Oriole Company sold goods with a total selling price of $809,600 during the year. It purchased goods for $393,200 and had beginning inventory of $68,400. A count of its ending inventory determined that goods on hand was $51,200. What was its cost of goods sold

Answers

Answer 1

Answer:

$410,400

Explanation:

Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Cost of goods sold = $68,400 + $393,200 - $51,200

Cost of goods sold = $410,400

So, its amount of cost of goods sold is $410,400.


Related Questions

Calculate the Accounts Payable balance. ​(Enter the​ balance, along with a​ "Bal." reference on the correct side of the​ T-account.) Accounts Payable May 2 7,500 13,000 May 1 May 22 12,000 400 May 5 7,500 May 15 200 May 23

Answers

Answer and Explanation:

The computation of the account payable balance is given below:

Account Payable balance on month end is

= 13,000 + 400 + 7500 + 200 - 7500 - 12000

= $1,600

Hence, the account payable balance is $1,600

The same is to be reflected on the debit side of account payable T account

The same is to be considered

Halsted Corp. has identified three cost pools in its manufacturing process: equipment maintenance, setups, and quality control. Total cost assigned to the three pools is $214,500, $101,400, and $153,000, respectively. Cost driver estimates for the pools are 10,000 machine hours, 150 setups, and 450 quality inspections, respectively.

Required:
Calculate the activity rate for each of Halsted's cost pools.

Answers

Answer:

Maintenance $21.45 per Machine Hour

Setup $676 per Setup

Quality Control $340 per Inspection

Explanation:

Calculation to determine the activity rate for each of Halsted's cost pools.

Activity rate for MAINTENANCE COST

Using this formula

Activity rate= Total maintenance cost / Total machine hours

Let plug in the morning

Activity rate=$214,500/ 10,000

Activity rate= $21.45 per Machine Hour

Activity rate for SETUPS

Using this formula

Activity rate= Total Setups /Setups

Let plug in the formula

Activity rate= $101,400/150

Activity rate=$676 per Setup

Activity rate for QUALITY CONTROL

Using this formula

Activity rate= Total Quality control /Quality inspections

Let plug in the formula

Activity rate= $153,000/450

Activity rate= $340 per Inspection

Therefore the activity rate for each of Halsted's cost pools will be:

Maintenance $21.45 per Machine Hour

Setup $676 per Setup

Quality Control $340 per Inspection

Wasilko Corporation produces and sells one product The budgeted selling price per unit is $114. Budgeted unit sales for February is 9,900 units. Each unit of finished goods requires 6 pounds of raw materials. The raw materials cost $4.00 per pound. The direct labor wage rate is $24.00 per hour. Each unit of finished goods requires 2.4 direct labor-hours. Manufacturing overhead is entirely variable and is $9.00 per direct labor-hour. The variable selling and administrative expense per unit sold is $1.60. The fixed selling and administrative expense per month is $70,000. The estimated net operating income (loss) for February is closest to:

Answers

Answer: $21,080

Explanation:

First calculate the contribution margin per unit

= Sales - Variable costs

= Selling price - Raw materials - Direct labor cost - Manufacturing overhead - Variable selling and administrative expense

= 114 - (6 * 4) - (2.4 * 24) - (9 * 2.4) - 1.60

= $9.20

The Contribution margin is:

= 9.20 * 9,900 units

= $91,080

Net operating income = Contribution margin - fixed cost

= 91,080 - 70,000

= $21,080

On October 1, 2020 Vaughn Manufacturing issued 4%, 10-year bonds with a face value of $8130000 at 103. Interest is paid on October 1 and April 1, with any premiums or discounts amortized on a straight-line basis. The entry to record the issuance of the bonds would include a credit of $243900 to Premium on Bonds Payable. credit of $162600 to Interest Payable. credit of $7886100 to Bonds Payable. debit of $243900 to Discount on Bonds Payable.

Answers

Answer:  a credit of $243,900 to Premium on Bonds Payable.

Explanation:

The bonds were issued at a premium of 103 so the bond issue price is:

= 8,130,000 * 103/100

= $8,373,900

The premium is therefore:

= Issue price - Face value

= 8,373,900 - 8,130,000

= $243,900

This premium will be credited to the Premium on Bonds Payable account to show that the Bonds were issued for higher than their face value.

