Hofstra Plastics’ selected data for October 2013 are presented here (in millions):

Direct materials inventory, 10/1/2013 $85
Direct materials purchased 370
Direct materials used 355
Total manufacturing overhead costs 470
Variable manufacturing overhead costs 240
Total manufacturing costs incurred during October 2013 1,630
Work-in-process inventory, 10/1/2013 220
Cost of goods manufactured 1,630
Finished goods inventory, 10/1/2013 140
Cost of goods sold 1,740

Requirements:
Calculate the following costs:

a. Direct materials inventory, 10/31/
b. Fixed manufacturing overhead costs for October.
c. Direct manufacturing labor costs for October.
d. Work-in-process inventory, 10/31/
e. Cost of finished goods available for sale in October 6.Finished goods inventory, 10/31

Answer:

a. $100

b. $230

c. $805

d. $220

e. $1,770

f. $30

Explanation:

a. Direct material inventory 10/31

Direct material inv. 10/1/2013 $85

Add: Direct materials purchased $370

Direct materials available for productions $455

Less: direct materials used ($355)

Direct materials inventory 10/31 $100

b. Fixed manufacturing overhead costs for October

Total manufacturing overhead costs $470

Less: Variable manufacturing overhead costs ($240)

Fixed manufacturing overhead costs for October $230

c. Direct manufacturing labor costs for October

Total manufacturing costs $1,630

Less : direct material used ($355)

Total manufacturing overhead costs ($470)

Direct manufacturing labor costs for October $805

d. Work in process inventory 10/31

Work in process inventory 10/1/2013 $220

Add : total manufacturing costs $1,630

Work in process available for production $1,850

Less: cost of goods manufactured ($1,630)

Work in process inventory 10/31/2014 $220

e. Cost of finished goods available for sale in October 6

Finished goods inventory 10/1/2013 $140

Add: costs of goods manufactured $1,630

Finished goods inventory 10/01/2013 $1,770

f. Finished goods inventory 10/31/2013

Finished goods available for sale in October $1,770

Less: cost of goods sold ($1,740)

Finished goods inventory 10/31/2013

$30

Which of these Messages would be considered inappropriate for business communication ?

A.good night
B.goodbye
C. Ok,bye
D. See you tomorrow

Consider the effects of an increase in the saving rate in the United States capital-labor ratio, according to the Solow model. The immediate effect of a saving rate increase would:

a. begin to increase the capital-labor ratio, increase output per worker, and reduce consumption per worker.
b. not immediately increase the capital-labor ratio, increase output per worker, and reduce consumption per worker.
c. begin to increase the capital-labor ratio, increase output per worker, and increase consumption per worker.
d. begin to increase the capital-labor ratio, not immediately increase output per worker, and reduce consumption per worker.

true or false: it’s always immediately obvious when boundaries are crossed in a relationship.

A tax rate that is higher for people with higher incomes is a

A. progressive tax
B. deductive tax
C. regressive tax
D. dependent tax​

Sam’s Long Life 75-watt light bulbs are designed to have a life of 1,130 hours with tolerances of ±200 hours. The process that makes light bulbs has a mean of 1,010 hours, with a standard deviation of 54 hours. Compute the process capability ratio and the process.

Ben Bradley started Bradley Company on January 1, Year 1. The company experienced the following events during its first year of operation: Earned $2,900 of cash revenue for performing services. Borrowed $4,400 cash from the bank. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on August 1, Year 1, had a one-year term and a 6 percent annual interest rate. Required a. What is the amount of interest expense in Year 1? b. What amount of cash was paid for interest in Year 1? c. Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (I) or decreases (D) each element of the financial statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). The first transaction has been recorded as an example. (Note: Not all cells will require an input.)

Marketing cannot be successful if the product is not what the customer wants or if the quality is low.
True or False?

Identify the correct statement regarding the Occupational Safety and Health Act (OSH Act). Select one:

a. In a closing conference, all the findings of the inspection are kept confidential with the concerned officers.
b. OSHA compliance officers do not entertain any kind of input or complaints from employees during the inspection.
c. OSHA compliance officers notify employers a month in advance before the inspection.
d. The OSHA compliance officer will seek a restraining order from the U.S. District Court, even if the inspection reveals that the problem is minor.
e. If an OSH Act violation results in citations, an employer must post each citation in a prominent place near the location of the violation.

Crane Company purchased land as a factory site for $1300000. Crane paid $110000 to tear down two buildings on the land. Salvage was sold for $8000. Legal fees of $5000 were paid for title investigation and making the purchase. Architect's fees were $46000. Title insurance cost $3500, and liability insurance during construction cost $3800. Excavation cost $15000. The contractor was paid $4200000. An assessment made by the city for pavement was $9500. Interest costs during construction were $250000.

Required:
a. The cost of the land that should be recorded by Wilson Co. is:________
b. The cost of the building should be recorded by Wilson Co. is:_________

Berkshire Inc. had revenues of $379,000 in its first year of operations. The company has not collected on $45,900 of its sales and still owes $38,500 on $160,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The company paid $33,200 in salaries. The owners invested $46,000 in the business and $21,000 was borrowed on a five-year note. The company paid $1,890 in interest that was the amount owed for the year and paid $8,500 for a two-year insurance policy on the first day of business. Ignore the income tax effect, the net income for the first year for Berkshire is: Multiple Choice $219,000 $262,590 $179,660 $185,800

Job Costing Budgeted Manufacturing Overhead Rate, Allocated Manufacturing Overhead Taylor Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2017: Budgeted manufacturing overhead costs $3,800,000 Budgeted machine-hours 200,000 Actual manufacturing overhead costs $3,660,000 Actual machine-hours 196,000 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. ​If you copy/paste from the Instructions tab you will be marked wrong. Requirements 1 Calculate the budgeted manufacturing overhead rate. 2 Calculate the manufacturing overhead allocated during 2017. 3 Calculate the amount of under- or overallocated manufacturing overhead. a. Enter your answer as a positive value.

The marketing should come before the selling.

True
False

When positive externalities exist in the consumption of a good, the marginal social benefit: Multiple Choice could be either greater than or less than the marginal benefit received by consumers of the good depending on the equilibrium price determined in competitive markets. equals the marginal benefit received by consumers of the good minus the marginal benefit to third parties. equals the marginal cost of producing the good plus the marginal cost to third parties. equals the marginal benefit received by consumers of the good plus the marginal benefit to third parties.

On September 30, 2021, the San Fillipo Corporation issued 8% stated rate bonds with a face amount of $180 million. The bonds mature on September 30, 2041 (20 years). The market rate of interest for similar bonds was 10%. Interest is paid semiannually on March 31 and September 30.

Required:
Determine the price of the bonds on September 30, 2021.

Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $255,000, its fair value.

Related Information:

Lease term 2 years (8 quarterly periods)
Quarterly lease payments $20,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter
Economic life of asset 5 years
Interest rate charged by the lessor 12%

Required:
Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2021.

14. Future Value of Annuity. Jen spends $10 per
wesk on lottery tickets. If she takes the same
amount that she spends on lottery tickets and
invests it each week for the next five years at 10%,
how much will she have in five years?

(04.01 LC)
Which known factor affects prices in the financial markets?
International stocks
Media speculation
Government policy
Foreign companies

g Twins Jane and Hal each inherited $150,000 exactly ten years ago. Jane invested the entire amount in a brokerage account to fund her retirement. Her account has been earning 8% per year since she invested it, and she expects it to earn 5% per year for the next 20 years. Hal spent all of his inheritance and has not saved anything for retirement. Assume there are no taxes. a. How much is Jane expected to have in her account at retirement (20 years from now)? b. Due to sibling rivalry, Hal wants to have at least $100,000 more saved at retirement (20 years from now) than Jane is expected to have at that time. He plans to make an equal deposit each year in an account earning the same annual interest rate as Jane’s, i.e., 5%, with the first deposit occurring one year from today and the last occurring 20 years from today. How much must Hal deposit each year in order to achieve his goal?

Fill in the blank: City hotels are typically (Inexpensive/expensive/uncomfortable) because they are in the commercial and business areas of the city. They usually cater to (Leisure/budget/business) travelers, who prefer staying in the city.

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The statement, "All basketball players are tall" is a stereotype.

Please select the best answer from the choices provided
)T
)F​

Corporation has many production plants across the midwestern United States. A newly opened plant, the Bellingham plant, produces and sells one product. The plant is treated, for responsibility accounting purposes, as a profit center. The unit standard costs for a production unit, with overhead applied based on direct labor hours, are as follows. Manufacturing costs (per unit based on expected activity of 24,000 units or 36,000 direct labor hours): Direct materials (2 pounds at $20) $ 40.00 Direct labor (1.5 hours at $90) 135.00 Variable overhead (1.5 hours at $20) 30.00 Fixed overhead (1.5 hours at $30) 45.00 Standard cost per unit $ 250.00 Budgeted selling and administrative costs: Variable $ 5 per unit Fixed $ 1,800,000 Expected sales activity: 20,000 units at $425.00 per unit Desired ending inventories: 10% of sales Assume this is the first year of operations for the Bellingham plant. During the year, the company had the following activity. Units produced 23,000 Units sold 21,500 Unit selling price $ 420 Direct labor hours worked 34,000 Direct labor costs $ 3,094,000 Direct materials purchased 50,000 pounds Direct materials costs $ 1,000,000 Direct materials used 50,000 pounds Actual fixed overhead $ 1,080,000 Actual variable overhead $ 620,000 Actual selling and administrative costs $ 2,000,000 In addition, all over- or underapplied overhead and all product cost variances are adjusted to cost of goods sold. c. Find the direct labor variances. Indicate if they

Assume that Gorilla Corporation's capital loss carryforward is $27,000 and that Gorilla will be able to use $11,000 of the carryover to offset capital gains in 2021 and the remaining $16,000 to offset capital gains in 2022.

Required:
Determine the tax savings of the $105,000 long-term capital loss recognized in 2020.

Assume a discount rate of 5%. The present value factors at 5% are as follows:

1.000 for 2017-2020;
0.9524 for 2021
0.9070 for 2022.

Gorilla Corporation's marginal income tax rate is 34% for all tax years prior to 2018. In present value terms, the tax savings of the $105,000 long-term capital loss recognized in 2020 is $________ .

C. Describe how organizational structure can impact the effectiveness of the business in the scenario by doing the following: 1. Describe how the organizational structure chosen in part A1 can impact the effectiveness of the business in the scenario, using the goal-attainment approach to measuring organizational effectiveness. 2. Explain the advantages or disadvantages of using an organizational structure from the list in part A1 that is different from the structure already chosen for the business, using the goal-attainment approach to measuring organizational effectiveness.

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Required:
a. Calculate the net income for Year 1.
b. Which company will report the highest amount of net income for Year 1

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Why does supply decrease when the price
of resources increases?

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Cash $200000
Accounts payable $195000
Accounts receivable 155000
Salaries and wages payable 32000
Inventory 160000
Mortgage payable 241500
Prepaid insurance 88500
Total liabilities $468500
Stock investments (long-term) 255000
Land 262000
Buildings $303000
Common stock $364000
Less: Accumulated depreciation (63500) 239500
Retained earnings 738500
Goodwill 211000
Total stockholders' equity $1102500
Total assets $1571000
Total liabilities and stockholders' equity $1571000

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