Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided a total of $250,000 of services on account. In 2021, the company wrote off uncollectible accounts of $10,000. By the end of 2021, cash collections on accounts receivable totaled $210,000. Pincus estimates that 20% of the accounts receivable balance at 12/31/2021 will prove uncollectible.Required:1. What journal entry did Pincus record to write off uncollectible accounts during 2021?2. What journal entry should Pincus record to recognize bad debt expense for 2021?

Answer:

Explanation:

29,250 units produced and sold

Direct materials $8.50

Direct labor $5.50

Variable manufacturing overhead $3.00

Fixed manufacturing overhead $6.50, total $190,125

Fixed selling expense $5.00, total $146,250

Fixed administrative expense $4.00, total $117,000

Sales commissions $2.50

Variable administrative expense $2.00

relevant range of production is 25,000 to 33,500 units

total variable cost per unit = $8.50 + $5.50 + $3 + $2.50 + $2 = $21.50

that means that if the company produces and sells between 25,000 to 33,500 units, their variable cost per unit will be the same.

total fixed costs will also be the same:

1.  If 25,000 units are produced and sold by Kubin Company, the variable cost per unit produced and sold is $21.50.

2. If 33,500 units are produced and sold by Kubin Company, the variable cost per unit produced and sold is $21.50.

3. If 25,000 units are produced and sold by Kubin Company, the total amount of variable cost related to the units produced and sold is $537,500 (25,000 x $21.50).

4. If 33,500 units are produced and sold by Kubin Company, the total amount of variable cost related to the units produced and sold is $720,2500 (33,500 x $21.50).

5. If 25,000 units are produced by Kubin Company, the average fixed manufacturing cost per unit produced is $18.14 ($453,375/25,000).

6. If 33,500 units are produced by Kubin Company, the average fixed manufacturing cost per unit produced is $13.53 ($453,375/33,500).

7. If 25,000 units are produced by Kubin Company, the total amount of fixed manufacturing overhead incurred to support this level of production is $453,375.

8. If 33,500 units are produced by Kubin Company, the total amount of fixed manufacturing overhead incurred to support this level of production remains $453,375.

Relevant production range = 25,000 to 33,500 units

Current production and sales units =29,250 units

Average costs per unit based on 29,250 units:

Direct materials                                $ 8.50

Direct labor                                      $ 5.50

Variable manufacturing overhead $ 3.00

Total variable manufacturing cost per unit = $17

Fixed manufacturing overhead = $ 6.50

Total manufacturing cost per unit = $23.50 ($17 + $6.50)

Fixed selling expense $ 5.00

Fixed administrative expense $ 4.00

Sales commissions $ 2.50

Variable administrative expense $ 2.00

Total variable manufacturing cost per unit = $17

Sales commissions                                         $ 2.50

Variable administrative expense                  $ 2.00

Total variable costs per unit = $21.50

Fixed manufacturing overhead $ 6.50

Fixed selling expense                $ 5.00

Fixed administrative expense   $ 4.00

Total fixed costs per unit          $15.50

Total fixed costs based on 29,250 units = $453,375 ($15.50 x 29,250)

Thus, the variable cost per unit remains the same no matter the units produced and sold, while the total variable costs varies.  On the other hand, the unit fixed cost varies while the total fixed costs are constant within the relevant range.

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Answer with Explanation:

Part A. I would like to consult my attorney and will provide him following information:

Part B. Following are the concerns as a part of an organization that is litigating sexual harassment case will ruin their reputation in the market. This will defame the company as the people will question the company's work environment. The most important thing is that the company must strictly adhere to sexual harassment and gender discrimination policies to prevent such litigation and loss of reputation.

Part C. The posh committee investigation would be relied on which would decide whether we must settle the dispute out of court or in the court. The investigation report can be used in the court as a supporting.

The possible action in the company can be suspension of the accused person or transferring them in an area where they will supervise male juniors till the settlement of the case. And if it is proven that the supervisor was involved in harassing the females then we will fire them from the company.

Answer:

The  amount that can be withdrawn each month from your account assuming a 25-year withdrawal period is $14,278.02.

Explanation:

The total amount saved for 30 years after retirement can be estimated by employing the formula for calculating the future value (FV) of ordinary annuity for both stock and bond as follows:

Future Value of Stock

FVs = M * (((1 + r)^n - 1) / r) ................................. (1)

Where,

FVs = Future value of the amount invested in stock after 30 years =?

