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Acct 212: Copy 2 Of Fall D 2012 Chpter 20
Problem 20-1A Production cost flow and measurement; journal entries L.O. P1, P2, P3, P4
[The following information applies to the questions displayed below.]
| Edison Company manufactures wool blankets and accounts for product costs using process costing. The following information is available regarding its May inventories. |
|
Beginning Inventory |
Ending Inventory | |||||
| Raw materials inventory | $ | 60,000 | $ | 41,000 | ||
| Goods in process inventory | 449,000 | 521,500 | ||||
| Finished goods inventory | 610,000 | 342,001 | ||||
| The following additional information describes the company’s production activities for May. |
| Raw materials purchases (on credit) | $ | 250,000 | |
| Factory payroll cost (paid in cash) | 1,850,300 | ||
| Other overhead cost (Other Accounts credited) | 82,000 | ||
| Materials used | |||
| Direct | $ | 200,500 | |
| Indirect | 50,000 | ||
| Labor used | |||
| Direct | $ | 1,060,300 | |
| Indirect | 790,000 | ||
| Overhead rate as a percent of direct labor | 115 | % | |
| Sales (on credit) | $ | 3,000,000 | |
| The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost. |
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rev: 11_02_2011
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value:
2.00
points
Problem 20-1A Part 1
| Required: | |
| 1(a) | Compute the cost of products transferred from production to finished goods. (Omit the “$” sign in your response.) |
| Cost of products transferred | $ |
| 1(b) | Compute the cost of goods sold. (Omit the “$” sign in your response.) |
| Cost of goods sold | $ |
rev: 10_31_2011
check my workeBook Links (4)references
2.
value:
5.00
points
Problem 20-1A Part 2
| 2(a) | Prepare journal entry dated May 31 to record the raw materials purchases. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| May 31 | |||
| 2(b) | Prepare journal entry dated May 31 to record the direct materials usage. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| May 31 | |||
| 2(c) | Prepare journal entry dated May 31 to record the indirect materials usage. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| May 31 | |||
| 2(d) | Prepare journal entry dated May 31 to record the payroll costs. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| May 31 | |||
| 2(e) | Prepare journal entry dated May 31 to record the direct labor costs. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| May 31 | |||
| 2(f) | Prepare journal entry dated May 31 to record the indirect labor costs. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| May 31 | |||
| 2(g) | Prepare journal entry dated May 31 to record the other overhead costs. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| May 31 | |||
| 2(h) | Prepare journal entry dated May 31 to record the overhead applied. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| May 31 | |||
| 2(i) | Prepare journal entry dated May 31 to record the goods transferred from production to finished goods.(Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| May 31 | |||
| 2(j) | Prepare journal entry dated May 31 to record the sale of finished goods. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| May 31 | |||
| Fairfax Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During September, the company transferred 760,000 units of product to finished goods. At the end of September, the goods in process inventory consists of 203,000 units that are 90% complete with respect to labor. Beginning inventory had $438,165 of direct materials and $188,540 of direct labor cost. The direct labor cost added in September is $3,582,260, and the direct materials cost added is $2,932,335. |
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value:
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Problem 20-2A Part 1
| Required: | |
| 1(a) | Determine the equivalent units of production with respect to direct labor. |
| Equivalent units |
| 1(b) | Determine the equivalent units of production with respect to direct materials. |
| Equivalent units |
check my workeBook Links (2)references
4.
value:
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Problem 20-2A Part 2
| 2. | Compute both the direct labor cost and the direct materials cost per equivalent unit. (Round your answers to 2 decimal place. Omit the “$” sign in your response.) |
|
Per
equivalent unit | |
| Direct labor cost | $ |
| Direct materials cost | $ |
check my workeBook Links (2)references
5.
value:
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Problem 20-2A Part 3
| 3(a) | Compute both direct labor cost and direct materials cost assigned to units completed and transferred out. (Due to rounding of cost per unit, the total costs accounted for in the cost summary may not equal to sum of all the costs given in the problem. Round your per unit costs to 2 decimal places and final answers to the nearest dollar amount.) |
|
Cost
transferred out | |
| Direct materials | $ |
| Direct labor | $ |
| 3(b) | Compute both direct labor cost and direct materials cost assigned to ending goods in process inventory. (Due to rounding of cost per unit, the total costs accounted for in the cost summary may not equal to sum of all the costs given in the problem. Round your per unit costs to 2 decimal places and final answers to the nearest dollar amount.) |
| Costs of ending goods in process | |
| Direct materials | $ |
| Direct labor | $ |
Problem 20-3A Journalizing in process costing; equivalent units and costs L.O. C2, P1, P2, P3
[The following information applies to the questions displayed below.]
