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Homework answers / question archive / Caltran, Inc
Caltran, Inc. completed manufacturing Job 445. It included
$330
of direct materials? cost,
$1,200
of direct labor? cost, and
$550
of allocated manufacturing overhead. Which of the following is the correct journal entry needed to record the completed? job?
Question content area bottom
Part 1
A.
|
Work−in−Process Inventory
|
1,530
|
|
|
Cost of Goods Sold
|
1,530
|
B.
|
Finished Goods Inventory
|
2,080
|
|
|
Work−in−Process Inventory
|
2,080
|
C.
|
Finished Goods Inventory
|
2,080
|
|
|
Materials Inventory
|
2,080
|
D.
|
Work−in−Process Inventory
|
2,080
|
|
|
Finished Goods Inventory
|
2,080
|
Requirements
|
1.
|
Compute a trend analysis for net revenue and net income. Round to the nearest full percent.
|
|
2.
|
Which grew faster during the? period, net revenue or net? income?
|
Question content area bottom
Part 1
Requirement 1. Compute a trend analysis for net revenue and net income. Round to the nearest full percent.
Begin by calculating
King Oaks
?Realty's trend analysis for net? revenue, then calculate
King Oaks
?Realty's trend analysis for net income. ?(Enter the percentages as whole numbers. For? example, enter? 22% as? 22.)
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||
| Net Revenue | $1,310,000 | $1,187,000 | $1,143,000 | $1,004,000 | $1,047,000 | ||||
| Trend Percentages | % | % | % | % | 100% |
Part 2
| 2025 | 2024 | 2023 | 2022 | 2021 | |||||
| Net Income | $122,000 | $114,000 | $83,000 | $76,000 | $79,000 | ||||
| Trend Percentages | % | % | % | % | 100% |
Part 3
Requirement 2. Which grew faster during the? period, net revenue or net? income?
?
Net income
Net revenue
grew at a faster rate.
Net Revenue and Net Income
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Revenue | $1,310,000 | $1,187,000 | $1,143,000 | $1,004,000 | $1,047,000 |
| Net Income | 122,000 | 114,000 | 83,000 | 76,000 | 79,000 |
The financial statements of Carrier Office Furniture Company include the following? items:
|
2025
|
2024
|
|
|
Cash
|
$45,500
|
$43,000
|
|
Short−term Investments
|
24,000
|
16,000
|
|
Net Accounts Receivable
|
101,000
|
100,000
|
|
Merchandise Inventory
|
162,000
|
147,000
|
|
Total Assets
|
527,000
|
553,000
|
|
Total Current Liabilities
|
270,000
|
289,000
|
|
Long−term Note Payable
|
61,000
|
50,000
|
What is working capital for? 2025?
Question content area bottom
Part 1
A.$ 38 comma 500
$38,500
B.$ 99 comma 500
$99,500
C.$ 196 comma 000
$196,000
D.$ 62 comma 500
Iglesias, Inc. completed Job 12 on November 30. The details of Job 12 are given? below:
|
Direct labor cost
|
$860
|
|
Direct materials cost
|
$1,000
|
|
Machine hours
|
9 hours
|
|
Direct labor hours
|
23 hours
|
|
Predetermined overhead allocation rate
|
$90 per machine hour
|
What is the total cost of Job? 12?
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Part 1
A.$ 2 comma 670
$2,670
B.$ 1 comma 860
$1,860
C.$ 1 comma 670
$1,670
D.$ 1 comma 810
Which of the following is a period cost for a manufacturing? company?
Question content area bottom
Part 1
A.
office rent
B.
insurance cost of production equipment
C.
wages of factory janitor
D.
raw materials
A corporation has? 3,000 shares,? 10% preferred stock of? $50.00 par preferred? stock, and? 9,000 shares of common stock outstanding. The net income for the year is? $250,000. Calculate earnings per share.? (Round your answer to the nearest? cent.)
Question content area bottom
Part 1
A.
?$83.33
B.
?$26.11
C.
?$27.78
D.
?$50.00
The journal entry to record
$1,600
of direct labor and
$200
of indirect labor incurred will include? debit(s) to the? ________.
Question content area bottom
Part 1
A.
