Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $437,000. Suppose that on June 1, Slapshot had 350 units in finished goods inventory costing $80,000 and on June 30, 370 units in finished goods inventory costing $84,000.
1. Prepare a cost of goods sold statement for the month of June.
Slapshot Company
Cost of Goods Sold Statement
For the Month of June
*Cost of goods sold
*Cost of goods Inventory, June 1
*Finished goods inventory June 30
*Work In process, June 1
___*___ $_____
___*___ _____
___*__ _____
__*____ $_____
2. Calculate the number of sticks that were sold during June.
units

Answer:

1. Cost of goods sold statement

Cost of goods sold Inventory, June 1             $80,000

Add: Cost of goods manufactured                 $437,000

Cost of goods available for sale                     $517,000

Less: Cost of goods sold Inventory, June 31 $84,000

Cost of goods sold                                          $433,000

2. Number of sticks sold during June

Units on June 1                           350

Add: Manufactured in June       1,900

Sticks available for sale             2,250

Less: Ending units June 30       370  

Number of sticks sold               1,880

How large is my target market?​

Parks Corporation is considering an investment proposal in which a working capital investment of $10,000 would be required. The investment would provide cash inflows of $2,000 per year for six years. The working capital would be released for use elsewhere when the project is completed. If the company's discount rate is 10%, the investment's net present value is closest to (Ignore income taxes.): Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using the tables provided.

Under absorption costing, which of the following costs would not be included in finished goods inventory?
Oa. variable and fixed factory overhead cost
Ob. variable and fixed selling and administrative expenses
Oc. direct labor cost
Od. direct materials cost

Rafael transfers the following assets to Crane Corporation in exchange for all of its stock.
Note: Assume that neither Rafael nor Crane plans to make any special tax elections at the time of incorporation.
Assets Rafael's Adjusted Basis Fair Market Value
Inventory $60,000 $100,000
Equipment 150,000 105,000
Shelving 80,000 65,000
Note: If an amount is zero, enter "0". Do not round any division.
a. Rafael's realized _________________ is $ _________________ . Of this amount, $ _________________ is recognized.
b. Assuming no election is made, Rafael's basis in the stock is $ _________________ .
c. Crane's basis is $ _________________ for inventory, $ _________________ for equipment, and $ _________________ for shelving.
d. If Rafael plans to hold his stock for a substantial period of time, he and Crane may elect to allow Crane _________________ a carryover basis in the assets received. Its basis in the assets would also change to $ _________________ for inventory, $ _________________ for equipment, and $ _________________ for shelving.

Universal Manufacturing uses a weighted-average process-costing system. All materials are introduced at the start of manufacturing, and conversion costs are incurred evenly throughout the process. The company's beginning and ending work-in-process inventories totaled 10,000 units and 15,000 units, respectively, with the latter units being 2/3 complete at the end of the period. Universal started 30,000 units into production and completed 25,000 units. Manufacturing costs follow.
Beginning work in process: Materials, $60,000; conversion cost, $150,000
Current costs: Materials, $180,000; conversion cost, $480,000
Universal's equivalent-unit cost for conversion cost is:____.
a. $4.50.
b. $6.00.
c. $8.00.
d. $9.60.
e. some other amount.

High Desert Pottery works makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department is based on machine-hours, and the rate in the Painting Department is based on direct labor- hours. At the beginning Of the year, the company provided the following estimates:

Direct labor-hours 36,500 50,100
Machine-hours 87,000 32,000
Fixed manufacturing overhead cost $174,000 $445,890
Variable manufacturing overhead per machine-hour $3.20 -
Variable manufacturing overhead per direct labor-hour - $5.20

Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information concerning the job:

Department
Molding Painting
Direct labor-hours 76 132
Machine-hours 350 66
Direct materials $938 $1,220
Direct labor cost $720 $1,020

Required:
a. Compute the predetermined overhead rates used in the Molding Department and the Painting Department.
b. Compute the total overhead cost applied to Job 205.
c. What would be the total manufacturing cost recorded for Job 205?
d. If the job contained 22 units, what would be the unit product cost?

Mario Brothers, a game manufacturer, has a new idea for an adventure game. It can market the game either as a traditional board game or as an interactive DVD, but not both. Consider the following cash flows of the two mutually exclusive projects for Mario Brothers. Assume the discount rate for Mario Brothers is 10 percent.
a. What is the payback period for each project?
b. What is the NPV for each project?
c. What is the IRR for each project?

