Munson Co. uses a job order cost system. The following data summarize the operations related to production for July:
July 1 Materials purchased on account, $225,750.
2 Materials requisitioned, $217,600, of which $17,600 was for general factory
use.
31 Factory labor used, $680,000, of which $72,300 was indirect.
31 Other costs incurred on account for factory overhead, $330,000; selling
expenses, $180,000; and administrative expenses, $126,000.
31 Prepaid expenses expired for factory overhead were $27,500; for selling
expenses, $8,100; and for administrative expenses, $5,250.
31 Depreciation of office building was $44,500; of office equipment, $16,800;
and of factory equipment, $55,100.
31 Factory overhead costs applied to jobs, $548,000. 31 Jobs completed,
$1,140,000.
31 Cost of goods sold, $1,128,000.
Journalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Munson Co.
General Ledger
ASSETS
110 Cash
121 Accounts Receivable
125 Notes Receivable
126 Interest Receivable
131 Materials
132 Work in Process
133 Factory Overhead
134 Finished Goods
141 Supplies
142 Prepaid Insurance
143 Prepaid Expenses
181 Office Building
191 Office Equipment
192 Accumulated Depreciation-Buildings and Equipment
LIABILITIES
210 Accounts Payable
221 Utilities Payable
231 Notes Payable
236 Interest Payable
241 Lease Payable
251 Wages Payable
252 Consultant Fees Payable
EQUITY
311 Common Stock
340 Retained Earnings
351 Dividends
390 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Goods Sold
520 Wages Expense
531 Selling Expenses
532 Insurance Expense
533 Utilities Expense
534 Office Supplies Expense
540 Administrative Expenses
561 Depreciation Expense-Office Building
562 Depreciation Expense-Office Equipment
590 Miscellaneous Expense
710 Interest Expense
Answers
Answer and Explanation:
The journal entries are shown below:
a. Materials $225,750
To Accounts Payable $225,750
(Being material purchased on account)
b. Work in Process $200,000
Factory Overhead $17,600
To Materials $217,600
(Being material requisitioned is recorded)
c.
Work in Process $607,700
Factory Overhead $72,300
To Wages Payable $680,000
(Being wages payable is recorded)
d.
Factory Overhead $330,000
Selling Expenses $180,000
Administrative Expenses $126,000
To Accounts Payable $636,000
(being an expense is recorded)
e.
Factory Overhead $27,500
Selling Expenses $8,100
Administrative Expenses $5,250
To Prepaid Expenses $40,850
(being an expense is recorded)
f.
Depreciation Expense-Office Building $44,500
Depreciation Expense-Office Equipment $16,800
Factory Overhead $55,100
To Accumulated Depreciation-Buildings and Equipment$116,400
(Being an expense is recorded)
g.
Work in Process $548,000
To Factory Overhead $548,000
(being work in process is recorded)
h.
Finished Goods $1,140,000
To Work in Process $1,140,000
(being finished goods is recorded)
i.
Cost of Goods Sold $1,128,000
To Finished Goods $1,128,000
(being cost of goods sold is recorded)
Related Questions
discuss the pillars of government sector supply chain management.
Answers
Answer:
Pillar 1 – Vulnerability. ...
Pillar 2 – Management Culture. ...
Pillar 3 – Procurement. ...
Pillar 4 – Operations. ...
Pillar 5 – Demand & Visibility.
Explanation:
hope it's helpful to you
I have $10,967.74 in a brokerage account, and plan to deposit an additional $6,000.00 at the end of every future year until my account totals $270,000 and I expect to earn 13% annually on the account. How many years will it take
Answers
Note that with respect to the deposite, it will take approximately 8.19 years for the account to reach $270,000.
How is this so?To determine how many years it will take for the account to reach $270,000,we can use the future value of an annuity formula.
