Richard Inc expects to sell 28,000 units. Each unit requires 4 pounds of direct materials at $15 per pound and 3 direct labor hours at $12 per direct labor hour. The overhead rate is $9 per direct labor hour. The beginning inventories are as follows: direct materials, 2,500 pounds; finished goods, 3,100 units. The planned ending inventories are as follows: direct materials, 4,000 pounds; finished
goods, 3,200 units. Given a planned production of 5,000 units, what are the planned direct materials purchases of Richard?
A) $300,000
B) $258,000
C) $240,000
D) $322,500
D
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Indicate whether the statement is true or false
Which of the following journal entries has an effect on cash provided by (used in) operating activities?
A. Payment of interest on long-term notes payable. B. Sale of an investment. C. Bad debts expense. D. Depreciation expense.