Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows:

Raw materials $ 40,000

Work in process $ 18,000

Finished goods $ 35,000

The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year:

a. Raw materials were purchased on account, $510,000

b. Raw materials use in production, $480000. All of of the raw materials were used as direct materials.

c. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000.

d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $367,000

e. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $500,000.

f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year.

g. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year.

h. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets.

Question:

3. What is the journal entry to record the labor costs incurred during the year?

4. What is the total amount of manufacturing overhead applied to production during the year?

5. What is the total manufacturing cost added to Work in Process during the year?

6. What is the journal entry to record the transfer of completed jobs that is referred to in item g above?

7. What is the ending balance in Work in Process?

9. Is manufacturing overhead underapplied or overapplied for the year? By how much?

12. What is the ending balance in Finished Goods?

13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year?

14. What is the gross margin for the year?

15. What is the net operating income for the year?

Small business management refers to the process of overseeing and operating a small business. It involves various activities such as planning, organizing, leading, and controlling business operations to achieve the goals of the organization.

Small business management includes various functional areas such as marketing, finance, human resources, and operations. In order to effectively manage a small business, it is important to have a clear understanding of the business environment, competition, customer needs, and available resources. This requires conducting market research, identifying target markets, developing a marketing strategy, managing finances, and developing a team of skilled employees.

Effective small business management also involves establishing clear communication channels, delegating responsibilities, and establishing performance metrics to measure success. The key to successful small business management is to stay focused, prioritize tasks, and be flexible in adapting to changing business conditions. Overall, small business management is critical for the success of any small business. It requires a combination of skills, knowledge, and experience to effectively manage a small business and achieve its goals.

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Answer:

1) the probability that the executive reads Time magazine = 0.35

the probability that the executive reads U.S. News & World Report = 0.40

the probability that he/she reads both = 0.10

the probability that the executive reads either Time or U.S. News & World Report = 0.35 + 0.40 - 0.10 = 0.65 = 65%

2) intersection

3) they are not mutually exclusive, they are independent from each other, i.e. the executive can read Time magazine first and then US News and World Report, vice versa, or only read one of them

The fees that Broker Eric most likely charged Paul for making the loan is $390.

While brokers are allowed to charge fees on helping their clients to acquire loans, this amount shouldn't be too high. 5% on a loan and $750 are considered to be too high.

The most likely amount that Broker Eric charged would have been $390 which is reasonable based on most loan amounts.

Options for this question are:

a. $390

b. 5% of the principal

c. $750

d. Actual costs under $700

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The  step in the rational decision-making process which involves assessing what worked and did not work about the process and solution is defining the problem.

Rational decision  can be described as the opposite of intuitive decision making.

It can be described as the  strict procedure utilizing objective knowledge and logic and this also involves identifying the problem to solve, it hence The  step in the rational decision-making process which involves assessing what worked and did not work about the process and solution is defining the problem.

In conclusion, Decision making serves as the process that involves consideration of  choices through the identification of a decision.

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Answer:

the last step

Explanation:

The concepts of the product line depth and product line breadth using practical examples relating to the 40Foods Distributors.

The product line refers to the number of products that a company offers within a particular product line

The product line depth and product line breadth are two important concepts in product management.

In the case of 40Foods Distributors, product line depth can be in the variety of products offered within each product line.

In the 40 Foods distributors, the product lines for dairy, bakery, meat, frozen foods, and other grocery items.

Therefore, the product line depth and product line breadth are two important concepts in product management.

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Answer:

Factors influencing Globalization are as follows: (1) Historical (2) Economy (3) Resources and Markets (4) Production Issues (5) Political (6) Industrial Organisation (7) Technologies. Globalisation though is basically an economic activity, is influenced by many factors.

The two most important driving forces of globalization is the decline in barriers between nations meaning the increase level of export/import and sharing between nations and countries around the world. Globalization Is A Major Driving Force Commerce

Hope this helps you! <3 Miss Hawaii

The function of a financial planner is to help individuals or organizations define and reach their financial goals through a variety of services, including budget planning. So, correct option is D.

Unlike an investment advisor who is primarily focused on managing investments, a financial planner takes a more holistic approach to a client's financial well-being. They work closely with clients to understand their current financial situation, identify their goals and objectives, and develop a personalized financial plan to achieve those goals.

Financial planners do not share in the profit or loss of their clients' investments, nor do they aim to convince their clients to purchase specific stocks. Instead, they provide unbiased advice and recommendations based on their clients' individual needs and objectives.

