Gold Nest Company of Guandong, China, is a family-owned enterprise that makes bird cages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales.
The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $95,000 of manufacturing overhead for an estimated activity level of $50,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows:

Raw materials $10,400
Work in process $4,700
Finished goods $8,200

During the year, the following transactions were completed:
Raw materials purchased for cash, $ 167,000.
Raw materials used in production, $143,000 (materials costing $129,000 were charged directly to jobs; the remaining materials were indirect).

Cash paid to employees as follows:

Direct labor $151,000
Indirect labor $241,600
Sales commissions $28,000
Administrative salaries $43,000

Cash paid for rent during the year was $18,800 ($13,600 of this amount related to factory operations, and the remainder related to selling and administrative activities).
Cash paid for utility costs in the factory, $18,000.
Cash paid for advertising, $14,000.
Depreciation recorded on equipment, $22,000. ($16,000 of this amount related to equipment used in factory operations; the remaining $6,000 related to equipment used in selling and administrative activities.)
Manufacturing overhead cost was applied to jobs, $_________ââ.
Goods that had cost $227,000 to manufacture according to their job cost sheets were completed.
Sales for the year (all paid in cash) totaled $507,000. The total cost to manufacture these goods according to their job cost sheets was $220,000.

Required:

a. Prepare journal entries to record the transactions for the year.
b. Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (donât forget to enter the beginning balances in your inventory accounts).
c. Is Manufacturing Overhead underapplied or overapplied for the year?
d. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
e. Prepare an income statement for the year. All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.

Answers

Answer 1

The answer would be A

Related Questions

The stage which relates to
development of decision making
abilities, interpersonal and technical
competencies is known as:
Select one:
a. Facilitating the improvement
of quality and employee
productivity
b. Norming
c. Storming
d. Forming

= Storming

Answers

Explanation:

The stage which relates to

development of decision making

abilities, interpersonal and technical

competencies is known as storming

'Team development' consists of five distinct stages with each having its own significance in ensuring smooth and effective performance by every member for attaining the desired goals.

The stage of team development that is associated with making a decision by ruling out internal conflicts or competencies would be:

c). Storming

'Storming' is described as the stage at which the various members of the team come up with a variety of ideas. Each member attempts to make sure that his/her idea stands out and this leads to arguments, competition, and conflicts among the team members. As a result, the original goal of the team is often sidelined. Therefore, the leader plays a key role in managing these conflicts and strike focus back to the goal. The leader of the team communicates with the team and makes a decision that helps in gathering the team as a unit for setting out the norms in the next stage.

Thus, option C is the correct answer.

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The stage which relates todevelopment of decision makingabilities, interpersonal and technicalcompetencies

At the end of April, the first month of the company's year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for April and (b) the balance sheet as of April 30. Also indicate whether the items in error will be overstated or understated.

Answers

Answer:

Overstatement is the situation where the amount of any item has been stated more than its actual figure

Understatement is the situation where the amount of any item has been stated less than its actual figure

a. The rent earned will be understated, as a result of which the income statement will give a lower net income.

b. Because of lower net income, retained earnings in stockholders' equity will be understated, and the liability account of unearned rent will be overstated

Explain the types of utility and the role marketing plays in their creation.

Answers

Based on the marketing concept, various utilities seek to enhance the product's usefulness to customers in a way that persuades them to make a purchase. E.g. Form, time, place, etc.

What is Marketing Utility?

Marketing Utility is a term that is used to describe the idea that the promising way to sell a product to a consumer is to show them how the product could provide value to their life.

Generally, Marketing Utility includes the integration of a product into a customer's lifestyle by underlining how it can figure out a problem related to the consumer's needs.

Types of Marketing Utility are:FormTimePlaceInformation

Also, the role of marketing in utility helps develop a value proposition of products that explains the unique benefits a commodity can provide to consumers.

Hence, in this case, it is concluded that Marketing Utility is vital in the product's sales.