The formula is -
FV = P x [(1 + r)ⁿ⁻¹] / r
Where -
FV = Future value ($270,000)
P = Annual deposit ($6,000)
r = Interest rate per period (13% or 0.13)
n = Number of periods (number of years)
We need to solve for n, so we can rearrange the formula as -
n = log((FV x r / P) + 1) / log(1 + r)
Plugging in the values -
n = log((270000 x 0.13 / 6000) + 1) / log(1 + 0.13)
Using a calculator, we find that n is approximately 8.19.
thus, it is corect to state that, it will take approximately 8.19 years for the account to reach $270,000.
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The accumulation of years of spending more money than is collected in revenues over several years creates a budget
O debt
O deficit
Osurplus
Oreversal
Answers
Answer:
deficit
Explanation:
Indeed, when a government accumulates years of spending more money than is collected in revenues a deficit budget is created as result.
For example, the United States is estimated to have a national debt of about 27 trillion dollars; meaning it has incurred expenses worth more than the total revenues gotten in the country for years. In other to prevent or go out from a deficit budget, more revenue-generating sources needs to be created in the economy so the country can operate a balanced budget.
Answer:
B
Explanation:
Deficit
For what reason did Middle English most likely develop? people learned to speak languages other than English people gave up their languages to begin speaking English people tried to make everyone around them speak English people who spoke English met people who spoke other languages
Answers
The reason Middle English had to develop was due to the fact that people tried to make everyone around them speak English
How did Middle English develop?The Norman Conquest of 1066, when William the Conqueror (after known as William I of England) conquered the island of Britain from his base in northern France and established there with his nobles and court, marked the beginning of the change from Old English to Middle English.
There are many causes, but the Norman conquest of Britain in 1066 was a significant one. An early form of French that was used by the Normans swiftly replaced the native tongue as the official language of England for political and legal purposes.
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How do producers decide whether to diversify and production or specialize and trade?
Pls help !! this is my third time asking !! pls i really need this
Answers
A common stock's _____ value is typically set at a low amount and has little meaning today other than being used to by some states to assess fees.
par
Common stock's par value ______.
has become less meaningful because states use other means to prevent stockholders from removing capital from financially distressed companies
was introduced to prevent bankrupt companies from unfairly distributing company resources
affects how common stock is recorded
Answers
A common stock's __par___ value is typically set at a low amount. Common stock's par value has become less meaningful because states use other means to prevent stockholders from removing capital from financially distressed companies.
What is a common stock?
Common stock is a type of investment that represents ownership in an organization. Owners of common stock elect the board of directors and vote on business policies. This kind of stock ownership frequently offers better long-term rates of return. However, in the event of a liquidation, the rights of common shareholders to a company's assets don't start until all bondholders, preferred shareholders, and other debt holders have received their full compensation. Common stock is shown in the stockholders' equity portion of a company's balance sheet. Common stock is a type of investment that represents ownership in an organization. Whatever assets are left over following a liquidation go to common stockholders after being distributed to creditors, bondholders, and preferred stockholders. Different types of shares are exchanged in the market.
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2. Sales projections (LO2) Cyber Security Systems had sales of 3,000 units at $50 per unit last year. The marketing manager projects a 20 percent increase in unit volume sales this year with a 10 percent price increase. Returned merchandise will represent 6 percent of total sales. What is your net dollar sales projection for this year?
Answers
Answer:
hjkbwhdnejm
Explanation:
sdvfbnhmjsdjfkmasdfhjk
Someone help choose correctly
Answers
Answer:
Bottom one for sure and least I think is either top one or the second to last.
Question 16 of 20
Frank just met with his marketing team to create his billboard sign. So far, he
knows the billboard will have a catchy slogan, a brief description about the
company and what makes them different, and information directing
customers to visit his website. What element of an effective advertisement is
Frank's billboard missing?
A. Unique selling proposition
B. Call to action
C. Appropriate information
O D. Exciting graphics and color
Answers
Answer:
b. call to action
Explanation:
An element of an effective advertisement is Frank's billboard missing is Call to action. Thus the correct option is B.
