Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $900,000 of total manufacturing overhead for an estimated activity level of 75,000 machine-hours.

During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company’s warehouse. The company’s cost records revealed the following actual cost and operating data for the year:


Machine-hours 76,000
Manufacturing overhead cost $637,000
Inventories at year-end:
Raw materials $20,000
Work in process (includes overhead applied of $36,480) $115,800
Finished goods (includes overhead applied of $91,200) $289,500
Cost of goods sold (includes overhead applied of $480,320) $1,524,700

Required:

a. Compute the underapplied or overapplied overhead.
b. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
c. Assume that the company allocates any underapplied or over appliedoverhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
d. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold?

Answer:

Please solution below

Explanation:

a. Compute the under applied or over applied overhead

First, we need to determine the predetermined overhead rate.

Predetermined overhead rate = Estimated total manufacturing overhead / Estimated total machine hours

= $900,000 / 75,000 hours

= $12.0 per hour

But;

Actual manufacturing overhead = $637,000

Manufacturing overhead applied to work in process during the year = 76,000 actual MHs × $12.00 per MH $912,000

Over applied overhead cost = $275,000

b. Journal entry

Cost of goods sold Dr $275,000

To Manufacturing over head applied Cr $275,000

c. The over applied over head would be allocated using the following percentages;

Overhead applied during the year ;

Work in process = $36,480. 6%

Finished goods = $91,200. 15%

Cost of goods sold = $480,320 79%

Total = $608,000 100%

The entry to record the allocation of the overhead applied would be ;

Work in process [6% × $275,000] = $16,500

Finished goods [15% × $275,000] = $41,250

Cost of goods sold [79% × $275,000] = $217,250

d. Comparing the two method;

Cost of goods sold if the over applied overhead is closed to the cost of goods sold [$1,524,700 + $275,000] = $1,799,700

Cost of goods sold if the overhead applied is closed to work in process, finished goods, and cost of goods sold = [$1,524,700 + $217,250] =

$1,741,950

Difference in cost of goods sold = $57,750

An investor buys a property for $608,000 with a 25-year mortgage and monthly payments at 8.10% APR. After 18 months the investor resells the property for $667,525. How much cash will the investor have from the sale, once the mortgage is paid off

Ayayai Inc. wishes to accumulate $1,066,000 by December 31, 2030, to retire bonds outstanding. The company deposits $164,000 on December 31, 2020, which will earn interest at 8% compounded quarterly, to help in the retirement of this debt. In addition, the company wants to know how much should be deposited at the end of each quarter for 10 years to ensure that $1,066,000 is available at the end of 2030.

Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process inventory, March 1 22,000 Work in process inventory, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Selling and administrative expenses 79,000
Prepare a schedule of cost of goods manufactured. Enter all amounts as positive numbers. Zoe Corporation Statement of Cost of Goods Manufactured For the Month Ended March 31

Robert G. Flanders Jr., the state-appointed receiver for Central Falls, RI, said his city's declaration of bankruptcy had proved invaluable in helping it cut costs. Before the city declared bankruptcy, he said, he had found it impossible to wring meaningful concessions out of the city's unions and retirees, who were being asked to give up roughly half of the pensions they had earned as the city ran out of cash.
True or False

A market has four individuals, each considering buying a grill. Assume that grills come in only one size and model. Martina considers herself a grill-master, and finds a grill a necessity, so she is willing to pay $400 for a grill. Javier is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Kamal wants to impress his friends with his vegetable grilling skills and is willing to pay $320 for a grill. Lina loves grilled shrimp and thinks it might be cheaper in the long run if she grills her own shrimp instead of eating out at a restaurant, so she is willing to pay $200 for a grill. If the market price ofgrills increases from $300 to $320, given the scenario described:

a. Collin is the only consumer who would be affected in terms of surplus.
b. Daniel drops out of the market.
c. Collin drops out of the market.
d. Collin loses any surplus he had.

Apr. 2 Purchased $6,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
3 Paid $390 cash for shipping charges on the April 2 purchase.
4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $500.
17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
18 Purchased $13,100 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.
21 After negotiations, received from Frist a $400 allowance toward the $13,100 owed on the April 18 purchase.
28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Required:
Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.

HELP HELP ILL MASK BRAINLIEST

why do we have different minimum wages ?

I WILL GIVE BRAIN














After seviewing the technical skills required to perform tasks in the manufacturing industry, do you think these skills are
more or less important than the interpersonal skills we discussed in previous units?

Pharoah Inc. has decided to raise additional capital by issuing $173,000 facevalue of bonds with a coupon rate of 6%. In discussions with investment bankers, it was determined that to help the sale of thebonds, detachable stock warrants should be issued at the rate of one warrant for each $100 bond sold. The value of the bondswithout the warrants is considered to be $155,700, and the value of the warrants in the market is $20,760. The bonds sold in the market at issuance for $174,600.
A. What entry should be made at the time of the issuance of the bonds and warrants?
B. Prepare the entry if the warrants were non-detachable.