M = Monthly investment = $780

r = Monthly return rate = 9.8% / 12 = 0.098 / 12 = 0.00816666666666667

n = number of months = 30 years * 12 months = 360

Substituting the values into equation (1), we have:

FVs = $780 * (((1 + 0.00816666666666667)^360 - 1) / 0.00816666666666667)

FVs = $780 * 2,166.28572458476

FVs = $1,689,702.87

Future Value of Bond

FVb = M * (((1 + r)^n - 1) / r) ................................. (2)

Where,

FVb = Future value of the amount invested in bond after 30 years =?

M = Monthly investment = $380

r = Monthly interest rate = 5.8% / 12 = 0.058 / 12 = 0.00483333333333333

n = number of months = 30 years * 12 months = 360

Substituting the values into equation (2), we have:

FVb = $380 * (((1 + 0.00483333333333333)^360 - 1) / 0.00483333333333333)

FVb = $380 * 966.933721691683

FVb = $367,434.81

Calculation of the amount that can be withdrawn monthly for 25-year withdrawal period

This can be calculated by employing the formula for calculating the present value of an ordinary annuity as follows:

PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (3)

Where;

PV = Sum of present values of stock and bond investments after retirement = FVs + FVb = $1,689,702.87 + $367,434.81 = $2,057,137.68

P = Monthly withdrawal = ?

r = Monthly interest rate = APR / 12 = 6.8% ÷ 12 = 0.068 / 12 = 0.00566666666666667

n = number of months = 25 years * 12 months = 300

Substitute the values into equation (3) and solve for P, we have:

$2,057,137.68 = P * ((1 - (1 / (1 + 0.00566666666666667))^300) / 0.00566666666666667)

$2,057,137.68 = P * 144.077250670093

P = $2,057,137.68 / 144.077250670093

P = $14,278.02

Therefore, the  amount that can be withdrawn each month from your account assuming a 25-year withdrawal period is $14,278.02.

Answer:

Kindly check explanation

Explanation:

Given the following :

Expected earning = $85,000,000 per year

Required rate of return on stock (r) = 12% = 0.12

Number of common stock shares outstanding = 20 million

A.) price of a share of stock if the form does not undertake new investment:

Cash value = $85,000,000 / 0.12

= $708333333.33

Price of share :

708333333.33 / 20,000,000

= $35.42

B.) calculate the NPV of growth opportunities :

Investment opportunity today (Co) = $18 milliom

Investment opportunity after a year (C1) = $7 million

Annual profit at the end of year 2 = $11 million

The net present value of growth opportunities :

Co + C1/(1+r) + (C2 / r) / (1 + r)

-18,000,000 - 7,000,000/1.12 + (11,000,000/0.12) / 1.12

= $57,595,238.09

C.) per share price if company undertakes investment :

(Net present value of growth opportunities / number of stocks outstanding)

= $57,595,238.09 / 20,000,000

= $2.88

Hence,

[Per share value of growth opportunities + per share value of car map y does not undertake new investment]

[$2.88 + $35.42]

= $38.30

Answer:

$242,168.82

Explanation:

Inventory on December 31, 2021

Cost. Retail

Beginning inventory 300,000 291,000

Add: purchases 581,000 928,000

Add: freight in. 19,000

Add: net markups. 31,000

900,000 1,250,000

Less net markdown. 5,000

Goods available for 900,000 1,245,000

Cost to retail %

900,000/1,245,000

0.722891566

Less: net sales. 910,000

Estimated ending 335,000

Estimated ending inventory at cost

335,000 × 0.722891566

242,168.82

Answer:

a. Calculate the price elasticity of demand for Barney’s bagels.

0.4 price inelastic

b. Using the price elasticity of demand for Barney’s bagels, explain whether he should raise or lower the price to generate more revenue.

Barney should increase his prices in order to increase total revenue.

c. A bakery moves in across the street from Barney’s shop. Explain what is likely to happen to the price elasticity of demand for Barney’s bagels.

If a bakery moves in front of Barney's bagel place, then the PED of his product is probably going to increase. The higher the competition, the higher the PED. This means that any change in price will result in a higher proportional change in quantity demanded.

2) I do not agree with that statement. If the PED is price inelastic, then increasing the product's price will increase total revenue, but if the PED is price elastic, any small increase in price will result in a larger decrease in quantity demanded. If the PED is price inelastic, then any change in price will not alter total revenue.

Explanation:

The price elasticity of demand shows us how a 1% change in price will affect the quantity demanded of a product.

