In 2018, bratten fitness company made the following cash purchases: the exclusive right to manufacture and sell the x-core workout machine from symmetry corporation for $200,000. symmetry created the unique design for the machine. bratten also paid an additional $10,000 in legal and filing fees to attorneys to complete the transaction. an initial fee of $300,000 for a three-year agreement with silver’s gym to use its name for a new facility in the local area. silver’s gym has locations throughout the country. bratten is required to pay an additional fee of $5,000 for each month it operates under the silver’s gym name, with payments beginning in march 2018. bratten also purchased $400,000 of exercise equipment to be placed in the new facility. the exclusive right to sell healthy choice, a book authored by kent patterson, for $25,000. the book includes healthy recipes, recommendations for dietary supplements, and natural remedies. bratten plans to display the book at the check-in counter at its new facility, as well as make it available online. required: prepare a summary journal entry to record expenditures related to initial acquisitions.

“wonderful! not only did our salespeople do a good job in meeting the sales budget this year, but our production people did a good job in controlling costs as well,” said kim clark, president of martell company. “our $11,150 overall manufacturing cost variance is only 3% of the $1,536,000 standard cost of products made during the year. that’s well within the 3% parameter set by management for acceptable variances. it looks like everyone will be in line for a bonus this year.” the company produces and sells a single product. the standard cost card for the product follows: standard cost card—per unit direct materials, 4.00 feet at $4.00 per foot $ 16.00 direct labor, 1.1 direct labor-hours at $13 per direct labor-hour 14.30 variable overhead, 1.1 direct labor-hours at $2.40 per direct labor-hour 2.64 fixed overhead, 1.1 direct labor-hours at $6.50 per direct labor-hour 7.15 standard cost per unit $ 40.09the following additional information is available for the year just completed: a. the company manufactured 20,000 units of product during the year.b. a total of 77,000 feet of material was purchased during the year at a cost of $4.25 per foot. all of this material was used to manufacture the 20,000 units. there were no beginning or ending inventories for the year.c. the company worked 24,000 direct labor-hours during the year at a direct labor cost of $12.50 per hour.d. overhead is applied to products on the basis of standard direct labor-hours. data relating to manufacturing overhead costs follow: denominator activity level (direct labor-hours) 19,000 budgeted fixed overhead costs $ 123,500 actual variable overhead costs incurred $ 64,800 actual fixed overhead costs incurred $ 120,900required: 1. compute the materials price and quantity variances for the year. (round standard price and actual price to 2 decimal places. indicate the effect of each variance by selecting "f" for favorable, "u" for unfavorable, and "none" for no effect (i.e., zero 2. compute the labor rate and efficiency variances for the year. (round standard rate and actual rate to 2 decimal places. indicate the effect of each variance by selecting "f" for favorable, "u" for unfavorable, and "none" for no effect (i.e., zero 3. for manufacturing overhead compute: a. the variable overhead rate and efficiency variances for the year. (round standard rate and actual rate to 2 decimal places. indicate the effect of each variance by selecting "f" for favorable, "u" for unfavorable, and "none" for no effect (i.e., zero b. the fixed overhead budget and volume variances for the year. (indicate the effect of each variance by selecting "f" for favorable, "u" for unfavorable, and "none" for no effect (i.e., zero

Acompany determined that the budgeted cost of producing a product is $30 per unit. on june 1, there were 80,000 units on hand, the sales department budgeted sales of 300,000 units in june, and the company desires to have 120,000 units on hand on june 30. the budgeted cost of goods sold for june would be

The face of a company is often that of the lowest paid employees who meet the customers. select one: true false