Your lobster fishing business is straightforward, and you run your accounting in Excel. You maintain separate workbooks for each year, and each workbook has a spreadsheet for every month. The monthly spreadsheets are identical except for their names, which are January, February, etc. You have found that you need to sum your diesel fuel expenditures, which are always recorded in cell D18, for the months of August through December. What three-dimensional formula would give you that result

Answers

Answer:

The three-dimensional formula that would give you the required result, that is suming the diesel fuel expenditures, which are always recorded in cell D18 for the months of August through December is:

=SUM(August:December!D18).

Explanation:

First, enter the excel starting formula "=SUM(". Type "August" or  left-click on the August sheet with the mouse. Type in colon and December or hold the Shift key and left-click on the December sheet. Then, select the cell C3 in the December sheet.  Before pressing "Enter," add a closing bracket.  The sum formula looks exactly like this: "=SUM(August:December!D18)." This formula can completely be typed manually. The formula sums up cell D18 across each of the sheets from August to December, returning a value.

Your grandfather put some money in an account for you on the day you were born. You are now years old and are allowed to withdraw the money for the first time. The account currently has in it and pays an interest rate.

Required:
a. How much money would be in the account if you left the money there until your twenty-fifth birthday?
b. What if you left the money until your sixty-fifth birthday?
c. How much money did your grandfather originally put in the account?

Answers

Answer:

Missing word "You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $3996 in it and pays an 8% interest rate."

a.  At 18 years, future value of current amount (compounded for another 7 years at 8%)

= $3,996 * (1.08)^7

= $3,996 * 1.7138

= $6,848.34

b. At age 65, future value of this amount (compounded for another 40 years at 8%)

= $6,848.44 * (1.08)^40

= $6,848.44 * 21.7245

= $148,779.93

c. Future Value = Present Value * (1 + Interest Rate)^n

So, let initial the money deposited be represented by Y

=> $3,996 = Y * (1.08)^18

=> $3,996 = Y * 3.996

Y = $3,996 / 3.996

Y = $1,000

Forner, Inc., manufactures and sells two products: Product Z1 and Product Z8. The company has an activity-based costing system with the following activity cost pools, activity measures, and expected activity:
Estimated Expected Activity
Activity Cost Pools Activity Measures Overhead Cost Product Z1 Product Z8 Total
Labor-related DLHs $112,190 600 2,000 2,600
Machine setups setups 40,440 500 700 1,200
Order size MHs 609,770 3,000 3,200 6,200
$762,400
The activity rate for the Machine Setups activity cost pool under activity-based costing is closest to:
$203.26 per setup
$190.55 per setup
$122.97 per setup
$33.70 per setup

Answers

Answer:

Machine setups= $33.7 per setup

Explanation:

Giving the following information:

Activity Cost Pools Activity Measures Overhead Cost Product Z1 Product Z8 Total

Machine setups setups 40,440 500 700 1,200

To calculate the activity rate for Machine setup, we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Machine setups= 40,440 / 1,200

Machine setups= $33.7 per setup

g A construction company builds roads with machinery​ (capital, K) and labor​ (L). If we plot the isoquants for the production function so that labor is on the horizontal​ axis, then a point on the isoquant with a small MRTS​ (in absolute​ value) is associated with high​ __________ use and low​ __________ use. A. ​labor; capital B. ​concrete; gravel C. ​capital; labor D. None of the above.

Answers

Answer:

A. ​labor; capital

Explanation:

In the production function theory, here we presume that the isoquants should be convex shaped and the MRTS should be isoquant slop that should be downward as it is shifted from left to right. Now if it is along on the horizontal axis that goes towards right so here MRTS falls and the labor rises. Due to increased in labor, the capital should falls because of the negative slope

Therefore the option a is correct

The point on the isoquant with a small MRTS​ (in absolute​ value) is associated with high labor use and low capital use.

In a production function theory, we will presume that the isoquants should be convex shaped and the MRTS should be isoquant slop hence, should be downward as it is shifted from left to right.

if the MRTS is along on the horizontal axis that goes towards right, hence, the MRTS falls and the labor rises.