PED = % change in Q demanded / % change in price

% change in Q demanded = (275 - 250) / 250 = 10%

% change in price = (0.75 - 1) / 1 = -25%

PED = 0.1 / -0.25 = -0.4 or |0.4| in absolute terms

The PED for Barney's bagels is demand inelastic (PED < 1), therefore, a 1% change in price will result in a smaller proportional change in quantity demanded.

If Barney increases his price to $1.50 instead of lowering it, the quantity demanded will decrease only by:

% change in Q demanded = 0.5 change in price x 0.4 = 0.2 or 20% decrease

his total revenue will increase from $250 per hour to 200 x $1.50 = $300 per hour.

Q1. The price elasticity for the company would be 0.4.

Q2. No, it is not true that a higher price would bring higher revenues from their sales.

Question 1:

a. The price elasticity is derived from the given formula:

[tex]\frac{percentagechange in Qd}{percentage change in P}[/tex]

Hence, the percentage change in quantity demanded would be:

[tex]\frac{275 - 250}{250} \\=0.1[/tex]

Now, the percentage change in price would be:

[tex]\frac{0.75 - 1}{1} \\=-25[/tex]

Finally, price elasticity would be:

[tex]\frac{0.1}{-25} \\=-0.4[/tex]

b. Therefore, the business may increase its product's price to get increased revenue as the demand elasticity is 0.4, which means less change in quantity demanded would be seen when prices tend to rise by 1%

c. If the business plan to move across the price elasticity would be seen as rising because of experiencing more competition in the market. Thus, when prices increase by even 1% then the quantity demanded may be seen as changing at a higher rate.

Question 2:

The business revenue is dependent on the price and sales of the product. Further, the elasticity of demand is sales essential for deciding the quantity of demand by the customers. Thus, when demand is highly elastic then increasing the product price would harm the final revenue of the business.

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Answer:

Professional Headhunters, Inc. (PHI)

i) Net Income = Revenue minus Expenses

= $145,000 - $80,000

= $65,000

ii) Total assets = Cash balance plus Accounts Receivable balance

= $45,000 + $25,000

= $70,000

iii) Total liabilities = Accounts payable

= $5,000

Explanation:

Earned Revenue = $145,000

Collection from customers = $120,000

Accounts receivable balance = $25,000

Expenses incurred = $80,000

Cash payment for expenses = $75,000

Accounts payable for expense = $5,000

Cash balance:

Collection from customers = $120,000

Cash payment for expenses = $75,000

Cash balance = $45,000

Answer:

Student responses will vary, but should include: A young investor has years of earning power and can take greater risks because he/she has time to make-up for losses. An older investor needs more security and current income from their investments because they are using it to retire on or they need it to continually grow so that they can retire.

Explanation:

Answer: $5,610,000

Explanation:

Earnings before Interest and tax = $10,000,000

Earnings before tax (EBT) = EBIT - Interest

= 10,000,000 - 1,500,000

= $8,500,000

EBT is in the $335,000-$10,000,000 range.

Tax is therefore = Tax on base of bracket + Percentage on Excess above Base (EBT - Base of bracket)

= 113,900 + 34%( 8,500,000 - 335,000)

= $2,890,000

Net Income = EBT - Tax

= 8,500,000 - 2,890,000

= $5,610,000

Answer:

Entry to record service revenues performed but not yet billed (nor recorded).

Dr Accounts receivable (asset, balance sheet)

    Cr Service revenue (revenue, income statement)

Entry to record janitorial expense incurred but not yet paid.

Dr Janitorial expense (expenses, income statement)

    Cr Janitorial expenses payable (liability, balance sheet)

Entry to record rent expense incurred but not yet paid.

Dr Rent expense (expenses, income statement)

    Cr Rent expenses payable (liability, balance sheet)

Entry to record interest expense incurred but not yet paid.

Dr interest expense (expenses, income statement)

    Cr Interest expenses payable (liability, balance sheet)

Entry to record expiration of prepaid rent.

Dr Rent expense (expenses, income statement)

    Cr Prepaid rent (asset, balance sheet)

Answer:

the numbering

Explanation:

EDGU 2021

Answer:

five years

A regular and normal architecture program would typically take up to 5 years to complete. The answer is five years. Hope it helps!

