The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system.
April 30 May 31
Inventories
Raw materials $43,000 $52,000
Work in process 10,200 21,300
Finished goods 63,000 35,600
Activities and information for May
Raw materials purchases (paid with cash) 210,000
Factory payroll (paid with cash) 345,000
Factory overhead Indirect materials 15,000
Indirect labor 80,000
Other overhead costs 120,000
Sales (received in cash) 1,400,000
Pre-determined overhead rate based on direct labor cost 70%
Compute the following amounts for the month of May using T-accounts.
1. Cost of direct materials used.
2. Cost of direct labor used.
3. Cost of goods manufactured.
4. Cost of goods sold.
4. Gross profit.
5. Overapplied or underapplied overhead.
Do not consider any underapplied or overapplied overhead.
These are the accounts that are used t(that need to be filled in).
1. Raw Materials (RM)
2. Goods In Process (GIP)
3. Factory Payroll
4. Finished Goods (FG)
5. Factory Overhead
6. Income Statement (Partial)

Answer:

Lock-Tite Company

1. Cost of direct materials used = $186,000

2. Cost of direct labor used = $265,000

3. Cost of goods manufactured = $ 625,400

4. Cost of goods sold = $652,800

4. Gross profit = $747,200

5. Underapplied overhead = $29,500

Explanation:

a) Data and Calculations:

Inventories           April 30    May 31

Raw materials    $43,000    $52,000

Work in process   10,200        21,300

Finished goods   63,000       35,600

Raw materials

Account Titles               Debit           Credit

Beginning balance    $43,000

Cash                           210,000

Factory overhead                            $15,000

Goods in Process                            186,000

Ending balance                              $52,000

Goods in process

Account Titles               Debit           Credit

Beginning balance     10,200

Raw materials          186,000

Factory payroll        265,000

Factory overhead    185,500

Finished Goods Inventory             625,400

Ending balance                                 21,300

Factory Payroll

Account Titles               Debit           Credit

Cash                      $345,000

Factory Overhead                           $80,000

Goods in Process                            265,000

Finished goods

Account Titles               Debit           Credit

Beginning balance     63,000

Goods in Process    625,400

Cost of goods sold                     652,800

Ending balance                             35,600

Factory Overhead

Account Titles               Debit           Credit

Raw materials          $15,000

Factory payroll          80,000

Cash                        120,000

Goods in Process                            $185,500

Balance                                               29,500

Income Statement (Partial)

Sales                           $1,400,000

Cost of goods sold         652,800

Gross profit                   $747,200

Instructions
1. Column C. should be type asset liabilitt revenue equity or expense
2. Coloumn D OR E should have a YES OR NO.
3. Fill in debit or credit- which is normal balance of the account, (INCREASE SIDE)
4. Fill in which type of account is it? Temporary or permanent.
Account Name Type: Asset, Will be Will be Normal Temporary or
liability, equity, on the on the Balance Permanent
revenue or Income balance is Debit
Expense statement Sheet or Credit
Cash
Capital Stock
Mortgage Payable
Interest Receivable
Supplies
Account Payable
Short Term Investments
Repair Expense
Unearned Service Revenue
Equipment
Depreciation Expense
Interest Revenue
Salaries Expense
Retained Earnings
Accumulated Depreciation
Utilites Expense
Salaries Payable
Account Receivable
Notes Payable
Service Revenue"

Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,400 units. The costs and percentage completion of these units in beginning inventory were:
Cost Percent Complete
Materials costs $6,700 65%
Conversion costs $7,800 45%
A total of 8,500 units were started and 6,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
Cost
Materials costs $126,500
Conversion costs $208,000
The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for conversion costs for the first department for the month is closest to:_____.
a. $18.42.
b. $19.02.
c. $19.91.
d. $17.60.

Consider the free cash flow approach to stock valuation. Utica Manufacturing Company is expected to have before-tax cash flow from operations of $500,000 in the coming year. The firm's corporate tax rate is 30%. It is expected that $200,000 of operating cash flow will be invested in new fixed assets. Depreciation for the year will be $100,000. After the coming year, cash flows are expected to grow at 6% per year. The appropriate market capitalization rate for unleveraged cash flow is 15% per year. The firm has no outstanding debt. The projected free cash flow of Utica Manufacturing Company for the coming year is _______.

Winston Company estimates that the factory overhead for the following year will be $478,800. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 26,600 hours. The total machine hours for the year were 54,000 hours. The actual factory overhead for the year was $986,000. Enter the amount as a positive number.

Using data spanning 2002-2013 from the ACFE Report to the Nations on Occupational Fraud and Abuse, and made available through the Institute for Fraud Prevention (IFP), the authors examined private company FRF cases in comparison to those at public companies and found several key differences. These included the observation that a stronger antifraud environment in public companies appears to lead public company FRF perpetrators to use ____________ perhaps to make the fraud less obvious, rather than other fraud schemes such as fictitious revenues.

