PROBLEM 2-2. Cost of Goods Manufactured and Cost of Goods Sold [LO 2] Terra Cotta Designs manufactures custom tiles. The following information relates to the fiscal year ending December 31, 2017: Beginning balance in Raw Material Inventory Purchases of raw material Ending balance in Raw Material Inventory Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Direct labor cost Manufacturing overhead applied Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Sales Selling expenses General and administrative expenses $ 450,000 1,500,000 200,000 650,000 350,000 2,500,000 650,000 750,000 350,000 7,000,000 500,000 850,000 REQUIRED a. Prepare a schedule of cost of goods manufactured. Assume that there are no indirect material costs
What factors need to be considered when deciding on the structure of meetings? Identify at least 3 reasons
(simple and original answer please)
The Internal Revenue Service may impose intermediate sanctions on all of the following transactions between a not-for-profit organization and its executive officer except
R.T. Jackson started Jackson Company on January 1, 2014. The company experienced the following events during its first year of operation:
Develop an in-depth schedule to develop the statement of work and work breakdown structure in enterprise resource planning (ERP) system implementation
Exercise 1-7B Product versus general, selling, and administrative costs
In reviewing Quartey Company€™s September accounting records, Ken Helm, the chief accountant, noted the following depreciation costs.
1. Factory buildings€” $25,000.
2. Computers used in manufacturing€” $4,000.
3. A building used to display finished products€” $8,000.
4. Trucks used to deliver merchandise to customers€” $14,000.
5. Forklifts used in the factory€” $22,000.
6. Furniture used in the president€™s office€” $9,000.
7. Elevators in administrative buildings€” $6,000.
8. Factory machinery€” $9,000.
Required
1. What amount of depreciation cost would be classified as general, selling, and administrative expense?
2. Assume that Quartey manufactured 3,000 units of product and sold 2,000 units of product during the month of September. Determine the amount of depreciation cost that would be included
Another term often used to refer to factory overheads:
a. surplus. other manufacturing costs. supervisory cost. factory burden
Your school yearbook has an editor-in-chief and an assistant editor-in-chief. The staff of the yearbook has 15 students. In how many ways can students be chosen for these 2 positions?
Certain concepts are fundamental to your study at Walden and to your professional practice. To prepare for this Discussion: Define in your own words “the profession of psychology” and “professional practice.” I wrote the links below. Summarize briefly for yourself the main ethical standards appropriate to the practice of Organizational Psychology and Development (OPD). use link below Think about the connections between and among your specialization, professional practice, professional excellence, and academic excellence, and how academic integrity relates to each one. With these thoughts in mind: THE ASSIGNMENT: In 1 page write a description of how a master’s degree in OPD will help you attain your goals in the profession and practice of psychology. Also describe how you will achieve academic and professional excellence that reflects adherence to ethical standards.
Please read and view the following Learning Resources before you complete this week’s Discussion and Application assignments for PSYC 8000.
Reading The following Web sites provide information related to the practice and profession of psychology: American Psychological Association (APA): http://www.apa.org/ APA Divisions-General Information and Listings: http://www.apa.org/about/division/index.aspx Industrial and Organizational Psychology CLICK HERE…….
Adair, John. Decision Making & Problem Solving. Kurgan Page. 2013. Print.
Adair has published about 30 books on leadership and leadership development. He is currently a national and international adviser on leadership development. In this book he writes about how to apply effective decision-making, generating ideas, and thinking skills. He goes into detail every chapter on each topic. Providing graphs, figures, and even problem-solving games to keep the mind active. I chose this book for the Principle of Decision-Making concept. The book provides good in-depth strategies to make decisions. It would be a good source to find tips and information on how to use your mind wisely while making decisions and how to deal with the decisions you make. Buchanan, Leah; O’Connell Andrew. “A Brief History of Decision Making.” Harvard Business Publishing. Harvard Business Review Mag., Jan. 2006. Web. 28 Sept. 2013. Buchanan & O’Connell give an overview of the history of decision-making. They reference professors, authors, and philosophers in the article. They believe in order to make good choices you must calculate and manage attendant risks. Focusing on risk being the inevitable focal point of decisions. They also go over numeric system methods that have been used to calculate risks. Risk has been viewed as a number game. This source is good to read a quick overview of decision-making. The article focuses a lot on Risk, and I believe that is an important aspect of each decision being made.
The Boots Company (TBC) sells and buy stocks of industrial leather boots under Kelvin Menzies as the General Manager.
