
computations to at least three decimal places.
Cost
Material costs $113,900
Conversion costs $322,500
2. The cost per equivalent unit for materials for the month in the first processing department is closest to
A. $12.44.
B. $11.99.
C. $11.82.
D. $11.39.
3. Which situation always results in underapplied overhead?
A. Estimated overhead is greater than actual overhead.
B. Actual overhead is less than applied overhead.
C. Actual overhead is greater than applied overhead.
D. Estimated overhead is less than actual overhead.
4. Cost of goods manufactured will usually include
A. only direct labor and direct materials costs.
B. some period costs as well as some product costs.
C. some costs incurred during the prior period as well as costs incurred during the current period.
D. only costs incurred during the current period.
5. Malaviya Corporation uses the FIFO method in its process-costing system. Operating data for the
Casting Department for the month of September appear below:
According to the company's records, the conversion cost in the beginning work-in-process inventory was
$63,104 at the beginning of September. Additional conversion costs of $654,240 were incurred in the
department during the month. What would be the cost per equivalent unit for conversion costs for
Units
Percent Complete
with Respect to
Conversion
Beginning work in process inventory 17,000 40%
Transferred in from the prior department
during September 72,000
Ending work in process inventory 18,000 30%
September? (Round off to three decimal places.)
A. $9.087
B. $9.400
C. $8.060
D. $9.280
Use the following information to answer this question.
The Lee Company uses a job-order costing system. The following data were recorded for June:
Overhead is charged to production at 80% of direct materials cost. Jobs 235, 237, and 238 were
completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to
customers.
Added During June----
Job
Number
June 1
Work in
Process
Inventory
Direct
Materials
Direct
Labor
235 $2,500 $600 $400
236 $1,500 $800 $1,000
237 $1,000 $1,200 $1,750
238 $800 $1,500 $2,250
6. Lee Company's cost of goods sold for June was
A. $14,640.
B. $15,520.
C. $10,170.
D. $9,730.
7. Dewey Company uses the weighted-average method in its process-costing system. The first processing
department, the Welding Department, started the month with 15,000 units in its beginning work-in-process
inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning
work-in-process inventory was $19,200. An additional 86,000 units were started into production during
the month. There were 13,000 units in the ending work-in-process inventory of the Welding Department
that were 60% complete with respect to conversion costs. A total of $575,360 in conversion costs were
incurred in the department during the month.
The cost per equivalent unit for conversion costs is closest to
A. $6.690.
B. $6.400.
C. $5.812.
D. $6.206.
Use the following information to answer this question.
The following cost data pertain to the operations of Brentwood Store, Inc., for the month of December.
Corporate legal office salaries $74,000
Shoe Department cost of sales,
Brentwood Store
$35,000
Corporate headquarters building lease $78,000
Store manager's salary
Brentwood Store
$14,000
Shoe Department sales commissions,
Brentwood Store
$5,000
Store utilities,
Brentwood Store
$14,000
Shoe Department manager's salary,
Brentwood Store
$3,000
Central warehouse lease cost $10,000
Janitorial costs, Brentwood Store $8,000
The Brentwood Store is just one of many stores owned and operated by the company. The Shoe
Department is one of many departments at the Brentwood Store. The central warehouse serves all
of the company's stores.
8. What is the total amount of the costs listed above that are direct costs of the Shoe Department?
A. $43,000
B. $79,000
C. $35,000
D. $40,000
Use the following information to answer this question.
The Lee Company uses a job-order costing system. The following data were recorded for June:
Overhead is charged to production at 80% of direct materials cost. Jobs 235, 237, and 238 were
completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to
customers.
Added During June----
Job
Number
June 1
Work in
Process
Inventory
Direct
Materials
Direct
Labor
235 $2,500 $600 $400
236 $1,500 $800 $1,000
237 $1,000 $1,200 $1,750
238 $800 $1,500 $2,250
9. Lee Company's work-in-process inventory balance on June 30 was
A. $3,300.
B. $3,940.
C. $9,450.
D. $4,100.
Use the following information to answer this question.
The following data (in thousands of dollars) have been taken from the accounting records of Karlana
Corporation for the just-completed year.
Sales $910
Raw materials, inventory, beginning $80
Raw materials, inventory, ending $20
Purchases of raw materials $100
Direct labor $130
Manufacturing overhead $200
Administrative expenses $160
Selling expenses $140
Work in process inventory, beginning $40
Work in process inventory, ending $10
Finished goods inventory, beginning $130
Finished goods inventory, ending $150
10. The cost of goods manufactured (finished) for the year (in thousands of dollars) was
A. $520.
B. $460.
C. $530.
D. $500.
11. An operation costing system is
A. identical to a job-order costing system, except that actual manufacturing overhead costs are traced to units of product.
B. the same as a process-costing system, except that direct materials costs are accounted for in the same way as in job-order
costing.
C. the same as a job-order system, except that direct materials costs are accounted for in the same way as in process costing.
D. identical to a process-costing system, except that actual manufacturing overhead costs are traced to units of product.
Use the following information to answer this question.
Abis Corporation uses the weighted-average method in its process-costing system. This month, the
beginning inventory in the first processing department consisted of 800 units. The costs and percentage
completion of these units in beginning inventory were
A total of 9,200 units were started, and 8,200 units were transferred to the second processing
Cost Percent Complete
Material costs $6,000 50%
Conversion costs $9,900 30%
department during the month. The following costs were incurred in the first processing department
during the month:
The ending inventory was 80% complete with respect to materials and 20% complete with respect to
conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the
answer that's the closest to the answer you computed. To reduce rounding error, carry out all
computations to at least three decimal places.
Cost
Material costs $113,900
Conversion costs $322,500
12. What are the equivalent units for conversion costs for the month in the first processing department?
A. 360
B. 10,000
C. 8,560
D. 8,200
Use the following information to answer this question.
The following data (in thousands of dollars) have been taken from the accounting records of Karlana
Corporation for the just-completed year.
