Vaughn Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 22,000 , direct labor $ 13,200 , and manufacturing overhead $ 17,600 . As of January 1, Job 49 had been completed at a cost of $ 99,000 and was part of finished goods inventory. There was a $ 16,500 balance in the Raw Materials Inventory account.

During the month of January, Vaughn Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold during the month. The following additional events occurred during the month.

1. Purchased additional raw materials of $109,800 on account.
2. Incurred factory labor costs of $85,400. Of this amount $19,520 related to employer payroll taxes.
3. Incurred manufacturing overhead costs as follows:

Idirect materials $20,740
Indirect labor $24,400
Depreciation expense on equipment $14,640
Other manufacturing overhead costs on account $19,520.

4. Assigned direct materials and direct labor to jobs as follows.

Job No. Direct Materials Direct Labor
50 $12,200 $6,100
51 47,580 30,500
52 36,600 24,400

Required:
Calculate the predetermined overhead rate for 2020, assuming Vaughn Company estimates total manufacturing overhead costs of $ 882,000, direct labor costs of $735,000, and direct labor hours of 21,000 for the year.

Answer:

$1.2

Explanation:

Predetermined overhead rate is the rate that is used to apply estimated overhead to job orders or products.

The predetermined overhead rate for 2020 is calculated as ;

= Estimated total manufacturing overhead costs / Estimated Direct labor cost

= $882,000 / $735,000

= $1.2

Therefore, the predetermined overhead rate for 2020 is $1.2

Assuming that data mining techniques are to be used in the following cases, identify whether the task required is supervised or unsupervised learning.

a. Deciding whether to issue a loan to an applicant based on demographic and financial data (with reference to a database of similar data on prior customers).
b. In an online bookstore, making recommendations to customers concerning additional items to buy based on the buying patterns in prior transactions.
c. Identifying a network data packet as dangerous (virus, hacker attack) based on comparison to other packets whose threat status is known.
d .Identifying segments of similar customer

Wellington Recycling recycles newsprint, cardboard, and so forth, into received packaging materials. For the coming year, Wellington estimates total manufacturing overhead to be $359,640. The managers are not sure if direct labor hours (estimated to be 9,990) or machine hours (estimated to be 7,982 hours) is the best allocation base to use for allocating manufacturing overhead. Wellington bids for jobs a 31 % markup over total manufacturing cost.

After the new fiscal year began, Hollings Paper Supply asked Wellington Recycling to bid for a job that will take 1 ,975 machine hours and t ,700 direct labor hours to produce. The direct labor cost this will be $10 per hour, and the direct materials will total S25,500.

Required:
Compute the total job cost and price if Wellington decided to use direct labor hours as the manufacturing overhead allocation base for the year.

Complete the Transaction Worksheet: On the form provided, identify the accounts affected by each transaction and the amount of increase or decrease in each account. Make sure the accounting equation is in balance after each transaction.
1. Jan Swift, owner, deposited $30,000 in the business checking account.
2. The owner transferred to the business a desk and chair valued at $700.
3. WordService issued a check for $4,000 for the purchase of a computer.
4. The business bought office furniture on account for $5,000 from Eastern Furniture.
5. The desk and chair previously transferred to the business by the owner were sold on account for $700.
6. WordService wrote a check for $2,000 in partial payment of the amount owed to Eastern Furniture Company.
Use the Excel spreadsheet form for posting the transactions.
Determine the effects of the transations
Assets =Liabilities + Owner's Equity
Trans Cash in + Accounts + Computer + Office =Accounts + Jan Swift,
Bank Receivable Equipment Furniture Payable Capital
1
2
3
4
5
6
Bal.

Bramble Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24,400, direct labor $14,640, and manufacturing overhead $19,520. As of January 1, Job 49 had been completed at a cost of $109,800 and was part of finished goods inventory. There was a $18,300 balance in the Raw Materials Inventory account.

During the month of January, Bramble Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $148,840 and $192,760, respectively. The following additional events occurred during the month.

1. Purchased additional raw materials of $109,800 on account.
2. Incurred factory labor costs of $85,400. Of this amount $19,520 related to employer payroll taxes.
3. Incurred manufacturing overhead costs as follows:

Idirect materials $20,740
Indirect labor $24,400
Depreciation expense on equipment $14,640
Other manufacturing overhead costs on account $19,520.

