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Lisa [10]
3 years ago
7

Exercise 15-7 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Ma

terials of $45,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. Factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. Time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. Manufacturing overhead costs incurred on account were $81,700. 6. Depreciation on the company’s office building was $8,100. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $89,400 were completed and transferred to finished goods. 9. Finished goods costing $76,000 to manufacture were sold on account for $105,100. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) (4) (5) (6) (7) (8) (9) (To record the sale) (To record the cost of the sale) Click if you would like to Show Work for this question: Open Show Work
Business
1 answer:
Likurg_2 [28]3 years ago
3 0

Answer:

[email protected])))787hs$677214

Explanation:

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Mr. Morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. He has a mortgage of $910 a month and pay
Semmy [17]

Answer:

the mortgage.

Explanation:

5 0
3 years ago
Read 2 more answers
The risk-free yield curve is flat at 6% per annum. What is the value of an FRA where the holder receives LIBOR at the rate of 9%
Fudgin [204]

Answer:

c. $8.63

Explanation:

Missing word <em>"The forward LIBOR rate is 7%. All rates are compounded semiannually.  A. $8.88 , B. $9.12 , C. $8.63 , D. $9.02"</em>

Principal = $1000, FRA Rate = 9 % per annum, LIBOR after 2 years = 7 % per annum, Compounding Frequency: Semi-Annual, Risk-Free Rate = 6 % per annum

The FRA matures 2 years or 24 months from now. Further, the Interest Rate that the FRA hedges will create an interest expense only at the end of the LIBOR loan period which is an additional 6 months after the 24 month period.

Hence, Exchange of Interest Expense at the end of 30 Months = (FRA Rate - LIBOR) x Principal (calculated on a semi-annual basis)

= (0.045 - 0.035) * 1000

= $10

Current Value of FRA = Present Value of Interest Expense at the end of the 30 Months Period

= 10 / [1+(0.06/2)]^(30/6)

= $8.6261

= $8.63

3 0
2 years ago
Match each of the following accounts to its proper balance sheet classification.
arlik [135]

Answer:

   Account                                          Balance sheet classification

a. Accounts payable                          Current liabilities

b. Accounts receivable                     Current Assets

c. Accumulated depreciation            Property,plant and equipment

d. Buildings                                         Property,plant and equipment

e. Cash                                                Current Asset

f. Goodwill                                           Intangible Asset

g. Income taxes payable                    Current liabilities

h. Investment in long-term bonds      Long term investment

i. Land                                                   Property,plant and equipment

j. Inventory                                            Current Assets

k. Patent                                                Intangible Asset

l.  Supplies                                            Current Assets

8 0
3 years ago
Nile Corp. has identified three cost pools to allocate overhead costs. The following estimates are provided for the coming year:
True [87]

Answer:

Overheads cost allocated to Mossman Job  = $449

Explanation:

We have been provided the cost of each activity and their respective drivers.

There are three activities

Supervision of Direct Labor = $304,000 for 760,000 labor hours

Machine Maintenance = $153,600 for 960,000 hours

Facility rent = $165,000 for 110,000 square feet

Activities of Mossman Job and respective costs will be as follows:

Supervision of Direct Labor = $304,000/760,000 X 260 labor hours = $104

Machine Maintenance = $153,600/960,000 X 1,500 = $240

Facility Rent = $165,000/110,000 X 70 = $105

Net Overheads cost allocated to Mossman Job = $104 + $240 + $105 = $449

6 0
3 years ago
Lopez Corporation incurred the following costs while manufacturing its product.
IrinaK [193]

Answer:

(a) $353,400

(b) $375,200

Explanation:

Given that,

Materials used in product = $123,900

Advertising expense = $49,600

Depreciation on plant = 67,500

Property taxes on plant = 23,400

Property taxes on store = 8,420

Delivery expense = 24,000

Labor costs of assembly-line workers = 116,200

Sales commissions = 41,100

Factory supplies used = 24,600

Salaries paid to sales clerks = 53,000

(a) Cost of goods manufactured:

= Material used in product + Depreciation on plant + Labor costs of assembly-line workers + Factory supplies used + Property taxes on plant + Beginning Work in process inventory - Ending Work in process inventory

= $123,900 + $67,500 + $116,200 + $24,600 + $23,400 + $14,700 - $16,900

= $353,400

(b) Cost of goods sold:

= Cost of goods Manufactured + Opening finished goods - Closing finished goods

= $353,400 + $70,700 - $48,900

= $375,200

3 0
2 years ago
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