Sales $910
Raw materials, inventory, beginning $80
Raw materials, inventory, ending $20
Purchases of raw materials $100
Direct labor $130
Manufacturing overhead $200
Administrative expenses $160
Selling expenses $140
Work in process inventory, beginning $40
Work in process inventory, ending $10
Finished goods inventory, beginning $130
Finished goods inventory, ending $150
13. The net operating income for the year (in thousands of dollars) was
A. $110.
B. $180.
C. $410.
D. $40.
14. Assume there's no beginning work-in-process inventory and the ending work-in-process inventory is
70% complete with respect to conversion costs. Under the weighted-average method, the number of
equivalent units of production with respect to conversion costs would be
A. the same as the units completed.
B. less than the units started during the period.
C. less than the units completed.
D. the same as the units started during the period.
Use the following information to answer this question.
The following cost data pertain to the operations of Brentwood Stores., for the month of December.
Corporate legal office salaries $74,000
Shoe Department cost of sales,
Brentwood Store
$35,000
Corporate headquarters building lease $78,000
Store manager's salary
Brentwood Store
$14,000
Shoe Department sales commissions,
Brentwood Store
$5,000
Store utilities,
Brentwood Store
$14,000
Shoe Department manager's salary,
Brentwood Store
$3,000
Central warehouse lease cost $10,000
Janitorial costs, Brentwood Store $8,000
The Brentwood Store is just one of many stores owned and operated by the company. The Shoe
Department is one of many departments at the Brentwood Store. The central warehouse serves all of
the company's stores.
15. What is the total amount of the costs listed above that are not direct costs of the Brentwood Store?
A. $36,000
B. $78,000
C. $43,000
D. $162,000
Use the following information to answer this question.
Sanker Inc. has provided the following data for the month of August. There were no beginning
inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed
below are all for the current month.
Work In
Process
Finished
Goods
Cost of
Goods Sold Total
Direct materials $2,790 $7,680 $18,240 $28,710
Direct labor 9,700 19,200 45,600 74,500
Manufacturing
overhead applied 5,440 8,000 18,560 32,000
Manufacturing overhead for the month was overapplied by $5,000. The company allocates any
underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold
at the end of the month on the basis of the overhead applied during the month in those accounts.
Total $17,930 $34,880 $82,400 $135,210
16. The journal entry to record the allocation of any underapplied or overapplied overhead for August
would include
A. debit to finished goods of $1,250.
B. credit to finished goods of $1,250.
C. debit to finished goods of $34,880.
D. credit to finished goods of $34,880.
17. In September, one of the processing departments at Shenkel Corporation had a beginning work-inprocess
inventory of $25,000 and an ending work-in-process inventory of $18,000. During the month,
the cost of units transferred out from the department was $304,000. In the department's cost
reconciliation report for September, the total cost accounted for would be
A. $644,000.
B. $619,000.
C. $43,000.
D. $322,000.
Use the following information to answer this question.
Abis Corporation uses the weighted-average method in its process-costing system. This month, the
beginning inventory in the first processing department consisted of 800 units. The costs and percentage
completion of these units in beginning inventory were
A total of 9,200 units were started, and 8,200 units were transferred to the second processing
department during the month. The following costs were incurred in the first processing department
during the month:
The ending inventory was 80% complete with respect to materials and 20% complete with respect to
conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the
answer that's the closest to the answer you computed. To reduce rounding error, carry out all
computations to at least three decimal places.
Cost Percent Complete
Material costs $6,000 50%
Conversion costs $9,900 30%
Cost
Material costs $113,900
Conversion costs $322,500
18. The cost per equivalent unit for conversion costs for the first department for the month is closest to
A. $40.77.
B. $33.24.
C. $37.68.
D. $38.83.
Use the following information to answer this question.
Abis Corporation uses the weighted-average method in its process-costing system. This month, the
beginning inventory in the first processing department consisted of 800 units. The costs and percentage
completion of these units in beginning inventory were
A total of 9,200 units were started, and 8,200 units were transferred to the second processing
department during the month. The following costs were incurred in the first processing department
during the month:
The ending inventory was 80% complete with respect to materials and 20% complete with respect to
conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the
answer that's the closest to the answer you computed. To reduce rounding error, carry out all
computations to at least three decimal places.
Cost Percent Complete
Material costs $6,000 50%
Conversion costs $9,900 30%
Cost
Material costs $113,900
Conversion costs $322,500
19. The total cost transferred from the first processing department to the next processing department
during the month is closest to
A. $436,400.
B. $420,414.
C. $512,700.
D. $452,300.
20. Freeman Company uses a predetermined overhead rate based on direct-labor hours to apply
manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing
overhead would be $150,000 and direct-labor hours would be 10,000. The actual figures for the year
were $186,000 for manufacturing overhead and 12,000 direct-labor hours. The cost records for the
year will show
A. underapplied overhead of $30,000.
B. overapplied overhead of $6,000.
C. overapplied overhead of $30,000.
D. underapplied overhead of $6,000.


Submitted: 1 year ago.
Category: Homework
Expert:  F. Naz replied 1 year ago.

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Customer: Yes, but I need the answer for all test. 60 for the answer for all test 4 more
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Muhammad Jawaad Ahmed : I am working on first one, please provide data for other, by what time do you need the answer thanks.
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Muhammad Jawaad Ahmed : Okay by what time do you need the answer of this first one and provide data for others as well, thanks.