| Li Company produces large quantities of a standardized product. The following information is available for its production activities for January. |
| Raw materials | Factory overhead incurred | ||||||
| Beginning inventory | $ | 16,000 | Indirect materials used | $ | 80,500 | ||
| Raw materials purchased (on credit) | 280,000 | Indirect labor used | 40,000 | ||||
| Direct materials used | (171,500 | ) | Other overhead costs | 159,920 | |||
| Indirect materials used | (80,500 | ) | Total factory overhead incurred | $ | 280,420 | ||
| Ending Inventory | $ | 44,000 | |||||
| Factory overhead applied | |||||||
| Factory payroll | (140% of direct labor cost) | ||||||
| Direct labor used | $ | 200,300 | Total factory overhead applied | $ | 280,420 | ||
| Indirect labor used | 40,000 | ||||||
| Total payroll cost (paid in cash) | $ | 240,300 | |||||
| Additional information about units and costs of production activities follows. |
| Units | Costs | ||||||
| Beginning goods in process inventory | 2,600 | Beginning goods in process inventory | |||||
| Started | 26,000 | Direct materials | $ | 3,000 | |||
| Ending goods in process inventory | 4,900 | Direct labor | 3,500 | ||||
| Factory overhead | 4,000 | ||||||
| $ | 10,500 | ||||||
| Status of ending goods in process inventory | Direct materials added | 171,500 | |||||
| Materials—Percent complete | 90 | % | Direct labor added | 200,300 | |||
| Labor and overhead—Percent complete | 75 | % | Overhead applied (140% of direct labor) | 280,420 | |||
| Total costs | $ | 662,720 | |||||
| Ending goods in process inventory | $ | 92,911 | |||||
| During January, 22,000 units of finished goods are sold for $160 cash each. Cost information regarding finished goods follows. |
| Beginning finished goods inventory | $ | 150,000 | |
| Cost transferred in | 569,809 | ||
| Cost of goods sold | (598,390 | ) | |
| Ending finished goods inventory | $ | 121,419 | |
6.
value:
5.00
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Problem 20-3A Part 1
| Required: | |
| 1(a) | Prepare journal entry dated January 31 to record the purchase of raw materials. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 31 | |||
| 1(b) | Prepare journal entry dated January 31 to record the direct materials usage. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 31 | |||
| 1(c) | Prepare journal entry dated January 31 to record the indirect materials usage. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 31 | |||
| 1(d) | Prepare journal entry dated January 31 to record the factory payroll costs. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 31 | |||
| 1(e) | Prepare journal entry dated January 31 to record the direct labor costs used in production. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 31 | |||
| 1(f) | Prepare journal entry dated January 31 to record the indirect labor costs. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 31 | |||
| 1(g) | Prepare journal entry dated January 31 to record the other overhead costs—credit Other Accounts.(Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 31 | |||
| 1(h) | Prepare journal entry dated January 31 to record the overhead applied. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 31 | |||
| 1(i) | Prepare journal entry dated January 31 to record the goods transferred to finished goods. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 31 | |||
| 1(j) | Prepare journal entries dated January 31 to record the sale of finished goods. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Jan. 31 | |||
check my workeBook Links (4)references
7.
value:
5.00
points
Problem 20-3A Part 2
| 2. | Prepare a process cost summary report for this company, showing costs charged to production, units cost information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation. (Due to rounding of cost per unit, the total costs accounted for in the cost summary may not equal to sum of all the costs given in the problem. Round your cost per EUP answers to 2 decimal places and consider the same in the other calculations. Round other answers to the nearest dollar amount. Omit the “$” sign in your response.) |
| LI COMPANY | ||
| Process Cost Summary | ||
| For Month Ended January 31 | ||
| Costs Charged to Production | ||
| Costs of beginning goods in process | ||
| $ | ||
| $ | ||
| Costs incurred this period | ||
| $ | ||
| Total costs to account for | $ | |
| Unit cost information | |||
| Units to account for | Units accounted for | ||
| Total units to account for | Total units accounted for | ||
| Equivalent units of production | Direct Materials | Direct Labor | Factory Overhead |
| EUP | EUP | EUP | |
| EUP | EUP | EUP | |
| Equivalent units of production | EUP | EUP | EUP |
| Cost per EUP | Direct Materials | Direct Labor | Factory Overhead | ||||||
| $ | $ | $ | |||||||
| Total costs | $ | $ | $ | ||||||
| EUP | EUP | EUP | |||||||
| Cost per EUP | $ | Per EUP | $ | Per EUP | $ | Per EUP | |||
| Cost assignment and reconciliation | ||
| Costs transferred out | ||
| $ | ||
| $ | ||
| Costs of ending goods in process | ||
| $ | ||
| Total costs to account for | $ | |
roblem 20-5A Process cost summary, equivalent units, cost estimates L.O. C2, C3, P4
[The following information applies to the questions displayed
below.]
