Plasencia Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Beginning inventories: Finished goods $ 33,000 Estimated total manufacturing overhead at the beginning of the year $ 635,500 Estimated direct labor-hours at the beginning of the year 41,000 direct labor-hours Results of operations: Actual direct labor-hours 42,000 direct labor-hours Manufacturing overhead: Indirect labor cost $ 177,000 Other manufacturing overhead costs incurred $ 444,000 Selling and administrative: Selling and administrative salaries $ 280,000 Other selling and administrative expenses $ 310,000 Cost of goods manufactured $ 1,501,000 Sales revenue $ 2,704,000 Cost of goods sold (unadjusted) $ 1,416,000 The net operating income is. Garrison 16e Rechecks 2017-08-28

a. $1,318,000
b. $1,008,000
c. $728,000
d. $1,038,000

Acompany using the perpetual inventory system purchased inventory worth $540,000 on account with credit terms of 2/15, n/45. defective inventory of $40,000 was returned 2 days later, and the accounts were appropriately adjusted. if the company paid the invoice 20 days later, the journal entry to record the payment would be

If the findings and the results are not presented properly, the research completed was a waste of time and money. true false

Richardson hired j.c. flood company, a plumbing contractor, to correct a stoppage in the sewer line of her house. the plumbing company's 'snake' device, used to clear the line leading to the main sewer, became caught in the underground line. to release it, the company excavated a portion of the sewer line in richardson's backyard. in the process, the company discovered numerous leaks in a rusty, defective water pipe that ran parallel with the sewer line. to meet public regulations, the water pipe, of a type no longer approved for such service, had to be replaced either then or later, when the yard would have to be excavated again. the plumbing company proceeded to repair the water pipe. though richardson inspected the company's work daily and did not express any objection to the extra work involved in replacing the water pipe, she refused to pay any part of the total bill after the company completed the entire operation. j.c. flood company then sued richardson for the costs of labor and material it had furnished. (c) for what, if anything, should richardson be liable? explain."