Chapter 22, Problem 20Q

Paxwell Industries uses a standard costing system that allows 3 pounds of direct materials for one finished unit. During November, the company purchased 50,000 pounds of direct materials for $275,000 and manufactured 15,000 finished units. The standard direct materials cost allowed for the units manufactured is $180,000. The performance report shows that Paxwell has an unfavorable direct materials usage variance of $6,000. Also, the company records any price variance for materials at the time of purchase. What was the number of pounds of direct materials used to produce November's output?

Kendrick Manufacturing Corp. (KMC) has total assets of $600 million, $80 million of which are cash. It has total debt of $250 million. If KMC repurchases $30 million of its stock, what changes will occur on its balance sheet? What will its new leverage ratio be? Please provide the accurate answer to this financial accounting problem using valid techniques.

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What is the estimated ending inventory?

The current ratio of a company is 8:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $633,000, what is the amount of current liabilities?

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