What is advertisment?An advertisement is referred tool of promotion to create awareness of any product among customers and persuade them to make a purchase which helps in the sales of the product.
In this paragraph, it is described that Billboards have a catchy slogan that gets successful gets the attention of the customer, and influences them to make a visit to their website.
The element of effective advertising which the billboard is missing is a call to action that encourages customers to take action of buying. Here Billboards is unable to tell a story to engage customers so that they will not turn their actions of buying.
Therefore, option B is appropriate.
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Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales $ 25,000 Variable expenses 17,500 Contribution margin 7,500 Fixed expenses 4,200 Net operating income $ 3,300 7. If the variable cost per unit increases by $1, spending on advertising increases by $1,150, and unit sales increase by 130 units, what would be the net operating income
Answers
Answer:
See
Explanation:
Selling price = $25,000/1,000 = $25
Variable cost = $17,500/1,000 = $17.5
1,001 units
Contribution margin income statement
Sales ($25,000 + $25)
$25,025
Less variable expenses
Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the equipment given up were $20,000 (original cost of $65,000 less accumulated depreciation of $45,000) and $17,000, respectively. Assume Calaveras paid $8,000 in cash and the exchange has commercial substance.
Required:
a. At what amount will Calaveras value the pickup trucks?
b. How much gain or loss will the company recognize on the exchange?
Answers
Answer: B i just got a felling.
Explanation:
What is a bushiness opportunity?
Answers
Answer: You said it yourself, an opportunity.
Explanation:
A business opportunity is often used to describe a way for a business to make more money. It can also mean many other things such as hiring more employees, creating more roles, partnering with another company, etcetera.
But mainly used to make more money.Neha is writing a report comparing the profits of three fashion design houses What type of organizational method should she use? a) Importance b) Component c) Time
Answers
Answer:
b) Component
Explanation:
Since in the question it is mentioned that the neha has written a report in which the profits of three fashion design houses could be compared
So in this situation, the component organizational method could help for knowing the strategic and the operational information so that it would be easy for comparing the profits between these three fashion houses
Therefore the option b is correct
omeowner's Insurance Premium
Home Owner's Policy Comparison Deductible
Policy 1 $1,600
Policy 2 $2,000
Which statement below correctly compares the premium prices for these insurance policies?
A. Policy 2 will have a higher premium because it has a lower
deductible than Policy 1.
B. Policy 1 will have a higher premium because it has a lower
deductible than Policy 2.
C. Policy 2 will have a higher premium because it has a higher
deductible than Policy 1.
D. Policy 1 will have a lower premium because it has a lower
deductible than Policy 2.
Answers
The correct statement that compares the premium prices for these insurance policies is:
B. Policy 1 will have a higher premium because it has a lower deductible than Policy 2.
In the context of insurance policies, the deductible is the amount the policyholder must pay out of pocket before the insurance coverage kicks in.
A lower deductible means the insurance company will have to cover a larger portion of the claim, which typically leads to a higher premium.
Policy 1 has a lower deductible of $1,600 compared to Policy 2's deductible of $2,000.
Therefore, Policy 1 will likely have a higher premium because the insurance company would bear a greater portion of the claim costs.
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Wilson was killed in an accident while he was on the job. Mary, Wilson's wife, received several payments as a result of Wilson's death. Review the payments below and determine the amount that is Mary’s Gross Income from each of the items below. Explain each answer. If calculations are required, round to the closest dollar and show your work.
a. Wilson's employer paid Mary an amount equal to Wilson's three months' salary ($52,400), which is what the employer does for all widows and widowers of deceased employees.
b. Wilson had $12,200 in accrued salary that was paid to Mary.
c. Wilson's employer had provided Wilson with group term life insurance of $255,000, which was payable to his widow in a lump sum. Premiums on this policy totaling $21,000 had been included in Wilson's gross income under § 79.
d. Wilson had purchased a life insurance policy (premiums totaled $198,000) that paid $397,000 in the event of accidental death. The proceeds were payable to Mary, who elected to receive installment payments as an annuity of $25,000 each year for a 28-year period. She received her first installment this year.
