Item4 3 points eBookHintPrintReferencesItem 4 Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost Total Cost June 1 Beginning 12 $ 8 $ 96 11 Purchase 38 9 342 24 Purchase 20 11 220 30 Ending 24 Required: Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

Answer:

a. FIFO

cost of ending inventory  = $256

cost of goods sold  = $402

b. LIFO

cost of ending inventory  = $204

cost of goods sold = $454

c. Weighted average cost

cost of ending inventory =  $225.60

cost of goods sold = $432.40

Explanation:

Periodic method means cost of sales and inventory balance are determined at the end of the period.

Step 1 : Units Sold

Units Sold = Units available for Sale - Units in Inventory

                  = (12 + 38 + 20) - 24

                  = 46

Step 2 : FIFO

FIFO assumes that the units to arrive first, will be sold first.

cost of ending inventory = 20 x $11 + 4 x $9 = $256

cost of goods sold = 12 x $8 x 34 x $9 = $402

Step 3 : LIFO

LIFO assumes that the units to arrive last, will be sold first.

cost of ending inventory = 12 x $9 + 12 x $8 = $204

cost of goods sold = 20 x $11 x 26 x $9 = $454

Step 4 : Weighted average cost

Weighted average cost method calculates a new unit cost with every purchase made. this unit cost is then used to calculated cost of sale and ending inventory.

Unit Cost = Total Costs ÷ Units available for sale

                = (12 x $8 + 38 x $9 + 20 x $11 ) ÷ (12 + 38 + 20)

                = $9.40

cost of ending inventory = Units in Inventory x Unit Cost

                                         = 24 x $9.40

                                         = $225.60

cost of goods sold = Units Sold x Unit Cost

                               = 46 x $9.40

                               = $432.40

Chuck Wagon Grills, Inc., makes a single productâa handmade specialty barbecue grill that it sells for $210. Data for last yearâs operations follow:

Units in beginning inventory 0
Units produced 20,000
Units sold 19,000
Units in ending inventory 1,000
Variable costs per unit:
Direct materials $ 50
Direct labor 80
Variable manufacturing overhead 20
Variable selling and administrative 10
Total variable cost per unit $ 160
Fixed costs:
Fixed manufacturing overhead $ 700,000
Fixed selling and administrative 285,000
Total fixed costs $ 985,000
Required:
1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill.
2. Assume that the company uses absorption costing. Prepare an income statement.

Difference between free market and capitalism.​

9. Stabilization Suppose the US educational system improves, making workers more productive. If the federal reserve is trying to stabilize the price level in response, they should A. do nothing, because prices will not change anyhow. B. do nothing, because prices cannot be prevented from changing in the long run C. sell bonds in open market operations. D. lower the reserve requirement. E. increase the discount rate F. Raise taxes. G. Increase government spending.

9. Calculating the price elasticity of supply Rajiv is a college student who lives in Chicago and does some consulting work for extra cash. At a wage of $40 per hour, he is willing to work 7 hours per week. At $50 per hour, he is willing to work 10 hours per week. Using the midpoint method, the elasticity of Rajiv's labor supply between the wages of $40 and $50 per hour is approximately , which means that Rajiv's supply of labor over this wage range is .

1. Which statement about leaders and managers is most likely false?
a)
Managers are concerned with the efficiency of results, whereas leaders are
primarily concern with results.
b)
Leaders focus on risk taking whereas managers focus on planning
c)
Leaders accept the status quo, managers challenge it.
d)
Leaders develop but managers maintain.​

Quick Connect manufactures high-tech cell phones. Quick Connect has a policy of adding a 25% markup to full costs and currently has excess capacity. The following information pertains to the company's normal operations per month: Output units 1500 phones Machine-hours 1100 hours Direct manufacturing labor-hours 1200 hours Direct materials per unit $23 Direct manufacturing labor per hour $9 Variable manufacturing overhead costs $214,500 Fixed manufacturing overhead costs $126,700 Product and process design costs $143,400 Marketing and distribution costs $154,045 Quick Connect Products is approached by an overseas customer to fulfill a one-time-only special order for 150 units. All cost relationships remain the same except for a one-time setup charge of $2025. No additional design, marketing, or distribution costs will be incurred. What is the minimum acceptable bid per unit on this one-time-only special order

Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses.
FORTEN COMPANY
Comparative Balance Sheets
December 31
Current Year Prior Year
Assets
Cash $ 66,400 $ 84,500
Accounts receivable 82,380 61,625
Inventory 292,156 262,800
Prepaid expenses 1,320 2,115
Total current assets 442,256 411,040
Equipment 146,500 119,000
Accum. depreciation—Equipment (42,125) (51,500)
Total assets $ 546,631 $ 478,540
Liabilities and Equity
Accounts payable $ 64,141 $ 131,175
Short-term notes payable 13,300 8,200
Total current liabilities 77,441 139,375
Long-term notes payable 59,500 59,750
Total liabilities 136,941 199,125
Equity
Common stock, $5 par value 179,250 161,250
Paid-in capital in excess of par, common stock 54,000 0
Retained earnings 176,440 118,165
Total liabilities and equity $ 546,631 $ 478,540
FORTEN COMPANY
Income Statement
For Current Year Ended December 31
Sales $ 637,500
Cost of goods sold 296,000
Gross profit 341,500
Operating expenses
Depreciation expense $ 31,750
Other expenses 143,400 175,150
Other gains (losses)
Loss on sale of equipment (16,125)
Income before taxes 150,225
Income taxes expense 39,650
Net income $ 110,575
Additional Information on Current Year Transactions
The loss on the cash sale of equipment was $16,125 (details in b).
Sold equipment costing $79,875, with accumulated depreciation of $41,125, for $22,625 cash.
Purchased equipment costing $107,375 by paying $52,000 cash and signing a long-term note payable for the balance.
Borrowed $5,100 cash by signing a short-term note payable.
Paid $55,625 cash to reduce the long-term notes payable.
Issued 3,600 shares of common stock for $20 cash per share.
Declared and paid cash dividends of $52,300.
Required:
Prepare a complete statement of cash flows using a spreadsheet using the indirect method. (Enter all amounts as positive values.)

What is double-entry accounting?

The following note transactions occurred during the year for Towell Company: Nov. 10 Towell issued a 90-day, 9% note payable for $8,000 to Hyatt Company for merchandise. Dec. 1 Towell signed a 120-day, 10% note at the bank for $12,000. Dec. 20 Towell gave Barr, Inc., a 60-day, 10%, $12,000 note for payment of account. Prepare the general journal entries necessary to adjust the interest accounts at December 31. Use 360 days for calculations and round to the nearest dollar.

Orion Flour Mills purchased a new machine and made the following expenditures:

Purchase price $55,000
Sales tax 5,000
Shipment of machine 800
Insurance on the machine for the first year 500
Installation of machine 1,600

The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash.

Required:
Record the above expenditures for the new machine.

6.
Jane's Juice Bar has the following cost schedules:
Quantity
Variable Cost
Total Cost
O vats of juice
1
2.
3
4
5
$ 0
10
25
45
70
100
135
$ 30
40
55
75
100
130
165
6
a. Calculate average variable cost, average total
cost, and marginal cost for each quantity.
b. Graph all three curves. What is the
relationship between the marginal-cost
curve and the average-total-cost curve?
Between the marginal-cost curve and the
average-variable-cost curve? Explain.

Two-Stage ABC for Manufacturing: Reassigning Costs to Cost Objectives National Technology, LTD. has developed the following activity cost information for its manufacturing activities:
Activity Activity Cost
Machine setup $75.00 per batch
Movement 22.00 per batch
0.10 per pound
Drilling 3.00 per hole
Welding 6.00 per inch
Shaping 32.00 per hour
Assembly 18.00 per hour
Inspection 2.00 per unit
Filling an order for a batch of 50 fireplace inserts that weighed 150 pounds each required the following:
Three batch moves .
Two sets of inspections .
Drilling five holes in each unit
Completing 80 inches of welds on each unit .
Thirty minutes of shaping for each unit .
One hour of assembly per unit
Determine the activity cost of converting the raw materials into 50 fireplace inserts
Fireplace Inserts
Activity Cost
Set-up $
Movement
Batch 60V
Weight
Inspection
Drilling
Welding
Shaping
Assembly
Total

Robert, a highly experienced software engineer, joins a new company as the manager of a large group of employees. In his first meeting with the employees of the new organization, he explains his expectations on the behavior of employees. He also lets the employees know that noncompliance with his norms will result in withholding the rewards that they receive. Which of the following types of power is Robert using here?

