Chapter 14, Problem 2E

Ironforge Manufacturing, Inc., is a company that manufactures industrial equipment. During the year, Ironforge purchased $2,140,000 of direct materials and placed $1,970,000 worth of direct materials into production. Ironforge's beginning balance in the Materials Inventory account was $385,000. What is the ending balance in Ironforge's Materials Inventory account? Right answer

Disney Distributors is preparing its merchandise purchases budget. Budgeted sales are $725,000 for July and $790,000 for August. Cost of goods sold is expected to be 55% of sales. The company's desired ending inventory is 20% of the following month's cost of goods sold. Compute the required purchases for July.

Preston Company sold 5,250 units in November at a price of $78 per unit. The variable cost is $59 per unit. Calculate the total contribution margin. A. $99,750   B. $100,450   C. $309,750   D. $409,500

General Accounting

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