Business, 25.03.2021 22:20 gregorio03
King James Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for King James Inc. contains the following data. Subsidiary data for Work in Process Inventory on June 1 are as follows. During June, raw materials purchased on account were $4,900, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June show the following. Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Martin, Douglas, and Malcolm were completed during June and sold for a total of $18,900. Each customer paid in full. Instructions a) Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials, labor, and overhead to production; and (3) completion of jobs and sale of goods. b) Post the entries to Work in Process Inventory. c) Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. d) Prepare a cost of goods manufactured schedule for June.
Answers: 3
Another question on Business
Business, 21.06.2019 21:00
Captain john's yachts, inc., located in fort lauderdale, florida, rents three types of ocean-going boats: sailboats, cabin cruisers, and captain john's favorite, the luxury yachts. captain john advertises his boats with his famous "you rent"we pilot" slogan, which means that the company supplies the captain and crew for each rented boat. each rented boat has one captain, of course, but the crew sizes (deck hands, galley hands, etc.) differ. the crew requirements, in addition to a captain, are one for sailboats, two for cabin cruisers, and three for yachts. ten employees are captains, and an additional 18 employees fill the various crew positions. currently, captain john has rental requests for all his boats: four sailboats, eight cabin cruisers, and three luxury yachts. if captain john's daily profit contribution is $50 for sailboats, $70 for cruisers, and $100 for luxury yachts, how many boats of each type should he rent?
Answers: 2
Business, 22.06.2019 14:50
Prepare beneish corporation's income statement and statement of stockholders' equity for year-end december 31, and its balance sheet as of december 31. there were no stock issuances or repurchases during the year. (do not use negative signs with your answers unless otherwise noted.)
Answers: 2
Business, 23.06.2019 00:00
Which of the following statements is correct? a major disadvantage of a partnership relative to a corporation is the fact that federal income taxes must be paid by the partners rather than by the firm itself. in a typical partnership, liability for other partners’ misdeeds is limited to the amount of a particular partner’s investment in the business.true in a limited partnership, the limited partners have voting control, while the general partner has operating control over the business, and the limited partners are individually responsible, on a pro rata basis, for the firm’s debts in the event of bankruptcy. partnerships have more difficulty attracting large amounts of capital than corporations because of such factors as unlimited liability, the need to reorganize when a partner dies, and the illiquidity of partnership interests.
Answers: 1
Business, 23.06.2019 00:50
Amanufacturing firm is considering overhauling the existing compensation strategy. currently every front line employee who works on the assembly line earns the same hourly wage. ideally, management would like to institute a new pay system that involves pay-for-performance. which of the following recommendations is both consistent with scientific management's general emphases and generally good advice for management of this firma. the firm should adopt a differential pay system with one pay level for average performance, and a higher level for good performance. b. the firm should adopt a differential pay system, but the firm should modify it from its original design and provide many different levels of pay associated with different performance levels. c. the firm should understand worker psychology and to focus on pay as the key motivator. d. all of the abovee. none of the above
Answers: 1
You know the right answer?
King James Inc. is a construction company specializing in custom patios. The patios are constructed...
Questions
Mathematics, 04.12.2020 23:50
Social Studies, 04.12.2020 23:50
Biology, 04.12.2020 23:50
Social Studies, 04.12.2020 23:50
Mathematics, 04.12.2020 23:50
Social Studies, 04.12.2020 23:50
Mathematics, 04.12.2020 23:50
History, 04.12.2020 23:50
Mathematics, 04.12.2020 23:50
Mathematics, 04.12.2020 23:50
Chemistry, 04.12.2020 23:50
History, 04.12.2020 23:50