4. Assigned direct materials and direct labor to jobs as follows.

Job No. Direct Materials Direct Labor
50 $12,200 $6,100
51 47,580 30,500
52 36,600 24,400

Required:
Calculate the predetermined overhead rate for 2020, assuming Lott Company estimates total manufacturing overhead costs of $ 882,000, direct labor costs of $735,000, and direct labor hours of 21,000 for the year.

EE printing is in the evaluation process for the acquisition of a new computer system. The total depreciable base (cost plus installation) is $180,000.

The new equipment will increase Earnings before depreciation and taxes by $60,000 during years 1 to 3 and $32,000 during years 4 to 6.

EE marginal tax rate is 40% and Cost of Capital is 11%

Calculate the Payback Period

PRESENT YOUR ANSWER ROUNDED TO 2 DECIMAL PLACES

Which career professionals in the Arts, A/V Technology, and Communication careers are typically self-employed? Check all that apply. Sound Engineering Technicians Craft Artists Photographers Telecommunications Specialists Broadcast News Analysts Art Directors

Marigold Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.

Debit:

1. Cost of filling and grading the land $4,500
2. Full payment to building contractor 692,000
3. Real estate taxes on land paid for the current year 5,500
4. Cost of real estate purchased as a plant site (land $111,500 and building $44,000) 155,500
5. Excavation costs for new building 30,000
6. Architect’s fees on building plans 13,000
7. Accrued real estate taxes paid at time of purchase of real estate 1,000
8. Cost of parking lots and driveways 13,000
9. Cost of demolishing building to make land suitable for construction of new building 24,000

Credit:
10. Proceeds from salvage of demolished building $3,500

Required:
Analyze the foregoing transactions.

Data on DVD sales for three different years can best be COMPARED by using a *

What is buying and selling?​

Corporation has two manufacturing departments--Casting and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates:


Casting Customizing Total
Estimated total machine-hours (MHs) 5,000 5,000 10,000
Estimated total fixed manufacturing overhead cost $27,500 $10,500 $38,000
Estimated variable manufacturing overhead cost per machine-hour $1.70 $2.60

During the most recent month, the company started and completed two jobs--Job C and Job G. There were no beginning inventories. Data concerning those two jobs follow:

Job C Job G
Direct materials $10,600 $7,800
Direct labor cost $23,700 $7,900
Casting machine-hours 3,400 1,600
Customizing machine-hours 2,000 3,000

Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. The total manufacturing cost assigned to Job G is closest to:

a. $32,130
b. $11,900
c. $20,230
d. $20,520

JACKSON FINANCIAL PLANNERS Adjusted Trial Balance December 31, 2019 Debit Credit Cash $ 17,400 Accounts Receivable 6,200 Office Supplies 1,800 Land 15,000 Accounts Payable $ 3,200 Deferred Revenue 5,000 Notes Payable (Long-Term) 11,500 Common Stock 10,300 Retained Earnings 7,400 Dividends 2,000 Service Revenue 10,500 Office Supplies Expense 600 Rent Expense 3,000 Insurance Expense 1,900 1900 $ 47,900 $ 47,900 Jackson's closing entries will include a: Multiple Choice debit to Retained Earnings of $5,000. Credit to Retained Earnings of $3,000. Debit to Service Revenue of $10,500. Debit to Office Supplies Expense of $600. None of the above.

Match the methods to monitor on-floor selling activity and sales effectiveness to the scenario that portrays them.

12. Horizon Electronics is launching a new all-in-one product. The product can be used to play music, watch movies, check e-mail, and make phone calls. Because
there are so many features, you know there will be many questions. Your company is advertising a sale on the product, hoping that customers will buy it from your
store rather than online or at a competitor's store. How should you prepare for the large volume of customers asking about this product?
OA. Tell customers that they can call Horizon Electronics directly to answer questions about how to use the product.
OB. Rely on one of your co-workers to help you answer questions as he just bought the product for himself.
OC. Test the item on display making sure you can explain how to use each feature.
O D. Remind customers they can return the item if it is too difficult to use.