Customer: 1. Use the following information to answer this question.Gargymal Company would like to estimate the variable and fixed components of its electrical costs and hascompiled the following data for the past five months of operations.Using the high-low method of analysis, the estimated variable cost per machine hour for electricity isclosest to which of the following?MachineHoursElectricalCostAugust 1,000 $1,620September 900 $1,510October 1,500 $1,870November 2,000 $1,950December 1,300 $1,730A. $2.50B. $1.68C. $0.40D. $0.982. Indiana Corporation produces a single product that it sells for $9 per unit. During the first year ofoperations, 100,000 units were produced, and 90,000 units were sold. Manufacturing costs and selling andadministrative expenses for the year were as follows:Fixed Costs Variable CostsRaw materials$1.75 per unitproducedDirect labor$1.25 per unitproducedFactoryoverhead$100,000$0.50 per unitproducedSelling andadministrative$70,000$0.60 per unitsoldWhat was Indiana Corporation's net operating income for the year using variable costing?A. $281,000B. $181,000C. $271,000D. $371,0003. Mardist Corporation has sales of $100,000, variable expenses of $75,000, fixed expenses of $30,000,and a net loss of $5,000. How much would Mardist have to sell to achieve a profit of 10% of sales?A. $225,500B. $200,000C. $180,000D. $187,5004. Viren Corporation has provided the following data from its activity-based costing system:The company makes 240 units of product T91H a year, requiring a total of 550 machine hours, 90 orders,and 40 inspection hours per year. The product's direct materials cost is $16.98 per unit, and its direct laborcost is $12.09 per unit. According to the activity-based costing system, the average cost of product T91H isclosest to _______ per unit.Activity Cost Pool Total Cost Total ActivityAssembly $387,000 25,000 machine-hoursProcessing orders $68,510 1,700 ordersInspection $129,117 1,930 inspection-hoursA. $79.66B. $90.81C. $29.07D. $75.705. Use the following information to answer this question.Lifsey Wedding Fantasy Company makes very elaborate wedding cakes to order. The owner of thecompany has provided the following data concerning the activity rates in its activity-based costing system:l The measure of activity for the size-related activity cost pool is the number of planned guests at thewedding reception. The greater the number of guests, the larger the cake.l The measure of complexity is the number of tiers in the cake.Activity Cost Pools Activity RateSize-related $0.94 per guestComplexity-related $31.62 per tierOrder-related $55.70 per orderl The activity measure for the order-related cost pool is the number of orders. (Each wedding involvesone order.)l The activity rates include the costs of raw ingredients, such as flour, sugar, eggs, and shortening. Theactivity rates don't include the costs of purchased decorations, such as miniature statues and weddingbells, which are accounted for separately.Data concerning two recent orders are listed here:Assuming that the company charges $556.96 for the Smith wedding cake, what would be the overallmargin on the order?PyburnWeddingSmithWeddingNumber of reception guests 72 189Number of tiers on the cake 4 5Cost of purchased decorations for cake $29.92 $68.75A. $460.30B. $96.66C. $165.41D. $152.456. A company increased the selling price for its product from $5 to $6 per unit when total fixed expensesincreased from $100,000 to $200,000 and variable expense per unit remained unchanged. How wouldthese changes affect the break-even point?A. The break-even point in units would remain unchanged.B. The break-even point in units would increase.C. The effect can't be determined from the information given.D. The break-even point in units would decrease.7. Use the following information to answer this question.Callaham Corporation is a wholesaler that sells a single product. Management has provided the followingcost data for two levels of monthly sales volume. The company sells the product for $115.80 per unit.The best estimate of the total monthly fixed cost isSales volume (units)4,000 5,000Cost of sales $338,000 $422,500Selling and administrative costs $89,600 $106,000A. $528,500.B. $24,000.C. $427,600.D. $478,050.8. Use the following information to answer this question.Lifsey Wedding Fantasy Company makes very elaborate wedding cakes to order. The owner of thecompany has provided the following data concerning the activity rates in its activity-based costing system:l The measure of activity for the size-related activity cost pool is the number of planned guests at thewedding reception. The greater the number of guests, the larger the cake.l The measure of complexity is the number of tiers in the cake.l The activity measure for the order-related cost pool is the number of orders. (Each wedding involvesone order.)l The activity rates include the costs of raw ingredients, such as flour, sugar, eggs, and shortening. Theactivity rates don't include the costs of purchased decorations, such as miniature statues and weddingbells, which are accounted for separately.Data concerning two recent orders are listed here:Suppose the company decides that the present activity-based costing system is too complex and that allcosts (except for the costs of purchased decorations) should be allocated on the basis of the number ofguests. In that event, what would you expect to happen to the costs of cakes?Activity Cost Pools Activity RateSize-related $0.94 per guestComplexity-related $31.62 per tierOrder-related $55.70 per orderPyburnWeddingSmithWeddingNumber of reception guests 72 189Number of tiers on the cake 4 5Cost of purchased decorations for cake $29.92 $68.75A. The cost of cakes for receptions with more than the average number of guests would go down.B. The costs of all cakes would go down.C. The costs of all cakes would go up.D. The cost of cakes for receptions with fewer than the average number of guests would go down.9. Green Company's variable expenses are 75% of sales. At a sales level of $400,000, the company'sdegree of operating leverage is 8. At this sales level, fixed expenses areA. $87,500.B. $50,000.C. $75,000.D. $100,000.10. Which of the following is true regarding the contribution margin ratio of a single-product company?A. The contribution margin ratio multiplied by the variable expense per unit equals the contribution margin per unit.B. The contribution margin ratio