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const2013 [10]
4 years ago
14

The following information is available for Lock-Tite Company, which produces special-order security products and uses a job orde

r costing system. April 30 May 31 Inventories Raw materials $ 49,500 $ 65,000 Work in process 11,500 23,900 Finished goods 69,500 48,600 Activities and information for May Raw materials purchases (paid with cash) 223,000 Factory payroll (paid with cash) 371,000 Factory overhead Indirect materials 28,000 Indirect labor 93,000 Other overhead costs 133,000 Sales (received in cash) 1,530,000 Predetermined overhead rate based on direct labor cost 80 % Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods So
Business
1 answer:
Alik [6]4 years ago
4 0

Answer:

Your answer is given below:

Explanation:

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Ansel tries to get his studying done anyway he can. He always has so much to do: work, practice and Science Club. What does Anse
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4 years ago
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Meredith is a passive 30% member of the MNO LLC. She is not a managing member and she does not participate in any activities of
goldfiish [28.3K]

Answer

b.$0 SE tax; $90,000 NII tax.

The answer and procedures of the exercise are attached in the following image.

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

7 0
3 years ago
Clothing Emporium was organized on January 1, 2018. The firm was authorized to issue 100,000 shares of $5 par value common stock
serg [7]

Answer:

a. $370,000.

Explanation:

The first would be to define additional paid-in that would be the amount paid over face value if the face value is 100 and the share at issued at 105 then there is a 5$ additional paid-in per share.

With that in noticed we are going to <u>check the transaction during 2018:</u>

  • 30,000 at $7 ($5 face value $2 additional paid in)
  • 20,000 at $8 ($5 face value $3 additional paid in)

Common stock

we got 50,000 issued with their face of $5 = 250,000

additional paid-in capital would be

30,000 shares at $2  = $60,000

and 20,000 shares at $3 = $60,000

additional paid-in $120,000

The total paid-in would be

250,000 common stock

+ 120,000 additional paid-in

Equal to 370,000

5 0
4 years ago
You received a great money-saving credit card offer in the mail, complete with a rewards program. After you read on further, how
stepan [7]

Answer:

Fixed ratio

Explanation:

Fixed ratio schedule is a type of schedule where in order to achieve something you have to perform a certain procedure, a task, specified number of operations or steps etc. The above example is a fixed ratio schedule because, in order to get a 500$ ticket, it is necessary to acquire 25,000 miles by spending 25000%.

3 0
4 years ago
Operating shortage costs that result from lost production and sales are caused by Group of answer choices
cricket20 [7]

Answer:

D, all are true

Explanation:

Operating shortages cost are cost that arise from the inability to meet up with demand for goods. It could also be a cost that arises from the inabilty to have a good inventory system.

Causes of operating shortage costs are stated in the question as restrictive policies, not having enough materils in the inventory or running out of finished goods. All of this create an inabilty to meet demand.

Cheers.

5 0
3 years ago
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