A team is trying to determine the best process type for producing a new product family. The product consists of a base model with a number of different options that customers may specify. Because of the differences between the number and types of options that can be specified, the time required for different operations can vary quite a bit. One of the operations that must be performed on the base model requires a complex machine tool. Setup times for this tool are long, necessitating large batch sizes. It would not be economical to purchase more machines of this type. Which of the following process types would be best for producing a new product family?
a. cell
b. continuous flow process
c. machine-paced line
d. worker-paced line

Annuity A requires annual contributions over 5 years and pays 5% annual interest. Annuities B and C have the same interest rate and annual contributions, but have a term of 10 and 30 years respectively. Each annuity has $50, 000 in it at the end of its term. Which of the following answers correctly lists all of the annuities that have a greater amount of interest in them than the sum of contributions over their term? Select the correct answer below:
A. Annuity C
B. Annuity A
C. Annuity B
D. Annuity B and C

write down any four importance of training​

As a professional in any field, it is important to have a comprehensive understanding of what a marketing plan is and why it is there. A marketing plan is an action-oriented document or playbook that guides the analysis, implementation, and control of all marketing activities. Throughout this book, you will develop a professional marketing plan. The twist is that your marketing plan will focus on how to market yourself to achieve your career goals.

Many businesses fail to execute on their marketing plans because they did not spend adequate time clearly identifying what they wanted or expected to do. As a first step in developing your personal marketing plan, you will need to identify the specific objectives that you want to achieve. In developing these objectives, you should ask yourself several questions, such as:

Do I want to attend graduate school? If so, where and what program?
Where do I want to work?
Where do I want to live?
What kind of life do I want to have?
How much will I need to earn to have that life?
Such questions will help you focus on what specific things you need to do to achieve your goals. The more clearly you define your objectives, the more likely you are to realize them.

Your Task: Clearly state three to five specific objectives for your future, and include a brief one- to two-sentence description of each objective.

Direct Materials Purchases Budget Langer Company produces plastic items, including plastic housings for humidifiers. Each housing requires about 15 ounces of plastic costing $0.08 per ounce. Langer molds the plastic into the proper shape. Langer has budgeted production of the housings for the next 4 months as follows:
Units
July 3,500
August 4,400
September 4,900
October 6,300
Prepare a direct materials purchases budget for July, August, and September, showing purchases in units and in dollars for each month and in total.

During April, the first production department of a process manufacturing system completed its work on 300,000 units of a product and transferred them to the next department. Of these transferred units, 60,000 were in process in the production department at the beginning of April and 240,000 were started and completed in April. April's beginning inventory units were 60% complete with respect to materials and 40% complete with respect to conversion. At the end of April, 82,000 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to conversion.
The production department had $850,368 of direct materials and $649,296 of conversion costs charged to it during April. Also, its beginning inventory of $167,066 consists of $118,472 of direct materials cost and $48,594 of conversion costs. Using the FIFO method, prepare the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department's output. (Round "Cost per EUP" to 2 decimal places.) Equivalent Units of Production (EUP)- FIFO Method Units EUP- % EUP- Materials Materials Conversion Conversion 0 Materials Conversion Equivalent units of production Cost per Equivalent Unit of Production Cost of beginning goods in process Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total Costs to Account for: Costs EUP Costs EUP 0 0 $ 0.00 $ 0.00 Total costs to account for: Total costs accounted for * Difference due to rounding cost/unit Assignment of Costs to Output of Department Cost of 60,000 units from beginning inventory Beginning inventory EUP Cost per EUP Total cost Materials to complete Conversion to complete Total costs to complete Total cost of 60,000 units in beginning inventory $ 0.00 EUP Cost of units started and completed this period Direct materials Conversion costs Total cost of 240,000 units started and completed Total cost of 300,000 units transferred out Cost per EUP Total cost $ 0.00 $ 0.00 $ 0.00 0.00 FUP Costs of units in ending inventory Direct materials Conversion costs Total cost of 82,000 units in ending inventory Total costs assigned Cost per Total cost EUP Total cost $ 0.00 $ 0.00 $ 0.00 0.00

Currently, our system is characterized by a lack of fit between what the customer wants and what the SCM system is best able to provide. As a result, which of the following would apply? The only way to restore fit is for the firm to change the market segment it is going after. Unless something is done, our firm will not be the most effective and efficient long-term supplier. Any firm can successfully counter such inconsistencies through the use of patents and aggressive advertising.

