Schedule of Cost of Goods Manufactured and Sold
The following amounts are available for 2016 for Bourne Manufacturing Company:
Administrative salaries (non-factory) $105,000
Administrative rent (non-factory) 52,500
Advertising and promotion expense 61,500
Depreciation-administrative 33,000
Depreciation-factory 45,000
Depreciation-selling 25,500
Direct labor 262,500
Factory rent 27,000
Factory supplies used 18,000
Finished goods inventory (January 1) 85,500
Finished goods inventory (December 31) 78,000
Indirect material used 21,000
Indirect labor 28,500
Materials inventory (January 1) 19,500
Materials inventory (December 31) 30,000
Net delivered cost of materials purchased 207,000
Other factory overhead 39,000
Sales 1,267,500
Sales salaries expense 108,000
Work in process inventory (January 1) 27,000
Work in process inventory ( December 31) 46,500
Using the above data, prepare a schedule of cost of goods manufactured and sold.
Do not use negative signs with any of your answers.
Bourne Manufacturing Company
Schedule of Cost of Goods Manufactured and Sold
For the Year Ended December 31,2016
Direct material:
Beginning materials inventory Answer
Answer Answer
Cost of material available Answer
Less: Answer Answer
Total materials used Answer
Less: Answer Answer
Direct material used Answer
Direct labor Answer
Manufacturing overhead
Indirect material Answer
Indirect labor Answer
Factory supplies used Answer
Factory depreciation Answer
Factory rent Answer
Answer Answer
Total manufacturing overhead Answer
Total manufacturing costs for the year Answer
Add: Answer Answer
Total cost of work in process during the year Answer
Less: Answer Answer
Cost of goods manufactured Answer
Add: Answer Answer
Cost of goods available for sale Answer
Less: Answer Answer
Cost of goods sold Answer

Answer:

Answer:

Cost of goods sold Answer 604,500

Explanation:

Bourne Manufacturing Company

Schedule of Cost of Goods Manufactured and Sold

For the Year Ended December 31,2016

Direct material:

Beginning materials inventory Answer  (January 1) 19,500

Net delivered cost of materials purchased 207,000

Cost of material available Answer : 226500

Less: Materials inventory (December 31) 30,000

Total materials used Answer 196500

Less:   Indirect material used 21,000

Direct material used Answer  175,500

Direct labor Answer 262500

Manufacturing overhead

Other Factory Overhead 39000

Indirect material Answer 21000

Indirect labor Answer 28500

Factory supplies used Answer   18000

Factory depreciation Answer 45000

Factory rent Answer 27000

Total manufacturing overhead Answer  178500

Total manufacturing costs for the year Answer 616500

Add: Work in process inventory (January 1) 27,000

Total cost of work in process during the year 643,500

Less: Work in process inventory ( December 31) 46,500

Cost of goods manufactured  597000

Add: Finished goods inventory (January 1) 85,500

Cost of goods available for sale Answer 682,500

Less: Finished goods inventory (December 31) 78,000

Cost of goods sold Answer 604,500

We add and subtract  the amounts according to the schedule.

In this schedule the indirect material is deducted from the direct materials inventory and added to the factory overhead because it is not treated as a direct expense rather it is an indirect expense.

The following are not related to the cost of manufacturing of products and are excluded from the CGS.

Administrative salaries (non-factory) $105,000

Administrative rent (non-factory) 52,500

Advertising and promotion expense 61,500

Depreciation-administrative 33,000

Depreciation-selling 25,500

Sales 1,267,500

Sales salaries expense 108,000

These are included in the net income statement.

Cash flow to stockholders must be positive when: both the cash flow to assets and the cash flow to creditors are positive. the net sale of common stock exceeds the amount of dividends paid. no income is distributed but new shares of stock are sold. the dividends paid exceed the net new equity raised. both the cash flow to assets and the cash flow to creditors are negative.

Beaver Company purchased land as a factory site for $400,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $42,000 to raze the old buildings and sold salvaged lumber and brick for $6,300. Legal fees of $1,850 were paid for title investigation and drawing the purchase contract. Beaver Company paid $2,200 to an engineering firm for a land survey, and $68,000 for drawing the factory plans. The land survey had to be made before definitive plans could be drawn. Title insurance on the property cost $1,500, and a liability insurance premium paid during construction was $900. The contractor's charge for construction was $2,740,000. The company paid the contractor in two installments: $1,200,000 at the end of 3 months and $1,540,000 upon completion. Interest costs of $170,000 were incurred to finance the construction.
Instructions:
Determine the cost of the land and the cost of the building as they should be recorded on the books of Beaver Company. Assume that the land survey was for the building.

