Homework Answers
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Materials requisitioned for use in jobs = Beginning inventory + Purchases - Ending inventory = 3,000 + 315,000 - 3,500 = 314,500 Option D |
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Question 20 --/1 View Policies Current Attempt in Progress As of December 31, 2019, Sheridan Company had $3500 of raw m...
Question 33 --/1 View Policies Current Attempt in Progress As of December 31, 2019, Nilsen Industries...
Question 33 --/1 View Policies Current Attempt in Progress As of December 31, 2019, Nilsen Industries had $4000 of raw materials inventory. At the beginning of 2019, there was $3600 of materials on hand. During the year, the company purchased $354000 of materials; however it paid for only $304000. How much inventory was requisitioned for use on jobs during 2019? $353600 $334400 $354400 $333600 Save for Later Attempts: 0 of 1 used Submit Answer Send to Gradebook
Multiple Choice Question 44 As of December 31, 2017, Swifty Corporation had $3500 of raw materials...
Multiple Choice Question 44 As of December 31, 2017, Swifty Corporation had $3500 of raw materials inventory. At the beginning of 2017, there was $3000 of materials on hand. During the year, the company purchased $415000 of materials; however, it paid for only $352500. How much inventory was requisitioned for use on jobs during 2017? O $414500 O $415500 O $403000 O $402000
QUESTION 20 As of December 31, 2017, Stand Still Industries had $2,500 of raw materials inventory....
QUESTION 20 As of December 31, 2017, Stand Still Industries had $2,500 of raw materials inventory. At the beginning of 2017, there was $2,000 of materials on hand. During the year, the company purchased $375,000 of materials; however, it paid for only $312,500. How much inventory was requisitioned for use on jobs during 2017? $362,000 $374,500 $375,500 $363,000
As of December 31, 2012. Leaf Manufacturing had $2,000 of raw materials inventory. At the beginning...
As of December 31, 2012. Leaf Manufacturing had $2,000 of raw materials inventory. At the beginning of 2012, there was $1.600 of materials on hand. During the year, the company purchased $274.000 of materials; however it paid for only $264,000. How much inventory was requisitioned for use on jobs during 2012? a) $273.600 b) $264.400 OC) $274,400 d) $263.600
< Question 5 of 5 -/1 Tii View Policies Current Attempt in Progress Sheridan Company uses...
< Question 5 of 5 -/1 Tii View Policies Current Attempt in Progress Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 23,600 direct labor $ 14,160, and manufacturing overhead $ 18,880. As of January 1, Job 49 had been completed...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019,...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the balance in Accumulated Depreciation- Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. ulated Depreciation-Equipment...
Question 12 --/1 View Policies Current Attempt in Progress Sheridan Company, organized in 2019, has set...
Question 12 --/1 View Policies Current Attempt in Progress Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) 4/1/20 Purchase goodwill (indefinite life) 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $348,800 346,000 426,000 151,200 216,000 $1,488,000 Prepare the necessary entry to clear the...
Question 1 View Policies Current Attempt in Progress Oriole Company had ending Inventory at end-of-year prices...
Question 1 View Policies Current Attempt in Progress Oriole Company had ending Inventory at end-of-year prices of $122.000 at December 31, 2019, $146,278 at December 31, 2020, and $164,100 at December 31, 2021. The year-end price indexes were 100 at 12/31/19, 110 at 12/31/20, and 120 at 12/31/21. Compute the ending inventory for Oriole Company for 2019 through 2021 using the dollar-value LIFO method. 2021 2020 2019 Ending Inventory $
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Flounder Company had...
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Flounder Company had a net deferred tax liability of $371,300. An explanation of the items that compose this balance is as follows. Resulting Balances in Deferred Taxes Temporary Differences 1. Excess of tax depreciation over book depreciation $215,200 2. Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2020. The loss will be deducted on the tax return...
Question 19 View Policies Current Attempt in Progress A department adds all raw materials to a...
Question 19 View Policies Current Attempt in Progress A department adds all raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning work in process inventory; 89000 units were started into production in January; and there were 19000 units that were 30% complete in the ending work in process inventory at the end of January. What were the equivalent...
Question 33 --/1 View Policies Current Attempt in Progress As of December 31, 2019, Nilsen Industries had $4000 of raw materials inventory. At the beginning of 2019, there was $3600 of materials on hand. During the year, the company purchased $354000 of materials; however it paid for only $304000. How much inventory was requisitioned for use on jobs during 2019? $353600 $334400 $354400 $333600 Save for Later Attempts: 0 of 1 used Submit Answer Send to Gradebook
Multiple Choice Question 44 As of December 31, 2017, Swifty Corporation had $3500 of raw materials inventory. At the beginning of 2017, there was $3000 of materials on hand. During the year, the company purchased $415000 of materials; however, it paid for only $352500. How much inventory was requisitioned for use on jobs during 2017? O $414500 O $415500 O $403000 O $402000
As of December 31, 2012. Leaf Manufacturing had $2,000 of raw materials inventory. At the beginning of 2012, there was $1.600 of materials on hand. During the year, the company purchased $274.000 of materials; however it paid for only $264,000. How much inventory was requisitioned for use on jobs during 2012? a) $273.600 b) $264.400 OC) $274,400 d) $263.600
< Question 5 of 5 -/1 Tii View Policies Current Attempt in Progress Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 23,600 direct labor $ 14,160, and manufacturing overhead $ 18,880. As of January 1, Job 49 had been completed...
Question 5 1.6/2. View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Compute the balance in Accumulated Depreciation- Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. ulated Depreciation-Equipment...
Question 12 --/1 View Policies Current Attempt in Progress Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) 4/1/20 Purchase goodwill (indefinite life) 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $348,800 346,000 426,000 151,200 216,000 $1,488,000 Prepare the necessary entry to clear the...
Question 1 View Policies Current Attempt in Progress Oriole Company had ending Inventory at end-of-year prices of $122.000 at December 31, 2019, $146,278 at December 31, 2020, and $164,100 at December 31, 2021. The year-end price indexes were 100 at 12/31/19, 110 at 12/31/20, and 120 at 12/31/21. Compute the ending inventory for Oriole Company for 2019 through 2021 using the dollar-value LIFO method. 2021 2020 2019 Ending Inventory $
Question 4 --/1 View Policies Current Attempt in Progress At December 31, 2019, Flounder Company had a net deferred tax liability of $371,300. An explanation of the items that compose this balance is as follows. Resulting Balances in Deferred Taxes Temporary Differences 1. Excess of tax depreciation over book depreciation $215,200 2. Accrual, for book purposes, of estimated loss contingency from pending lawsuit that is expected to be settled in 2020. The loss will be deducted on the tax return...
Question 19 View Policies Current Attempt in Progress A department adds all raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning work in process inventory; 89000 units were started into production in January; and there were 19000 units that were 30% complete in the ending work in process inventory at the end of January. What were the equivalent...
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