Answer:

d1) Colton Enterprises

Income Statement

For the year ended December 31, Year 1

Service revenue                                       $76,000

Expenses:

Net income                                                 $5,050

d2) Colton Enterprises

Changes in stockholders' equity

For the year ended December 31, Year 1

Beginning balance                               $0              

Common stocks issued                 $37,000          

Net income                                       $5,050          

Subtotal                                          $42,050        

Dividends paid                                      $0          

Ending balance Dec. 31, year 1     $42,050

d3) Colton Enterprises

Balance Sheet

For the year ended December 31, Year 1

Assets:

Cash                                             $31,500

Accounts receivable                    $17,500

Prepaid rent                                  $3,050

Total assets                                 $52,050          

Liabilities:

Accounts payable                         $7,200

Wages payable                             $2,800

Total liabilities                             $10,000

Stockholders' Equity:

Common stock                           $37,000              

Retained earnings                        $5,050              

Total stockholders' equity         $42,050

Total liabilities + equity              $52,050        

d4) Colton Enterprises

Statement of cash flows

For the year ended December 31, Year 1

Cash flows from operating act.

Net income                                                                      $5,050

Adjustments to net income:

Net cash provided by OA                                             ($5,500)

Cash flows from investing act.                                            $0

Cash flows from financing act.

Issuance of common stocks                                        $37,000

Dividends paid                                                                $0        

Net cash provided by FA                                             $37,000        

Net increase in cash                                                     $31,500              

Initial cash balance                                                          $0                  

Ending cash balance                                                    $31,500  

Explanation:

Events for yer 1:

Acquired $37,000 cash from the issue of common stock.

Dr Cash 37,000

    Cr Common stock 37,000

Paid $12,200 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2.

Dr Prepaid rent 12,200

    Cr Cash 12,200

Performed services for customers on account for $76,000.

Dr Accounts receivable 76,000

    Cr Service revenue 76,000

Incurred operating expenses on account of $36,000.

Dr Operating expense 36,000

    Cr Accounts payable 36,000

Collected $58,500 cash from accounts receivable.

Dr Cash 58,500

    Cr Accounts receivable 58,500

Paid $23,000 cash for salary expense.

Dr Wages expense 23,000

    Cr Cash 23,000

Paid $28,800 cash as a partial payment on accounts payable.

Dr Accounts payable 28,800

    Cr Cash 28,800

Made the adjusting entry for the expired rent.

Dr Rent expense 9,150

    Cr Prepaid rent 9,150

Recorded $2,800 of accrued salaries at the end of Year 1.

Dr Wages expense 2,800

    Cr Wages payable 2,800

Events for Year 2

Paid $2,800 cash for the salaries accrued at the end of the prior accounting period.

Dr Wages payable 2,800

    Cr Cash 2,800

Performed services for cash of $25,000.

Dr Cash 25,000

    Cr Service revenue 25,000

Purchased $3,000 of supplies on account.

Dr Supplies 3,000

    Cr Accounts payable 3,000

Paid $11,100 cash in advance for rent. The payment was for one year beginning April 1, Year 2.

Dr Prepaid rent 11,100

    Cr Cash 11,100

Performed services for customers on account for $92,000.

Dr Accounts receivable 92,000

    Cr Service revenue 92,000

Incurred operating expenses on account of $43,500.

Dr Operating expenses 43,500

    Cr Accounts payable 43,500

Collected $91,000 cash from accounts receivable.

Dr Cash 91,000

    Cr Accounts receivable 91,000

Paid $41,000 cash as a partial payment on accounts payable.

Dr Accounts payable 41,000

    Cr Cash 41,000

Paid $31,700 cash for salary expense.

Dr Wages expense 31,700

    Cr Cash 31,700

Paid a $11,000 cash dividend to stockholders.

Dr Dividends 11,000

    Cr Cash 11,000

Adjusting entry for expired rent

Dr Rent expense 11,375

    Cr Prepaid rent 11,375

Dr Supplies expense 2,450

    Cr Supplies 2,450

Answer: D) sampling bias.

Explanation:

Sampling bias refers to a scenario where conditions in the research give more subjects in the population of interest the chance to appear either more or less times than others instead of all the subjects having an equal chance of representation.

The students were to come in at different times yet Graham gave them all the same treatment conditions. This could lead to sampling bias because those who volunteered earlier are likely different from those who volunteered later.

Answer:

Explanation:

1. If the company's cost of equity is;

= (Next divided/ Share price) + Dividend growth rate

= 1/30 + 4%

= 3.33% + 4%

= 7.33%

2. With the floatation costs involved, the Cost of Equity will increase as the floatation costs will increase the cost required to get equity.