Below is a statement from the Institute of Management Accountants’ Statement of Ethical Professional Practice. “Refrain from disclosing confidential information acquired in the course of their work except when authorized, unless legally obligated to dose.” It is an example of _____.
3.A new Grady White fishing boat cost $5000 in 1979. Today, the very same boat costs around $40,000. Estimate the average annual inflation rate, using the Rule of 72. 4.You invest $2000 today and expect to earn 9% per year. how many years will it take for your investment to grow to $32,000
Describe how form utility relates to the way a distributor ships product to a Costco wholesale store compared to a 7-11 convenience store.
You are a recent college graduate and you are working in the accounting department of Macys Next week you are required to attend an inventory meeting for the store located in the Paramus park mall You know this store well because you shop there frequently One of the managers of the store feels that the men’s shoe department is unprofitable because the selection is poor, there are few sizes available and there just aren’t enough shoe’s The manager is pushing for a very large shoe inventory to Make the department more desirable to shoppers and therefore more profitable Explain in this disc why it is good or bad to have a large inventory of shoes
Questions two:
Do the term LIPO, FIFO and weighted average refer to techniques used in determining quantities of the various classes of merchandise on hand? Please explain
The Children’s Store is on Fifth Avenue in Chicago It has a magic department near
the main door Management is considering dropping the magic department, which
has consistently shown an operating loss The predicted income statements, in
thousands of dollars, are shown below
The $300,000 of magic department fixed expenses include the compensation of
employees of $120,000 These employees will be terminated if the magic
department is abandoned All of the magic department’s equipment is fully
depreciated, so none of the $300,000 pertains to such items Furthermore,
disposal values of equipment will be exactly offset by the costs of removal and
remodeling
If the magic department is dropped, the manager will use the vacated space for
either more general merchandise or more electronic products The expansion of
general merchandise would not entail hiring any additional salaried help, but
more electronic products would require an additional person at an annual cost of
$30,000 The manager thinks that sales of general merchandise would increase by
$250,000; electronic products by $200,000 The manager’s modest predictions are
partially based on the fact that she thinks the magic department has helped lure
customers to the store and, thus, improved overall sales If the magic department
is closed, that lure would be gone Sales
Variable expenses
Contribution margin
Fixed expenses*
Operating income (loss) General Electronic Magic
Total Merchandise Products Department
$6,000
$5,000
$400
$600
4,090
3,500
200
390
$1,910
$1,500
$200
$210
1,100
750
50
300
$810
$750
$150
($90) * Includes compensation, depreciation, property taxes, insurance, etc.
REQUIRED: Should the magic department be closed? Explain, showing
computations Clean and Brita manufactures three different models of swimming pool cleaners (AR1, AR2,
and BR1) These are sophisticated computer-controlled, programmed cleaners that scrub and
vacuum the pool’s bottom, and steps and provide supplemental filtration of pool water The
three models differ in their capacity and programmability
Clean and Brite uses an absorption costing system that absorbs manufacturing overhead to
the three models based on direct labor hours The single plantwide manufacturing overhead
rate is predetermined before the beginning of the fiscal year using a flexible manufacturing
overhead budget Variable manufacturing overhead is budgeted to be $300 per direct
labor hour, and fixed manufacturing overhead is budgeted to be $1,397,500 Direct labor
is budgeted at $25 per DLH The following table summarizes the budgeted and actual
results of operation for the year:
Models
AR1
AR2
BR1
Actual number of units produced
5,100
3,900
2,200
Actual DL hours per unit
31
42
59
Budgeted wholesale price
$550
$750
$1,050
Budgeted DL hours per scrubber
3
4
6
Budgeted direct materials
$95
$125
$175
Budgeted production (units)
5,000
4,000
2,000
Budgeted DL cost (@$25 per DL hour)
$75
$100
$150
REQUIRED:
1 Calculate the firmwide overhead rate at the beginning of the year (round to two decimals)
2 A batch of 100 units of model AR2 is produced using 405 direct labor hours How much
overhead is absorbed by this batch of 100 model AR2s?
3 Actual overhead incurred during the year was $1,520,500 Calculate the amount of over- or
under absorbed overhead for the year
4 Clean and Brite writes off any over/under absorbed to cost of goods sold What is the effect
of writing off the over/under absorbed overhead calculated in (3) on net income? In other
words, does net income increase or decrease after the write-off? aners (AR1, AR2,
nears that scrub and
pool water the in overhead to
capturing overhead
e manufacturing
0 per direct
0 Direct labor d to two decimals)
us How much
amount of over- or What is the effect
Home? In other