increases as the number of units sold increases.C. As fixed expenses decrease, the contribution margin ratio increases.D. If sales increase, the dollar increase in net operating income can be computed by multiplying the contribution margin ratio bythe dollar increase in sales.11. Rank the following methods of assigning overhead costs from least accurate to most accurate.A. Plantwide rate, activity-based costing, departmental ratesB. Departmental rates, plantwide rate, activity-based costingC. Activity-based costing, departmental rates, plantwide rateD. Plantwide rate, departmental rates, activity-based costing12. Slosh Cleaning Corporation services both residential and commercial customers. Slosh expects thefollowing operating results next year for each type of customer:Slosh expects to have $18,000 in fixed expenses next year. What would Slosh's total dollar sales have to benext year to generate a profit of $90,000?Operating ResultsResidential CommercialSales $60,000 $140,000Contribution margin ratio 50% 30%A. $270,000B. $216,000C. $250,000D. $300,00013. Use the following information to answer this question.Callaham Corporation is a wholesaler that sells a single product. Management has provided the followingcost data for two levels of monthly sales volume. The company sells the product for $115.80 per unit.The best estimate of the total variable cost per unit isSales volume (units)4,000 5,000Cost of sales $338,000 $422,500Selling and administrative costs $89,600 $106,000A. $106.90.B. $100.90.C. $105.70.D. $84.50.14. At a break-even point of 400 units sold, variable expenses were $4,000, and fixed expenses were$2,000. What will the 401st unit sold contribute to profit?A. $15B. $0C. $5D. $1015. Which statement is true for a company that uses variable costing?A. Any underapplied overhead is included in the product cost.B. Product costs include variable administration costs.C. The unit product cost changes because of changes in the number of units manufactured.D. Profit fluctuates with sales.16. Use the following information to answer this question.Harris Company produces a single product. Last year, Harris manufactured 17,000 units and sold 13,000units. Production costs for the year were as follows:Sales were $780,000 for the year, variable selling and administrative expenses were $88,400, and fixedselling and administrative expenses were $170,000. There was no beginning inventory. Assume that directlabor is a variable cost.Under absorption costing, the carrying value on the balance sheet of the ending inventory for the yearwould beProduction Cost DataDirect materials $153,000Direct labor $110,500Variable manufacturing overhead $204,000Fixed manufacturing overhead $255,000A. $0.B. $190,800.C. $230,800.D. $170,000.17. Murdoch Corporation has provided the following data concerning its only product:What is the margin of safety in dollars?Murdoch Product DataSelling price $230 per unitCurrent sales 39,100 unitsBreak-even sales 29,716 unitsA. $2,158,320B. $5,995,333C. $6,834,680D. $8,993,00018. Use the following information to answer this question.Callaham Corporation is a wholesaler that sells a single product. Management has provided the followingcost data for two levels of monthly sales volume. The company sells the product for $115.80 per unit.The best estimate of the total contrib
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Customer: 17# XXXXX Murdoch Corporation has provided the following data concerning its only product:What is the margin of safety in dollars?Murdoch Product DataSelling price $230 per unitCurrent sales 39,100 unitsBreak-even sales 29,716 unitsA. $2,158,320B. $5,995,333C. $6,834,680D. $8,993,00018. Use the following information to answer this question.Callaham Corporation is a wholesaler that sells a single product. Management has provided the followingcost data for two levels of monthly sales volume. The company sells the product for $115.80 per unit.The best estimate of the total contribution margin when 4,300 units are sold isSales volume (units)4,000 5,000Cost of sales $338,000 $422,500Selling and administrative costs $89,600 $106,000A. $43,430.B. $134,590.C. $38,270.D. $64,070.19. A disadvantage of the high-low method of cost analysis is thatA. it can't be used when there are a very large number of observations.B. it uses two extreme data points, which may not be representative of normal conditions.C. it relies totally on the judgment of the person performing the cost analysis.D. it's too time-consuming to apply.20. Daniele Corporation uses an activity-based costing system with the following three activity cost pools:The Other activity cost pool is used to accumulate costs of idle capacity and organization-sustaining costs.The company has provided the following data concerning its costs:Activity Cost Pool Total ActivityFabrication 50,000 machine-hoursOrder processing 500 ordersOther not applicableCost DataWages and salaries $280,000Depreciation $200,000Occupancy $140,000End of examThe distribution of resource consumption across activity cost pools is given below:The activity rate for the Fabrication activity cost pool is closest to _______ per machine hour.Total $620,000Activity Cost PoolsFabricationOrderProcessing Other TotalWages andsalaries60% 30% 10% 100%Depreciation 20% 35% 45% 100%Occupancy 10% 50% 40% 100%A. $7.44B. $1.24C. $3.72D. $4.4
Customer: Done 1
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Customer: more to come for the other two ....... please let me know.. when you are complete with answers for first set
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Expert:  F. Naz replied 1 year ago.
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Expert:  F. Naz replied 1 year ago.
Okay wroking will come back as soon as I finish it thanks.
Customer: replied 1 year ago.
Is everything ok?
Customer: replied 1 year ago.
Sorry, I did not add your name before each question. Would you like me to di that for the second two assignments
Expert:  F. Naz replied 1 year ago.
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Customer: replied 1 year ago.
I will definitely seek a bonus for you :>)later ( my word )
Expert:  F. Naz replied 1 year ago.
thanks.
F. Naz, Chartered Accountant
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F. Naz and 10 other Homework Specialists are ready to help you
Customer: replied 1 year ago.
Hi buddy just wondering.
Customer: replied 1 year ago.
