Reference no: EM131116930
LO.5 & LO.7 (Missing data) Rapid Response Manufacturing Company supered major losses in a ?re on June 18, 2010. In addition to destroying several buildings, the blaze destroyed the company's Work in Process Inventory for an entire product line. Fortunately, the company was insured; however, it needs to substantiate the amount of the claim. To this end, the company has gathered the following information that pertains to production and sales of the a?ected product line:
1. The company's sales for the ?rst 18 days of June amounted to $460,000. Normally, this product line generates a gross pro?t equal to 40 percent of sales.
2. Finished Goods Inventory was $58,000 on June 1 and $85,000 on June 18.
3. On June 1, Work in Process Inventory was $96,000.
4. During the ?rst 18 days of June, the company incurred the following costs:
|
Direct material used
|
$152,000
|
|
Direct labor
|
88,000
|
|
Manufacturing overhead
|
84,000
|
a. Determine the value of Work in Process Inventory that was destroyed by the ?re, assuming Rapid Response Manufacturing Company uses an actual cost system.
b. What other information might the insurance company require? How would man- agement determine or estimate this information?
|
Key aspects during human growth
: Describe key aspects during human growth and development at each stage of life. Describe key aspects during human growth and development at each stage of life
|
|
Identifiable assets for the seven industry segments
: Based only on the identifiable assets test, which industry segments are reportable?
|
|
Weight reduction consulting services to individuals
: My-Best Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2014, the end of the current fiscal year, the balances of selected accounts from the ledger of My-Best Wei..
|
|
Doing international business
: Please respond to the following: From the case study and e-Activity, differentiate between the major benefits and potential pitfalls of sourcing from Thailand for Blades after conducting your country risk assessment. Determine whether or not there ar..
|
|
Determine the value of work in process inventory
: Rapid Response Manufacturing Company su?ered major losses in a ?re on June 18, 2010. In addition to destroying several buildings, the blaze destroyed the company's Work in Process Inventory for an entire product line.
|
|
Draw an eer diagram to capture the entities
: Draw an EER diagram to capture the entities, relationships, and business constraint stated in the above business rule.
|
|
Calculate the total direct materials variance
: How much is the standard cost per direct labor hour for variable overhead? From the following particulars of Rose Mary Company, calculate the total direct materials variance.
|
|
Operating profits and losses for the seven industry segments
: Based only on the operating profit (loss) test, which industry segments are reportable?
|
|
Simulation of an operating system
: The project will consist of creating a simulation of an operating system scheduler handling multiple threads or processes. The student will create a program that launches 6 - 10 worker threads simulating a processor bound, I/O bound and an interme..
|