a. reward
b. transformational
c. referent
d. coercive

Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020:
2021 2020
Sales $ 314,000 $ 290,000
Sales returns and allowances 8,000 4,700
Net sales $ 306,000 $ 285,300
Cost of goods sold:
Inventory, January 1 62,000 18,000
Net purchases 139,000 142,000
Goods available for sale 201,000 160,000
Inventory, December 31 61,000 62,000
Cost of goods sold 140,000 98,000
Gross profit $ 166,000 $ 187,300
The average days inventory for ATC (rounded) for 2021 is: (Round your intermediate calculations to two decimal places. Round your final answer to the nearest whole number.)
A. 171 days.
B. 222 days.
C. 231 days
D. Less than 100 days.

Methods analysis is particularly valuable when it is used on jobs that: (I) are high in labor content. (II) are done frequently. (III) involve a high degree of automation and mechanization. (IV) are unsafe, tiring, unpleasant, and/or noisy. A. I, II, III, and IV B. I, II, and IV only C. II and III only D. II and IV only E. I and III only

Eva received $68,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $13,500 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,000. Based on these facts answer the following questions: Use Tax Rate Schedule for reference.
a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year?
b. Assume that Eva is considered to be an employee. What is her regular income tax liability for the year?
c. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax liability for the year?

The following data relate to Department no. 3 of Winslett Corporation: Segment contribution margin$540,000 Profit margin controllable by the segment manager 310,000 Segment profit margin 150,000 On the basis of this information, Department no. 3's variable operating expenses are: Multiple Choice Not determinable. $160,000. $80,000. $390,000. $230,000.

During the first month of operations ended July 31, Western Creations Company produced 80,000 designer cowboy hats, of which 72,000 were sold. Operating data for the month are summarized as follows:
1 Sales $4,320,000.00
2 Manufacturing costs:
3 Direct materials $1,600,000.00
4 Direct labor 1,440,000.00
5 Variable manufacturing cost 240,000.00
6 Fixed manufacturing cost 320,000.00 3,600,000.00
7 Selling and administrative expenses:
8 Variable $144,000.00
9 Fixed 25,000.00 169,000.00
1 Sales $4,320,000.00
2 Manufacturing costs:
3 Direct materials $1,280,000.00
4 Direct labor 1,152,000.00
5 Variable manufacturing cost 192,000.00
6 Fixed manufacturing cost 320,000.00 2,944,000.00
7 Selling and administrative expenses:
8 Variable $144,000.00
9 Fixed 25,000.00 169,000.00
Required:
1. Using the absorption costing concept, prepare income statements for (a) July and (b) August.
2. Using the variable costing concept, prepare income statements for (a) July and (b) August.*
3a. Explain the reason for the differences in the amount of income from operations in (1) and (2) for July.
3b. Explain the reason for the differences in the amount of income from operations in (1) and (2) for August.
4. Based on your answers to (1) and (2), did Western Creations Company operate more profitably in July or in August? Explain.

A firm will maximize the present value of future profits by maximizing current profits when: the growth rate in profits is constant. the growth rate in profits is larger than the interest rate. Correct! the interest rate is larger than the growth rate in profits and both are constant. the growth rate and interest rate are constant and equal.

Contribution Margin and Contribution Margin Ratio
For a recent year, McDonald's company-owned restaurants had the following sales and expenses (in millions):
Sales $18,169.3
Food and packaging $ 6,129.7
Payroll 4,756.0
Occupancy (rent, depreciation, etc.) 4,402.6
General, selling, and administrative expenses 2,487.9
$17,776.2
Income from operations $ 393.1
Assume that the variable costs consist of food and packaging, payroll, and 40% of the general, selling, and administrative expenses.
a. What is McDonald's contribution margin? Round to the nearest tenth of a million (one decimal place).
b. What is McDonald's contribution margin ratio? Round to one decimal place.
c. How much would income from operations increase if same-store sales increased by $500 million for the coming year, with no change in the contribution margin ratio or fixed costs? Round your answer to the nearest tenth of a million (one decimal place).