Hence, due to the increase in labor, the capital should falls because of the negative slope.

Therefore, the Option A is correct since the point on the isoquant with a small MRTS​ (in absolute​ value) is associated with high labor use and low capital use.

Read more about production function theory

brainly.com/question/17247385

Consider the following information for the manufacturing cell of Stripes Company: Maximum units produced in a quarter 250,000 units Actual units produced in a quarter 200,000 units Productive hours in a quarter 50,000 hours Compute the theoretical velocity and the actual velocity in units per hour.

Answers

Answer: Theoretical velocity = 5 units per hour.

Actual velocity = 4 units per hour.

Explanation:

Based on the information given in the question, the theoretical velocity will be:

Firstly, we'll calculate the theoretical cycle time which will be:

= (50,000 hours x 60 minutes per hour) / 250,000 units

= 12 minutes per unit

Actual cycle time will be:

= (50,000 hours x 60 minutes per hour) / 200,000 units

= 15 minutes per unit

The theoretical velocity:

= 60 minutes / 12 minutes

= 5 units per hour.

2. The e actual velocity in units per hour:

= 60 minutes per hour / 15 minutes per unit

= 4 units per hour

A company paid $0.85 in cash dividends per share. Its earnings per share is $3.50, and its market price per share is $35.50. Its dividend yield equals:

Answers

Answer: 2.4%

Explanation:

Cash dividend = $0.85

Earnings per share = $3.50

Market price per share = $35.50

The dividend yield will be calculated as:

= Cash dividends / Market price per share

= $0.85 / $35.50

= 0.024

= 2.4%

The dividend yield is 2.4%.

Now- a quick question. Assume at the beginning of Year2, Becker Company has a credit (positive) balance in the AOCI account of $10800. Becker Company reports $653000 of net income for Year2. Becker has an unrealized gain of $12000 during Year2. The gain qualifies as OCI (Other comprehensive income). 1. What will Becker report as Accumulated Other Comprehensive Income on the Year2 balance sheet

Answers

Answer:

Becker Company

The amount that Becker will report as Accumulated Other Comprehensive Income on the Year 2 balance sheet is:

= $22,800.

Explanation:

a) Data and Calculations:

Year 2 Beginning balance:

Accumulated other comprehensive income (AOCI) = $10,800 credit

Year 2 reported net income = $653,000

Unrealized gain during Year 2 = $12,000

The Accumulated Other Comprehensive Income on the Year 2 balance sheet is:

Beginning balance $10,800

Unrealized gain        12,000

AOCI for Year 2 = $22,800

b) Becker's Accumulated Other Comprehensive Income includes unrealized gains and losses arising from some investments, pension plans, and hedging transactions.  These are usually reported in the equity section of the balance sheet and then netted off from the retained earnings.

What happens to consumer surplus in the cell phone market if cell phones are normal goods and buyers of cell phones experience an increase in income? a. Consumer surplus decreases. b. Consumer surplus remains unchanged. c. Consumer surplus increases. d. Consumer surplus may increase, decrease, or remain unchanged.

Answers

Answer:

D

Explanation:

Normal goods are goods that are goods whose demand increases when income increases and falls when income falls

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.

Consumer surplus = willingness to pay – price of the good

If consumers income increases, their demand for cell phone would increase. This would lead to an increase in price of the good.

Also, willingness to pay would ncrease as a result of income increase

If increase in willingess to pay exceeds increase in price, consumer surplus increases, if not it reduces. If the increase is the same, it remains the same

Select the market segment that looks the most promising?
1. Luxury trenfollowers
Segment size 5,000(5%)
Growth rate 7%

2. School children
Segment size 35,000 (35%)
Growth rate 1%

3. University students
Segment size 24,099(24%)
Growth rate 5%

4. Outdoor enthusiasts
Segment size 14,000 (14%)
Growth rate 5%

5. Urban commuters
Segment size 20,000 (20%)
Growth rate 3%

Answers

Answer:

Luxury Trend followers

Explanation:

The consider which market segment shows the most or higest level of promise, we may have to the growth rate of each segment, which is the percentage change in earnings or revenue over a specific period of time. From the data given, the market segment with the greatest growth rate is the trend followers segment with a growth rate of 7%

Luxury trend followers : 7%

School children : 1%

University students : 5%

Outdoor enthusiasts : 5%

Urban Commuters : 3%

Medical profession is a very sensitive profession.Do U agree?Give 5 reason​

Answers

Answer:

Medical profession is very sensitive and intellectual where human life is at risk. A successful effort of a doctor can save a life. Due to that, a doctor is known as 2nd God. When he attempts a major and long surgery, his endurance, hard work and mental ability spotlight his character.