Which form of business is the easiest to start?
a. sole proprietorship
b. partnership
c. corporation
d. S-corporation
​

The accounting records for Portland Products report the following manufacturing costs for the past year: Direct materials $ 315,000 Direct labor 262,500 Variable overhead 231,000 Production was 150,000 units. Fixed manufacturing overhead was $270,000. For the coming year, costs are expected to increase as follows: direct materials costs by 20 percent, excluding any effect of volume changes; direct labor by 4 percent; and fixed manufacturing overhead by 10 percent. Variable manufacturing overhead per unit is expected to remain the same. Required: a. Prepare a cost estimate for a volume level of 120,000 units of product this year. (Do not round intermediate computations.)

Recently, a Domino's pizza franchise in southwest Ohio made th strategic decision to stay open for 24 hours a day. The manager, Steve Martin, made this decision about a month ago in response to increased demand in Domino's pizza. Other Domino's franchise owners are now
considering adopting a similar strategy. In this activity, you will categorize a set of statements regarding activities in the internal and external environments as they relate to Domino's pizza, and a potential initiative of staying open 24 hours a day. These statements will identify either a
Strength, Weakness, Opportunity, or Threat.


Developing a marketing plan consists of five steps. The second step in the process, after developing a mission, is to conduct a situation analysis, using a SWOT analysis. This tool allows firms to assess both the internal environment in regards to its Strengths and Weaknesses
and the external environment in regards to its Opportunities and Threats.

Match is the following.

a. Staffing
b. Health
c. Strong Brand Name
d. Demand
e. Inventory Management
f. Competitors
g. Excellent Location
h. Late Night Eating

1. Streaght
2. Weakness
3. Opportunity
4. Threat

Given the demand and cost function shown below, calculate the profit maximizing quantity
Q(P) =2314-89P
c(Q)=12Q

Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of September. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $75,000 and the total of the credits to the account was $56,000. Which of the following statements is true?
a. Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $75,000.
b. Actual manufacturing overhead incurred during the month was $56,000.
c. Manufacturing overhead applied to Work in Process for the month was $75,000.
d. Manufacturing overhead for the month was underapplied by $19,000.

On January 1, 2021, Rapid Airlines issued $200 million of its 8% bonds for $184 million. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. Rapid Airlines records interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2021, the fair value of the bonds was $188 million as determined by their market value in the over-the-counter market. Rapid determined that $1,000,000 of the increase in fair value was due to a decline in general interest rates.

Required:
a. Prepare the journal entry to record interest on June 30, 2018 (the first interest payment).
b. Prepare the journal entry to record interest on December 31, 2018 (the second interest payment).
c. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2018, balance sheet.

The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store.

a. Issued 110,000 shares of common stock in exchange for $550,000 cash.
b. Purchased office equipment at a cost of $91,250. $36,500 was paid in cash and a note payable was signed for the balance owed.
c. Purchased inventory on account at a cost of $220,000. The company uses the perpetual inventory system.
d. Credit sales for the month totaled $374,000. The cost of the goods sold was $187,000. Paid $4,750 in rent on the store building for the month of June.
e. Paid $2,520 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021.
f. Paid $158,950 on account for the merchandise purchased in c.
g. Collected $74,800 from customers on account.
h. Paid shareholders a cash dividend of $5,500.
i. Recorded depreciation expense of $1,825 for the month on the office equipment.
j. Recorded the amount of prepaid insurance that expired for the month.

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

Following information is given of ABC Ltd.
Cash Outflow $150,000
Annual Cash inflow
First 4 years $25,000
Next 6 years $10,000
Estimated life 10 years
Required: Calculate Payback period

When room temperature is kept at 66°F, a 3000 ft2 House without insulation in Morgantown loses in average 4000 BTU/min thermal energy to ambient air during winter time (from November 1st to March 31). The cost of a low efficiency (90) furnace fueled by natural gas is $2000. The cost of a high efficiency (99.5%) furnace fueled by natural gas is $3000. Both furnaces have a life expectation of 20 years. The installation of an insulation layer is estimated to reduce the heat loss by 80% at a cost of $30,000. You can assume the house and insulation layer can be used for 80 years.

(1) Please find the best design for this house for the estimated natural gas price of $3.0/MBTU (current price) and $12.0/MBTU (natural gas price a few years ago), respectively.

(2) Please comments if the application of the heat transfer knowledge helps to reduce the emissions of greenhouse gases.

(3) Check if the methane in natural gas should be considered as greenhouse gas, comments its greenhouse gas potential, and explain the benefit of high efficiency furnace in heating a house.

Total assets are the amount the owner has invested in the business.
true or false