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MCQs – The Lee Company uses a job-order costing system

Question
	
The Lee Company uses a job-order costing system. The following data were recorded for June:
Overhead is charged to production at 80% of direct materials cost. Jobs 235, 237, and 238 were completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to customers.
Added During June----
Job
umber June 1Work inProcessInventory DirectMaterials Direct Labor
235 $2,500 $600 $400
236 $1,500 $800 $1,000
237 $1,000 $1,200 $1,750
238 $800 $ 1,500 $2,250
1. Lee Company's work-in-process inventory balance on June 30 was
A. $4,100.
B. $3,300.
C. $9,450.
D. $3,940.
2. Assume there's no beginning work-in-process inventory and the ending work-in-process inventory is 70% complete with respect to conversion costs. Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be
A. less than the units started during the period.
B. the same as the units started during the period.
C. the same as the units completed.
D. less than the units completed.
3. Becky works on the assembly line of a manufacturing company where she installs a component part for one of the company's products. She's paid $16 per hour for regular time, and time and a half for all work in excess of 40 hours per week. Becky's employer offers fringe benefits that cost the company $3 for each hour of employee time (both regular and overtime). During a given week, Becky works 42 hours but is idle for 3 hours due to material shortages. The company treats all fringe benefits relating to direct labor as
added direct labor cost and the remainder as part of manufacturing overhead. The allocation of Becky's wages and fringe benefits for the week between direct labor cost and manufacturing overhead would be
which of the following?
A. Direct Labor: $672 / Manufacturing Overhead: $142
B. Direct Labor: $688 / Manufacturing Overhead: $126
C. Direct Labor: $624 / Manufacturing Overhead: $190
D. Direct Labor: $741 / Manufacturing Overhead: $73
Use the following information to answer this question.
Abis Corporation uses the weighted-average method in its process-costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were
Cost Percent Complete
Material costs $6,000 50%
Conversion costs $9,900 30%
A total of 9,200 units were started, and 8,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
Cost
Material costs $113,900
Conversion costs $322,500
The ending inventory was 80% complete with respect to materials and 20% complete with respect to conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the
answer that's the closest to the answer you computed. To reduce rounding error, carry out all
computations to at least three decimal places.
4. The cost per equivalent unit for materials for the month in the first processing department is closest to
A. $11.39.
B. $11.99.
C. $12.44.
D. $11.82.
Use the following information to answer this question.
The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just-completed year.
Sales $910
Raw materials, inventory, beginning $80
Raw materials, inventory, ending $20
Purchases of raw materials $100
Direct labor $130
Manufacturing overhead $200
Administrative expenses $160
Selling expenses $140
Work in process inventory, beginning $40
Work in process inventory, ending $10
Finished goods inventory, beginning $130
Finished goods inventory, ending $150
5. The cost of the raw materials used in production during the year (in thousands of dollars) was
A. $180.
B. $40.
C. $160.
D. $120.
Use the following information to answer this question.
Sanker Inc. has provided the following data for the month of August. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed
below are all for the current month.
Work InProcess FinishedGoods Cost ofGoods Sold Total
Direct materials $2,790 $7,680 $18,240 $28,710
Direct labor 9,700 19,200 45,600 74,500
Manufacturing
overhead applied 5,440 8,000 18,560 32,000
Total $17,930 $34,880 $82,400 $135,210
Manufacturing overhead for the month was overapplied by $5,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at
the end of the month on the basis of the overhead applied during the month in those accounts.
6. The journal entry to record the allocation of any underapplied or overapplied overhead for August would include
A. credit to finished goods of $1,250.
B. credit to finished goods of $34,880.
C. debit to finished goods of $1,250.
D. debit to finished goods of $34,880.
Use the following information to answer this question.
Abis Corporation uses the weighted-average method in its process-costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were
Cost Percent Complete
Material costs $6,000 50%
Conversion costs $9,900 30%
A total of 9,200 units were started, an,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
Cost
Material costs $113,900
Conversion costs $322,500
The ending inventory was 80% complete with respect to materials and 20% complete with respect to conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that's the closest to the answer you computed. To reduce rounding error, carry out all
computations to at least three decimal places.
7. The total cost transferred from the first processing department to the next processing department
during the month is closest to
A. $420,414.
B. $452,300.
C. $512,700.
D. $436,400.
8. In September, one of the processing departments at Shenkel Corporation had a beginning work-inprocess inventory of $25,000 and an ending work-in-process inventory of $18,000. During the month,
the cost of units transferred out from the department was $304,000. In the department's cost reconciliation report for September, the total cost accounted for would be
A. $322,000.
B. $644,000.
C. $43,000.
D. $619,000.
Use the following information to answer this question.
Abis Corporation uses the weighted-average method in its process-costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were
Cost Percent Complete
Material costs $6,000 50%
Conversion costs $9,900 30%
A total of 9,200 units were started, and 8,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:
Cost
Material costs $113,900
Conversion costs $322,500
The ending inventory was 80% complete with respect to materials and 20% complete with respect to conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that's the closest to the answer you computed. To reduce rounding error, carry out all
computations to at least three decimal places.
9. What are the equivalent units for conversion costs for the month in the first processing department?
A. 360
B. 10,000
C. 8,200
D. 8,560
Use the following information to answer this question.
Abis Corporation uses the weighted-average method in its process-costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were