I JUST WANT TO KNOW IF YOU ANSWERED THE TWO NEW ONES.... IT LOOKS LIKE YOU TAKE PAYMENTS FOR OF THE Same ones. We agreed to 90 for the other two ....You took 60 dollars recently.. I owe you 30 .. Is that correct?Use the following information to answer this question.Financial statements for Larkins Company appear below:Larkins CompanyStatement of Financial PositionDecember 31, Year 2 and Year 1(dollars in thousands)Year 2 Year 1Current assets:Cash and marketable securitiesAccounts receivable, netInventoryPrepaid expensesTotal current assetsNoncurrent assets:Plant & equipment, net$180210130505701,540$180180120505301,480Total assets $2,110 $2,010Current liabilities:Accounts payableAccrued liabilitiesNotes payable, short termTotal current liabilitiesNoncurrent liabilities:Bonds payableTotal liabilitiesStockholders' equity:Preferred stock, $20 par, 10%Common stock, $10 parAdditional paid-in capital--common stockRetained earningsTotal stockholders' equityTotal liabilities & stockholders' equity$10060902504807301201802408401,380$2,110$130601203105008101201802406601,200$2,010Larkins CompanyIncome StatementFor the Year Ended December 31, Year 2(dollars in thousands)Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. Themarket price of a share of common stock on December 31, Year 2 was $150.Sales (all on account)Cost of goods soldGross marginSelling and administrative expenseNet operating incomeInterest expenseNet income before taxesIncome taxes (30%)Net income$2,7601,93083033050050450135$3151. Larkins Company's return on common stockholders' equity for Year 2 was closest to:A. 26.9%.B. 24.4%.C. 25.9%.D. 23.5%.2. A weakness of the internal rate of return method for screening investment projects is that itA. implicitly assumes that the company is able to reinvest cash flows from the project at the company's discount rate.B. doesn't take into account all of the cash flows from a project.C. doesn't consider the time value of money.D. implicitly assumes that the company is able to reinvest cash flows from the project at the internal rate of return.Use the following information to answer this question.Financial statements for Larkins Company appear below:Larkins CompanyStatement of Financial PositionDecember 31, Year 2 and Year 1(dollars in thousands)Year 2 Year 1Current assets:Cash and marketable securitiesAccounts receivable, netInventoryPrepaid expensesTotal current assetsNoncurrent assets:Plant & equipment, net$180210130505701,540$180180120505301,480Total assets $2,110 $2,010Current liabilities:Accounts payableAccrued liabilities$10060$13060Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. Themarket price of a share of common stock on December 31, Year 2 was $150.Notes payable, short termTotal current liabilitiesNoncurrent liabilities:Bonds payableTotal liabilitiesStockholders' equity:Preferred stock, $20 par, 10%Common stock, $10 parAdditional paid-in capital--common stockRetained earningsTotal stockholders' equityTotal liabilities & stockholders' equity902504807301201802408401,380$2,1101203105008101201802406601,200$2,010Larkins CompanyIncome StatementFor the Year Ended December 31, Year 2(dollars in thousands)Sales (all on account)Cost of goods soldGross marginSelling and administrative expenseNet operating incomeInterest expenseNet income before taxesIncome taxes (30%)Net income$2,7601,93083033050050450135$3153. Larkins Company's return on total assets for Year 2 was closest to:A. 13.6%.B. 16.0%.C. 15.3%.D. 17.0%.4. Cridwell Company's selling and administrative expenses for last year totaled $210,000. During the year,the company's prepaid expense account balance increased by $18,000, and accrued liabilities increased by$12,000. Depreciation charges for the year were $24,000. Based on this information, selling andadministrative expenses adjusted to a cash basis under the direct method on the statement of cash flowswould beA. $240,000.B. $228,000.C. $180,000.D. $192,000.5. Kava Inc. manufactures industrial components. One of its products, which is used in the construction ofindustrial air conditioners, is known as K65. Data concerning this product are given below:Per UnitThe above per unit data are based on annual production of 4,000 units of the component. Direct labor canbe considered to be a variable cost. (Source: CMA, adapted)The company has received a special, one-time-only order for 500 units of component K65. There wouldbe no variable selling expense on this special order, and the total fixed manufacturing overhead and fixedselling and administrative expenses of the company wouldn't be affected by the order. Assuming that Kavahas excess capacity and can fill the order without cutting back on the production of any product, what isthe minimum price per unit on the special order below which the company shouldn't go?Selling price $180Direct materials $29Direct labor $5Variable manufacturing overhead $4Fixed manufacturing overhead $21Variable selling expense $2Fixed selling and administrative expense $17A. $38B. $59C. $180D. $786. Ignore income taxes in this problem.) Purvell Company has just acquired a new machine. Data on themachine follow:The company uses straight-line depreciation and a $5,000 salvage value. (The company considers salvagevalue in making depreciation deductions.) Assume cash flows occur uniformly throughout a year.The simple rate of return would be closest toPurchase cost $50,000Annual cost savings $15,000Life of the machine 8 yearsA. 30.0%.B. 17.5%.C. 12.5%.D. 18.75%.7. (Ignore income taxes in this problem.) The following data pertain to an investment:The net present value of the proposed investment isCost of the investment $18,955Life of the project 5 yearsAnnual cost savings $5,000Estimated salvage value $1,000Discount rate 10%A. $(3,430).B. $3,355.C. $0.D. $621.Use the following information to answer this question.Financial statements for Larkins Company appear below:Larkins CompanyStatement of Financial PositionDecember 31, Year 2 and Year 1(dollars in thousands)Year 2 Year 1Current assets:Cash and marketable securitiesAccounts receivable, netInventoryPrepaid expensesTotal current assetsNoncurrent assets:Plant & equipment, net$180210130505701,540$180180120505301,480Total assets $2,110 $2,010Current liabilities:Accounts payableAccrued liabilitiesNotes payable, short termTotal current liabilitiesNoncurrent liabilities:Bonds payableTotal liabilitiesStockholders' equity:Preferred stock, $20 par, 10%Common stock, $10 parAdditional paid-in capital--common stockRetained earningsTotal stockholders' equityTotal liabilities & stockholders' equity$10060902504807301201802408401,380$2,110$130601203105008101201802406601,200$2,010Larkins CompanyIncome StatementFor the Year Ended December 31, Year 2(dollars in thousands)Sales (all on account)Cost of goods soldGross marginSelling and administrative expenseNet operating incomeInterest expenseNet income before taxes$2,7601,93083033050050450Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. Themarket