Linda Davis is a divorced parent who maintains a home for a 13 year old daughter. Linda earns $65,000 per year from her job. She has itemized deductions of $14,000. She also pays $1,500 in student loan interest from a college loan. What is Linda's Adjusted Gross Income (AGI)

International data show a positive correlation between income per person and the health of the population.
True or False: Individuals with higher incomes have better access to clean water, medical care, and good nutrition, and healthier individuals are likely to be more productive than sick ones.

During the current year, Alpha sold inventory to Beta for $100,000. As of year end, Beta had resold only 60 percent of these intra-entity purchases. Alpha sells inventory to Beta at the same markup it uses for all of its customers. What is the total for consolidated cost of goods sold

Sumner sold equipment that it uses in its business for $31,200. Sumner bought the equipment a few years ago for $79,400 and has claimed $39,700 of depreciation expense. Assuming that this is Sumner's only disposition during the year, what is the amount and character of Sumner's gain or loss

Kostelnik Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $555,000, variable manufacturing overhead of $2.10 per machine-hour, and 74,000 machine-hours. The company has provided the following data concerning Job A496 which was recently completed:
Number of units in the job 20
Total machine hours 80
Direct materials $500
Direct labor cost $2,160
The amount of overhead applied to job A496 is closes to____.
A) $1,256.
B) $632.
C) $944.
D) $312.

The management of Krach Corporation would like to investigate the possibility of basing its predetermined overhead rate on activity at capacity. The company's controller has provided an example to illustrate how this new system would work. In this example, the allocation base is machine-hours and the estimated amount of the allocation base for the upcoming year is 13,000 machine-hours. Capacity is 19,000 machine-hours and the actual level of activity for the year is assumed to be 9500 machine-hours. All of the manufacturing overhead is fixed and both the estimated amount at the beginning of the year and the actual amount at the end of the year are assumed to be $22,800 per year. For simplicity, it is assumed that this is the estimated manufacturing overhead for the year as well as the manufacturing overhead at capacity. It is further assumed that this is also the actual amount of manufacturing overhead for the year. If the company bases its predetermined overhead rate on capacity, what would be the cost of unused capacity reported on the income statement prepared for internal management purposes

The concept of demand is best described as the quantity of a good or a service that people will offer for sale at different possible prices. the additional satisfaction derived from a quantity of goods and services obtained when income increases. the total satisfaction that consuming a good provides people at different prices. the quantity of a good or service that consumers will substitute when the price of a good changes.

The following transactions took place for Tanaka company in June: Purchased equipment on account for $9,800. Billed customers $5,600 for services performed. Made payment of $2,400 on account for equipment purchased earlier in month. Collected $3,900 on customer accounts. What are the Accounts Payable and Accounts Receivable balances at June 30, 2016

In a market system, the allocation of scarce goods involves the consideration of multiple choice 1 what must be sacrificed in using a resource for its next-best use. identifying the possibility of professional advancement. the time required to pursue an economic activity. the dollar cost of any good or service.

At Medallion Industries, variable cost per unit is budgeted to be $8.00 and fixed cost per unit is budgeted to be $5.00 in a period when 4,000 units are produced. What is the expected total cost of the units produced at Medallion, if instead, production is actually 5,100 units

Tirri Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.50 Direct labor $ 3.85 Variable manufacturing overhead $ 1.55 Fixed manufacturing overhead $ 24,400 Sales commissions $ 1.05 Variable administrative expense $ 0.60 Fixed selling and administrative expense $ 8,800 If the selling price is $28.10 per unit, the contribution margin per unit sold is closest to:

Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. The $250 Edison spends to purchase medical services from the Medical Clinic The mojito Hilary receives Hilary's labor The $200 per week Edison earns working for Little Havana

In its income statement for the year ended December 31, 2017, Darren Company reported the
following condensed data.
Salaries and wages expense $465,000 Loss on disposal of plant assets $83,500
Cost of goods sold 987,000 Sales revenue 2,210,000
Interest expense 71,000 Income tax expense 25,000
Interest revenue 65,000 Sales discounts 160,000
Depreciation expense 310,000 Utilities expense 110,000
Instructions
(a) Prepare a multi-step income statement.
(b) Calculate the profit margin and gross profit rate.
(c ) In 2016, Darren had a profit margin of 5%. Is the decline in 2017 a cause for concern?
(Ignore income tax effects.)
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .
(a) DARREN COMPANY
Income Statement
For the Year Ended December 31, 2017
Sales
Sales revenue $2,210,000
Less: Sales discounts $160,000
Net Sales $2,050,000
Cost of goods sold $987,000
Gross profit $1,063,000
Operating expenses
Salaries and wages expense $465,000
Depreciation expense $310,000
Utilities expense $110,000
Total operating expenses $885,000
Income from operations $178,000
Other revenues and gains
Interest revenue $65,000
Other expenses and losses
Loss on disposal of plant assets 83,500
Interest expense 71,000 154,500
Income before income taxes 88,500
Income tax expense 25,000 28%
Net income $63,500
(b) Profit margin
Net income $63,500
Net Sales 2,050,000
3.10%
Gross profit rate
Gross profit $1,063,000
Net sales $2,050,000
51.9%
After you have completed E5-8 , consider the following additional question.
1. Assume that cost of goods changed to $1,015,000 and that the income tax rate is 28%.
What impact does this change have on the multi-step income statement and the
profitability ratios?