Cost Percent Complete
Material costs $6,000 50%
Conversion costs $9,900 30%
A total of 9,200 units were started, and 8,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department
during the month:
Cost
Material costs $113,900
Conversion costs $322,500
The ending inventory was 80% complete with respect to materials and 20% complete with respect to conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that's the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places
9. The cost per equivalent unit for conversion costs for the first department for the month is closest to
A. $33.24.
B. $38.83.
C. $40.77.
D. $37.68.
	

Putting the Service-Profit Chain to Work

Question
	

Putting the Service-Profit Chain to Work
1/what is the main point of the article?50 words minimum
2/what are the practical and/or managerial implications for organizations?50 words minimum
3/write down at the end of the report a minimum of one great question and provide an answer.100 words minimum
Tweet Me, Friend Me, Make Me Buy
1/what is the main point of the article?50 words minimum
2/what are the practical and/or managerial implications for organizations?50 words minimum
3/write down at the end of the report a minimum of one great question and provide an answer.100 words minimum
	

Can myths ever be harmful?

Question
	

In 200 words answer the below. 
1. Can myths ever be harmful? Should we use the myth of Santa Clause for our children?
2. Using 200-250 words, write your autobiography in mythic terms. Describe your birth, your mission in life, the villains you must outwit, and your magic powers.
	

Main Company_Note Payable Transactions

Question
	


 
 
 

 
Problem - 2
 

 

 

 


 

 
Main Company has a fiscal year ending on December 31. The
 company purchased equipment costing $88,000 on Octber 2, 2011. The equipment
 was purchased by signing a 9%, 120 - day note payable for the equipment.

 

 
1. Prepare the Journal entries to record the following events.
 Use a 360-day year and round all amounts to the nearest dollar.

 

 

 
a. The purchase of equipment on October 2, 2011

 

 

 
b. The accrual of interest on December 31, 2011

 

 

 
c. Payment of note on January 30, 2012

 

 
2. Determine the
 balance of any current liabilities associated the note on December 31, 2011
	

Davenport HRM700 week 3 Journal article analysis

Question
	Research, select, analyze, and submit your analysis of a peer-reviewed journal article, related to Human Resource Management. The analysis should be 3-5 pages in length, in MS Word, and APA format must be utilize	
,

		
Attachments
		
 (84.95 KB) 
		

Thomas Edison State LDR305 Case Study 3: Keeping the Cloud Computing Mastermind Happy

Question
	Case Study 3: Keeping the Cloud Computing Mastermind Happy
Read the Leadership Case Problem A (on Cloud Computing) at the end of chapter 5, and answer questions 1 and 2.

1. What approach to or style
of leadership should managers at Google use to keep Bisciglia happy and
therefore staying with the company? (Google
Christophe Bisciglia to see if he is still a Googler.)

2. What has this case got to
do with contingency and situational leadership?

	

BUS 670 ASHFORD UNIVERSITY

Question
	
Legal Underpinnings of Business Law





Imagine that you own each of the following businesses:



Tinker’s Home Security Service (sole proprietorship)

Tinker & Tailor’s Home Security Service (general partnership)

Tinker & Tailor’s Home Security Service (LP)

Tinker & Tailor’s Home Security Service, Inc. (corporation)

Tinker & Tailor’s Home Security Service, LLC (LLC)



The businesses are being sued for breach of contract. Create a matrix that lists each business, and compare and contrast your personal liability exposure as an owner as a result of the lawsuit. 

For each business entity, analyze how you might limit your liability exposure as an owner. 