Ultimately, the goal of a financial planner is to help clients achieve financial security and success by providing expert guidance, ongoing support, and customized solutions to meet their unique financial needs.

So, correct option is D.

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The SWOT analysis looks at both internal (strengths and weaknesses) and external (opportunities and threats) forces, whereas Porter's 5 Forces are solely external elements.

Strengths, Weaknesses, Opportunities, and Threats, or SWOT, is an acronym. Your firm has internal strengths and weaknesses that you can improve and exert some control over. Examples include your team members, your patents and other intellectual property, and where you are.

Strength, Weakness, Opportunity, and Threat is referred to as SWOT. A SWOT analysis helps you to determine the S-W of your firm as well as larger possibilities and threats (O-T). Greater situational awareness is beneficial for both strategic planning and decision-making.

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Based on the information provided, I recommend that SIL does not shut down the production line of feed concentrate for Kroilers

The decision to shut down a production line is a complex one that should be made on a case-by-case basis.

In the case of SIL, the management accountant has advised that shutting down the production line of feed concentrate for Kroilers will save 20% of the total annual fixed costs. This would result in a net profit increase of Shs. 2,800,000 (20% of 28,000,000). However, there are a number of other factors that need to be considered.

Based on the information provided, I recommend that SIL does not shut down the production line of feed concentrate for Kroilers. The financial benefits of the closure would be offset by the costs of job losses, lost sales, and damage to the company's reputation. The company should explore other options, such as finding a way to reduce costs without closing the production line.

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Answer:

wear gloves when preparing the salad.

Explanation:

Based on the given transactions in July, the journal entry to record the payment of rent on July 31st is:

Date                  Account Title                                      Debit            Credit

July 31st            Rent expense                                 $3,000

                         Prepaid Expenses - Rent expense                         $3,000

Accounting uses the accrual basis which means that expenses are only recognized when they have been incurred and not when they are paid for. If you paid $40,000 for rent and yet your monthly rent is $5,000, only the $5,000 will be recognized as rental expense. The rest of the money is treated as a prepaid expense.

When another month elapses, then the other amount of rent can be recognized as is the case here. The month ended on July 31st and there was a need to record rental expense and so it was recorded at the rent expense of $3,000.

The journal entry would therefore show Rent Expense account is debited and the Prepaid Expenses account is credited to show it is reducing.

Full question is:

Record the journal entry to represent the payment of rent.

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Maturity (The issuer determines the maturity and includes it in the official notice of sale before bids are accepted.)

Being completely developed or an adult is the state of being mature. Humans mature later than other mammals at all stages of life. Adulthood, majority, completeness, and puberty are some synonyms. More synonyms for maturity. A person displaying emotional maturity would be kind to a waiter who informs them that an item they had ordered is no longer available on the menu. Physical maturity is when we recognise that nothing else in life is really worth much if our physical health isn't in tip-top shape. I'm not talking about the natural ageing process of our bodies.

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Answer:

True

Explanation:

Most people take the factor of price into consideration. If something is cheap someone might not buy it thinking it does not have quality.

Answer:

B. $9.33 per canoe

Explanation:

Variable Cost Per Unit = (Highest Activity Cost – Lowest Activity Cost) / (Highest Activity Units – Lowest Activity Units)

Highest Activity Cost = 2000

Lowest Activity Cost = 1700

Highest Activity Units = 7800

Lowest Activity Units = 5000

Variable Cost Per Unit = ($7,800 – $5,000) / (2000 – 1700)

Variable Cost Per Unit = ($2,800) / (300)

Variable Cost Per Unit = $9.33

To address the issue of delayed payment of contributions by employees to the Zanzibar Social Security Fund, it is crucial to follow a systematic approach.

Firstly, the problem needs to be identified which is the delay in payment of contributions by employees. This delay will result in financial instability for the fund and may hinder its ability to provide social security benefits to its members in a timely manner.

The alternative solution to this problem could be implementing stricter enforcement measures and penalties for late payments. By imposing significant fines or penalties for delayed contributions, employees would be incentivized to make timely payments to the fund.

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Answer:

I think the question is incomplete

Answer:

BRO

Explanation:

BROOOOOOOOOOOOOOOOOO

Answer:

bro

Explanation:

bro

thisneedstobe20charactersatleast

Impact of monitoring and evaluating quality process on the motor industry is improved product quality and customer satisfaction.

Monitoring and evaluating quality processes in the motor industry can have a significant impact on product quality and customer satisfaction. By closely monitoring the production process, manufacturers can identify any issues or defects early on and take corrective actions to ensure that the final product meets the desired quality standards.