Answers
a. Since the three months' salary is worth $52,400, the Gross Income from this item is $52,400.
b. Wilson's accrued salary will total $12,200 in Gross Income.
c. The gross income that Mary will receive is $255,000 under the group term life insurance.
d. The gross income that Mary will receive is $397,000, despite the election too receive an annuity of $25,000 for each of the 28-year period.
What is the gross income?The gross income is the total amount of income earned or received over a period of time by an individual/household or a company. For individuals and households, the gross income includes wages, dividends, capital gains, business income, retirement distributions, and other incomes.
Gross income is stated before allowable deductions are made to arrive at the taxable or net income.
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Sergei had to decide among watching a two-hour movie with a cost of $20, buying a book to read for $10 that would take about four hours to read, and going to a three-hour concert for $30. If he considers the benefit of each situation to be proportional to the amount of time, with a value of about $50 per hour, what is the opportunity cost of the best decision?
$80
$150
$190
$120
Answers
Answer:
D: $120
Explanation:
A: I just took the test and can view answers
B: Opportunity cost is the overall cost (in this case, financial/time) of an allocation of resources against another. So, we can thus reason, if his time is worth $50 per hour, we can calculate that...
Two hour movie costing $20: 2(50)-20=$80
Three hour concert costing $30: 3(50)-30=$120
Four hour book costing $10: 4(50)-10=$190
So the opportunity cost of the best decision (the cost of the second best option assuming he picks the best option) is $120, answer D
The Waterfall Buffet is self-service. From 9:00 a.m. to 12:00 p.m. customers arrive at the buffet
at a rate of five per minute; from 12:00 a.m. to 4:00 p.m the gallery is closed; and from 4:00 p.m. to closing at 9:00 p.m., at a rate of six per minute (Poisson distributed). All the customers take about the same amount of time to serve themselves and proceed to the buffet. Once a customer goes through the buffet, it takes an average of 0.4 minute (exponentially distributed) to pay the cashier. The gallery does not want a customer to have to wait longer than one minutes to pay. The gallery plan to set up three cashiers. Will this number be adequate to meet the
waiting policy?
Answers
Three cashiers may not be adequate to meet the waiting policy during peak hours. Galleries may need to hire additional cashiers or take other measures to reduce customer wait times during peak hours.
How did we arrive at this assertion?To gallery whether three cashiers are sufficient to enforce the waiting policy, we need to calculate the estimated wait time for customers at the counter.
Determine the average number of customers per minute at the buffet for each time period.
9:00 AM - 12:00 PM: λ1 = 5 customers/minute
16:00 - 9:00: λ2 = 6 customers/minute
It is closed between 12:00 and 16:00, so no guests. Apply Little's law to determine the average number of customers in the system.
L = λW
where L is the average number of customers in the system, λ is the arrival rate, and W is the average time spent in the system.
Assuming that customers spend the same amount of time at the buffet as at checkout, the average system time can be determined as follows:
W = 2 × 0.4 min = 0.8 min
So the average number of customers in the system is:
L1 = λ1 × W = 5 customers/min × 0.8 min = 4 customers
L2 = λ2 × W = 6 customers/min × 0.8 min = 4.8 customers
The M/M/c queuing model is then used to determine the expected wait time at the cashier. Arrival at Poisson, service time allocated exponentially and three cash (c = 3)
wq = (ρ ^ c / c / c! × (c × λ)) / (1 -ρ)
Here ρ = μ / (C × μ + λ) traffic resistance and μ = 1 / 0.4 minutes = 2.5 consumer / min.
Use the above value and evaluate the waiting waiting time.