Describe a business that you may own some day or that you currently own. (Even if you never plan to own a business, pretend as if you will do so for the purposes of this assignment.) Examine the best business organizational form for the business that you have described, including in your examination personal liability exposure, management, taxation, and ease of formation. 

Submit a four- to five-page paper (not including title and reference pages). Your paper must be formatted according to APA style as outlined in the approved APA style guide and you must cite at least three scholarly sources in addition to the textbook.



Additional Requirements 



Min Pages: 4 

Max Pages: 5 

Level of Detail: Show all work
	

Time,Inc_Statement of Cash Flows

Question
	



 

 

 

 

 

 

 

 

 

 
Time,Inc.
 Income Statement
 
FortheYearEndedDecember31,
 2014
 
 
 

 

 

 
Sales
 450,000
 
 
 

 

 

 
Costof
 GoodsSold 300,000
 

 
GrossMargin
 150,000
 

 
Less:
 
 
 

 

 

 
Operating
 Expenses 60,000
 
 
 

 

 

 
DepreciationExpense
 17,000
 
 
 

 

 

 
IncomeTaxes 20,000
 
 
 

 

 

 
InterestExpense
 

 
Loss
 onsaleofplantassets
 

 
NetIncome
 
 

 

 
18,000
 

 
3,000 118,000
 
 
 

 

 

 
32,000
 
 
 
 


 
 
 
 



1. Thecomparativebalancesheets forTime Companyappearbelow:





 

 

 

 
Time,Inc.Comparative
 BalanceSheets December 31
 

 

 

 

 
Assets 2014 2013
 

 

 

 

 
Cash
 41,000 35,000
 

 

 

 

 
AccountsReceivable 75,000 53,000
 

 

 

 

 
Inventories 120,000 132,000
 

 

 

 

 
PrepaidExpenses 19,000 25,000
 

 

 

 

 
Investments 100,000 75,000
 

 

 

 

 
Plant assets 325,000 250,000
 

 

 

 

 
AccumulatedDepreciation
 

 
TotalAssets
 
 

 

 
(65,000) (60,000)
 

 

 

 

 
615,000 510,000
 

 

 

 

 
Liabilities&Equity
 

 

 

 

 
AccountsPayable 93,000 75,000
 

 

 

 

 
AccruedExpenses 29,000 24,000
 

 

 

 

 
BondsPayable 120,000 160,000
 

 

 

 

 
CommonStock 275,000 170,000
 

 

 

 

 
RetainedEarnings
 

 
TotalLiabilities &Equity
 
 

 

 
98,000 81,000
 

 

 

 

 
615,000 510,000
 







Additional information

1. Newplantassetscosting$100,000 werepurchasedwithcash.

2.
Investmentswerepurchasedwithcash.

3.
Oldplantassetscosting$25,000 andwithabookvalueof$13,000
weresoldfor$10,000 cash.

4.
Bonds with
afacevalueof$40,000
wereconvertedinto$40,000 parvalueofcommonstock.

5.
Commonstockwasissuedforcash.

6.
Acashdividendof$15,000
was
declaredandpaidduringtheyear.



Required

Prepareastatementofcash?owsfortheyearusingtheindirectmethod.
	

