The following information is available for lock-tite company, which produces special-order security products and uses a job order costing system. april 30 may 31 inventories raw materials $ 46,000 $ 58,000 work in process 10,800 22,500 finished goods 66,000 41,600 activities and information for may raw materials purchases (paid with cash) 216,000 factory payroll (paid with cash) 357,000 factory overhead indirect materials 21,000 indirect labor 86,000 other overhead costs 126,000 sales (received in cash) 1,460,000 predetermined overhead rate based on direct labor cost 75 % determine whether there is over or underapplied overhead.

1) u.s. real gdp is substantially higher today than it was 60 years ago. what does this tell us, and what does it not tell us, about the well-being of u.s. residents? what are the limitations of the gdp as a measure of economic well-being? given the limitations, why is gdp usually regarded as the best single measure of a society’s economic well-being? 2) what is an intermediate good? how does an intermediate good differ from a final good? explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of gdp, but the value of intermediate goods produced and not sold is included directly as part of gdp.

Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na

One pound of material is required for each finished unit. the inventory of materials at the end of each month should equal 20% of the following month's production needs. purchases of raw materials for february would be budgeted to be: