The ending inventory balance represents
a. The cost of goods sold during the current period and is reported on the balance sheet as an asset.
b. Unexpired costs and is reported on the balance sheet as an asset.
c. Expired costs and is reported on the income statement as an expense
d. Expired costs and is reported on the balance sheet as an asset.
b
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Bonds that give the issuer an option of retiring them before they mature are:
A. Registered bonds. B. Serial bonds. C. Debentures. D. Callable bonds. E. Sinking fund bonds.
What is another name for collateral?
A) unregistered lien B) guarantee C) security D) debt E) indemnity
The Ethic of Care is:
a. A set of rules that explain how to prioritize those people affected by a decision so that a utilitarian analysis can be done successfully. b. A set of universal principles, which applied evenly to all decisions will result in fairness and equity in ethical decisions. c. The idea that we should all make decisions under the assumption that we don't know our station in life, that we could be the person most negatively impacted by the decision. d. A set of principles that encourage decision makers to look at human relationships as a primary motivator for a decision.
Sonneborn Corporation has two manufacturing departments--Molding and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates:??MoldingCustomizingTotal?Estimated total machine-hours (MHs)1,0009,00010,000?Estimated total fixed manufacturing overhead cost$5,100$23,400$28,500?Estimated variable manufacturing overhead cost per MH$1.50$2.50?During the most recent month, the company started and completed two jobs--Job D and Job G. There were no beginning inventories. Data concerning those two jobs follow:??Job DJob G?Direct materials$14,700$9,100?Direct labor cost$18,800$8,300?Molding machine-hours700300?Customizing machine-hours3,6005,400Required:a. Assume that the company uses a plantwide predetermined
manufacturing overhead rate based on machine-hours. Calculate the amount of manufacturing overhead applied to Job D.b. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate the amount of manufacturing overhead applied to Job G.c. Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments. How much manufacturing overhead will be applied to Job D?d. Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments. How much manufacturing overhead will be applied to Job G? What will be an ideal response?