Work−in−Process
Inventory account for
$1,600
and Finished Goods Inventory account for $200
B.
Manufacturing Overhead account for $1,800
C.
Work−in−Process
Inventory account for
$1,600
and Manufacturing Overhead account for $200
D.
Finished Goods Inventory account for
Jasper, Inc. reports the following cost information for? March:
|
Cost of Goods Manufactured
|
$74,900
|
|
Manufacturing Overhead
|
18,700
|
|
Finished Goods? Inventory, March 1
|
5,000
|
|
Finished Goods? Inventory, March 31
|
2,300
|
|
Work−in−Process ?Inventory, March 1
|
9,300
|
|
Work−in−Process ?Inventory, March 31
|
1,500
|
|
Direct Materials Used
|
26,100
|
What is the cost of goods sold for? March?
Question content area bottom
Part 1
A.$ 1 comma 900
$1,900
B.$ 77 comma 600
$77,600
C.$ 79 comma 900
$79,900
D.$ 72 comma 200
Jeremy Corporation estimated manufacturing overhead costs for the year to be
$510,000.
Jeremy also estimated
8,000
machine hours and
2,000
direct labor hours for the year. It bases the predetermined overhead allocation rate on machine hours. On January? 31, Job 25 was completed. It required
7
machine hours and
7
direct labor hours. What is the amount of manufacturing overhead allocated to the completed? job? (Round intermediate calculations to the nearest cent and your final answer to the nearest? dollar.)
Question content area bottom
Part 1
A.$ 64
$64
B.$ 446
$446
C.$ 1 comma 785
$1,785
D.$ 893
The trend analysis report of? Marswell, Inc. is given below? (in millions):
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
|
Net income
|
$660
|
$607
|
$458
|
$407
|
$402
|
|
Trend percentages
|
164?%
|
151?%
|
114?%
|
101?%
|
100?%
|
Which of the following is a correct conclusion from the above? analysis?
Question content area bottom
Part 1
A.
Net income for 2023 has decreased by
14?%
over that for 2021.
B.
Net income for 2023 has increased by
114?%
over that for 2021.
C.
Net income for 2023 has decreased by
114?%
over that for 2021.
D.
Net income for 2023 has increased by
14?%
over that for 2021.
Aaron, Inc. estimates direct labor costs and manufacturing overhead costs for the coming year to be
$760,000
and
$550,000?,
respectively. Aaron allocates overhead costs based on machine hours. The estimated total labor hours and machine hours for the coming year are
19,000
hours and
7,000
?hours, respectively. What is the predetermined overhead allocation? rate? (Round your answer to the nearest? cent.)
Question content area bottom
Part 1
A.
$1.38
per labor hour
B.
$108.57
per machine hour
C.
$78.57
per machine hour
D.
$28.95
per labor hour
Selected data for Lemon? Grass, Inc. for the year are provided? below:
|
Factory Utilities
|
$3,000
|
|
Indirect Materials Used
|
38,000
|
|
Direct Materials Used
|
301,000
|
|
Property Taxes on Factory Building
|
6,900
|
|
Sales Commissions
|
85,000
|
|
Indirect Labor Incurred
|
23,000
|
|
Direct Labor Incurred
|
150,000
|
|
Depreciation on Factory Equipment
|
6,500
|
What is the total manufacturing? overhead?
Question content area bottom
Part 1
A.$ 451 comma 000
$451,000
B.$ 61 comma 000
$61,000
C.$ 77 comma 400
$77,400
D.$ 16 comma 400
Danby, Inc. provides the following data from its income statement for? 2024:
|
Net Sales
|
?$540,000
|
|
Cost of Goods Sold
|
?(160,000)
|
|
Gross Profit
|
?$380,000
|
Calculate the gross profit percentage.? (Round your answer to two decimal? places.)
Question content area bottom
Part 1
A.
?100.00%
B.
?70.37%
C.
?23.75%
D.