Different perspectives on management have been dominant at different times. Place these management perspectives in the order in which they would appear on a timeline of management history. Dominant Management Perspective Timeline Order Management science perspective
A. Humanist perspective
B. Open (collaborative) innovation
C. Contingency view
D. Systems thinking

Assume that a manufacturing company incurred the following costs: Direct labor $ 90,000 Advertising $ 40,000 Factory supervision $ 36,000 Sales commissions $ 15,000 Depreciation, office equipment $ 4,000 Indirect materials $ 5,000 Depreciation, factory building $ 20,000 Administrative office salaries $ 1,000 Utilities, factory $ 2,500 Direct materials $ 106,000 Insurance, factory $ 10,000 Property taxes, factory $ 7,000 What is the total amount of manufacturing overhead

Domkowski began operations on January 1 of the current year. The company uses a process-costing system, and conversion cost is incurred evenly throughout manufacturing. By January 31, the firm had completed 56,000 units. Which of the following statements is true about the ending work-in-process inventory if equivalent units for conversion cost totaled 59,000 units?
a) There is no ending work-in-process inventory.
b) The ending work-in-process inventory totaled 3,000 physical units.
c) The ending work-in-process inventory of 10,000 physical units was 30% complete.
d) The ending work-in-process inventory of 20,000 physical units was 85% complete.

Sheridan Company had these transactions during the current period. June 12 Issued 84,000 shares of $1 par value common stock for cash of $315,000. July 11 Issued 3,400 shares of $102 par value preferred stock for cash at $107 per share. Nov. 28 Purchased 1,350 shares of treasury stock for $8,150.

Prepare the journal entries for the Sheridan Company transactions shown above.

On January 1, Marigold Corp. had 61,700 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred.

Apr. 1 Issued 12,600 additional shares of common stock for $12 per share.
June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30.
July 10 Paid the $1.50 cash dividend.
Dec. 1 Issued 5,600 additional shares of common stock for $11 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $1.70 per share to stockholders of record on December 31.
(a) Prepare the entries, if any, on each of the three dates that involved dividends.

Bob's Performance Pizza is a small restaurant in Chicago that sells gluten-free pizzas. Bob's very tiny kitchen has barely enough room for the four ovens in which his workers bake the pizzas. Bob signed a lease obligating him to pay the rent for the four ovens for the next year. Because of this, and because Bob's kitchen cannot fit more than four ovens, Bob cannot change the number of ovens he uses in his production of pizzas in the short run.

However, Bob's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Bob lets them know how many workers he needs for each day of the week. In the short run, these workers________ are inputs. inputs, and the ovens are _______ inputs

Chiquitica Company currently does not use any debt at all? (it is an? all-equity firm). The firm has 4,000,000 shares selling for $50 per share. Its beta is 0.8, and the current risk-free rate is 2%. The expected market return for the coming year is 12%. Chiquitica Company will sell $40,000,000 in corporate bonds with a $1,000 par value. The bonds have a yield to maturity of 12%. When the bonds are sold, the beta of the company will increase to 1.2. Chiquitica will use the entire proceeds of the bond sale to repurchase an equal dollar amount of its equity (buyback shares). The corporate tax rate is 25%.

Required:
a. What is the WACC of Chiquitica Company before the bond sale?
b. What is the market value of debt after the bond sale?
c. What is the market value of equity after the bond sale?
d. What is the weight for equity in the capital structure (the value E/V) - used to compute the WACC?
e. What is the cost of debt after the bond sale?
f. What is the cost of equity after the bond sale?
g. What is the adjusted WACC of Chiquitica Company after the bond sale?

