Century 21 Accounting General Journal
10th Edition
ISBN: 9781285661179
Author: Gilbertson
Publisher: Cengage Learning
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Merin Manufacturing produces a single product and follows a JIT policy where ending inventory must equal 20% of the next month's sales. It estimates that July's ending inventory will consist of 32,000 units. August and September sales are estimated to be 210,000 and 225,000 units, respectively. Merin assigns variable overhead at a rate of $4.25 per unit of production. Fixed overhead equals $385,000 per month. Compute the number of units to be produced and the total budgeted overhead that would appear on the factory overhead budget for the month of August.
Nina Manufacturing had a Work in Process balance of $79,000 on January 1, 2021. The year-end balance of Work in Process was $87,000 and the Cost of Goods Manufactured was $560,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2021.
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- Hello tutor please given General accounting question answer do fast and properly explain all answerarrow_forwardQuintana Corporation projected current year sales of 42,000 units at a unit sale price of $32.50. Actual current year sales were 39,500 units at $33.75 per unit. Actual variable costs, budgeted at $22.75 per unit, totaled $21.90 per unit. Budgeted fixed costs totaled $375,000, while actual fixed costs amounted to $392,000. What is the sales volume variance for total revenue? I want answerarrow_forwardWhat is hemingway corporation taxable income?arrow_forward
- Please given correct answer for General accounting question I need step by step explanationarrow_forwardArmour vacation cabin was destroyed by a wildfire. He had purchased the cabin 14 months ago for $625,000. He received $890,000 from his insurance company to replace the cabin. If he fails to rebuild the cabin or acquire a replacement property in the required time, how much gain must he recognize on this conversion? A. $375,000 B. $160,000 C. $265,000 D. $0 E. None of the above helparrow_forwardI am looking for the correct answer to this financial accounting question with appropriate explanations.arrow_forward
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