Reference no: EM13505711
Baucom Manufacturing Corporation was started with the issuance of common stock for $50,000. It purchased $7,000 of raw materials and worked on three job orders during 2012 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.)
Direct raw material used Direct labor
Job 1 $1,000 $2,000
Job 2 $2,000 $4,000
Job 3 $3,000 $2,000
Total $6,000 $8,000
Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,000 cash. Baucom paid $400 for selling and administrative expenses. Actual factory overhead was $4,300.
Required
a. Record the preceding events in a horizontal statements model. The first event for 2012 has been recorded as an example.
b. Reconcile all subsidiary accounts with their respective control accounts.
c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant.
d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2012.
What is the total owners equity at the end of march
: The following transactions occurred during March, the first month of operations for Quality Galleries, Inc.
|
Explain the different agents reactions for epoxidation
: Please suggest me with the possible answers how the coronarin D is synthesised from labdane dildehyde and also suggest me with the different agents reactions for epoxidation
|
Do you agree with the president conclusion
: After seeing the figures, Roaming's president remarked that it would be foolish for the company to continue to produce the handlebars at $38 each when it can buy them for $35 each.
|
Determine the mass of mgco3 that is formed
: At 650K MgCO3(s)(----)MgO(s)+CO2(g) has Kp=0.026. A 10L container at 650K has 1.0 g of MgO(s) and CO2 at P=0.0260 atm. The containeer is than compressed to a volume of 0.100L. Find the mass of MgCO3 that is formed
|
Preceding events in a horizontal statements model
: Preceding events in a horizontal statements model. The first event for 2012 has been recorded - Reconcile all subsidiary accounts with their respective control accounts.
|
Compute the average frictional force that stops the bullet
: A 7.80-g bullet moving at 650 m/s penetrates a tree trunk to a depth of 5.4 cm. Use work and energy considerations to find the average frictional force that stops the bullet
|
Define the temperature of the water and the metal
: 54g of a certain metal at 98 degree Celsius was placed into 80ml of water at 297K. Assuming no heat is lost to the surrounding, what is the temperature of the water and the metal
|
Evaluate the number of coulombs passed through the solution
: A solution containing copper (I), nickel, and Zinc cyanide complexes was eloctrolyzed, and a deposit of 0.175 grams was obtained. the deposit contained 72.8% Cu, 4.30% Ni, and 22.9% ZN. no other element or compound was released.
|
What will be the effect on net income
: Ross would incur special shipping costs of $2 per scale if the order were accepted. Ross has sufficient unused capacity to produce the 2,000 scales. If the special order is accepted, what will be the effect on net income?
|