A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending Inventory at January 31 totals 130 units.
Units Unit Cost
Beginning inventory on January 1 320 $3.10
Purchase on January 9 70 3.30
Purchase on January 25 100 3.40
Required:
Assume the Perpetual Inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on LIFO.

Answer:

$439

Explanation:

Perpetual Inventory method calculates the value of goods held after each transaction.

LIFO stands for First In First Out.

Calculation of cost assigned to ending Inventory - FIFO

30 units × $3.30  =   $99

100 units × $3.40 = $340

Total                     = $439

Bill works at Peterbuilt on the assembly line producing truck frames. Bill is exceptionally knowledgeable about the equipment needed to do his job and often makes recommendations to management on the specifications for and alternative suppliers of needed equipment. Given Bill’s position on the assembly line as an operator, he probably functions in the buying center at Peterbuilt as a(n):

You are required to pay quarterly estimates of the tax liability for your company. If your first quarter payment for taxes was $6,500, how much was the total tax bill for the year if they were equal quarterly payments?

a) $6,500
b) $13,000
c) $19,500
d) $26,000

Fechter Corporation had the following stockholders’ equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par—Common Stock $200,000, and Retained Earnings $100,000. In 2020, the company had the following treasury stock transactions.

Mar. 1 Purchased 5,000 shares at $8 per share.
June 1 Sold 1,000 shares at $12 per share.
Sept. 1 Sold 2,000 shares at $10 per share.
Dec. 1 Sold 1,000 shares at $7 per share.

Fechter Corporation uses the cost method of accounting for treasury stock. In 2020, the company reported net income of $30,000.

Required:
Journalize the treasury 2020, for net income.

Clean Tel, Inc. is considering investing in an 11-year project with annual cash inflows of $1,000,000. These cash inflows have an initial investment of $7,139,000. At what discount rate would this present value be the same as the initial investment

Does anybody know if CPA is profitable. I have heard that it is an easy way to make a side income whilst at college. Even a full time income for some ?

5.85 percent coupon bond with 10 years left to maturity is priced to offer a yield to maturity of 6.7 percent. You believe that in one year, the yield to maturity will be 6.0 percent. What is the change in price the bond will experience in dollars

Twelve​ samples, each containing five​ parts, were taken from a process that produces steel rods at Emmanual​ Kodzi's factory. The length of each rod in the samples was determined. The results were tabulated and sample means and ranges were computed. The results​ were:
Sample Sample Mean​ (in.) Range​ (in.) Sample Sample Mean​ (in.) Range​ (in.)
1 11.204 0.033 7 11.201 0.041
2 11.204 0.041 8 11.203 0.034
3 11.189 0.034 9 11.197 0.027
4 11.208 0.051 10 11.201 0.029
5 11.195 0.031 11 11.201 0.039
6 11.197 0.036 12 11.206 0.047
For the given​ data, the x ​= nothing inches ​(round your response to four decimal​ places).
Based on the sampling​ done, the control limits for ​3-sigma x chart​ are:
Upper Control Limit ​(UCLx​) ​= nothing inches ​(round your response to four decimal​ places).
Lower Control Limit ​(LCLx​) ​= nothing inches ​(round your response to four decimal​ places).
Based on the x​-chart, is one or more samples beyond the control​ limits? ▼ Yes No .
For the given​ data, the R ​= nothing inches ​(round your response to four decimal​ places).
The control limits for the ​3-sigma​ R-chart are:
Upper Control Limit ​(UCLR​) ​= nothing inches ​(round your response to four decimal​ places).
Lower Control Limit ​(LCLR​) ​= nothing inches ​(round your response to four decimal​ places).
Based on the​ R-chart, is one or more samples beyond the control​ limits? ▼ Yes No .

Following is information about consulting jobs for a company that is increasing in sales, but has not yet become profitable. The owner keeps financial records on yellow sticky notes stuck to the wall behind his desk. He has asked you to help him set up a costing system so that he can better understand his costs. The owner said that job 140 was completed, job 141 was started and completed, and job 142 was started this month. Professional labour hours for contracts in process consist of job 140 with 129 hours, job 141 with 258 hours, and job 142 with 137 hours. Professional labour was paid $23,580 for the month, and the professional employees are all paid the same rate per hour. Overhead is allocated using an estimated rate based on professional labour hours. The total cost for job 141 is $32,766. Actual overhead cost for the month was $53,448. What is labour paid per hour? Labour per hour. What is the estimated rate per labour hour used to allocate overhead? per hour. Overhead rate What are the total costs (before adjusting for overapplied or underapplied overhead) for Jobs 141, 142, and 143? Total cost Job 140 Job 141 Job 142 What are the amounts in cost of goods sold and work-in-process at the end of the month? Cost of goods sold Work-in-process What amount of overhead was overapplied or underapplied this month? Overhead If this month is typical, what is a reasonable overhead rate? Reasonable overhead rate per hour