How can you enable your sales team to perform better?
A. by enforcing stringent rules
B. by providing them with training and other supporting material
C. by permitting them the freedom to do whatever they think is right
D. by increasing their pay more often than the rest of the workforce

According to the article, companies that have successfully used the discrimination and fairness paradigm to increase their demographic diversity.
a. are usually run by leaders who value due process and equal treatment of all employees
b. are usually run by leaders who have top-down directives
c. to enforce initiatives often have entrenched, easily observable cultures operate in a business environment where there is increased diversity among customers, clients, or the labor pool

I WILL GIVE BRAINLIEST
What type of manufacturing employee is usually in charge of creating work schedules?

O Operator

O Operations manager

O Assembly line worker

O Quality manager

Which of the following best defines "Isolationist.?

a. The concept that a whole can derive more value than the combination of the individual parts. A common expression in defining synergy is 1+1 = 3, or each piece derives more value that it would on its own.
b. Two or more systems that depend or support one another, often achieving mutual benefit.
c. The process of international integrating arising from the interchange of world views, products, ideas, and other aspects of culture.
d. The notion that we have certain rights and responsibilities towards each other by the mere fact of being human on Earth.
e. Pertaining to a national (or group) policy of non-interaction with other nations (or groups).

You have a tax basis of ​$ and a useful life of five years and no salvage value. Provide a depreciation schedule ​(dk for k1​5) for ​% declining balance with switchover to straight line. Specify the year to switchover. Determine the depreciation amounts using the ​% declining balance and​ straight-line methods and BV amounts for each year

Nell and Kirby are in the process of negotiating their divorce agreement. What should be the tax consequences to Nell and Kirby if the following, considered individually, became part of the agreement?
a. In consideration for her one-half interest in their personal residence, Kirby will transfer to Nell stock with a value of $200,000 and $50,000 of cash. Kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. They purchased the residence three years ago for $300,000.
Nell's basis for the stock is _______$ X
Kirby's basis in the house is ______$ X
b. Nell will receive $1,000 per month for 120 months. If she dies before receiving all 120 payments, the remaining payments will be made to her estate.
The payments (qualify, do not qualify) as alimony and are (included in, excluded from) Nell's gross income as they are received.
c. Nell is to have custody of their 12-year-old son, Bobby. She is to receive $1,200 per month until Bobby (1) dies or (2) attains age 21 (whichever occurs first). After either of these events occurs, Nell will receive only $300 per month for the remainder of her life.
$ X per month is alimony that is (included in, excluded from) Nell's gross income, and the remaining $ X per month is considered​(child support, property settlement) and is (nontaxable, taxable) to Nell.

Lipscomb Corporation is estimating its WACC. Its target capital structure is 20 percent debt, 20 percent preferred stock, and 60 percent common equity. Its bonds have a 12 percent coupon, paid semiannually, a current maturity of 20 years, and sell for 1,000 USD. The firm could sell, at par, 100 USD preferred stock which pays a 12 percent annual dividend, but flotation costs of 5 percent would be incurred. Libscomb is a constant-growth firm which just paid a dividend of $2.00, sells for 27.00 USD per share, and has a growth rate of 8 percent. The firm's marginal tax rate is 40.

Required:
a. What is Rollins' cost of common stock using the bond-yield-plus-risk-premium approach?
b. What is Rollins' WACC?

Describe the steps in the process of human resource planning. Explain the relationships between the steps.

Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance:

Inventory, January 1 $40,000 Purchases returns $3,500
Selling expenses 35,000 Interest expense 4,000
Purchases 110,000 Sales discounts taken 2,000
Sales 280,000 Gain on sale of property (pretax) 7,000
General and administrative expenses 22,000 Freight-in 5,000

Additional data:
1. A physical count reveals an ending-inventory of $22,500 on December 31.
2. Twenty-five thousand shares of common stock have been outstanding the entire year.
3. The income tax rate is 30% on all items of income.

Required:
a. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Schuch's cost of goods sold.
b. Prepare a 2013 multiple-step income statement.
c. Prepare a 2013 single-step income statement.

Deferral adjustments are needed when the business:

a. Pays cash after the expense has been incurred.
b. Unanswered pays cash before the expense has been incurred.
c. Unanswered receives cash after the revenue has been generated.
d. Unanswered receives cash before the revenue has been generated.

