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Yakvenalex [24]
3 years ago
8

Countertops Unlimited, a manufacturer of kitchen and bath countertops, had the following information for production last period:

Beginning Work in Process Inventory $25,000 Ending Work in Process Inventory $30,000 Beginning Materials Inventory $16,000 Ending Materials Inventory $14,000 Materials Purchased $205,000 Direct Labor $65,000 Indirect Labor $20,000 Indirect Materials Used $55,000 Factory Rent $35,000 Utilities (Rent and Utilities relate to production facilities) $15,000 Office Supplies $10,000 Administrative Salaries $105,000 Assuming that all manufacturing overhead was applied to Work in Process inventory, Total Manufacturing Costs for the period was:
Business
1 answer:
Mrac [35]3 years ago
3 0

Answer:

Countertops Unlimited Manufacturing Account for the year ended

                        Particulars                               Amount

Beginning material inventory                      $16,000.00

Less Closing Work in progress                   $30,000.00

(WIP) Inventory                                             <u>                     </u>

Ending material inventory                        -$14,000.00

Factory Overhead Cost

Material purchased     $205,000.00

Direct labor                $65,000.00

Indirect labor             $20,000.00

Indirect material used  $55,000.00

Factory rent                   $35,000.00

Utilities                           <u>$15,000.00</u>               <u>395,000,000</u>

Total  Manufacturing Costs                           <u>$381,000.00</u>

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Vera_Pavlovna [14]

Commission paid by the building owner to the property Manager for the new tenant is $4575.

<h3>What is a Commission?</h3>

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The calculation for the Commission of Property Manager:

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2 years ago
Acquisition costs; journal entries
Aleks [24]

Answer:

Journal entries for the transactions are given below

Explanation:

1. Development of new product

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Research and development                 $24,000

Cash                                                                         $24,000

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Legal fee (expense)                             $8,000

Cash                                                                         $8,000

3. Bought Equipment and signed non-interest bearing note

                                                                DEBIT     CREDIT

Equipment Cash price                          $37,000

Discount on note payable                    $5,000

Cash paid                                                                  $18,000

Note payable                                                            $24,000

4. Installed sprinkler system

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Sprinkler system                                     $40,000

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5. Plaintiff paid for successful infringement  suit on its patent

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New Equipment                                    $13,600

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Loss on sale                                           $3,400

Old Equipment                                                        $13,400

Cash                                                                         $10,400

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Accumulated depreciation = $13,400 - $6,600

Accumulated depreciation = $6,800                                                      

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