= [(Next divided/ Share price - flotation costs)] + Dividend growth rate

Floatation costs = 10% * 30

= $3

= [1/30 - 3)] + 4%

= 1/27  + 4%

= 7.71%

Answer:

=352,931.20

Explanation:

Calculation for the estimate of the purchase price for the new boiler

Purchase price of new boiler = 181,000* (221 / 162) * (1.42)^0.8 + 28,000

Purchase price of new boiler =181,000*1.36*1.32+28,000

Purchase price of new boiler =32,4931.2+28,000

Purchase price of new boiler =352,931.20

Therefore the estimate of the purchase price for the new boiler will be 352,931.20

Answer:

1.8

Explanation:

Sales= $60

Variable cost= $21

Quantity= 3,500 pairs of shoes

Fixed operating cost= $58,500

The first step is to calculate the total contribution margin

= sales-variable cost × Quantity

= $60-$21 × 3500

= $39 × 3500

= $136,500

The operating income can be calculated as follows

= Sales - variable cost × Quantity - fixed operating costs

= $60-$21×3500-58,500

= $136,500-58,500

= $78,000

Therefore the degree of operating leverage can be calculated as follows

= Total contribution margin/Operating income

= 136,500/78,000

= 1.8

Hence the degree of operating leverage is 1.8

Answer:

If Larry outlives the IRS's life expectancy, he has two options:

Explanation:

According to the IRS, Larry's life expectancy is 15.5 more years (IRS publication 590, appendix b , table I: single life expectancy), so the total number of distributions = 15.5 x 12 = 186.

for tax purposes, he can deduct $1,410,360 / 186 = $7,582.58 from each distribution. This means that he will only have to pay income taxes for $11,500 - $7,582.58 = $3,917.42.

If Larry outlives the IRS's life expectancy, he has two options:

He must pay taxes for the full amount that he receives every month beginning with the 187th payment. The IRS allows you to deduct the cost of the annuity, but if you already discounted the full cost, then you start paying taxes for every cent that you get.

Or he can recalculate his tax deduction. But recalculating when you are about to pass the age threshold doesn't make sense. After he turns 87, Larry will only be able to deduct $45,495.48 more. It sounds like a lot of money, but since the IRS doesn't recognize any interest on your investment, then the sooner you discount your taxes, the better.

Answer and Explanation:

The computation of interest payments is shown below:-

Let us assume the par value be $1,000

1. Interest payment = $1,000 × Coupon rate

= $1,000 × 8.2%

= $82

2.

The computation of sold bond is shown below:-

Sold bonds = 1,000 × coupon rate ÷ Yield to maturity × (1 - 1 ÷ 1.072^number of years) + 1,000 ÷ 1.072^number of years

= 1,000 × 8.2% ÷ 7.2% × (1 - 1 ÷ 1.072^9) + 1000 ÷ 1.072^9

= $1,064.601613

3.

The computation of the bond price is shown below:-

= 1000 × 8.2% ÷ 6.2% × (1 - 1 ÷ 1.062^9) + 1,000 ÷ 1.062^9

= 1134.857572

So, the price increases by $70.25595933

4.

The current yield is more than the yield to maturity.

Answer:

A government can influence through taxation, subsidies, regulations, building use, prohibitions, import quotas etc.

Explanation:

Answer:

Legislation and Regulation Another way in which the government can influence the private producers is, through rules and regulations. The economies usually operate with a huge and growing amount of regulations.

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Answer:

Buy

Explanation:

First, we need to find out what is the cost incurred by the company in building the power station and after that, we will compare that cost with the selling price of the power from Tri-county G&T. the lower-priced option will be considered as best option.

Cost incurred by the company in building the power station = $10,000,000 + (150,000 x $35)

Cost incurred by the company in building the power station = $10,000,000 + $5,250,000

Cost incurred by the company in building the power station = $15,250,000

Selling price of the power from Tri-county G&T = 150,000 x $75

Selling price of the power from Tri-county G&T = 11,250,000

Decision: It would be a wise option for the company to buy it. From buying the power the company will save $4m.

Answer:

Title VII of the CRA

Explanation:

Title VII of the Civil Rights Act (CRA) is a landmark federal law that aims to protect employees against discrimination based on race, colour, sex, nation of origin, or religion.

The act was made law in 1964.

In the given scenario a female sales representative with excellent performance review was not promoted for 8 years, while Jim a male sales representative was promoted in just 18 months.

This is a gender based discrimination and is covered by Title VII of the CRA.

Age discrimination does not apply because it addresses discrimination of employees with minimum age of 40 years.

Equity act requires that employees on the same job role are compensated equally. This does not also apply.