Which of the following is a major difference between a budget constraint and production possibilities frontier?

a. A production possibilities frontier conveys the relative prices of the two goods, whereas a budget constraint accounts for diminishing returns.
b. A production possibilities frontier is usually straight, whereas a budget constraint is typically curved.
c. A budget constraint typically has a constant slope, whereas the slope of a production possibilities frontier is usually different at various points.
d. There is no difference. They convey the same information.

Answers

Answer:

c

Explanation:

The Production possibilities frontiers is a curve that shows the various combination of two goods a company can produce when all its resources are fully utilised.  

The PPF is concave to the origin. This means that as more quantities of a product is produced, the fewer resources it has available to produce another good. As a result, less of the other product would be produced. So, the opportunity cost of producing a good increase as more and more of that good is produced.  

So, the PPF exhibits diminishing return. The slope of the PPF is different at different points. this makes the PPF a curve

the budget constraint is a straight line that shows the various combinations of goods a consumer can consume given her income. the budget constraint is a straight line because the slope is constant at each point on the curve

Also, the slope of the budget constraint is the relative prices of the two goods

During July, the production department of a process operations system completed and transferred to finished goods 24,000 units that were in process at the beginning of July and 72,000 that were started and completed in July. July's beginning inventory units were 100% complete with respect to materials and 30% complete with respect to labor. At the end of July, 29,000 additional units were in process in the production department and were 100% complete with respect to materials and 35% complete with respect to labor. The beginning inventory included labor cost of $52,400 and the production department incurred direct labor cost of $451,250 during July. Compute the direct labor cost per equivalent unit for the department using the weighted-average method.

Answers

Answer:

the direct labor cost per equivalent unit for the department is $4.74 per unit

Explanation:

The computation of the direct labor cost per equivalent unit for the department is given below:

Equivalent units for direct labor cost is

= 24,000 unit + 72,000 units + 35% of 29,000

= 24,000 units + 72,000 units + 10,150 units

= 106,150 units

Now the direct cost per equivalent unit is

= ($52,400 + $451,250) ÷ 106,150 units

= $4.74 per unit

Hence, the direct labor cost per equivalent unit for the department is $4.74 per unit

Sammy Co. uses process costing to account for the production of popcorn. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Equivalent units have been calculated to be 20,000 units for materials and 18,200 units for conversion costs. Beginning inventory consisted of $6,200 in materials and $4,400 in conversion costs. May costs were $47,000 for materials and $32,000 for conversion costs. Ending inventory still in process was 4,000 units (100% complete for materials, 55% for conversion). The cost per equivalent unit for conversion costs using the weighted average method would be:

Answers

Answer:

$2.00

Explanation:

Calculation to determine what The cost per equivalent unit for conversion costs using the weighted average method would be:

Using this formula

Cost per equivalent unit for conversion costs=Beginning inventory for conversion costs +May costs for conversion)/Equivalent units for conversion costs

Let plug in the formula

Cost per equivalent unit for conversion = ($4,400 + $32,000)/18,200

Cost per equivalent unit for conversion =$36,400/18,200

Cost per equivalent unit for conversion = $2.00

Therefore The cost per equivalent unit for conversion costs using the weighted average method would be:$2.00

Good afternoon. Kindly assist on the following please. Assignment due by 4:30pm Mike bookshop had the following structure. Share capital 500000 ordinary shares of $1 each. 300000 10% preference of $1 each. Reserves Share premium 200 000 General reserves 100 000 Retained earnings 400 000 8% debenture 100 000 During the year the following transaction took place. 01 January issue of 200 000 $1 ordinary shares at$1,20 and 100 000 preference shares at $2 each. 01 June a 1 for 4 right issue at a premium of $0,10c each per share. 01 December 1 for 5 bonus shares fully paid. All shares issued during the year qualified for bonus and the company wishes to leave the reserves in their flexible form. Required. Balance sheet extract.​