Income Statement; Net Loss The following revenue and expense account balances were taken from the ledger of Guardian Health Services Co. after the accounts had been adjusted on February 28, 20Y0, the end of the fiscal year: Depreciation Expense $15,600 Insurance Expense 7,640 Miscellaneous Expense 6,080 Rent Expense 63,000 Service Revenue 299,500 Supplies Expense 3,740 Utilities Expense 24,020 Wages Expense 235,600 Prepare an income statement. Use a minus sign to indicate a net loss.

Match the following empires:
1. Established relatively peaceful trading relationship with Native Peoples and never established large permanent population throughout the colony.
2. After attempting several times to find a Northwest Passage to the Pacific, they established a comparably small presence in North America. However, through their alliance with the Huron and other Native peoples, they were able to maintain a vast claim stretching between the St. Lawrence River, the Ohio River, and the Mississippi River to Louisiana.
3. Originally in search of timber and gold, established a presence in North America for the purpose of colonizing. In order to do this, they depended on the depopulation of Native Peoples throughout the colonies.
4. Given a special decree from the Pope which granted them the ability to conquer all of the lands in the Western Hemisphere in which no Christians resided. After conquering the Aztecs and the Incas, they established new colonial centers as extensions of the empire.
A. Spanish.
B. English.
C. Dutch.
D. French.

You and your friends want to buy a condo at the beach to time share. Each of you has single peaked preferences with a most preferred value that you are willing to spend. These values are: Mabel, $10,000; Gertrude, $20,000; Myron, $30,000; Wilber, $40,000; and you, $50,000. The condo costs $150,000. Explain how to implement a uniform rule mechanism to allocate costs and shares.

Harry was on the phone negotiating the terms of a contract for the purchase of ball caps containing his university's logo with All Logos, LLC. They had agreed on the quantity (1200) and price ($2/cap), but could not agree on the delivery date, so Harry hung up. A few days later, Harry received an invoice in the mail, billing him for the caps, and advising that they would be shipped in 30 days' time. Under the UCC, has a contract been formed?

Ace Leasing acquires equipment and leases it to customers under long-term sales-type leases. Ace earns interest under these arrangements at a 6% annual rate. Ace leased a machine it purchased for $790,000 under an arrangement that specified annual payments beginning at the commencement of the lease for five years. The lessee had the option to purchase the machine at the end of the lease term for $200,000 when it was expected to have a residual value of $350,000. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Calculate the amount of the annual lease payments. (Enter amounts as positive values rounded to the nearest whole dollar.)

Some hoodlums who have been earning money by stealing copper pipes and cable and selling them to recyclers are driving around one evening when they spot an unattended strange-looking building sitting out in the middle of a field, break in, and steal all of the copper wire they can haul in their truck, disabling the VOR air navigation facility.

Required:
In addition to trespassing, breaking and entering, and burglary, have they committed any aviation-specific federal crimes? If so, identify each such crime(s) and describe the penalties.

Assume that the entry closing total revenues of $284,900 and total expenses of $212,600 has been made for the year ending December 31. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $330,000 and Teresa Schafer, Drawing has a balance of $27,600.
A. Journalize the entry required to close the Teresa Schafer, Drawing account.
B. Determine the amount of Teresa Schafer, Capital at the end of period.

The same question stem will be used in the next 5 questions. Question stem: Assume that banks hold 7 percent excess reserves, the currency to deposit ratio is 15 percent, and the required reserve ratio is 10 percent. Suppose that the Federal Reserve purchases 250 million dollars worth of bonds from the public. First question for this stem: What is the value of the deposit multiplier

Quirch Inc. manufactures machine parts for aircraft engines. The CEO, Chucky Valters, was considering an offer from a subcontractor that would provide 2,400 units of product PQ107 for Valters for a price of $150,000. If Quirch does not purchase these parts from the subcontractor it must produce them in-house with the following unit costs: Cost per Unit Direct materials $31 Direct labor 19 Variable overhead 8 In addition to the above costs, if Quirch produces part PQ107, it would have a retooling and design cost of $9,800. The relevant costs of producing 2,400 units of product PQ107 internally are:______.
a. $149,000.
b. $129.800.
c. $150,000.
d. $164,200.
e. $148.300.

All of the following lead people to be credit constrained except a person's credit history. savings. collateral. banking regulations. b. The most important consequence of credit constraints on individuals is difficulty in obtaining gainful employment. an ability to retire at an earlier age. lower interest rates on bank loans. an inability to smooth consumption.