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Define and explain SMART?

Answers

Answer:

smart is a acronym that's stand for specific, measurable, achievable, realisticand timely .....

5
Сл
Which phrase BEST describes the process of specialization?
OA.
identifying trends
OB.
segmenting tasks
O C. creating teams
OD. charting organizations
Reset
Next

Answers

Segmenting Tasks describes specialization the best

What is Specialization?

The method in which a production process is separated into phases, with each employee or company focusing on just one part of the production is known as specialization. When people and organizations specialize, they concentrate on the small number of productive tasks that they excel in.

Specialization is the degree to which activities or tasks in an organization are broken down and divided into individual jobs.

Through specialization, a worker can leverage their education and work history to speed up procedures and boost sales. High-quality work results from specialization.

What is Segmenting Tasks?

The process of segmenting a target market into groups of potential clients with similar requirements and behaviors involves dividing the market into segments.

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Which of the following is not a level of control

Answers

Answer:

ere are the option???

Explanation:

What the options

20 word thing do b annoying

T/F a positive feedback loop causes a self-amplifying cycle where a physiological change leads to even greater change in the same direction.

Answers

True. A positive feedback loop is a self-amplifying cycle in which an alteration in physiology causes a larger alteration in the same direction.

It is a cycle of increasing output and is often seen in biological systems, such as the body’s response to injury or disease.

For example, when the body senses an injury, it sends signals to the brain, which then sends signals to the affected area to release certain hormones, such as adrenaline and cortisol.

This increases the body’s response to the injury, leading to more hormones being released, and the cycle continues. In this way, the body’s system amplifies the initial injury, allowing it to heal more quickly. In other words, the positive feedback loop creates a self-amplifying cycle that leads to positive change.

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K 8 A bank holds $10 for every $100 in deposits. The bank wants to hold $7 for every $100 in deposits. The bank holds desired reserves of $14,000 and actual reserves of $29,000. What is the actual reserve ratio, the desired reserve ratio, and the excess reserves? >>> Answer to 2 decimal places.

Answers

The actual reserve ratio is 10%, the desired reserve ratio is 4.8%, and the excess reserves are $15,000.

How did we get the values?

In order to determine the excess reserves, we first determine the deposits. The bank currently holds $29,000 in reserves, and that this represents $10 for every $100 in deposits. Therefore:

$10 / $100 = $29,000 / x

Solving for x, we get:

x = ($29,000 * $100) / $10 = $290,000

So the bank has $290,000 in deposits.

Calculate the actual and desired reserve ratios:

Actual reserve ratio = $29,000 / $290,000 = 0.10 or 10%

Desired reserve ratio = $14,000 / $290,000 = 0.048 or 4.8%

Finally, calculate the excess reserves:

Excess reserves = actual reserves - desired reserves = $29,000 - $14,000 = $15,000

Therefore, the actual reserve ratio is 10%, the desired reserve ratio is 4.8%, and the excess reserves are $15,000.

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6
Select the correct answer from each drop-down menu.
Identify the interpersonal skills demonstrated in this scenario.
Belinda gets along well with her coworkers and managers because she doesn't judge people, even when she disagrees with them. She is
demonstrating the skill of
Harold is always in demand because he takes time to help others when they are struggling to complete a task. He is demonstrating the skill of
Reset
Next

Answers

Answer:xz

Explanation:xx

Answer:

Explanation:

Select the correct answer from each drop-down menu.

Identify the interpersonal skills demonstrated in this scenario.

Belinda gets along well with her coworkers and managers because she doesn’t judge people, even when she disagrees with them. She is demonstrating the skill of

respect for diversity

Harold is always in demand because he takes time to help others when they are struggling to complete a task. He is demonstrating the skill of

social sensitivity

Which of the following best describes how subject lines should be created

Answers

The sentence that best describes how subject lines should be created is C) Bias-free language avoids words and phrases that unfairly stigmatize people.

What are subject lines?

When recipients receive an email from someone especially from an organization, then the subject line serves as the first single-line text they see after the sender's name.

It should be noted that the The sender's name, the subject line, as well as the preview text are the first three items that would be seen in an email when it arrives in the inbox before it is been clicked open for the receiver of the message.

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complete question;

Which of the following best describes bias-free language?

A) Bias-free language is often unethical.

B) Bias-free language makes the user sound prejudiced.

C) Bias-free language avoids words and phrases that unfairly stigmatize people.

D) Bias-free language supports the stereotypes and prejudices that it reflects.

E) Bias-free language communicates from the audience's point of view and generally supports the audience's interests and preferences.

what are the challenges associated with not being ‘tech savvy’ in 2023?

Answers

As the world keeps advancing technologically, being tech-savvy becomes increasingly important. However, not being tech-savvy in 2023 may pose a lot of challenges. Some of these challenges are :Job Market, Learning,Communication,Security.

Job Market: In 2023, there will be more tech-based jobs than there currently are. Being not tech-savvy would make it difficult for an individual to secure employment in such sectors. This means that those who are not tech-savvy would be limited to jobs that require no technical skills.Learning: Due to the increased importance of technology, those who are not tech-savvy would find it challenging to learn new things. This means that they would be unable to benefit from new technology, apps, and software that are released in the market. They may also face difficulties while navigating technology-based environments.Communication: In 2023, communication will be more technology-driven than ever before. Those who are not tech-savvy may find it challenging to communicate with others effectively. This may lead to miscommunication and misunderstandings which could impact personal and professional relationships.Security: Cybersecurity is a significant concern in today's world. Not being tech-savvy could make it difficult for an individual to secure their information, devices, and accounts. This could lead to loss of data, identity theft, and other forms of cybercrime.

In conclusion, being tech-savvy in 2023 is essential to success, as the world will be driven by technology. Those who do not embrace technology may find themselves limited in terms of employment opportunities, communication, and personal security.

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How does education and training impact career options and future earning potential?

Answers

Education and training are critical in shaping career options and future earning potential. By investing in their education and training, individuals can increase their opportunities for career advancement and financial stability.

Education and training have a significant impact on career options and future earning potential. Individuals who have completed higher education and specialized training have access to a broader range of job opportunities than those who only have a high school diploma or less. This is because they have developed skills and knowledge that are highly valued in the job market.

For example, a person with a degree in engineering can choose from various job opportunities, such as civil engineering, mechanical engineering, electrical engineering, and others. They can also pursue further training and certification in their field, which can lead to higher-paying positions and promotions.

In addition, education and training provide individuals with the skills and knowledge needed to succeed in their chosen field. They learn how to solve complex problems, communicate effectively, work collaboratively, and adapt to new technologies and situations. These skills are highly valued by employers and can lead to promotions and increased earning potential.
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it is a type of business that keeps the dealings,assets,and bank accounts seperate from his/her personal assets?

Answers

Answer:

A sole proprietorship

Explanation:

A sole proprietorship is a business owned, organized, and run by a sole proprietor. It is legally advisable that all business and private activities of any form of business are conducted separately. Commingling business dealings, assets, and especially bank accounts with private affairs do cause problems for the business person.

Suppose a group of investors pooled $750,000 and founded Best National Bank in Rochester, NY. Best National Bank used $$75,000 of this to purchase shares in the New York Federal Reserve Bank. With the remaining $675,000, the bank manager purchased a building, furniture, and equipment for the bank.

Answers

Answer:

I have no idea to wat the answer is

Which of the outcomes in are most appealing to you? Are you more attracted to extrinsic outcomes or intrinsic outcomes?

Answers

Extrinsic outcomes are external rewards such as money, status, or recognition that come from achieving a goal. These outcomes are appealing to some individuals because they provide tangible benefits and can be easily measured by others.

On the other hand, intrinsic outcomes are internal rewards such as personal satisfaction, a sense of accomplishment, or personal growth that come from achieving a goal. These outcomes are appealing to some individuals because they provide a deeper sense of fulfillment and can be more meaningful in the long-term.

Ultimately, whether someone is more attracted to extrinsic or intrinsic outcomes depends on their personal values and goals. Some people may prioritize external rewards and seek to maximize their income or social status, while others may prioritize personal growth and seek to achieve goals that align with their passions and values.

It is important to strike a balance between both types of outcomes and to find a sense of purpose and satisfaction in the goals that we pursue.

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The below two statements are related to mindfulness
a. It is not obscure or exotic.
b. It is evidence-based.

TRUE
FALSE

Answers

It is true that mindfulness is evidence based and false that it is exotic.

What is mindfulness?

Mindfulness. It's an easy term to understand. It implies that the mind is entirely focused on what is taking place, what you are doing, and the environment you are moving through. That might sound insignificant, but it annoys me that we frequently stray from the topic at hand. When our mind wanders, we get disconnected from our physical selves and quickly become preoccupied with compulsive thoughts about the past or worry about the future. And it stresses us out.

However, awareness is always present to bring us back to where we are, what we are doing, and how we are feeling, no matter how far we go. It's great to give mindfulness a go for a time if you want to understand what it is. You will discover tiny variances in the meaning in books, online, audio, and video since it's difficult to put into words.

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Why might it be argued that corporations do not have a comparative advantage when investing in real estate as a means of diversification from the core business?

Answers

Solution :

Real estate is defined as something that is related to the buildings or lands. All the properties that are physically present forms real estate in terms of land and buildings. It includes, vacant land or buildings, commercial real estate, industrial as well as residential real estate.

The corporations does not have a comparative advantage when they invest in the real estate by a means of the diversification from its core business. This is because the organizations do not hold the real estate in the large number of the geographical area. They also do not hold a number of different types of the properties. Therefore, they do not tend to diversify from their real estate holdings as the large institutional investor who hold a more diversified and a larger portfolio.

contents of the workmen's compensation act

Answers

Answer:

The Workmen's Compensation Act, 1923 provides for payment of compensation to workmen (or their dependants) in case of personal injury caused by accident or certain occupational diseases arising out of and in the course of employment and resulting in disablement or death. The Act was last amended in 1976.

Hope this answer is right!

Opportunity cost is the amount of increase or decrease in cost that would result from the best available alternative to the proposed use of cash or its equivalent.
a) true
b) false

Answers

The given statement is "False". A further explanation is provided below.

Whenever a decision had been made above another, the profit losses are determined as an Opportunity cost. This same notion is merely beneficial as a refresher or recalls to consider all acceptable possibilities well before a person decides.Opportunity costs aren't just an equity account method and hence are not included throughout a company's financial statements. This is simply a notion of the financial assessment.

Thus the above is the right answer.

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a). Write the journal entries to correct the following errors. (1) Rent Received Kshs. 430,000 have been credited to the Commissions Received account. (2) Bank charges Kshs. 34,000 have been debited to the Business Rates account. (3) Completely omitted from the books is a payment of Motor Expenses by cheque Kshs. 37,000. (4) A purchase of a fax machine Kshs. 242,000 has been entered in the Purchases account. (5) Returns inwards Kshs. 216,000 has been entered on the debit side of the Returns Outwards account. (6) A loan from G Bain Kshs. 2,000,000 has been entered on the credit side of the Capital account. (7) Loan interest of Kshs. 400,000 has been debited to the Van account. (8) Goods taken for own use Kshs. 84,000 have been debited to the Purchases account and credited to drawings. (10 Marks)

Answers

The journal entries to correct the errors are as follows:

Journal Entries:

(1) Debit Commission Received Account Kshs. 430,000

Credit Rent Received Account Kshs. 430,000

To reverse the credit to the wrong account.

(2) Debit Bank charges Kshs. 34,000

Credit Business Rates account Kshs. 34,000