This can help to reduce the number of defective products and improve customer satisfaction by delivering high-quality products that meet their expectations. So. it also help to identify areas where production can be made more efficient which leads to cost savings and increased profitability.

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Answer:

See below

Explanation:

Opportunity cost is described as the foregone benefit by preferring one option over others. Opportunity cost arises when a choice is being made from several possible alternatives.  When the preferred option is selected, the benefits from the other alternatives are forfeited.

Opportunity cost is determined by evaluating the forfeited benefits. The benefits from the next best alternative are the opportunity costs. In other others words, the foregone advantages of the option ranked second is the opportunity cost.

Because his vehicle have a liability coverage alone on his car, then, the insurance carrier will pay for the damage to other driver's vehicle only.

The liability coverage provided is this case is also called a Third party insurance because it provide compensation for liability arising from damage to other road users.

Hence, since his vehicle have a liability coverage alone on his car, then, the insurance carrier will pay for the damage to other driver's vehicle only.

Therefore, the Option C is correct.

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Answer:

The future worth of the retirement is $831,514.26

Explanation:

Future worth of a geometric gradient series is required

First Cash flow (A1) = $19,000 ($190,000 * 10%)

Gradient (g) = 0.04

Interest rate = 6% per year

Length of series = 16

We first calculate the Present worth of the series by using geometric gradient series present worth factor as follows

P = A1[ 1-(1+g)^n*(1+i)^-n / i - g]

= 19,000 [ 1 - (1 + 0.04)^13 * (1 + 0.06)^-16 ] / 0.06 - 0.04

= [19,000 - 19,000 * (1 + 0.04)^13 * (1 + 0.06)^-16] / 0.06 - 0.04

= [19,000 - 19,000(1.66507 * 0.393647)] / 0.02

= [19,000 - 19,000(0.65545)] / 0.02

= [19,000 - 12453.55] /0.02

= 6546.45 / 0.02

= 327,322.50

Now, we calculate the future worth of the series

F= P(F/P, i, n)

F= 327,322.50 (F/P 6%, 16)

F = 327,322.50 /  2.5404

F = $831,514.26

Therefore, the future worth of the retirement is $831,514.26

For Jack to claim the standard mileage rate for the business use of his pick-up, he is not expected to keep the records of b. Cost of insurance for the pick-up.

Instead, Jack must record the total, business, and commuting mileage for the year. He does not need to record the cost of insurance to claim the standard mileage rate.

Thus, Jack can claim the standard mileage rate for the business use of his pick-up without the record of the cost of insurance.

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Answer:

sure demand and supply curve will be low

Based on the positive NPV of $419,910, I would recommend that Harlow accept the device as a new product.

Year Sales in units Sales Revenue Variable Costs Contribution Margin Fixed Expenses Net Cash Inflow

1 6,000 $420,000 $240,000 $180,000 $130,000 $50,000

2 9,000 $630,000 $360,000 $270,000 $130,000 $140,000

3 10,000 $700,000 $400,000 $300,000 $130,000 $170,000

4 12,000 $840,000 $480,000 $360,000 $130,000 $230,000

5 9,000 $630,000 $360,000 $270,000 $130,000 $140,000

6 7,000 $490,000 $280,000 $210,000 $130,000 $80,000

Step 2/5

b. Based on the positive NPV of $419,910, I would recommend that Harlow accept the device as a new product. The NPV indicates that the project is expected to generate more cash inflows than outflows, providing a return higher than the required rate of return of 10%.

Step 3/5

3.

a. NPV calculation with a required rate of return of 12%:

Year Net Cash Inflow Present Value Factor (12%) Present Value

1 $50,000 0.893 $44,650

2 $140,000 0.797 $111,940

3 $170,000 0.712 $121,040

4 $230,000 0.636 $146,280

5 $140,000 0.567 $79,380

6 $80,000 0.507 $40,560

NPV = Present Value of Net Cash Inflows - Initial Investment

= ($543,850 - $157,500)

= $386,350

Step 4/5

b. Based on the positive NPV of $386,350, I would still recommend that Harlow accept the device as a new product even with a higher required rate of return of 12%. The project is still expected to generate more cash inflows than outflows, providing a return higher than the required rate of return.

Step 5/5

4. The general observation is that as the required rate of return increases from 10% to 12%, the NPV decreases from $419,910 to $386,350.

This suggests that the higher the required rate of return, the lower the expected return on investment for the project, which may reduce the project's attractiveness.