On April 1st, Bob the Builder entered into a contract of one-month duration to build a barn for Nolan. Bob is guaranteed to receive a base fee of $5,000 for his services in addition to a bonus depending on when the project is completed. Nolan created incentives for Bob to finish the barn as soon as he can without jeopardizing the structural integrity of the barn. Nolan offered to pay an additional 30% of the base fee if the project finished 2 weeks early and 10% if the project finished a week early. The probability of finishing 2 weeks early is 30% and the probability of finishing a week early is 60%.What is the expected transaction price with variable consideration estimated as the expected value?a. $4,750b. $5,000c. $5,750d. $5,50

XYZ Company is union free. Because of increased costs and operational efficiency, it is in XYZ Company’s best interest to avoid unionization. While still in this non-unionized state, it is important for YYZ to do all EXCEPT which of the following?

Cost-Volume-Profit Analysis CVP exercises The Deli-Sub Shop owns and operates six stores in and around Minneapolis. You are given the following corporate budget data for next year:
Revenues $11,000,000
Fixed costs $3,000,000
Variable costs $7,500,000
Variable costs change based on the number of subs sold.
Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. ​Cell references and formulas should be based on the original data. ​If you copy/paste from the Instructions tab you will be marked wrong.
Requirements Compute the budgeted operating income for each of the following deviations from the original budget data. (Consider each case independently.)
a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted.
b. Refer to the budgeted operating income based on the original budget data in all calculations.
1 Determine the budgeted operating income based on the original budget data.
2 A 10% increase in contribution margin, holding revenues constant
3 A 10% decrease in contribution margin, holding revenues constant
4 A 5% increase in fixed costs
5 A 5% decrease in fixed costs
6 A 5% increase in units sold
7 A 5% decrease in units sold
8 A 10% increase in fixed costs and a 10% increase in units sold
9 A 5% increase in fixed costs and a 5% decrease in variable costs
10 Which of these alternatives yields the highest budgeted operating income?

The operations of Winston Corporation are divided into the Blink Division and the Blur Division. Projections for the next year are as follows:

Blink Division Blur Division Total
Sales $280,000 $168,000 $448,000
Variable costs 98,000 77,000 175,000
Contribution margin $182,000 $91,000 $273,000
Direct fixed costs 84,000 70,000 154,000
Segment margin $98,000 $21,000 $119,000
Allocated common costs 42,000 31,500 73,500
Operating income (loss) $56,000 ($10,500) $45,500

Operating income for Winston Corporation as a whole if the Blur Division were dropped would be:

a. $66,500.
b. $56,000.
c. $45,500.
d, $24,500.

ABC Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale

Which costs are variable costs?
A. Rent
B. Machinery
C. Raw material
D. Marketing
E. Monthly salary

A client heard through its hotline that John, the purchases journal clerk, periodically enters fictitious acquisitions. After John creates a fictitious purchase, he notifies Alice, the accounts payable ledger clerk, so she can enter them in her ledger. When the payables are processed, the payment is mailed to the nonexistent supplier’s address, a post office box rented by John. John deposits the check in an account he opened in the nonexistent supplier’s name.
Required
a. Define fraud, fraud deterrence, fraud detection, and fraud investigation.
b. List four personal (as opposed to organizational) fraud symptoms, or red flags, that indicate the possibility of fraud. Do not confine your answer to this example.
c. List two procedures you could follow to uncover John’s fraudulent behavior. (CIA Examination, adapted)

The first budget customarily prepared as part of an entity's master budget is the _____ budget. a.cash b.production c.sales d.direct materials purchases

The Sheridan Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Sheridan has decided to locate a new factory in the Panama City area. Sheridan will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three very similar buildings that will meet their needs.
Building A: Purchase for a cash price of $612,100, useful life 26 years.
Building B: Lease for 26 years with annual lease payments of $71,490 being made at the beginning of the year.
Building C: Purchase for $655,200 cash. This building is larger than needed; however, the excess space can be sublet for 26 years at a net annual rental of $6,850. Rental payments will be received at the end of each year. The Sheridan Inc. has no aversion to being a landlord.
In which building would you recommend that The Sheridan Inc. locate, assuming a 11% cost of funds?