?29.63%
First, compute cost of goods manufactured.
| Schedule of Cost of Goods Manufactured |
| Direct Materials Used: | ||||
| Direct Materials Used | ||||
| Total Manufacturing Costs Incurred during the Year | ||||
| Total Manufacturing Costs to Account For | ||||
| Cost of Goods Manufactured | ||||
Part 2
Now compute cost of goods sold.
| Cost of Goods Sold |
| Cost of Goods Manufactured | ||||
| Cost of Goods Available for Sale | ||||
| Cost of Goods Sold | ||||
Data table
| Balances: | Beginning | Ending |
|---|---|---|
| Direct Materials | $20,000 | $31,000 |
| Work-in-Process Inventory | 37,000 | 31,000 |
| Finished Goods Inventory | 19,000 | 28,000 |
Data table
| Other information: | |
|---|---|
| Purchases of direct materials | $77,000 |
| Direct labor | 84,000 |
| Manufacturing overhead | 38,000 |
Bass Accounting Services expects its accountants to work a total of
27,000
direct labor hours per year. The? company's estimated total indirect costs are
$297,000.
The company uses direct labor hours as the allocation base for indirect costs. What is the indirect cost allocation? rate?
Question content area bottom
Part 1
A.
$22.00
per hour
B.
$110.00
per hour
C.
$13.20
per hour
D.
$11.00
per hour
At the end of the? year, Beta, Inc. has an unadjusted debit balance in the Manufacturing Overhead account of
$3,980.
The adjusting journal entry needed to adjust the balance to zero will include a? ________.
Question content area bottom
Part 1
A.
debit to Cost of Goods Sold
$3,980
and credit to Manufacturing Overhead $3,980
B.
debit to Manufacturing Overhead
$3,980
and credit to Cost of Goods Sold $3,980
C.
debit to Gross Profit
$3,980
and credit to Cost of Goods Sold $3,980
D.
debit to
Work−in−Process
Inventory
$3,980
and credit to Manufacturing Overhead
The journal entry to issue
$800
of direct materials and
$30
of indirect materials to production involves? debit(s) to the? ________.
Question content area bottom
Part 1
A.
Work−in−Process
Inventory account for
$800
and Manufacturing Overhead account for $30
B.
Work−in−Process
Inventory account for $830
C.
Work−in−Process
Inventory account for
$800
and Finished Goods Inventory account for $30
D.
Manufacturing Overhead account for
?Fuchsia, Inc. provides automobile repair services in the local community. The company provides the following information for the month of? March:
|
Building Rent Expense
|
?$5,000
|
|
Depreciation Expense—Equipment
|
?1,700
|
|
Supplies Expense
|
?8,000
|
|
Utilities Expense
|
?2,350
|
Fuchsia provided services to? 1,500 clients in the month of March and generated? $25,000 as revenue. How much is the cost per? service? (Round your answer to the nearest? cent.)
Question content area bottom
Part 1
A.
?$10.64
B.
?$3.33
C.
?$11.37
D.
?$6.03
| Tri Designs, Inc. |
| Balance Sheet |
| December 31, 2024 and 2023 |
| 2024 | Percent of Total | ||
| Assets | |||
| Total Current Assets | $48,600 | % | |
| Property, Plant, and Equipment, Net | 219,600 | % | |
| Other Assets | 31,800 | % | |
| Total Assets | $300,000 | % | |
| Liabilities | |||
| Total Current Liabilities | $38,400 | % | |
| Long-term Debt | 98,400 | % | |
| Total Liabilities | 136,800 | % | |
| Stockholders' Equity | |||
| Total Stockholders' Equity | 163,200 | % | |
| Total Liabilities and Stockholders' Equity | $300,000 | % | |
| 2023 | Percent of Total | |
| $66,600 | % | |
| 168,720 | % | |
| 60,680 | % | |
| $296,000 | % | |
| $45,880 | % | |
| 204,536 | % | |
| 250,416 | % | |
| 45,584 | % | |
| $296,000 | ||
Tri Designs, Inc.
Comparative Balance Sheet
December 31, 2024 and 2023
2024
2023
Assets
Total Current Assets
$48,600
$66,600
Property, Plant, and Equipment, Net
219,600
168,720
Other Assets
31,800
60,680
Total Assets
$300,000
$296,000
Liabilities
Total Current Liabilities
$38,400
$45,880
Long-term Debt
98,400
204,536
Total Liabilities
136,800
250,416
Stockholders' Equity
Total Stockholders' Equity
163,200
45,584
Total Liabilities and Stockholders' Equity
$300,000
$296,000