Foyle, Inc., had 830,000 shares of common stock issued and outstanding at December 31, 2020. On July 1, 2021, an additional 40,000 shares of common stock were issued for cash. Foyle also had unexercised stock options to purchase 32,000 shares of common stock at $15 per share outstanding at the beginning and end of 2021. The average market price of Foyle's common stock was $20 during 2021. What is the number of shares that should be used in computing diluted earnings per share for the year ended

Choose the response that correctly completes the following sentence about the Harrisons' refund or balance due. The Harrisons will:

a. Receive a refund that is greater than $ 4,500 but less than $4,800
b. Receive a refund that is greater than $4,200 but less than $4,500
c. Have a balance due that is greater than $200 but less than $500
d. Have a balance due that is greater than $500 but less than $800

Chuck, a single taxpayer, earns $79,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)
Income and $19,900 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.)
Required:
a. How much federal tax will he owe?
b. What is his average tax rate?
c. What is his effective tax rate?
d. What is his current marginal tax rate?
Complete this question by entering your answers in the tabs below Req B Req D Req A Req C What is his average tax rate? (Do not round intermediate calculations. Round total tax to 2 decimal places.) Average Tax Rate Choose numeratorChoose denominator Total tax Taxable income 8,479.50 14.88% 57,000

The following information applies to the questions below.
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31.
Additional Information Items
1. An analysis of WTI's insurance policies shows that $3,864 of coverage has expired.
2. An inventory count shows that teaching supplies costing $3,349 are available at year-end.
3. Annual depreciation on the equipment is $15,458.
4. Annual depreciation on the professional library is $7,729.
5. On September 1, WTI agreed to do five courses for a client for $2,800 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $14,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees.
6. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $12,000 of the tuition has been earned by WTI.
7. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
8. The balance in the Prepaid Rent account represents rent for December.
WELLS TECHNICAL INSTITUTE
Unadjusted Trial Balance
December 31
Debit Credit
Cash $ 27,849
Accounts receivable 0
Teaching supplies 10,710
Prepaid insurance 16,068
Prepaid rent 2,143
Professional library 32,133
Accumulated depreciation—Professional library $ 9,641
Equipment 74,968
Accumulated depreciation—Equipment 17,139
Accounts payable 36,341
Salaries payable 0
Unearned training fees 14,000
T. Wells, Capital 68,123
T. Wells, Withdrawals 42,845
Tuition fees earned 109,254
Training fees earned 40,702
Depreciation expense—Professional library 0
Depreciation expense—Equipment 0
Salaries expense 51,415
Insurance expense 0
Rent expense 23,573
Teaching supplies expense 0
Advertising expense 7,498
Utilities expense 5,998
Totals $ 295,200 $295,200
a. Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts.
b. Prepare an adjusted trial balance.

Daguio corporation uses direct labor hours in its predetermined overhead rate. at the beginning of the year, the total estimated manufacturing overhead was $224,580. At the end of the year actual direct labor hours for the year were 18,200 hours manufacturing overhead for the year was under applied by 12,100, and the actual manufacturing overhead was $219,580. The predetermined overhead rate for the year must have been closest to:_____

Those arguing against being socially responsible might make the claim that costs for social goals are ultimately
higher prices

How do courts apply traditional jurisdiction concepts to cases involving internet transaction

Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $8,000 cash. The old machine cost $93,000 and had a net book value of $71,000. The old machine had a fair market value of $60,000. Which of the following is the correct journal entry to record the exchange?

a. Equipment 68,000
Loss on Exchange 11,000
Accumulated Depreciation 22,000

Equipment 93,000
Cash 8,000

b. Equipment 68,000

Equipment 60,000
Cash 8,000

c. Cash 8,000
Equipment 60,000
Loss on Exchange 11,000
Accumulated Depreciation 22,000

Equipment 101,000

d. Equipment 123,000

Accumulated Depreciation 22,000
Equipment 93,000
Cash 8,000

The owner of a bicycle repair shop forecasts revenues of $236,000 a year. Variable costs will be $69,000, and rental costs for the shop are $49,000 a year. Depreciation on the repair tools will be $29,000. Prepare an income statement for the shop based on thee estimates. The tax rate is 20%. Calculate the operating cash flow by using dollars in minus dollars out, adjusted accounting profits, after tax operating cash flow.

3) Express 420cm as a percentage of 2m.​

Holly wants to have $200,000 to send a recently born child to college. She sets up a 529 plan and wants to know how much she must invest at the end of the year for the next 18 years if the funds can earn 5 percent. If she can earn 7 percent, how much less will she have to invest each year?

Productivity is defined as the Group of answer choices amount of goods and services produced from each unit of labor input. number of workers required to produce a given amount of goods and services. amount of labor that can be saved by replacing workers with machines. actual amount of effort workers put into an hour of working time.