A multinational engineering consulting firm that wants to provide resort accommodations to special clients is considering the purchase of a three-bedroom lodge in upper Montana that will cost $220,000. The property in that area is rapidly appreciating in value because people anxious to get away from urban developments are bidding up the prices. If the company spends an average of $400 per month for utilities and the investment increases at a rate of 0.75% per month, how long would it be before the company could sell the property for $100,000 more than it has invested in it

Enrique Industries purchased and consumed 50,000 gallons of direct material that was used in the production of 11,000 finished units of product. According to engineering specifications, each finished unit had a manufacturing standard of five gallons. If a review of Enrique's accounting records at the end of the period disclosed a material price variance of $5,000U and a material quantity variance of $3,000F, what is the actual price paid for a gallon of direct material

The trial balance of Rollins Inc. included the following accounts as of December 31, 2021:
Debits Credits
Sales revenue 5,400,000
Interest revenue 37,500
Loss on sale of investments 10,000
Loss on debt investments 125,000
Gain on projected benefit obligation 235,000
Cost of goods sold 3,950,000
Selling expense 350,000
Restructuring costs 155,000
Interest expense 20,000
General and administrative
expense 250,000
The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%.
Required:
Prepare a 2021 multiple-step income statement for Rollins Inc. with earnings per share disclosure.

Month-end & Year-end process helps to write-off bad debts.

Select one:

True

O False​

The daily cost of producing pizza in New Haven is C(Q) = 4Q + (Q2/40); the marginal cost is MC = 4 + (Q/20). There are no avoidable fixed costs. What is the market supply function if there are 10 firms making pizza? If 20 firms are making pizza? What is the market supply curve under free entry? [HINT: As the first step, find the AC and show that AC is at its minimum when Q = 0.]

If I buy options contracts for a year out is that profitable instead of day trading/swing trading? Because day trading or swing trading is usually hard to predict but we know when long-term good stocks are always going the upside and with the leverage, an option contract has it could make more than just buying shares. So Buying options contracts a year out is good or not?

The following units of an inventory item were available for sale during the year: Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory rounded to the nearest dollar using the weighted average cost method is

Meredith, Linda, and Peter are working together in a project team at a home appliances company. They had to select two out of five new products to be introduced in the next quarter. The team has a conflict over the choice of those two products. (a) Meredith, who is uncomfortable with confrontations, chooses to remain neutral by staying away from the argument. (b) Linda and Peter had a few arguments which were finally resolved when Linda gave in to Peter's demands.
In this situation, (a) Meredith used the____style of conflict resolution and (b) Linda used the_____style of conflict resolution.

Two methods can be used to produce solar panels for electric power generation. Method 1 will have an initial cost of $740,000, an AOC of $190,000 per year, and $135,000 salvage value after its 3-year life. Method 2 will cost $870,000 with an AOC of $135,000 and a $170,000 salvage value after its 5-year life. Assume your boss asked you to determine which method is better, but she wants the analysis done over a three-year planning period. You estimate the salvage value of Method 2 will be 37% higher after three years than it is after five years. If the MARR is 14% per year, which method should the company select

Cincinnati Exporters wants to raise $40 million to expand its business. To accomplish this, it plans to sell 22-year, $1,000 face value, semiannual coupon bonds. The bonds will be priced to yield 6.85 percent and coupon rate of 5.72 percent. What is the minimum number of bonds it must sell to raise the money it needs

A company finds that there is a linear relationship between the amount of money that it spends on advertising and the number of units it sells. If it spends no money on advertising it sells 350 units. For each additional $3000 spent, an additional 15 units are sold.
A) If x is the amount of money that the company spends on advertising, find a formula for y, the number of units sold as a function of x.
B) How many units does the firm sell if it spends $25,000 on advertising?
C) How many units does the firm sell if it spends $50,000 on advertising?
D) How much advertising money must be spent to sell 700 units?
E) Which of the following statements correctly explains the meaning of the slope?
1. If the company spends an additional $1000 on advertising, it will increases the number of units it sells by 10.
2. In order to sell one more unit, the company would need to increase the amount it spends on advertising by $100.
3. If the company spends an additional $0.01 on advertising, it will sell one more additional unit.
4. If the company increases the amount of money it spends on advertising by $300, it will double the number of units it sells.
5. None of the above.

Which of the following increases the equilibrium price of a used car and decreases the equilibrium quantity? an announcement by the U.S. Attorney General that the windows on older cars were made with cheaper glass that can explode at high speeds new federal legislation that raises the legal driving age to twenty-four in all states a new fee that used car dealers must pay to the government on all sales of used cars all of the above because each is consistent with the "law of demand"