ρ1 = λ1 / (c × mμ) = 5 customer / min / min / (cash × consumers / min) = 0.67
ρ2 = λ2 / (c × μ) = 6 client / division / (3 cash cash, × 2.5 consumer / min) = 0.8
Wq1 = (0.67 ^ 3/6 × 3/6 × (3 × 2.5 consumers / minute customer / min) / (1-0.67) = 0.14 minutes
Wq2 = (0.8 ^ 3/6 × (3 × 2.5 consumers / minutes consumers / minutes) / (1-0.8) = 0.64 minutes
We will add the waiting time expected to the cashier to consume the expected time for the customer.
Tq1 = 0.88.8 minutes + 0.14 minutes = 0.94 minutes
Tq2 = 0.8 minutes + 0.64 minutes = 1.44 minutes
According to this calculation, the expected waiting time is 9-12. Less than a minute coincides with atmospheric policy. However, the estimated waiting time for customers is between 16:00 and 21:00. More than 1 minute non-compliance with the waiting policy.
Therefore, 3 cashiers may not be enough to enforce the waiting policy during peak hours.
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What are the basics of consideration?
Answers
The basics of consideration include the following elements:
Legal SufficiencyBargained for exchange. What is consideration?Consideration is a promise to act, exchange, or do something which the law does not obligate but an agreement creates.
For something to be regarded as a consideration, it must have legal value and form part of the exchange contract.
Thus, a thing or action does not qualify as a consideration if it lacks legal value (legal sufficiency) or does not form part of the contract (bargained for exchange).
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In case of an emergency, you should have money saved to cover expenses for at least _____. Select the best answer from the choices provided. A. one to three months B. two to four months C. three to six months D. four to eight months
Answers
In case of an emergency, you should have money saved to cover expenses for at least three to six months
Why is the answer D?
Answers
Explanation:
When gas prices are low, there is less need for alternative fuel cars, so the demand falls. People will be less willing to pay high prices, so the price also falls. And since there's less demand, there doesn't need to be as many cars on the market, so the equilibrium quantity falls.
Question 3
Which of the following changes in supply and demand will lead a product to become less scarce?
A decreased demand increased supply
B
increased demand, decreased supply
С
decreased demand, decreased supply
D
increased demand increased supply
Answers
How does earning an A in an honors course benefit your GPA?
a
Honors course grades are weighted and keep your GPA from decreasing.
b
Honors course grades are weighted, increasing the points factored into your GPA.
c
Honors course grades are unweighted and keep your GPA from decreasing.
d
Honors course grades are unweighted, increasing the points factored into your GPA.
Answers
Answer:
i think its A
Explanation:
Explain the reasons why risk management might increase the value of a corporation?
Answers
Explanation:
Risk management is to increase a firm ’s profitability;
(1) Raise all use of borrowing by them.
(2) Preserve their optimum budget for resources in accordance.
(3) Reduce potential distress-related expenses.
(4) Make use of their comparable liquidity advantages compared to the individual's liquidity capacity.
Which of these statements is true about the drug utilization management (UM) rules?
Answers
Answer: Prior authorization quantity limit and step therapy are some examples of the coverage rules
Explanation:
The statement 'prior authorization, quantity limit, and step therapy are some examples of the coverage rules" is true. Drug utilization management (DUR) is a set of methods used to ensure the appropriate use of medications.
These methods can include prior authorization, quantity limits, and step therapy.
Prior authorization is a process where a health plan requires the prescriber to obtain approval from the plan before a medication can be dispensed. This is typically used for high-cost or high-risk medications.
Quantity limits are restrictions on the amount of medication that a patient can receive in a given period of time. This is typically used to prevent patients from stockpiling medications or using them for purposes other than what they are intended for.
Step therapy is a process where a patient must try one or more less expensive or less invasive treatments before they can be prescribed a more expensive or more invasive treatment. This is typically used to ensure that patients are only using the most appropriate treatment for their condition.