Answers

Answer:

Mike Bookshop

Balance Sheet Extract as at December 31

Share capital:

1,050,000 ordinary shares of $1 each    $1,050,000

400,000 10% preference of $1 each           400,000

Total share capital                                   $1,450,000

Reserves:

Share premium                                            357,500

General reserves                                         100,000

Retained earnings                                      225,000

Total reserves                                          $682,500

8% debenture                                           $100,000

Explanation:

a) Data and Analysis:

Share capital:

500000 ordinary shares of $1 each.

300000 10% preference of $1 each.

Reserves:

Share premium 200 000

General reserves 100 000

Retained earnings 400 000

8% debenture 100 000

During the year the following transaction took place.

01 January Cash $240,000 Ordinary share capital $200 000 Share Premium $40,000

$1 ordinary shares at$1.20 and

01 January Cash $200,000 Preferred share capital $100 000 Share Premium $100,000

01 June Cash $192,500 Ordinary share capital $175,000 Share Premium $17,500

a 1 for 4 right issue at a premium of $0.10c each per share.

01 December Retained Earnings $175,000 Ordinary share capital $175,000

1 for 5 bonus shares fully paid.

Ordinary share capital:

Beginning balance         $500,000

January 1 issue                 200,000

June 1 rights issue            175,000

Dec. 1 bonus issue            175,000

Ending balance           $1,050,000  

Preferred share capital:

Beginning balance          $300,000

January 1 issue                  100,000

Ending balance              $400,000

Share Premium:

Beginning balance        $200,000

January 1 issues               140,000

June 1 rights issue             17,500

Ending balance            $357,500

General reserves         $100,000

Retained Earnings:

Beginning balance      $400,000

Dec. 1 Bonus issue        (175,000)

Ending balance          $225,000

Short-term investments are intended to be converted into cash within the longer of one year or the operating cycle of the business, and are readily convertible to cash. True or False

Answers

Answer:

True

Explanation:

The reasons why many companies invest in other companies includes

1. Due to excess cash not needed immediately, so invested to earn additional income to use for operations

2. Long- term strategic reasons etc

The criteria for a current asset is that the investment must be liquid and be able to convert to cash within one year (or become a long-term investment).

Short-term investments

This is a current assets. It is also called marketable securities. This is a form of an investments made in marketable securities that can be converted easily to cash which a company plans to hold for 1 year or less than one year.

The 3 categories of short-term investments. They includes:

1. Trading securities

2. available-for-sale securities

3. Held to maturity investment.

If a company spends $80 million to build facility space sufficient to hold 5 million pairs of footwear-making equipment at a site in Latin America, then the company's annual depreciation costs for this facility space will be

Answers

Answer: $8,000,000

Explanation:

From the question given, the cost of the building facility is $80 million. Also, it should be noted that the default rate for depreciation is given as 10%, therefore, the company's annual depreciation costs for this facility space will be:

= Depreciation rate × Cost of building

= 10% × $80,000,000

= 0.1 × $80,000,000

= $8,000,000

One important employer tactic for sharing information and opinions is to hold a group meeting in the workplace during working hours in which employees are forced to listen to management's antiunion and pro-company presentations. This gathering is referred to as a

Answers

Answer: captive audience meeting

Explanation:

Captive audience meeting refers to the compulsory meeting of employees that is arranged by an employer which is typically done as a response to a trade union organizing campaign.

It should be noted that the maid.idea behind the captive audience meeting is for the employer to dissuade the employees from them joining the union.

What is a question that should be asked about accounts payable when forecasting?
What is the cash conversion cycle?
How will our cash inflows be affected?
How much product on hand is too much?
How quickly can we replenish goods?

Answers

Answer:

In forecasting accounts payable, one of the relevant questions is:

What is the cash conversion cycle?

Explanation:

The variables used in computing the cash conversion cycle include accounts receivable days, inventory turnover days, and accounts payable days.  Specifically, cash conversion cycle (CCC) is the period in days that it takes the firm to convert cash into inventory, then into sales, and finally back into cash.  To gain a good understanding of accounts payable, one should always consider the major inclusive metric.