Which one of the following commences on the day inventory is purchased

Question
	

Which one of the following commences on the day inventory is purchased and ends on the day the payment for that inventory is collected? Assume all sales and purchases are on credit.
Inventory period
Accounts receivable period
Accounts payable period
Operating cycle
Cash cycle
Question 2 
Which one of the following describes systemic risk?
Risk that affects a large number of assets
An individual security's total risk
Diversifiable risk
Asset specific risk
Risk unique to a firm's management
Question 3 
Which one of the following terms best refers to the practice of investing in a variety of diverse assets as a means of reducing risk?
Systematic
Unsystematic
Diversification
Security market line
Capital asset pricing model
Question 4 
Which one of the following is the slope of the security market line?
Risk-free rate
Market risk premium
Beta coefficient
Risk premium on an individual asset
Market rate of return4.
Question 5 
Standard deviation measures _____ risk while beta measures _____ risk.
systematic; unsystematic
unsystematic; systematic
total; unsystematic
total; systematic
asset-specific; market
Question 6 
Northern Wear stock has an expected return of 14.6 percent. Given the information below, what is the expected return on this stock if the economy is normal?
13 percent
16 percent
18 percent
21 percent
23 percent
Question 7 
Which one of the following terms refers to a bond's rate of return that is required by the market place?
Coupon rate
Yield to maturity
Dirty yield
Call yield
Discount rate
Question 8 
You want to create a $48,000 portfolio that consists of three stocks and has an expected return of 14.5 percent. Currently, you own $16,700 of stock A and $24,200 of stock B. The expected return for stock A is 18.7 percent, and for stock B it is 11.2 percent. What is the expected rate of return for stock C?
13.67 percent
14.14 percent
15.38 percent
15.87 percent
16.11 percent
Question 9 
The written agreement that contains the specific details related to a bond issue is called the bond:
indenture.
debenture.
document.
registration statement.
issue paper.
Question 10 
Miller Farm Products is issuing a 15-year, unsecured bond. Based on this information, you know that this debt can be described as a:
note.
bearer form bond.
debenture.
registered form bond.
call protected bond.
Question 11 
A stock has a beta of 1.68, the expected return on the market is 14.72, and the risk-free rate is 4.65. What must the expected return on this stock be?
15.67 percent
16.75 percent
17.10 percent
18.46 percent
21.57 percent
Question 12 
A call provision grants the bond issuer the:
right to contact each bondholder to determine if he or she would like to extend the term of his or her bonds.
option to exchange the bonds for equity securities.
right to automatically extend the bond's maturity date.
right to repurchase the bonds on the open market prior to maturity.
option of repurchasing the bonds prior to maturity at a pre-specified price.
Question 13 
What is the net present value of a project with the following cash flows if the discount rate is 14 percent?
$742.50
$801.68
$823.92
$899.46
$901.15
Question 14 
T.L.C., Inc. is considering an investment with an initial cost of $175,000 that would be depreciated straight line to a zero book value over the life of the project. The cash inflows generated by the project are estimated at $76,000 for the first two years and $30,000 for the following two years. What is the internal rate of return?
9.27 percent
9.98 percent
10.62 percent
10.79 percent
11.58 percent

Question 15 
Western Electric has 23,000 shares of common stock outstanding at a price per share of $57 and a rate of return of 14.2 percent. The firm has 6,000 shares of 7 percent preferred stock outstanding at a price of $48 a share. The preferred stock has a par value of $100. The outstanding debt has a total face value of $350,000 and currently sells for 102 percent of face. The yield-to-maturity on the debt is 8.49 percent. What is the firm's weighted average cost of capital if the tax rate is 34 percent?
12.69 percent
13.44 percent
14.19 percent
14.47 percent
14.92 percent
	

The Ski Pro Corporation, which produces and sells to wholesalers

Question
	

The Ski Pro Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year. The company is considering the production of cross-country skis. After considerable research, a cross-country ski line has been developed. Because of the conservative nature of the company management, however, Minnetonka's president has decided to introduce only one type of the new ski for this coming winter. If the product is a success, further expansion in future years will be initiated. The ski selected is a mass-market ski with a special binding. It will be sold to wholesalers for $80 per pair. Because of availability capacity, no additional fixed charges will be incurred to produce the skis. A $100,000 fixed charge will be absorbed by the skis, however, to allocate a fair share of the company's present fixed costs to the new product. Using the estimated sales and production of 10,000 pairs of skis as the expected volume, the accounting department has developed the following cost per pair of skis and bindings: Direct Labor: $35 Direct Material: $30 Total Overhead: $15 Total: $80 Ski Pro has approached a subcontractor to discuss the possibility of purchasing the bindings. The purchase price of the bindings from the subcontractor would be $5.25 per binding, or $10.50 per pair. If the Ski Pro Corporation accepts the purchase proposal, it is predicted that direct-labor and variable-overhead costs would be reduced by 10% and direct-material costs would be reduced by 20%. 

Write a 1–2 page paper, and create a spreadsheet that answers the following questions: 
1.Should the Ski Pro Corporation make or buy the bindings? Show calculations to support your answer. 
2.What would be the maximum purchase price acceptable to the Ski Pro Corporation for the bindings? Support your answer with an appropriate explanation. 
3.Instead of sales of 10,000 pairs of skis, revised estimates show sales volume at 12,500 pairs. At this new volume, additional equipment, at an annual rental of $10,000 must be acquired to manufacture the bindings. This incremental cost would be the only additional fixed cost required even if sales increased to 30,000 pairs. (This 30,000 level is the goal for the third year of production.) Under these circumstances, should the Ski Pro Corporation make or buy the bindings? Show calculations to support your answer. 
4.What qualitative factors (that is, issues with vendors, customers, or within the product itself) should the Ski Pro Corporation consider in determining whether they should make or buy the bindings?