Journalize the following transactions by Bramble Printing Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select ""No Entry"" for the account titles and enter 0 for the amounts.)
1. Stockholders invest $87,000 cash to start the business.
2. Purchased three digital copy machines for $445,000, paying $108,000 cash and signing a 5-year, 6% note for the remainder.
3. Purchased $4,000 paper supplies on credit.
4. Cash received for photocopy services amounted to $7,300.
5. Paid $400 cash for radio advertising.
6. Paid $950 on account for paper supplies purchased in transaction 3.
7. Dividends of $1,400 were paid to stockholders.
8. Paid $2,100 cash for rent for the current month.
9. Received $2,200 cash advance from a customer for future copying.
10. Billed a customer for $350 for photocopy services completed.
(The Titles that are used on this chart are No. Account Titles and Explanation, Debit, Credit)
*LIST OF ACCOUNTS*
Accounts Payable, Accounts Receivable, Advertising Expense, Bonds Payable, Buildings, Cash, Common Stock, Dividends, Equipment, Gasoline Expense, Income Tax Expense, Income Taxes Payable, Insurance Expense, Land, Maintenance and Repairs expense, Mortgage Payable, No Entry, Notes Payable, Notes Receivable, Prepaid Insurance, Prepaid Rent, Rent expense, Rent revenue, repair services, retained earning, sales and wages expense, salaries and wages payable, sales revenue, service revenue, supplies, supplies expense, unearned service revenue, utilities expense, website

For each item below, indicate whether a debit or credit applies.

a. Decrease in Notes Payable select an option
b. Increase in Dividends select an option
c. Increase in Common Stock select an option
d. Increase in Unearned Rent Revenue select an option
e. Decrease in Interest Payable select an option
f. Increase in Prepaid Insurance select an option
g. Decrease in Salaries and Wages Expense select an option
h. Decrease in Supplies select an option
i. Increase in Revenues select an option
j. Decrease in Accounts Receivable

Antwaun wants to purchase new photography equipment. He sees an advertisement on a store's website for a 35% sale on 85mm lenses this weekend . If the original price of the lens he wanted is $599, what is the new price of the lens once it goes on sale ?​

For 2014, Taxpayer (TP) wants to recognize a deduction. The deduction involves a statute that has not changed since enacted in 1920. TP is relying on a case called JONES, which is a case decided by the United States Tax Court in 1965 which held in favor of the taxpayer. The JONES case was decided by a United States Tax Court that lies in the 5th Circuit Court of Appeals. At the time the JONES case was decided, its holding was contrary to precedent set by the 5th Circuit Court of Appeals. Which of the following is correct:a. None of the other choices are correct.b. The Golsen rule is inapplicable here and is of no concern for TP.c. The Golsen rule applies here and weakens the legal justification for the deduction.d. The Golsen rule applies here and strengthens the legal justification for the deduction.

Two-Stage ABC for Manufacturing
Detroit Foundry, a large manufacturer of heavy equipment components, has determined the following activity cost pools and cost driver levels for the year:
Activity Cost Pool Activity Cost Activity Cost Driver
Machine setup $720,000 12,000 setup hours
Material handling 120,000 3,000 material moves
Machine operation 680,000 10,000 machine hours
The following data are for the production of single batches of two products, C23 Cams and U2 Shafts during the month of August:
C23 Cams U2 Shafts
Units produced 500 300
Machine hours 4 5
Direct labor hours 200 400
Direct labor cost $5,000 $10,000
Direct materials cost $20,000 $15,000
Tons of materials 13 8
Setup hours 3 7
Determine the unit costs of C23 Cams and U2 Shafts using ABC.
Product Costs
C23 Cams U2 Shafts
Direct materials 30,000 $20,000
Direct labor 5,000 10,000
Manufacturing overhead
Machine setups 150 300
Material handling 780 480
Machine operation 100,000 X 75,000 X
Total job costs $135,930 X $105,830 X
Units produced 500 300
Cost per unit produced 271.86 352.77

The following selected accounts from the Bramble Corp.’s general ledger are presented below for the year ended December 31, 2022:

Advertising expense $54,000 Interest revenue $32,000
Common stock 249,000 Inventory 66,000
Cost of goods sold 1,084,000 Rent revenue 24,000
Depreciation expense 124,000 Retained earnings 534,000
Dividends 149,000 Salaries and wages expense 674,000
Freight-out 24,000 Sales discounts 8,600
Income tax expense 69,000 Sales returns and allowances 43,000
Insurance expense 15,000 Sales revenue 2,399,000
Interest expense 69,000

Required:
Prepare a multiple-step income statement BRAMBLE CORP.

