What was the company net operating income

Assignment Help Accounting Basics
Reference no: EM133129602

Question - The IS-79541 company reports the following information for last year:

Sales

$660,000

Direct labor cost

$85,000

Raw material purchases

$134,000

Selling expenses

$109,000

Administrative expenses

$44,000

Manufacturing overhead applied to work in process

$227,000

Actual manufacturing overhead costs

$210,000

 

Inventories

Beginning

Ending

Raw materials

$8,300

$10,200

Work in process

$5,200

$20,500

Finished goods

$78,000

$25,400

Required - The company closes out any underapplied or overapplied overhead to Cost of Goods Sold. What was the IS-79541 company's net operating income for last year?

Reference no: EM133129602

Questions Cloud

Calculate the rate charged per hour of labour : The company wants a $40 profit margin per hour of labour and a 20% profit margin on parts. Calculate the rate charged per hour of labour
What is your estimate of the firm net income : The S&H Construction Company expects to have total sales next year totaling $15,200,000. What is your estimate of the firm net income
Please record the required journal entries : The notes allow customers a two-year period to pay with an interest rate of 4%. Please record the required journal entries
Describe the six steps in crisp-dm data mining process : Describe the six steps in CRISP-DM Data mining process - Identify and describe the three sequential tasks in the Text mining process
What was the company net operating income : The company closes out any underapplied or overapplied overhead to Cost of Goods Sold. What was the IS-79541 company's net operating income for last year
Explain the differences between an audit of internal control : Explain the differences between an audit of internal controls as required by PCAOB AS 2201 and the testing of internal controls
What would happen to the company overall net income : Of the administrative expenses, $10,000 is avoidable if the product line were dropped. What would happen to the company overall net income
Prepare dody journal entry to correct the error : The equipment should have been depreciated over five years, Prepare Dody's 2020 journal entry to correct the error and record 2020 depreciation
Define internal control : Define internal control. Discuss the difference between entity level and transactional level controls in your definition

Reviews

Write a Review

Accounting Basics Questions & Answers

  Acc prepare the investing and financing activities sections

Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity.1.Cash flow information: Direct and indirect methods. The comparative year-end balance sheets of Sign G..

  How much was wilson net income

Wilson production services started the year with $120,000 in Assets and $70,000 in liabilities. Revenues and expenses for the year amounted to $100,000.

  Which apply to her renewal in inactive status

Inactive status as she will be accepting a temporary position outside of public accounting. Which of the following apply to her renewal in inactive status?

  What is the average issue price of the preferred stock

The following information is from the December 31, 2017 balance sheet of Jackson Corporation. What is the average issue price of the preferred stock shares

  Prepare adjusting entries for december for edison realty

Prepare adjusting entries for December for Edison Realty. The transactions for Edison Realty for the year 2019 have been recorded in the accounting system.

  What kind of lease is this to dufferin corp

What kind of lease is this to Dufferin Corp.? Calculate the present value of the minimum lease payments over the life of the lease.

  What was the balance for prepaid insurance on the unadjusted

The adjusted balance for Prepaid,Insurance Expense for the period was $1,136. What was the balance for Prepaid Insurance on the unadjusted trial? balance?

  What is amount of dividend payable to each ordinary share

At December 31,2021 and2022, Jay Mart Company had outstanding 4,000 shares of P100 par value, What is amount of dividend payable to each ordinary share

  Explain profitability versus performance of stock price

How would you explain the Apple's profitability versus the performance of it's stock price? Would you recommend Buy or Sell stock in Apple

  What is the amount of finished goods inventory

Silverman Company paid $10,385 for direct materials and $11,400 for production workers' wages. What is the amount of finished goods inventory

  Discuss what is the fair value of the pension plan assets

What is the fair value of the pension plan assets on December 31, 2002

  What distinctions among procedural and distributive justice

What are the distinctions among procedural, interactional, and distributive justice? List ways in which you could increase each of these justice perceptions.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd