ACCT 202 Chapter n/a: ACCT 202 Chapter n/: ACCT 202 Chapter : cfo-edge-activity-based-costing
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Suppose that marginal product tripled while product price fellby one-half in the table below.
Unitsof Resource | TotalProduct (Output) | Marginal Product (MP) | Product Price | TotalRevenue | Marginal Revenue Product |
0 | 0 | $2 | $0 | ||
1 | 7 | 7 | 2 | 14 | $14 |
2 | 13 | 6 | 2 | 26 | 12 |
3 | 18 | 5 | 2 | 36 | 10 |
4 | 22 | 4 | 2 | 44 | 8 |
5 | 25 | 3 | 2 | 50 | 6 |
6 | 27 | 2 | 2 | 54 | 4 |
7 | 28 | 1 | 2 | 56 | 2 |
What would be the new values in the table?
Unitsof Resource | TotalProduct (Output) | Marginal Product (MP) | Product Price | TotalRevenue | Marginal Revenue Product |
0 | 0 | $ | $0 | ||
1 | $ | $ | $ | ||
2 | $ | $ | $ | ||
3 | $ | $ | $ | ||
4 | $ | $ | $ | ||
5 | $ | $ | $ | ||
6 | $ | $ | $ | ||
7 | $ | $ | $ |
What would be the net impact on the location of the resource demandcurve given below?
Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, appears below (amounts are rounded to thousands of dollars to simplify). |
Account Titles | Debit | Credit | ||||
Cash | $ | 5 | ||||
Accounts Receivable | 4 | |||||
Supplies | 3 | |||||
Equipment | 6 | |||||
Accumulated Depreciation | $ | 0 | ||||
Software | 12 | |||||
Accumulated Amortization | 3 | |||||
Accounts Payable | 7 | |||||
Notes Payable (long-term) | 0 | |||||
Salaries and Wages Payable | 0 | |||||
Interest Payable | 0 | |||||
Income Tax Payable | 0 | |||||
Unearned Revenue | 0 | |||||
Common Stock | 15 | |||||
Retained Earnings | 5 | |||||
Service Revenue | 0 | |||||
Supplies Expense | 0 | |||||
Depreciation Expense | 0 | |||||
Salaries and Wages Expense | 0 | |||||
Amortization Expense | 0 | |||||
Interest Expense | 0 | |||||
Income Tax Expense | 0 | |||||
Totals | $ | 30 | $ | 30 | ||
Transactions during 2015 (summarized in thousands of dollars) follow: | |
1. | Borrowed $28 cash on July 1, 2015, signing a six-month note payable. |
2. | Purchased equipment for $16 cash on July 1, 2015. |
3. | Issued additional shares of common stock for $4. |
4. | Earned revenues for 2015 in the amount of $71, including $8 on credit and $63 received in cash. |
5. | Recognized salaries and wages expenses for 2015 of $42, paid in cash. |
6. | Purchased additional equipment, $4 cash. |
7. | Collected accounts receivable, $7. |
8. | Paid accounts payable, $10. |
9. | Purchased on account supplies for future use, $9. |
10. | Received a $3 cash deposit on work to start January 15, 2016. |
Data for adjusting journal entries: | |
11. | Amortization for 2015, $3. |
12. | Supplies of $5 were counted on December 31, 2015. |
13. | Depreciation for 2015, $1. |
14. | Accrued interest on notes payable of $1. |
15. | Wages earned since the December 24 payroll not yet paid, $2. |
Income tax for 2015 was $3 and will be paid in 2016 Prepare balance sheet. Prepare the closing journal entry. Post the closing entry and prepare a post-closing trial balance |
10.
Schoff Corporation has provided the following data for the mostrecent month: |
Raw materials,beginning balance | $ | 10,100 |
Work in process,beginning balance | $ | 22,100 |
Finished goods,beginning balance | $ | 52,600 |
Transactions | |||
(1) | Raw materials purchases | $ | 75,400 |
(2) | Raw materials used in production (all direct materials) | $ | 78,900 |
(3) | Direct labor | $ | 72,300 |
(4) | Manufacturing overhead costsincurred | $ | 82,600 |
(5) | Manufacturing overhead applied | $ | 76,200 |
(6) | Cost of units completed andtransferred from work in process to finished goods | $ | 229,000 |
(7) | Any overapplied or underappliedmanufacturing overhead is closed to cost of goods sold | ? | |
(8) | Finished goods are sold | $ | 262,000 |
Required: | |
Prepare T-accounts for Raw Materials, Work in Process, FinishedGoods, Manufacturing Overhead, and Cost of Goods Sold. Record thebeginning balances and each of the transactions listed above.Finally, determine the ending balances. (Record thetransactions in the given order. Omit the "$" sign in yourresponse.) |
Raw Materials |
Beg. bal | (Click toselect)(4)(2)(3)(8)(7)(5)(1)(6) | |||
(Click toselect)(6)(1)(5)(7)(4)(2)(8)(3) | ||||
End. bal | ||||
Work in Process |
Beg. bal | (Click toselect)(1)(6)(5)(7)(4)(2)(3)(8) | |||
(Click toselect)34872615 | ||||
(Click toselect)65187423 | ||||
(Click toselect)43827561 | ||||
End. bal | ||||
Finished Goods |
Beg. bal | (Click toselect)(1)(6)(7)(5)(3)(4)(8)(2) | |||
(Click toselect)(2)(8)(3)(4)(7)(6)(1)(5) | ||||
End. bal | ||||
Manufacturing Overhead |
(Click toselect)(3)(6)(4)(1)(2)(5)(7)(8) | (Click toselect)(2)(5)(7)(4)(8)(1)(6)(3) | |||
(Click toselect)(8)(7)(2)(5)(4)(1)(3)(6) | ||||
Cost of Goods Sold |
(Click toselect)15746823 | ||||
(Click toselect)72364185 | ||||
End. bal | ||||