The UN does not have specific rules on DUR, but many countries have their own regulations. These regulations are designed to ensure that patients have access to safe and effective medications, while also preventing the misuse of medications.
Therefore, the given statement is true.
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Your question is incomplete, most probably the complete question is :
The statement is about the drug utilization management UN rules. true or false?
prior authorization quantity limit and step therapy are some examples of the coverage rules
What is the meaning of 50k in 2018?
Answers
Answer:
50,000
Explanation:
i hope it helped ya <3
Suppose a monopolist produces in a market with two distinct segments: market 1, which is denoted as M1 on the graph, and market 2, denoted as M2. The firm's marginal and average costs are $20.
Answers
A monopolist is an individual, gathering, or organization that controls each of the business sectors for a specific decent or administration. The profit in market 1 is $1,600, The profit in market 2 is $450 and Demand is more elastic in market 2
(A) Profit = Total revenue - total cost = P*Q - MC*Q = (P-MC)*Q
Profit in market 1
P1 = $60, Q1 = 40, and MC = $20
So, Profit in market 1 = (60-20)*40 = 40*40 = $1,600
(B) Profit in market 2
P2 = $35, Q2 = 30, and MC = $20
So, Profit in market 2 = (35-20)*30 = 15*30 = $450
(C) Demand is more elastic in market 2 as a monopolist charges a lower price in the more elastic market so as P2 < P1 then market 2 is more elastic.
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This question is not complete, Here I am attaching the complete question: also, attaching the diagram
Suppose a monopolist produces in a market with two distinct segments: market 1, which is denoted as M1 on the graph, and market 2, denoted as M2. The firm's marginal and average costs are $20.
(A) What is the profit of market 1?
(B) What is the profit of market 2?
(C) In which market is demand more elastic?
A paid-up nonforfeiture benefit will become effective as specified
in the policy, unless the person entitled elects another available
option within how many days after the due date of the premium in
default?
Answers
Answer:
Sixty days
Example:
That a specified paid-up nonforfeiture benefit shall become effective as specified in the policy unless the person entitled to make such election elects another available option not later than sixty days after the due date of the premium in default.planation:
is a segment of a market that is not currently being exploited.
a.niche
b.merger
c.stock
d.share
Answers
A niche market is: a. a portion of a market that is not yet being fully used. An area of a broader market known as a "niche market" can be identified by its own particular demands.
Give an example of a niche market:A niche market is a segment of a larger market that stands apart from the market as a whole due to its unique needs, preferences, or identity.
What exactly is a niche market?For instance, the market for women's shoes is divided into a number of separate segments or niches. Shoes for women in larger sizes, shoes for nurses, and shoes for vegans are all examples of specialized markets. Almost every market has room for improvement.
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Professional social media sites can also help employers find you. When you create an account, you describe your work history in detail and list all of your skills, just like in a résumé. If an employer is looking for someone with your abilities and experience, a site like LinkedIn is a great place to start. Recruiters may also use social media to promote new job listings. Millions and millions of people use these sites, and they can be a great way to reach many job seekers at once.
How can social media help employers during the hiring process? Check all that apply.
1. Most profiles offer more detailed information than any résumé.
2. Social media often provides a place for employers to begin their search.
3. Social media can fill in gaps on résumés or provide additional details.
4. Some sites can be a platform for recruiters to promote job openings.
5. Only the most qualified candidates are likely to have a social media presence.
Answers
Answer:
2, 3,4
Explanation:
logic
Answer:
2,3,4
Explanation:
Have a great day.
An income statement compares: a) revenue and sales. b) sales and expenses. c) expenses and assets. d) assets and liabilities
Answers
The purpose of an income statement is to compare b) sales and expenses.
What is an income statement?An income statement is a financial statement that a company uses to find out how much profit they have made over the course of an operating period which is often a year.
The first entry into an income statement is sales. This can also be called service revenue for service providing companies. Expenses are then deducted from this revenue to find out the net income. This means that an income statement compares revenue / sales and expense.
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