price of a share of common stock on December 31, Year 2 was $150.Income taxes (30%)Net income135$3158. Larkins Company's dividend payout ratio for Year 2 was closest to:A. 42.9%B. 40.6%C. 24.6%D. 14.8%9. (Ignore income taxes in this problem.) The Keego Company is planning a $200,000 equipmentinvestment that has an estimated five-year life with no estimated salvage value. The company has projectedthe following annual cash flows for the investment:Assuming that the cash inflows occur evenly over the year, the payback period for the investment is_______ years.Year Cash Inflows1 $120,0002 60,0003 40,0004 40,0005 40,000Total $300,000A. 2.50B. 0.75C. 1.67D. 4.91Use the following information to answer this question.Financial statements for Larkins Company appear below:Larkins CompanyStatement of Financial PositionDecember 31, Year 2 and Year 1(dollars in thousands)Year 2 Year 1Current assets:Cash and marketable securitiesAccounts receivable, netInventoryPrepaid expensesTotal current assets$18021013050570$18018012050530Dividends during Year 2 totaled $135 thousand, of which $12 thousand were preferred dividends. Themarket price of a share of common stock on December 31, Year 2 was $150.Noncurrent assets:Plant & equipment, net 1,540 1,480Total assets $2,110 $2,010Current liabilities:Accounts payableAccrued liabilitiesNotes payable, short termTotal current liabilitiesNoncurrent liabilities:Bonds payableTotal liabilitiesStockholders' equity:Preferred stock, $20 par, 10%Common stock, $10 parAdditional paid-in capital--common stockRetained earningsTotal stockholders' equityTotal liabilities & stockholders' equity$10060902504807301201802408401,380$2,110$130601203105008101201802406601,200$2,010Larkins CompanyIncome StatementFor the Year Ended December 31, Year 2(dollars in thousands)Sales (all on account)Cost of goods soldGross marginSelling and administrative expenseNet operating incomeInterest expenseNet income before taxesIncome taxes (30%)Net income$2,7601,93083033050050450135$31510. Larkins Company's earnings per share of common stock for Year 2 was closest to:A. $17.50.B. $16.83.C. $25.00.D. $7.21.11. Which of the following would be classified as a financing activity on the statement of cash flows?A. Dividends paid to shareholders of the company on the company's common stockB. Dividends received on investments in another company's common stockC. Interest paid on bonds issued by the reporting companyD. Interest received on investments in another company's bonds12. A project profitability index greater than zero for a project indicates thatA. the discount rate is less than the internal rate of return.B. the company should reevaluate its discount rate.C. the project is unattractive and shouldn't be pursued.D. there has been a calculation error.13. Fonics Corporation is considering the following three competing investment proposals:Using the project profitability index, how would the above investments be ranked (highest to lowest)?Aye Bee CeeInitial investment required $62,000 $74,000 $95,000Net present value $10,000 $8,000 $12,000Internal rate of return 15% 17% 18%A. Aye, Bee, CeeB. Cee, Bee, AyeC. Bee, Cee, AyeD. Aye, Cee, Bee14. VIM Company purchased $100,000 in inventory from its suppliers on credit terms. The company'sacid-test ratio would most likelyA. be unchanged.B. be impossible to determine without more information.C. increase.D. decrease.15. The net present value method assumes that the project's cash flows are reinvested at theA. internal rate of return.B. payback rate of return.C. simple rate of return.D. discount rate used in the net present value calculation.16. Part N19 is used by Malouf Corporation to make one of its products. A total of 7,000 units of this partare produced and used every year. The company's Accounting Department reports the following costs ofproducing the part at this level of activity:An outside supplier has offered to make the part and sell it to the company for $24.50 each. If this offer isaccepted, the supervisor's salary and all of the variable costs, including the direct labor, can be avoided.Per UnitDirect materials $2.20Direct labor $8.50Variable manufacturing overhead $1.30Supervisor’s salary $5.80Depreciation of special equipment $7.20Allocated general overhead $4.60The special equipment used to make the part was purchased many years ago and has no salvage value orother use. The allocated general overhead represents fixed costs of the entire company, none of whichwould be avoided if the part were purchased instead of produced internally. In addition, the space used tomake part N19 could be used to make more of one of the company's other products, generating anadditional segment margin of $25,000 per year for that product. What would be the impact on thecompany's overall net operating income of buying part N19 from the outside supplier?A. Net operating income would decline by $60,700 per year.B. Net operating income would decline by $10,700 per year.C. Net operating income would increase by $25,000 per year.D. Net operating income would decline by $21,900 per year.17. Which of the following would be considered a "use" of cash for the purpose of constructing a statementof cash flows?A. Selling the company's own common stock to investorsB. Purchasing equipmentC. Issuing long-term debtD. Amortizing a patent18. Centerville Company's debt-to-equity ratio is 0.60 Total assets are $320,000, current assets are$170,000, and working capital is $80,000. Centerville's long-term liabilities must beA. $80,000.B. $90,000.C. $30,000.D. $120,000.19. Degner Inc. has some material that originally cost $19,500. The material has a scrap value of $13,300as is, but if reworked at a cost of $2,100, it could be sold for $14,000. What would be the incrementaleffect on the company's overall profit of reworking and selling the material rather than selling it as is asscrap?A. -$1,400B. $11,900C. -$20,900D. -$7,600Use the following information to answer this question.The most recent balance sheet and income statement of Teramoto Corporation appear below:Comparative Balance SheetEndingBalanceBeginningBalanceAssets:Cash and cash equivalentsAccounts receivableInventoryPlant and equipmentLess accumulated depreciationTotal assets$435373582301$450$355969490286$367End of examLiabilities and stockholders' equityAccounts payableWages payableTaxes payableBonds payableDeferred taxesCommon stockRetained earningsTotal liabilities and stockholders' equity$572115212055261$450$481813202150197$367Income StatementSalesCost of good soldGross marginSelling and administrative expenseNet operating incomeIncome taxesNet income$89358730618911735$8220. The net cash provided by (used by) investing activities for the year wasA. $77.B. ($77).C. ($92).D. $92.