Nature's Garden Inc. produces wood chips, wood pulp, and mulch. These products are produced through harvesting trees and sending the logs through a wood chipper machine. One batch of logs produces 20,304 cubic yards of wood chips, 14,100 cubic yards of mulch, and 9,024 cubic yards of wood pulp. The joint production process costs a total of $32,000 per batch. After the split-off point, wood chips are immediately sold for $25 per cubic yard while wood pulp and mulch are processed further. The market value of the wood pulp and mulch at the split-off point is estimated to be $22 and $24 per cubic yard, respectively. The additional production process of the wood pulp costs $5 per cubic yard, after which it is sold for $30 per cubic yard. The additional production process of the mulch costs $4 per cubic yard, after which it is sold for $32 per cubic yard.
Allocate the joint costs of production to each product using the net realizable value method.
Joint Product Allocation
Wood chips $
Wood pulp
Mulch
Totals $

A $2 million jumbo CD is paying a quoted 3.55 percent interest rate on 180-day maturity CDs. How much money will you have at maturity if you invest in the CD

Prior to safely smoking meat for food preservation, what must an operation have?

HELP ME ASAP!!
_______ is the design of buildings and creation of building plans, or
blueprints.
O Construction
O Marketing
O Architecture
O Drafting

A steel rolling mill can produce I-beams at the rate of 20 tons per week. Customer demand for the beams is 5 tons per week. To produce the I-beams, the mill must go through a setup that requires changing to the required rolling patterns. Each setup costs the mill $10,000 in labor and lost production. The I-beam cost the mill $2,000 per ton and has an inventory holding rate of 25 percent. Assume the plant operates for 50 weeks in a year. Using Microsoft Excel, calculate the following:
a) the optimal production batch size of the mill.
b) The maximum (highest) inventory level at the plant
c) The annual inventory holding cost
d) The annual setup cost of the plant
e) The annual product cost f) Total Annual Inventory Cost (TAIC)

On September 1 of the current year,Scots Company experienced a flood that destroyed the company's entire inventory.Because the company had not completed its month end reporting for August,it must estimate the amount of inventory lost using the gross profit method.At the beginning of August,the company reported beginning inventory of $215,450.Inventory purchased during August was $192,530.Sales for the month of August were $542,500.Assuming the company's typical gross profit ratio is 40%,estimate the amount of inventory destroyed in the flood.A) $87,480B) $134,520C) $109,980D) $82,480E) $81,480

Hilary sells bottled water from a small stand by the beach. On the last day of summer vacation, many people are on the beach, and Hilary realizes that she can make a lot more money this day if she hires someone to walk up and down the beach selling water. She finds a college student named Edison and makes him the following offer: They'll each sell water all day and split their earnings (revenue minus the cost of water) equally at the end of the day. Hilary knows that if they both work hard, Edison will earn $90 on the beach and Hilary will earn $240 at her stand, so they will each take home half of their total revenue: If Edison shirks, he'll generate only $60 in earnings. Hilary does not know that Edison estimates his personal cost (or disutility) of working hard as opposed to shirking at $30. Once out of Hilary's sight, Edison faces a dilemma: work hard (put in full effort) or shirk (put in low effort).In terms of Edison's total utility, it is worse for him to ____(work hard or shirk). Taking into account the loss in utility that working hard brings to Edison, Hilary and Edison together ___ (are or are not) better off if Edison shirks instead of working hard.Hilary knows Edison will shirk if unsupervised. She considers hiring her good friend Carrie to keep an eye on Edison. The most Hilary should be willing to pay Carrie to supervise Edison, assuming supervision is sufficient to encourage Edison to work hard, is ____ .
a. 55.
b. 30.
c. 25.
d. 20.It turns out that Hilary's friend Carrue is unavilable that day, so Hilary cannot find a reliable person to watch Edison. Which of the following arrangements will ensure that Edison works hard without making Hilary any worse off than she is when Edison shirks?A. Pay Edison $20, regardless of how many bottles of water he sells.B. Allow Edison to keep 75% of the revenue from the bottles of water he sells instead of 50%.C. Allow Edison to keep 57% of the revenue from the bottles of water he sells instead of 50%.D. Make Edison promise to work hard.