Rehabilitation act prevents discrimination based on disability. This does not also apply

Answer and Explanation:

The computation of the predetermined overhead rate for both the departments is shown below:

Predetermined overhead Rates for Machining Department

= $25,000 ÷ 5,000

= $5 per machine hour

And, Predetermined overhead Rates for Assembly Department

= $30,000 ÷ 15,000

= 200% of direct labor cost

Hence, the two are the above answers and the same is to be considered

Answer:

Explanation:

Rate of return = 4.83%

inflation rate =3.55 %

marginal tax bracket = 25 %

after tax rate of return = 4.83 ( 1 - .25 ) = 3.6225 %

after tax inflation rate = 3.55 (m 1 - .25 ) = 2.6625 %

real rate of return =  [ (1+3.6225% /1+ 2.6625%)  - 1 ] x 100

= .0093 x 100 = .93 %

Total monetary return =  30000 x 3.625 %

= 1087.5

Rate of return is more than rate of inflation , for short term perspective staying invested in money market investment is good option . Real rate of return is not negative at least .

Answer:

1) equity = assets - liabilities

equity = $45,000 + $93,000 + $7,000 + $75,000 - $40,000 = $180,000

2) Since there is not enough room here, I used an excel spreadsheet to prepare the accounting equation.

3) D’Lite Dry Cleaners

Income Statement

For the month ended July 31, 202x

Revenues                                                       $116,875

Expenses:

Net income                                                      $63,775

D’Lite Dry Cleaners

Balance Sheet

For the month ended July 31, 202x

Assets:

Cash $95,325

Accounts receivable $89,750

Supplies $5,900

Land $125,000

Total assets $315,975

Liabilities:

Accounts payable $49,200

Equity:

Capital $266,775    

Total liabilities and equity $315,975

D’Lite Dry Cleaners

Statement of Owner’s Equity

For the month ended July 31, 202x

Palk, Joel, capital, beginning balance    $180,000

Additional capital raised                           $35,000

net income                                                  $63,775

subtotal                                                     $278,775

drawings                                                   ($12,000)

Palk, Joel, capital, ending balance        $266,775

Answer:

The full description of the particular circumstance is listed underneath in the overview section.

Explanation:

Answer:

Latta Company

1.

(a) is the Actual Manufacturing Overhead Expense incurred for the year.

(b) is the Manufacturing overhead applied to Work in Process for the year.

(c) is the Cost of goods manufactured for the year.

(d) is the Cost of goods sold for the year.

2. Debit Cost of Goods Sold $70,000

   Credit Manufacturing Overhead $70,000

   To close the underapplied overhead to cost of goods sold.

3. Debit Work in Process $3,500

             Finished Goods $10,500

             Cost of goods sold $56,000

  Credit Manufacturing Overhead $70,000

  To close the underapplied overhead to the 3 accounts.

Explanation:

a) Data and Calculations:

1. T-accounts:

Manufacturing Overhead

       Debit            Credit                      

(a) 460,000 (b) 390,000                      

                    Bal. 70,000

Work in Process

       Debit            Credit  

Bal.   15,000   (c) 710,000

     260,000

        85,000

(b) 390,000

                     Bal. 40,000

Finished Goods

       Debit            Credit  

Bal.   50,000  (d) 640,000

(c)   710,000

                     Bal. 120,000

Cost of Goods Sold

       Debit            Credit  

(d) 640,000

2. Distribution of overhead applied to production:

Work in Process, ending $ 19,500

Finished Goods, ending    58,500

Cost of Goods Sold          312,000

Overhead applied        $ 390,000

3.  Allocation of Underapplied:

Work in Process, ending    $3,500 (19,500/390,000 * 70,000)

Finished Goods, ending      10,500 (58,500/390,000 * 70,000)

Cost of Goods Sold           56,000 (312,000/390,000 * 70,000)

Underapplied overhead  $70,000

Answer:

$270,000

Explanation:

Calculation for the amount of Machining cost assigned to Product A

Using this formula

Machine cost=Machine hours*Activity rate

Let plug in the formula

Machine cost=1,800*$150

Machine cost =$270,000

Therefore the amount of Machining cost assigned to Product A will be $270,000

Answer:

c. $554600.

Explanation:

The computation of the property, plant & equipment is shown below:

= Land + Building - Accumulated depreciation

= $281,000 + $336,500 - $62,900

= $554,600

By applying the above formula so that the property, plant & equipment could be come and the same is to be considered

Hence, the correct option is c. $554,600