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Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following:
Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Instructions
(a) Prepare summary journal entries to record (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the completion of Job No. 429.
(b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheet (Use a T-account).
Make a cash budget for Sharpe covering the first seven months of 2004. Sharpe has $200,000 in notes payable due in July that must be repaid or renegotiated for an extension. Will the firm have ample cash to repay the notes?
What action should (s)he select if (s)he followed the criterion of Maximin and Maximax
Write down in four-pages in which you describe The Public Budget Cycle in government agency of choice. Describe phases of budget cycle (preparation and submission, approval, execution and audit and evaluation) and how this relates to the entire or..
During the year, the company purchased $100,000 of raw material and spent $340,000 on direct labor. Other data: Manufacturing overhead incurred $450,000; sales, $1,560,000; selling and administrative expenses, $90,000; income tax rate, 30%.
Describe the purpose of a flexible budget. Suppose a manager claims flexible budgets are useful because costs are difficult to predict and flexibility is needed to change budgeted costs as input prices change. Do you agree?
What amount is in the scholarship account just after the 5000 deposit is made on January 1, 2010 - A scholarship fund is started on January 1, 2000 with an initial deposit of 100,000 in an account earning i(2)=.08, with interest credited every June..
Suppose you're a field marketing professional, responsible for marketing your company's products in South Florida region of medium-size corporation. One day you receive the CD from your corporate marketing group (based in Detroit, Michigan) which ..
Describe customer perceived value, total customer benefit, and total customer cost. How do the total customer benefit and the total customer cost affect the consumer's perception? Explain.
The annual fixed cost of $2,000,000 would be unaffected by the special order. What would be the impact on profits if Costa were to accept this special order?
The invoice of a machine is $40,000. Various other costs relating to the acquistion and installation of the machine including transportation, electrical wiring, special base, and so on amount to $7,500.
Tioga Company manufactures sophisticated lenses and mirrors used in large optical telescopes. The company is not preparing its annual profit plan.
Pick a costing method: process, job, or activity based. Explain the nature of your chosen method. What types of organizations should choose that method?
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