Chapter 1, Problem 1.17E

Abc

What is the desired profit for the year?

provide correct answer General accounting

Precilla Company uses a standard costing system that allows 2 pounds of direct materials for one finished unit. During July, the company purchased 40,000 pounds of direct materials for $210,000 and manufactured 12,000 finished units. The standard direct materials cost allowed for the units manufactured is $120,000. The performance report shows that Pricilla has an unfavorable direct materials usage variance of $5,000. Also, the company records any price variance for materials at time of purchase. The number of pounds of direct materials used to produce July's output was: a. 12,000 pounds b. 20,000 pounds c. 24,000 pounds d. 25,000 pounds e. 40,000 pounds

Ans

Alden, Inc., which uses a predetermined overhead rate based on direct labor hours, estimated total overhead for the year to be $13,660,000 and total direct labor hours to be 244,000 hours. a) Calculate Alden's predetermined overhead rate. In March, Alden incurred actual overhead costs of $811,000 and used 22,100 hours. b) How much was Alden's over- or under-applied overhead for the month of March?

Cost accounting problem

As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2018 A. Armani, Capital, Dec. 31, 2019 A. Armani, withdrawals Consulting revenue $ 10,000 $ 9,000 $ 6,000 $ 5,000 $ 11,000 $ 16,000 $ 19,000 $13,000 $ 33,000 Rental revenue $ 22,000 Salaries expense $ 20,000 Rent expense $ 12,000 Selling and administrative expenses $ 8,000 Required: Prepare a year-end statement of owner's equity for Armani Company. The owner invested a total of $1,000 cash during the year.

General accounting