Calfee Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Beginning inventories: Raw materials$40,000 Work in process$19,000 Estimated total manufacturing overhead at the beginning of the year$595,000 Estimated direct labor-hours at the beginning of the year 35,000direct labor-hoursResults of operations: Raw materials purchased on account$423,000 Raw materials (all direct) requisitioned for use in production$420,000 Direct labor cost$641,000 Actual direct labor-hours 33,000direct labor-hoursManufacturing overhead: Indirect labor cost$143,000 Other manufacturing overhead costs incurred$531,000 Cost of goods manufactured$1,441,000 The ending balance in the Work in Process inventory
account is:
A. $181,000
B. $220,000
C. $162,000
D. $200,000
Answer: D
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Which of the following is NOT one of the basic shareholders rights?
a. The right to participate in earnings b. The right to maintain one's proportional interest in the corporation c. The right to participate in the proceeds of the sale of corporate assets upon liquidation of the corporation d. The right to inspect the accounting records of the corporation
Which of the following is a reason for decentralization?
A) ease of gathering and using local information B) focusing of central management C) training and motivating segment managers D) exposing segments to market forces E) all of these
Steps involved for the nominal group technique for risk management include each of the following except
A) using JAD sessions to capture user requirements. B) gathering the core team for a risk workshop. C) using a flip chart or whiteboard to collect information from the team. D) begin by asking each person to identify potential areas of risk.
Scotch, Inc has prepared the operating budget for the first quarter of the year
The company forecast sales of $50,000 in January, $60,000 in February, and $70,000 in March. Variable and fixed expenses are as follows: Variable Expenses: Power cost (20% of sales) Miscellaneous expenses: (5% of sales) Fixed Expenses: Salaries expense: $8,000 per month Rent expense: $5,000 per month Depreciation expense: $1,400 per month Power cost/fixed portion: $500 per month Miscellaneous expenses/fixed portion: $1,000 per month Using the information above, calculate the amount of selling and administrative expenses for the month of February. A) $28,400 B) $33,400 C) $15,000 D) $30,900