If the return on stock A in year 1 was 6 %, in year 2 was 3 %, in year 3 was 18 % and in year 4 was 3 %, what was the standard deviation of returns for stock A over this four year period? (Round your answer to 1 decimal place and record without a percent sign. If your final answer is negative, place a minus sign before the number with no space between the sign and the number).

Answers

Answer:

12.4

Explanation:

We need to,first of all, determine the arithmetic average return of all the returns, which is the sum of the returns divided by the number of returns

average return=(6%+3%+18%+3%)/4

average return=7.50%

Years return (return-average return) (return-average return)^2

1          6.00%        -1.50%                            0.022500%

2          3.00%       -4.50%                             0.202500%

3         18.00%         10.50%                               1.102500%

4         3.00%       -4.50%                               0.202500%

        average return 7.50%           variance 1.530000%

                   standard deviation=variance^(1/2) 12.4%

Faughn Corporation has provided the following data concerning manufacturing overhead for July:
Actual manufacturing overhead incurred $ 79,000
Manufacturing overhead applied to Work in Process $ 69,000
The company's Cost of Goods Sold was $243,000 prior to closing out its Manufacturing Overhead account. The company closes out its Manufacturing Overhead account to Cost of Goods Sold. Which of the following statements is true?
A. Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $233,000
B. Manufacturing overhead was overapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $233,000
C. Manufacturing overhead was overapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000
D. Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000

Answers

Answer: D. Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000

Explanation:

The Manufacturing overhead applied is less than the actual manufacturing overhead incurred by:

= 79,000 - 69,000

= $10,000

Manufacturing overhead is therefore underapplied as the amount applied is too low to cover the amount incurred.

The Cost of Goods sold after closing out is:

= Cost of goods sold before closing out + Underapplied manufacturing overhead

= 243,000 + 10,000

= $253,000

g Find the monthly payment and estimate the remaining balance (to the nearest dollar). Assume interest is on the unpaid balance. 5-year car loan for $9700 at 5%; remaining balance after 4 years.

Answers

Answer:

Monthly payment $102.88

Outstanding balance after year 4 $1,201.76

Explanation:

First and foremost, the car loan amount of $9,700 is the present value of all monthly payments for 5 years as shown below:

PV=monthly payment*(1-(1+r)^-n/r

PV=car loan amount=$9,700

monthly payment=unknown

r=monthly interest rate=5%/12=0.004166667

n=number of monthly payments in 5 years=5*12=60

$9700=monthly payment*(1-(1+0.004166667)^-120/0.004166667

$9700=monthly payment*(1-(1.004166667)^-120/0.004166667

$9700=monthly payment*(1-0.607161016 )/0.004166667

$9700=monthly payment*0.392838984 /0.004166667

$9700=monthly payment*94.28134862

monthly payment=$9700/94.28134862

monthly payment=$102.88  

The outstanding balance after year 4 is the present value of monthly payments for the remaining 1 year(12 months)

PV=$102.88*(1-(1+0.004166667)^-12/0.004166667

PV=$102.88*(1-(1.004166667)^-12/0.004166667

PV=$102.88*(1-0.951328238 )/0.004166667

PV=$102.88*0.048671762 /0.004166667

PV=$1,201.76

When a company issues 32,000 shares of $2 par value common stock for $20 per share, the journal entry for this issuance would include:_____.A. A debit to Additional Paid-in Capital for $76,000. B. A debit to Cash for $76,000. C. A credit to Common Stock for $760,000. D. A credit to Additional Paid-in Capital for $684,000.

Answers

Please the options provided are not correct for the question given.

Answer: When a company issued 32,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would include a debit to cash for $640,000 , a credit to common stock and Additional paid in capital for   $64,000 and $576,000 respectively.

Explanation:

Company  issued = 32,000 shares

For par value = $2

Common stock for = $20 per share

The Journal Entry would be,

Accounts title and explanation                Debit                     Credit

Cash  ($32,000 shares x $20)             $640,000  

Common Stock  (32,000 shares x $2)                                   $64,000

Additional paid-In capital in excess par—common stock   $576,000 ($640,000 - $64,000)  

Larned Corporation recorded the following transactions for the just completed month.