| Ogden Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process cost accounting. During October, the company completed and transferred 24,600 units of product to finished goods inventory. Its 4,200 units of beginning goods in process consisted of $20,800 of direct materials, $203,300 of direct labor, and $100,040 of factory overhead. It has 3,000 units (100% complete with respect to direct materials and 90% complete with respect to direct labor and overhead) in process at month-end. After entries to record direct materials, direct labor, and overhead for October, the company’s Goods in Process Inventory account follows. |
| Goods in Process Inventory | Acct. No.133 | |||
| Date | Explanation | Debit | Credit | Balance |
| Oct. 1 | Balance | 324,140 | ||
| 31 | Direct materials | 504,900 | 829,040 | |
| 31 | Direct labor | 1,224,300 | 2,053,340 | |
| 31 | Applied overhead | 963,840 | 3,017,180 | |
8.
value:
5.00
points
Problem 20-5A Part 1
| 1. | Prepare the company’s process cost summary for October using the weighted-average method. (Due to rounding of cost per unit, the total costs accounted for in the cost summary may not equal to sum of all the costs given in the problem. Round your cost per EUP answers to 2 decimal places and consider the same in the other calculations. Round other answers to the nearest dollar amount. Omit the “$” sign in your response.) |
| OGDEN CO. | ||
| Process Cost Summary | ||
| For Month Ended October 31 | ||
| Costs Charged to Production | ||
| Costs of beginning goods in process | ||
| $ | ||
| $ | ||
| Costs incurred this period | ||
| $ | ||
| Total costs to account for | $ | |
| Unit cost information | |||
| Units to account for | Units accounted for | ||
| Total units to account for | Total units accounted for | ||
| Equivalent units of production | Direct Materials | Direct Labor | Factory Overhead |
| EUP | EUP | EUP | |
| EUP | EUP | EUP | |
| Equivalent units of production | EUP | EUP | EUP |
| Cost per EUP | Direct Materials | Direct Labor | Factory Overhead |
| $ | $ | $ | |
| Total costs | $ | $ | $ |
| EUP | EUP | EUP | |
| Cost per EUP | $ per EUP | $ per EUP | $ per EUP |
| Cost assignment and reconciliation | ||
| Costs transferred out | ||
| $ | ||
| $ | ||
| Costs of ending goods in process | ||
| $ | ||
| Total costs to account for | $ | |
check my workeBook Links (3)references
9.
value:
2.00
points
Problem 20-5A Part 2
| 2. | Prepare the journal entry dated October 31 to transfer the cost of completed units to finished goods inventory. (Omit the “$” sign in your response.) |
| Date | General Journal | Debit | Credit |
| Oct. 31 | |||
Systems Perspective and Social Change
Zastrow and Kirst-Ashman (2016) stated, “Clients are affected by and in constant dynamic interactions with other systems, including families, groups, organizations, and communities” (p. 35-36). As a social worker, when you address the needs of an individual client, you also take into account the systems with which the client interacts. Obtaining information about these systems helps you better assess your client’s situation. These systems may provide support to the client, or they may contribute to the client’s presenting problem.
For this Discussion, review “Working With People With Disabilities: The Case of Lester.”Consider the systems with which Lester Johnson, the client, interacts. Think about ways you might apply a systems perspective to his case. Also, consider the significance of the systems perspective for social work in general.
Post by WEDNESDAY 9PM NEW YORK TIME a 1-2 PAGE Discussion in which you explain how multiple systems interact to impact individuals. Explain how you, as a social worker, might apply a systems perspective to your work with Lester Johnson. Finally, explain how you might apply a systems perspective to social work practice.
Be sure to support your posts with specific references to the resources. If you are using additional articles, be sure to provide full APA-formatted citations for your references.
References
Plummer, S. -B., Makris, S., & Brocksen, S. M. (Eds.). (2014). Social work case studies: Foundation year. Baltimore, MD: Laureate International Universities Publishing. [Vital Source e-reader]. “Working With People With Disabilities: The Case of Lester” (pp. 31–33)
Pack, M. (2011). Discovering an integrated framework for practice: a qualitative investigation of theories used by social workers working as sexual abuse therapists. Journal of Social Work Practice, 25(1), 79–93. Retrieved from the Walden Library databases.
Roscoe, K., Carson, A. M., & Madoc-Jones, L. (2011). Narrative social work: Conversations between theory and practice. Journal of Social Work Practice, 25(1), 47–61. Retrieved from the Walden Library databases.
Savaya, R., & Gardner, F. (2012). Critical reflection to identify gaps between espoused theory and theory-in-use. Social Work, 57(2), 145–154. Retrieved from the Walden Library databases.
Business Law Assignment 8 Questions
MAKE SURE TO ADD ALL CITING AT THE END OF YOUR ASSIGNMENTS AS WELL.