____________________________________________This is the other oneUse the following information to answer this question.Moorhouse Clinic uses client visits as its measure of activity. During December, the clinic budgeted for3,700 client visits, but its actual level of activity was 3,690 client visits. The clinic has provided thefollowing data concerning the formulas used in its budgeting and its actual results for December:Data used in budgeting:Fixed element Variable elementper month per client-visitRevenue ____-____ $25.10Personnel expenses $27,100 $7.10Medical supplies 1,500 4.50Occupancy expenses 6,000 1.00Administrative expenses 3,000 0.10Total expenses $37,600 $12.70Actual resultsfor December:Revenue $96,299Personnel expenses $51,009Medical supplies $17,425Occupancy expenses $9,240Administrative expenses $3,2391. The personnel expenses in the planning budget for December would be closest toA. $53,299.B. $51,147.C. $53,370.D. $51,009.2. Lyons Company consists of two divisions, A and B. Lyons Company reported a contribution margin of$50,000 for Division A and had a contribution margin ratio of 30% in Division B, when sales in Division Bwere $200,000. Net operating income for the company was $25,000, and traceable fixed expenses were$40,000. Lyons Company's common fixed expenses wereA. $40,000.B. $85,000.C. $70,000.D. $45,000.Use the following information to answer this question.The Adams Company, a merchandising firm, has budgeted its activity for November according to thefollowing information:• Sales were at $450,000, all for cash.• Merchandise inventory on October 31 was $200,000.• The cash balance on November 1 was $18,000.• Selling and administrative expenses are budgeted at $60,000 for November and are paid for in cash.• Budgeted depreciation for November is $25,000.• The planned merchandise inventory on November 30 is $230,000.• The cost of goods sold is 70% of the selling price.• All purchases are paid for in cash.3. The budgeted cash disbursements for November areA. $375,000.B. $405,000.C. $530,000.D. $345,000.Use the following information to answer this question.Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standardcosts for one bag of Fastgro as follows:Standard Standard CostQuantity per bagDirect material 20 pounds $8.00Direct labor 0.1 hours $1.10Variable overhead 0.1 hours $0.40The company had no beginning inventories of any kind on January 1. Variable overhead is applied toproduction on the basis of standard direct-labor hours. During January, the company recorded the followingactivity:• Production of Fastgro: 4,000 bags• Direct materials purchased: 85,000 pounds at a cost of $32,300• Direct-labor worked: 390 hours at a cost of $4,875• Variable overhead incurred: $1,475• Inventory of direct materials on January 31: 3,000 pounds4. The labor rate variance for January isA. $585 U.B. $475 F.C. $475 U.D. $585 F.Use the following information to answer this question.Werber Clinic uses client visits as its measure of activity. During January, the clinic budgeted for 2,700client visits, but its actual level of activity was 2,730 client visits. The clinic has provided the following dataconcerning the formulas used in its budgeting and its actual results for January:Data used in budgeting:Fixed element Variable elementper month per client-visitRevenue ___-___ $33.60Personnel expenses $22,100 $8.70Medical supplies 1,100 6.60Occupancy expenses 5,600 1.60Administrative expenses 3,700 0.40Total expenses $32,500 $17.30Actual resultsfor January:Revenue $93,408Personnel expenses $46,251Medical supplies $19,348Occupancy expenses $9,508Administrative expenses $4,7725. The activity variance for personnel expenses in January would be closest toA. $261 F.B. $661 U.C. $661 F.D. $261 U.Use the following information to answer this question.Moorhouse Clinic uses client visits as its measure of activity. During December, the clinic budgeted for3,700 client visits, but its actual level of activity was 3,690 client visits. The clinic has provided thefollowing data concerning the formulas used in its budgeting and its actual results for December:Data used in budgeting:Fixed element Variable elementper month per client-visitRevenue ____-____ $25.10Personnel expenses $27,100 $7.10Medical supplies 1,500 4.50Occupancy expenses 6,000 1.00Administrative expenses 3,000 0.10Total expenses $37,600 $12.70Actual resultsfor December:Revenue $96,299Personnel expenses $51,009Medical supplies $17,425Occupancy expenses $9,240Administrative expenses $3,2396. The revenue variance for December would be closest toA. $3,429 F.B. $3,680 U.C. $3,680 F.D. $3,429 U.7. Last year, the House of Orange had sales of $826,650, net operating income of $81,000, and operatingassets of $84,000 at the beginning of the year and $90,000 at the end of the year. What was the company'sturnover rounded to the nearest tenth?A. 9.2B. 9.8C. 10.2D. 9.5Use the following information to answer this question.Moorhouse Clinic uses client visits as its measure of activity. During December, the clinic budgeted for3,700 client visits, but its actual level of activity was 3,690 client visits. The clinic has provided thefollowing data concerning the formulas used in its budgeting and its actual results for December:Data used in budgeting:Fixed element Variable elementper month per client-visitRevenue ____-____ $25.10Personnel expenses $27,100 $7.10Medical supplies 1,500 4.50Occupancy expenses 6,000 1.00Administrative expenses 3,000 0.10Total expenses $37,600 $12.70Actual resultsfor December:Revenue $96,299Personnel expenses $51,009Medical supplies $17,425Occupancy expenses $9,240Administrative expenses $3,2398. The activity variance for personnel expenses in December would be closest toA. $2,361 F.B. $71 U.C. $2,361 U.D. $71 F.Use the following information to answer this question.Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standardcosts for one bag of Fastgro as follows:Standard Standard CostQuantity per bagDirect material 20 pounds $8.00Direct labor 0.1 hours $1.10Variable overhead 0.1 hours $0.40The company had no beginning inventories of any kind on January 1. Variable overhead is applied toproduction on the basis of standard direct-labor hours. During January, the company recorded the followingactivity:• Production of Fastgro: 4,000 bags• Direct materials purchased: 85,000 pounds at a cost of $32,300• Direct-labor worked: 390 hours at a cost of $4,875• Variable overhead incurred: $1,475• Inventory of direct materials on January 31: 3,000 pounds9. The total variance (both rate and efficiency) for variable overhead for January isA. $40 F.B. $125 F.C. $85 F.D. $100 U.10. Division X of Charter Corporation makes and sells a single product which is used by manufacturers offork lift trucks. Presently it sells 12,000 units per year to outside customers at $24 per unit. The annualcapacity is 20,000 units and the variable cost to make each unit is $16. Division Y of Charter Corporationwould like to buy 10,000 units a year from Division X to use in its products. There would be no costsavings from transferring the units within the company rather than selling them on the outside market.What should be the lowest acceptable transfer price from the perspective