Hardigree Corporation uses a job-order costing system. Beginning balance in Work in Process $ 36,000 (1) Raw materials purchased on account $207,000 (2) Direct materials requisitioned for use in production $161,000 (3) Indirect materials requisitioned for use in production $ 42,000 (4) Direct labor wages incurred $ 87,000 (5) Indirect labor wages incurred $101,000 (6) Depreciation recorded on factory equipment $ 42,000 (7) Additional manufacturing overhead costs incurred $ 57,000 (8) Manufacturing overhead costs applied to jobs $219,000 (9) Cost of jobs completed and transferred from Work in Process to Finished Goods $403,000 The total amount of manufacturing overhead actually incurred was: Multiple Choice

Dmitri lives in Houston and runs a business that sells guitars. In an average year, he receives $793,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $430,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $15,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Dmitri does not operate this guitar business, he can work as a financial advisor, receive an annual salary of $50,000 with no additional monetary costs, and rent out his showroom at the $15,000 per year rate. No other costs are incurred in running this guitar business.

Identify each of Charles's costs in the following table as either an implicit cost or an explicit cost of selling guitars.

a. The wages and utility bills that Charles pays
b. The wholesale cost for the guitars that Charles pays the manufacturer
c. The rental income Charles could receive if he chose to rent out his showroom
d. The salary Charles could earn if he worked as a financial advisor

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.

a. Issued 28,000 shares of common stock in exchange for $280,000 in cash.
b. Purchased equipment at a cost of $36,000. $9,000 cash was paid and a notes payable to the seller was signed for the balance owed.
c. Purchased inventory on account at a cost of $86,000. The company uses the perpetual inventory system.
d. Credit sales for the month totaled $110,000. The cost of the goods sold was $66,000.
e. Paid $4,000 in rent on the warehouse building for the month of March.
f. Paid $5,800 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. Paid $66,000 on account for the merchandise purchased in 3.
g. Collected $49,500 from customers on account.
h. Recorded depreciation expense of $900 for the month on the equipment.

Required:
Prepare journal entries to record each of the transactions listed above.

What pathway in the Arts av technology a communication cluster does Jason work in

Initially, suppose Bellissima uses 1 million hours of labor to produce rye and 3 million hours to produce jeans, while Dolorium uses 3 million hours of labor to produce rye and 1 million hours to produce jeans. Consequently, Dolorium produces 32 million pairs of jeans and 24 million bushels of rye, and Bellissima produces 72 million pairs of jeans and 12 million bushels of rye. Assume there are no other countries willing to trade goods, so in the absence of trade between these two countries, each country consumes the amount of rye and jeans it produces.
Dolorium's opportunity cost of producing one bushel of rye is_________ of jeans, and Bellissima's opportunity cost of producing one bushel of rye is _______ of jeans. Therefore, ________ has a comparative advantage in the production of rye and ________ has a comparative advantage in the production of jeans.
Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In this case, the country that produces rye will produce_________ bushels, and the country that produces jeans will produce _____ pairs. In the table at the end of this problem, enter each country's production decision on the second row (marked "Production").

Which of the following illustrates economies of scale , diseconomies of scale , and constant returns to scale ?

Liza's average total cost changes from $4.50 to $2.20 when she increases salad production from 7 to 9 an hour. Sam's average total cost changes from $1.30 to $2.80 when he increases smoothie production from 5 to 8 gallons an hour. Tina's average total cost remains at $3 when she increases pizza production from 12 to 13 an hour.

a. Sam faces economies of scale; Liza faces diseconomies of scale; Tina faces constant returns to scale.
b. Sam faces economies of scale; Tina faces diseconomies of scale; Liza faces constant returns to scale.
c. Tina faces economies of scale; Sam faces diseconomies of scale; Liza faces constant returns to scale.
d. Liza faces economies of scale; Sam faces diseconomies of scale; Tina faces constant returns to scal

Present entries to record the following transactions:

a. Established a petty cash fund of $235.
b. The petty cash fund now has a balance of $42.80. Replenished the fund, based on the following disbursements as indicated by a summary of the petty cash receipts: office supplies, $74.50; miscellaneous administrative expense, $92.75; and miscellaneous selling expense, $18.60.
c. Increased the petty cash fund to $300.

Which of the following relationships between book value and cash received at sale results in a loss on the sale of a long-term depreciable asset?

a. Book value is greater than cash received.
b. The determination of a gain or loss does not involve the book value.
c. Book value is less than cash received.
d. Book value is equal to cash received.

how stockholders can earn a return on their investments

Jordan Sports Inc. has labor costs and overhead totaling $1.3 million during a given period. The company purchased $9.4 million of materials during the period and used $8.6 million of this amount. What is the amount of total manufacturing cost for the period?