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Problem - DEF Company has the following cost data for 2010. The data is collected before the disposition of under- or over-applied overhead.
Work in Process Inventory $60,000
Finished Goods Inventory $80,000
Cost of Goods Sold $200,000
Actual overhead $150,000
Applied overhead $130,000
Required -
a. How much is the under-applied or over-applied overhead for 2010?
b. Assume that the amount is significant to the company and expected to be closed out as accurately as possible. Prepare the journal entry to dispose of the amount.
At the end of 2015, Terry Company prepared the following schedule of investments in available-for-sale securities (common stock).
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Consider the position of each of the XYZ directors and advise whether they breached any of their duties under the Corporations Act 2001
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