wifty Company had these transactions pertaining to stock investments: Feb. 1 Purchased 1820 shares of Teal Mountain Company (10%) for $46410 cash. June 1 Received cash dividends of $2 per share on Teal Mountain stock. Oct. 1 Sold 1240 shares of Teal Mountain stock for $33480. The entry to record the receipt of the dividends on June 1 would include a

The chart below gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP for both years. Use 2001 as the base year.
Year 2000 2001
Price Quantity Price Quantity
Ice Cream $7.00 600 $3.00 400
Blue Jeans $70.00 20 $20.00 90
Laptops $300.00 5 $300.00 5
2000 nominal GDP = $_________
2001 nominal GDP = $_________
2000 real GDP = $_________
2001 real GDP = $_________

Suppose the statutory incidence were instead on the consumers. Calculate the new equilibrium price and quantity in the market. In that case, the dollar portion of the $0.75/drink tax that is borne by consumers is $ . The dollar portion of the $0.75/drink that that is borne by producers is $ .

You own one futures contract on gold that you purchased at a quoted price of 1,448.5. The current price quote is 1,405.5. The contract size is 100 ounces and the quotes are expressed in dollars and cents per ounce. What is your current profit or loss on this investment?
a. $912.00.
b. $4,300.00.
c. −$43.00.
d. −$4,300.00.
e. −$912.00.

In 2008, Betserai was a 10-year-old quintrillionaire living in Bulawayo, Zimbabwe. He was literally rolling in money. In fact, Betserai has so much money that he decided to make kites out of billion dollar bills instead of putting the money into the bank to earn interest. None of Betserai's friends bothered to save their money, either. Rupert was Betserai's American pen pal and heard of Betserai's story and was extremely confused. He was taught that Zimbabwe was one of the poorer countries in the world, or at the least substantially poorer than the United States. Which statement best explains this phenomenon?
A. A country's wealth is based on the amount of money in circulation.
B. Zimbabwe was in the midst of an incredible economic boom, substantially increasing the wealth of all its citizens.
C. Rapid rises in price levels made the Zimbabwean dollar near worthless in terms of purchasing power.
D. All of these statements could explain what happened in Zimbabwe in 2008.

Beta Alpha Psi, the accounting honorary fraternity, held a homecoming party. The fraternity expected attendance of 80 persons and prepared the following budget: Room rental .. $ 170 Food ....... 660 Entertainment .. 570 Decorations ... 210 Total ...... $1,610 After Beta Alpha Psi paid all the bills for the party, the total cost came to $1,885 or $275 over budget. Details are $170 for room rental; $875 for food; $570 for entertainment; and $270 for decorations. Ninety-six persons attended the party. 1. Prepare a performance report for the party that shows how actual costs differed from the budget. That is, include in your report the budgeted amounts, actual amounts, and variances. 2. Suppose the fraternity uses a management-by-exception rule. Which costs deserve further examination

homeworklib Assume the following for White Top Inc. for the current fiscal year. White Top applies overhead on the basis of units produced. Budgeted overhead $ 200,000 Actual overhead $ 222,000 Actual labor hours 15,000 Actual number of units sold 43,000 Underapplied overhead $ 20,000 Budgeted production (units) 50,000 Required: How many units were produced in the current fiscal year

The Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material $4 per unit Labor 4 per unit Overhead 2 per unit Beginning inventory at these costs on July 1 was 4,250 units. From July 1 to December 1, 20X1, Bradley Corporation produced 14,500 units. These units had a material cost of $2, labor of $4, and overhead of $2 per unit. Bradley uses LIFO inventory accounting. a. Assuming that Bradley Corporation sold 18,000 units during the last six months of the year at $13 each, what is its gross profit

1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $28,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.

All of the following are examples of managerial accounting activities except ________.
a. preparing external financial statements in compliance with GAAP.
b. deciding whether or not to use automation.
c. making equipment repair or replacement decisions.
d. measuring costs of production for each product produced