$81,000 in raw materials were purchased on account. $79,000 in raw materials were used in production. Of this amount, $70,000 was for direct materials and the remainder was for indirect materials.
Total labor wages of $113,500 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.
Depreciation of $198,000 was incurred on factory equipment.

Required:
Record the above transactions in journal entries.

Answers

Answer:

S/n    Journal Entries                                            Debit        Credit

a        Raw materials inventory                            $81,000

                 Accounts payable                                                $81,000

b        Work in process inventory                        $70,000

         Manufacturing overhead                           $9,000

                 Raw materials inventory                                      $79,000

c        Work in process inventory                         $101,000

         Manufacturing overhead                            $12,500

                 Cash                                                                      $113,500  

d        Manufacturing overhead                           $198,000

                Accumulated depreciation-Equipment                $198,000

Local marketing is an effective tool used by marketers to reach intended market segments. Groupon has capitalized on this concept by tailoring brands and marketing to the needs and wants of local customer segments—cities, neighborhoods, and even specific stores. According to its website, Groupon “offers a vast mobile and online marketplace where people discover and save on amazing things to do, see, eat, and buy. By enabling real time commerce across local businesses, travel destinations, consumer products, and live events, shoppers can find the best a city has to offer. Groupon is redefining how small businesses attract and retain customers by providing them with customizable and scalable marketing tools and services to profitably grow their businesses.” This concept lies at the heart of Groupon’s mission: “to connect local commerce, increasing consumer buying power while driving more business to local merchants through price and discovery.” To help consumers make those connections, Groupon offers a mobile app, online marketplace, and social media touchpoints where customers can readily access information on its daily deals. Questions: Q1. How does Groupon use target marketing? Provide examples. Q2. Discuss the ways in which small businesses can utilize local social media marketing in your community. Q3. Have you heard about Groupon? Explain their business Q4. Do you use Groupon? Q5. Is it effective in helping local businesses to meet the challenges of local marketing? Why or why not?

Answers

Answer:

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Concord Company has recently tried to improve its analysis for its manufacturing process. Units started into production equaled 18900 and ending work in process equaled 1000 units. Concord had no beginning work in process inventory. Conversion costs are applied uniformly throughout production, and all materials are applied at the beginning of the process. How much is the materials cost per unit if ending work in process was 30% complete and total materials costs equaled $86940

Answers

Answer:

the material cost per unit is $4.60 per unit

Explanation:

The computation of the material cost per unit is shown below:

= Total material cost ÷ equivalent units of material

= $86,940 ÷ (18,900 - 1,000) × 100% + 1,000 × 100%

= $86,940 ÷ (17,900 + 1,000)

= $86,940 ÷ 18,900

= $4.60 per unit

Hence, the material cost per unit is $4.60 per unit

The same should be considered and relevant

Firm A has a 21 percent marginal tax rate, and Firm Z has a 28 percent marginal tax rate. Firm A owns a controlling interest in Firm Z. The owners of Firm A decide to incur a $9,500 deductible expense that will benefit both firms.

Required:
Compute the after-tax cost of the expense assuming that:
a. Firm A incurs the expense
b. Firm Z incurs the expense

Answers

Answer:

a. $7,505

b.$6,840

Explanation:

a. Computation for the after-tax cost of the expense assuming that Firm A incurs the expense

Using this formula

After-tax cost = Deductible Expense - (Firm A Marginal tax rate* Deductible Expense)

Let plug in the formula

After-tax cost = ($9,500 - ($21%*9500)

After-tax cost = ($9,500 - $1,995)

After-tax cost=$7,505

Therefore the after-tax cost of the expense assuming that Firm A incurs the expense is $7,505

B. Computation for the after-tax cost of the expense assuming that Firm Z incurs the expense

Using this formula

After-tax cost = Deductible Expense - (Firm Z Marginal tax rate*Deductible Expense)

Let plug in the formula

After-tax cost =$9,500 -(28%*$9500)

After-tax cost =($9,500 - $2,660 )

After-tax cost=$6,840

Therefore the after-tax cost of the expense assuming that Firm Z incurs the expense is $6,840

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