of Division X?A. $17.60B. $21.40C. $16.00D. $24.00Use the following information to answer this question.Werber Clinic uses client visits as its measure of activity. During January, the clinic budgeted for 2,700client visits, but its actual level of activity was 2,730 client visits. The clinic has provided the following dataconcerning the formulas used in its budgeting and its actual results for January:Data used in budgeting:Fixed element Variable elementper month per client-visitRevenue ___-___ $33.60Personnel expenses $22,100 $8.70Medical supplies 1,100 6.60Occupancy expenses 5,600 1.60Administrative expenses 3,700 0.40Total expenses $32,500 $17.30Actual resultsfor January:Revenue $93,408Personnel expenses $46,251Medical supplies $19,348Occupancy expenses $9,508Administrative expenses $4,77211. The activity variance for net operating income in January would be closest toA. $2,019 F.B. $489 U.C. $489 F.D. $2,019 U.Use the following information to answer this question.Moorhouse Clinic uses client visits as its measure of activity. During December, the clinic budgeted for3,700 client visits, but its actual level of activity was 3,690 client visits. The clinic has provided thefollowing data concerning the formulas used in its budgeting and its actual results for December:Data used in budgeting:Fixed element Variable elementper month per client-visitRevenue ____-____ $25.10Personnel expenses $27,100 $7.10Medical supplies 1,500 4.50Occupancy expenses 6,000 1.00Administrative expenses 3,000 0.10Total expenses $37,600 $12.70Actual resultsfor December:Revenue $96,299Personnel expenses $51,009Medical supplies $17,425Occupancy expenses $9,240Administrative expenses $3,23912. The spending variance for medical supplies in December would be closest toA. $680 U.B. $725 F.C. $680 F.D. $725 U.13. The budget or schedule that provides necessary input data for the direct-labor budget is theA. production budget.B. schedule of cash collections.C. cash budget.D. raw materials purchases budget.14. Super Drive is a computer hard-drive manufacturer. The company's balance sheet for the fiscal yearended on November 30 appears below:Super Drive, Inc.Statement of Financial PositionFor the year ended November 30Assets:Cash $52,000Accounts receivable 150,000Inventory 315,000Property, plant, and equipment 1,000,000Total Assets $1,517,000Liabilities and stockholders' equity:Accounts payable $175,000Common stock 900,000Retained earnings 442,000Total liabilities andstockholders' equity $1,517,000Additional information regarding Super Drive's operations appears below:• Sales are budgeted at $520,000 for December and $500,000 for January.• Collections are expected to be 60% in the month of sale and 40% in the month following sale. There areno bad debts.• 80% of the disk-drive components are purchased in the month prior to the month of the sale, and 20%are purchased in the month of the sale. Purchased components comprise 40% of the cost of goods sold.• Payment for components purchased is made in the month following the purchase.• Assume that the cost of goods sold is 80% of sales.The budgeted cash collections for the upcoming December should beA. $520,000.B. $208,000.C. $462,000.D. $402,000.Use the following information to answer this question.Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standardcosts for one bag of Fastgro as follows:Standard Standard CostQuantity per bagDirect material 20 pounds $8.00Direct labor 0.1 hours $1.10Variable overhead 0.1 hours $0.40The company had no beginning inventories of any kind on January 1. Variable overhead is applied toproduction on the basis of standard direct-labor hours. During January, the company recorded the followingactivity:• Production of Fastgro: 4,000 bags• Direct materials purchased: 85,000 pounds at a cost of $32,300• Direct-labor worked: 390 hours at a cost of $4,875• Variable overhead incurred: $1,475• Inventory of direct materials on January 31: 3,000 pounds15. The materials quantity variance for January isA. $800 U.B. $300 F.C. $750 F.D. $300 U.Use the following information to answer this question.Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standardcosts for one bag of Fastgro as follows:Standard Standard CostQuantity per bagDirect material 20 pounds $8.00Direct labor 0.1 hours $1.10Variable overhead 0.1 hours $0.40The company had no beginning inventories of any kind on January 1. Variable overhead is applied toproduction on the basis of standard direct-labor hours. During January, the company recorded the followingactivity:• Production of Fastgro: 4,000 bags• Direct materials purchased: 85,000 pounds at a cost of $32,300• Direct-labor worked: 390 hours at a cost of $4,875• Variable overhead incurred: $1,475• Inventory of direct materials on January 31: 3,000 pounds16. The materials price variance for January isA. $1,300 U.B. $1,700 F.C. $1,640 U.D. $1,640 F.17. Coles Company, Inc. makes and sells a single product, Product R. Three yards of Material K areneeded to make one unit of Product R. Budgeted production of Product R for the next five months is asfollows:The company wants to maintain monthly ending inventories of Material K equal to 20% of the followingmonth's production needs. On July 31, this requirement wasn't met because only 2,500 yards of Material Kwere on hand. The cost of Material K is $0.85 per yard. The company wants to prepare a Direct MaterialsPurchase Budget for the rest of the year.The total cost of Material K to be purchased in August isAugust14,000unitsSeptember14,500unitsOctober15,500unitsNovember12,600unitsDecember11,900unitsA. $48,200.B. $42,300.C. $33,840.D. $40,970.18. Manufacturing Cycle Efficiency (MCE) is computed asA. Value-Added Time divided by Throughput Time.B. Value-Added Time divided by Delivery Cycle Time.C. Throughput Time divided by Delivery Cycle Time.D. Process Time divided by Delivery Cycle Time.Use the following information to answer this question.The Adams Company, a merchandising firm, has budgeted its activity for November according to thefollowing information:• Sales were at $450,000, all for cash.• Merchandise inventory on October 31 was $200,000.• The cash balance on November 1 was $18,000.• Selling and administrative expenses are budgeted at $60,000 for November and are paid for in cash.End of exam• Budgeted depreciation for November is $25,000.• The planned merchandise inventory on November 30 is $230,000.• The cost of goods sold is 70% of the selling price.• All purchases are paid for in cash.19. The budgeted net income for November isA. $50,000.B. $75,000.C. $135,000.D. $68,000.20. The LFM Company makes and sells a single product, Product T. Each unit of Product T requires 1.3hours of direct labor at a rate of $9.10 per direct-labor hour. LFM Company needs to prepare a direct-laborbudget for the second quarter of next year. The budgeted direct-labor cost per unit of Product T would beA. $11.83.B. $7.00.C. $10.40.D. $9.10.
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