Strategic Plan
2016 - 2018
Boutique Build Australia

Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. They are also able to claim $2,900 in recovery rebate credit ($2,400 for Marc and Michelle and $500 for Matthew). Assume they did not receive the recovery rebate in advance. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules).
A. What is Marc and Michelle’s gross income?
B. What is Marc and Michelle’s adjusted gross income?
C. What is the total amount of Marc and Michelle’s deductions from AGI?
D. What is Marc and Michelle’s taxable income?
E. What is Marc and Michelle’s taxes payable or refund due for the year?

For Coppertone products, evaluations in the postpurchase behavior stage of the consumer purchase decision process that are most likely to cause dissatisfaction are

McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. At the end of the first quarter of 2020, McKinney & Co. reevaluates its receivables. McKinney’s management decides that $8,500 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. On April 23, 2020, McKinney & Co. receives a check from Mangold Corporation for $8,500.

Required:
Prepare the journal entry to record the write-off for Mckinney.

enter a question here

Read the overview below and complete the activities that follow. In addition to trade accounts payable, many companies have other types of current liabilities. These include amounts withheld from employees' pay, sales and other taxes payable, deposits, and other accrued liabilities.
CONCEPT REVIEW:
Companies have many different types of current liabilities. These can include various taxes payable (income tax, sales tax, payroll tax), accrued amounts for salary, vacation or other benefits, and estimates such as accrued utilities and warranty. To adhere to the concept of the matching principle, companies must estimate the amount of their other liabilities.
1. Federal anid state governments do not specily the exact______to be maint, but do specify the amounts to be withheld.
2. Income taxes withheld from employees but not yet submitted to the govenment are considered to be a(n)______.
3. When testing customer deposits, auditors typically review a(n)______of the individual deposits.
4. When testing other accrued liabilities. auditors may independently calculate the amount and______ it to management's estimate.
5. Property tax payments are typically______in number.

The adjusted trial balance of Windsor, Inc. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $908,100; Freight-Out $13,400; Sales Returns and Allowances $19,800; and Sales Discounts $14,500.

Required:
Prepare the sales section of the income statement.

A firm that has extra cash Multiple Choice Should always invest it in U.S. equities. should invest it in the safest projects available. should always reinvest it in new equipment. should pay it out to shareholders unless the firm can earn a higher rate of return on the cash than the shareholders can earn by investing in the capital market.

You have just been hired as a financial analyst for Barrington Industries. Unfortunately, company headquarters (where all of the firm's records are kept) has been destroyed by fire. So, your first job will be to recreate the firm's cash flow statement for the year just ended. The firm had $100,000 in the bank at the end of the prior year, and its working capital accounts except cash remained constant during the year. It earned $5 million in net income during the year but paid $750,000 in dividends to common shareholders. Throughout the year, the firm purchased $5.4 million of machinery that was needed for a new project. You have just spoken to the firm's accountants and learned that annual depreciation expense for the year is $450,000; however, the purchase price for the machinery represents additions to property, plant, and equipment before depreciation. Finally, you have determined that the only financing done by the firm was to issue long-term debt of $1 million at a 5% interest rate. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.
What was the firm's end-of-year cash balance? Recreate the firm's cash flow statement to arrive at your answer. Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest dollar, if necessary.

Simple Random Sampling: The EAI data has information on the annual
incomes of managers and whether they have attended the training
program or not. This data comprise all the 2500 managers that work for
this organization. Using this information, address the following
questions: Select a simple random sample of 150 managers and another
of 250 managers and calculate the point estimates for the population
mean, standard deviation, and proportion. How do the results you
obtained for n = 150 and n = 250 compare to the population
information? Can you make any conclusion out of this? Why and why not?
Please work on excel, show all work including formulas and explain your answers

Statement of Members' Equity, Admitting New Member The statement of members' equity for Bonanza, LLC, follows:

Bonanza, LLC Statement of Members' Equity For the Years Ended December 31, 20Y3 and 20Y4

Idaho Properties, LLC, Member Equity Silver Streams, LLC, Member Equity Thomas Dunn, Member Equity Total Members' Equity
Members' equity, January 1, 20Y3 $273,000 $307,000 $580,000
Net income 57,000 133,000 190,000
Members' equity, December 31, 20Y3 $330,000 $440,000 $770,000
Dunn contribution, January 1, 20Y4 3,000 7,000 $220,000 230,000
Net income 62,500 137,500 50,000 250,000
Member withdrawals (32,000) (48,000) (40,000) (120,000)
Members' equity, December 31, 20Y4 $363,500 $536,500 $230,000 $1,130,000

Required:
a. What was the income-sharing ratio in 2016?
b. What was the income-sharing ratio in 2017?
c. How much cash did Thomas Dunn contribute to Bonanza, LLC, for his interest?
d. Why do the member equity accounts of Idaho Properties, LLC, and Silver Streams, LLC, have positive entries for Thomas Dunn’s contribution?
e. What percentage interest of Bonanza did Thomas Dunn acquire?
f. Why are withdrawals less than net income?