However, the project still generates a positive NPV at both

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Harlow Appliance has just developed a new air fryer it believes will have broad market appeal. The company has performed marketing and cost studies that revealed the below information:

A. New equipment would have to be acquired to produce the air fryer. The equipment would cost $157,500 and have a six-year useful life. After six years, it would have a salvage value of $7,500.

B. Sales in units over the next six years are projected to be as follows:

YEAR

SALES IN UNITS

1

4,500

2

6,000

3

7,000

4-6

10,000

C. Production and sales of the air fryer would require working capital of $30,000 to finance accounts receivable, inventories, and day-to-day cash needs. This working capital would be released at the end of the project’s life.

D. The air fryer would sell for $70 each; variable costs for production, administration, and sales would be $40 per unit.

E. Fixed costs for salaries, maintenance, property taxes, insurance, and straight-line depreciation on the equipment would total $100,000 per year. (Depreciation is based on cost less salvage value.)

F. To gain rapid entry into the market, the company would have to advertise and the costs would be:

YEAR

ANNUAL ADVERTISING ($)

1-2

$135,000

3

$112,500

4-6

$90,000

G. The company’s required rate of return is 10%.

Requirements

Based on the above details, please complete the below requirements for a total grade of 60 marks (5%).

1. Compute the net cash inflow (incremental contribution margin minus incremental fixed expenses) anticipated from sale of the device for each year over the next six years. (20 marks)

2. Using the data computed in (1) above and other data provided in the case,

(a) determine the net present value of the proposed investment rounding present value factors to three decimal places and amounts to whole dollars. (18 marks)

(b) Would you recommend that Harlow accept the device as a new product? Why? (2 marks)

3. Assuming instead that the required rate of return is 12% rather than 10%,

(a) determine the net present value of the proposed investment rounding present value factors to three decimal places and amounts to whole dollars. (15 marks)

(b) Would you recommend that Harlow accept the device as a new product? Why? (2 marks)

4. When comparing parts 2 and 3, what general observation do you notice? (1 mark)

Answer:

A. 600

B. 0

C. 0

D. -1100

E. -1000

Explanation:

For part A you are asked to find the change in GDP with the addition of paying a babysitter $600. The GDP beforehand was the total income from both Vinny and Sandra which is $1200 + $1000 = $2200. For these questions, you are being asked to find a change in GDP which would simply be the addition of $600. Similiary, for part B there is no change in GDP because they do not pay Sandra's mother, so the change in GDP is 0. For part C, since the payments are not reported, there is no change in GDP. Part C can be thought of as a reference to the shadow market and GDP from the shadow market is not recorded. Part D has a negative 1100 because they each go back to work part-time, Vinnie earning $500 per week and Sandra earning $600. The change in GDP would be negative because they are losing 1100 in order to care for a new child. For part E, Vinnie gives up all his income which would normally amount to $1000 per week. The change in GDP is therefore negative.

The change in GDP for each situation will be:

According to the question,

Whenever both work full time and had no child care then the b will be:

= \(1000+1200\)

= \(2200\)

(a)

New GDP,

= \(1000+1200+600\)

= \(2800\)

Change will be:

= \(2800-2200\)

= \(600\)

(b)

→ When mother doing child care isn't part of GDP then,

New GDP,

= \(1000+1200\)

= \(2200\)

Change will be:

= \(2200-2200\)

= \(0\)

(c)

→ Private non-reported transaction isn't a part of GDP then

New GDP,

= \(1000+1200\)

= \(2200\)

Change will be:

= \(2200-2200\)

= \(0\)

(d)

→ Working part time so will earn half of wages then,

New GDP,

= \(500+600\)

= \(1100\)

Change in GDP,

= \(1100-2200\)

= \(-1100\)

(e)

Only Sandra works then,

New GDP,

= \(1200\)

Change in GDP,

= \(1200-2200\)

= \(-1000\)

Thus the above answers are correct.

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The Retained earning for White Corporation is $5,200 for the year ended December 31, 2012.

After deducting all of a company's overhead expenses, income taxes, and profits for shareholders, the amount of profit left over is known as retained earnings.

Following is the statement of retained earning for White Corporation-

Retained Earning      $2,000

    less(Dividend)         -$800

              Balance  =    $1,200

 add(Net income)     +$3000

add (Rent Expense)  +$1,000

Retained earning   =   $5200

Therefore, the Retained earning for the year ended on December 31, 2012 of White Corporation will be $5200.

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Answer:

Purchases a/c dr 20000

To cash a/c 15000

To Ram's a/c 5000