The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system.
Nov. 3 Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30.
4 Sold merchandise for cash, $38,210. The cost of the goods sold was $20,810.
5 Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $730 added to the invoice.
6 Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.
8 Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the goods sold was $10,190.
13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14 Sold merchandise on VISA, $231,570. The cost of the goods sold was $142,060.
15 Paid Papoose Creek Co. on account for purchase of November 5.
23 Received cash on account from sale of November 8 to Quinn Co.
24 Sold merchandise on account to Rabel Co., $54,800, terms 1/10, n/30. The cost of the goods sold was $33,850.
28 Paid VISA service fee of $3,580.
30 Paid Quinn Co. a cash refund of $6,420 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,140.
Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSBabcock CompanyGeneral Ledger
ASSETS
110 Cash
121 Accounts Receivable-Quinn Co.
122 Accounts Receivable-Rabel Co.
125 Notes Receivable
130 Inventory
131 Estimated Returns Inventory
140 Office Supplies
141 Store Supplies
142 Prepaid Insurance
180 Land
192 Store Equipment
193 Accumulated Depreciation-Store Equipment
194 Office Equipment
195 Accumulated Depreciation-Office Equipment
LIABILITIES
211 Accounts Payable-Moonlight Co.
212 Accounts Payable-Papoose Creek Co.
216 Salaries Payable
218 Sales Tax Payable
219 Customer Refunds Payable
221 Notes Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Goods Sold
521 Delivery Expense
522 Advertising Expense
524 Depreciation Expense-Store Equipment
525 Depreciation Expense-Office Equipment
526 Salaries Expense
531 Rent Expense
533 Insurance Expense
534 Store Supplies Expense
535 Office Supplies Expense
536 Credit Card Expense
539 Miscellaneous Expense
710 Interest Expense

Rob, a college senior was given $10,000 by an aunt. Before she died, she told
Rob to put the money to work and leave it alone, so that some day he could
leave money to his heirs. Rob is pumped. He has two great ideas, both of which
he learned about on late-night TV. One is to buy foreclosure properties. The
other is to speculate in gold. The people on TV made a killing doing very little
work. Their DVD's will tell him all he needs to know. He asks you which sounds
better to you.

Milton Mende purchased the Star Midas Mining Co., Inc., for $6,500. This Nevada corporation was a shell corporation with no assets. Mende changed the name of the corporation to American Equities Corporation (American Equities) and hired Bernard Howard to prepare certain accounting reports so that the company could issue securities to the public. In preparing the financial accounts, Howard (1) made no examination of American Equities' books; (2) falsely included an asset of more than $700,000 on the books, which was a dormant mining company that had been through insolvency proceedings; (3) included in the profit and loss statement companies that Howard knew American Equities did not own; and (4) recklessly stated as facts things of which he was ignorant. Did Howard act unethically

You have just purchased a municipal bond with a $10,000 par value for $9,500. You purchased it immediately after the previous owner received a semi-annual interest payment. The bond rate is 6.6% per year payable semi-annually. You plan to hold the bond for 4 years, selling the bond immediately after you receive the interest payment. If your desired nominal yield is 3% per year compounded semi-annually, what will be your minimum selling price for the bond?

Bellue Incorporated manufactures a single product. Variable costing net operating income was $92,400 last year and its inventory decreased by 3,100 units. Fixed manufacturing overhead cost was $1 per unit for both units in beginning and in ending inventory. What was the absorption costing net operating income last year

Karim Corp. requires a minimum $8,100 cash balance. If necessary, loans are taken to meet this requirement at a cost of 2% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $8,500 and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow.
July August September
Cash receipts $ 24,100 $ 32,100 $ 40,100
Cash payments 28,150 30,100 32,100
Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.)
KARIM CORP.
Cash Budget
For July, August, and September
July August September
Beginning cash balance $8,500
Cash receipts 24,100
Total cash available 32,600
Cash payments
Interest revenue
Preliminary cash balance
Additional loan (loan repayment)
Ending cash balance
Loan balance
Loan balance - Beginning of month $0
Additional loan (loan repayment)
Loan balance - End of month

If a company's scope is too big what is likely to happen?

Freeman Company's accounting records include the following information: Payments to suppliers $ 47,000 Collections on accounts receivable 99,000 Cash sales 26,000 Income taxes paid 4,400 Equipment purchased 14,900 What is the amount of net cash provided by operating activities indicated by these transactions?

define liquidity risk.​

The cost of direct materials transferred into the Bottling Department of the Mountain Springs Water Company is $1,098,900. The conversion cost for the period in the Bottling Department is $603,000. The total equivalent units for direct materials and conversion are 33,300 liters and 6,700 liters, respectively. Determine the direct materials and conversion cost per equivalent unit.

Last year, a small nation with abundant forests cut down $200 worth of trees. $100 worth of trees was then turned into $150 worth of lumber. $100 worth of that lumber was used to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in the production of trees, lumber, and bookshelves, what is this nation's GDP

The following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders’ equity 12/31/2021 12/31/2020 Common stock, $5 par; 27 million shares authorized; 22 million shares issued and 19 million shares outstanding at 12/31/2021; and ____million shares issued and ____shares outstanding at 12/31/2020. $ 110 million $ 95 million Additional paid-in capital on common stock 527 million 394 million Retained earnings 204 million 164 million Treasury common stock, at cost, 3 million shares at 12/31/2021 and 1 million shares at 12/31/2020 (79 million) (57 million) Total shareholders’ equity $ 762 million $ 596 million What was the average price (rounded to the nearest dollar) of the additional shares issued by Levi in 2021?

define regulation economics. ​