Crinkle Cut Clothes Company manufactures two products CC1 and CC2. Current direct material and direct labor costs are detailed below. Next year the company wishes to use a plantwide overhead rate with direct labor hours as its allocation base. Next year's overhead is estimated to be $350,640. The direct labor and direct materials costs are estimated to be consistent with the current year. Direct labor costs $20 per hour and the company expects to manufacture 42,000 units of CC1 and 111,000 units of CC2 next year.


CC1: Direct material per unit $37.10, Direct Labor Dollars Per Unit $22.40
CC2: Direct material per unit $25.20, Direct Labor Dollars Per Unit $15.40

Required:
Compute the plantwide overhead rate for next year.

Answer:

Units of what?

Explanation:

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 defect rate for data entry of insurance claims at Sadegh Kazemi Insurance Co. has historically been about 1.50% This exercise contains only parts a, b, c, d, and e.
a. If you wish to use a sample size of 100, the 3-sigma control limits are: UCLD (enter your response as a number between 0 and 1, rounded to three decimal places).
b. what if the sample size used were 50, with 3 standard deviation?
c. what if the sample size used were 100, with 2 standard deviation?
d. what if the sample size used were 50, with 2 standard deviation?
e. what happens to standard deviation Ap when the sample size is larger?
f. explain why the lower control limits cannot be less then 0.

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.

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.

Drag each label to the correct location on the table. Match the companies to their business categories.

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

On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment:

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

You purchase 15 shares of Initech stock at $25 per share. Later, you sell your shares when the price is $30 per share.
What is your dollar return? (Answer should be just a number. Do not include a dollar symbol.)

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.

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

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

For each of the following transactions for New Idea Corporation, give the accounting equation effects of the adjustments required at the end of the month on July 31: (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign)
a. Received a $550 utility bill for electricity usage in July to be paid in August.
b. Owed wages to 10 employees who worked three days at $75 each per day at the end of July. The company will pay employees at the end of the first week of August.
c. On July 1, loaned money to an employee who agreed to repay the loan in one year along with $900 for one full year of interest. No interest has been recorded yet.

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

QUESTION 1
The prices for all furniture sold at American Furniture Warehouse end in $9.99, such as $599.99, $899.99, etc. American Furniture Warehouse uses
O a. odd-even pricing.
b.price lining
c. bundle pricing.
d. product-line pricing.
Oe. dynamic pricing.

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.

The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations.

June 12, 2021 Provide services to customers on account for $33,200.
September 17, 2021 Receive $18,500 from customers on account.
December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received.
March 4, 2022 Provide services to customers on account for $48,200.
May 20, 2022 Receive $10,000 from customers for services provided in 2021.
July 2, 2022 Write off the remaining amounts owed from services provided in 2021.
October 19, 2022 Receive $38,500 from customers for services provided in 2022.
December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received.

Required:
Calculate net accounts receivable at the end of 2021 and 2022.

2021 2021
Total accounts receivable
Less: Allowance for uncollectible acounts
Net accounts receivable

Assume that in January 2017, the average house price in a particular area was $300,400. In January 2001, the average price was $207,300. What was the annual increase in selling price

Firms face competing pressures in the marketplace-how to achieve lower costs through proven approaches to production, while looking at how to maximize their effectiveness in local markets. A firm's choice of strategy must reflect these pressures, and the firm knows that the dynamics of competition may require changes in strategy. Pressures for local responsiveness mean that a firm may not be able to realize the full benefits from economies of scale, learning effects, and location economies. Customization of products brings benefits, but it also limits the firm's ability to realize significant scale economies and location economies. Companies generally choose from four main strategic postures: a global standardization strategy, a localization strategy, a transnational strategy, or an international strategy. The appropriateness of each strategy varies given the competitive realities and the firm's core competences.
Read the case below and answer the questions that follow.
Your firm has been a leader in several lines of fast-moving consumer goods. The firm has been following a localization strategy. Your products have been distributed in a number of foreign markets and regions, and they are distinct enough in local markets to respond to national tastes and preferences. Competition, however, has become more intense, with many competitors using lower cost structures to undercut your prices and still satisfy your customers.
The firm must decide what kind of strategy it needs to follow to meet the demands of the local markets as well as the increased competitive pressures on cost.
a. leverage skills and products associated with a firm's core competencies from one country to another.
b. monitor and adapt to changing customer tastes in a large number of foreign markets.
c. compete effectively in more than one international market.

On June 30, 20X1, a tornado damaged Jensen Corporation’s warehouse and factory, completely destroying the work-in-process inventory. Neither the raw materials nor finished goods inventories were damaged. A physical inventory taken after the tornado revealed the following valuations:
Raw materials $87,000
Work-in-process 0
Finished goods 151,000
$238,000
The inventory of January 1, 20X1, consisted of the following:
Raw materials $41,000
Work-in-process 128,000
Finished goods 173,000
$342,000
A review of the books and records disclosed that the gross profit margin historically approximated 28% of sales. The sales total for the first six months of 20X1 was $405,000. Raw material purchases totaled $150,000. Direct labor costs for this period were $112,000, and manufacturing overhead has historically been applied at 50% of direct labor.
Required:
Compute the value of the work-in-process inventory lost at June 30, 20X1.

At the end of the current year, Leer Company reported total liabilities of $315,000 and total equity of $115,000. The company's debt ratio on the last year-end was:

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

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 .

f the present value of the annuity is $45,000, what should be the size of each payment from the annuity

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?

One of the Justices on the Supreme Court, stated that in this decision, the Supreme Court gave up power to gain power. What do you think this means?

What is a balance sheet?

Mason Corporation had $650,000 in invested assets, sales of $700,000, operating income amounting to $99,000, and a desired minimum return on investment of 15%. The investment turnover for Mason Corporation is

can you receive interest on bonds​