Please post your answers in detail to:
Chapter 2 assignment : Essay questions with citing.
#1,2,3,4- page 47
Chapter 5 assignment: Essay questions 1,2,3,4 page 132-133
1. The Senate recently released a report on wrongdoing at JP Morgan Chase. It found that bank executives lied to investors and the public. Also, traders, with the knowledge of top management, changed risk limits to facilitate more trading and then violated even these higher limits. Executives revalued the bank’s investment portfolio to reduce apparent losses. JP Morgan’s internal investigation failed to find this wrongdoing. Into what ethics traps did these JP Morgan employees fall? What options did the executives and traders have for dealing with this wrongdoing?
2. Located in Bath, Maine, Bath Iron Works builds high tech warships for the Navy. Winning Navy contracts is crucial to the company’s success—it means jobs for the community and profits for the shareholders. Navy officials held a meeting at Bath’s offices with its executives and those of a competitor to review the specs for an upcoming bid. Both companies desperately wanted to win the contract. After the meeting, a Bath worker realized that one of the Navy officials had left a folder on a chair labeled: “Business Sensitive.” It contained information about the competitors’ bid that would be a huge advantage to Bath. William Haggett, the Bath CEO, was notified about the file just as he was walking out the door to give a luncheon speech. What should he do? What pitfalls did he face? What result if he considered Mill, Kant, or the Front Page test?
3. A group of medical schools conducted a study on very premature babies—those born between 24 and 27 weeks of gestation (instead of the normal 40 weeks). These children face a high risk of blindness and death. The goal of the study was to determine which level of oxygen in a baby’s incubator produced the best results. Before enrolling families in the study, the investigators did not tell them that being in the study could increase their child’s risk of blindness or death. The study made some important discoveries: the level at which too much oxygen increased the risk of blindness and level at which too little increased the risk of death. What would Mill and Kant say about this decision not to tell the families?
4. Because Raina processes payroll at her company, she knows how much everyone earns, including the top executives. This information could make for some good gossip, but she has kept it all completely secret. She just found out, however, that her boss knew that it is against company policy for her to do payroll for C-level employees. Yesterday, the CEO went to her boss to confirm that he, the boss, was personally doing the processing for top management. Her boss lied to the CEO and said that he was. Then he begged Raina not to tell the truth if the CEO checked with her. Raina just got a message that the CEO wants to see her. What does she say if he asks about the payroll?
1. YOU BE THE JUDGE WRITING PROBLEM Scott Fane was a CPA licensed to practice in New Jersey and Florida. He built his New Jersey practice by making unsolicited phone calls to executives. When he moved to Florida, the Board of Accountancy there prohibited him (and all CPAs) from personally soliciting new business. Fane sued. Does the First Amendment force Florida to forgo foreclosing Fane’s phoning? Argument for Fane: The Florida regulation violates the First Amendment, which protects commercial speech. Fane was not saying anything false or misleading, but was just trying to secure business. This is an unreasonable regulation, designed to keep newcomers out of the marketplace and maintain steady business and high prices for established CPAs. Argument for the Florida Board of Accountancy: Commercial speech deserves—and gets—a lower level of protection than other speech. This regulation is a reasonable method of ensuring that the level of CPA work in our state remains high. CPAs who personally solicit clients are obviously in need of business. They are more likely to bend legal and ethical rules to obtain clients and keep them happy, and will lower the standards throughout the state.
2. President George H. W. Bush insisted that he had the power to send American troops into combat in the Middle East, without congressional assent. Yet before authorizing force in Operation Desert Storm, he secured congressional authorization. President Bill Clinton stated that he was prepared to invade Haiti without a congressional vote. Yet he bargained hard to avoid an invasion, and ultimately American troops entered without the use of force. Why the seeming doubletalk by both Presidents?
3. In the landmark 1965 case of Griswold v. Connecticut, the Supreme Court examined a Connecticut statute that made it a crime for any person to use contraception. The majority declared the law an unconstitutional violation of the right of privacy. Justice Black dissented, saying, “I do not to any extent whatever base my view that this Connecticut law is constitutional on a belief that the law is wise or that its policy is a good one. [It] is every bit as offensive to me as it is to the majority. [There is no criticism by the majority of this law] to which I cannot subscribe—except their conclusion that the evil qualities they see in the law make it unconstitutional.” What legal doctrines are involved here? Why did Justice Black distinguish between his personal views on the statute and the power of the Court to overturn it?
4. Gilleo opposed American participation in the war in the Persian Gulf. She displayed a large sign on her front lawn that read, “Say No to War in the Persian Gulf, Call Congress Now.” The city of Ladue prohibited signs on front lawns and Gilleo sued. The city claimed that it was regulating “time, place, and manner.” Explain that statement, and decide who should win.
