Jobs E and F were started during the month. At the end of the month, Jobs A and E were sent to customers. At the end of the month, Jobs C, E, and F were completed and sent to finished goods. Which is the cost of goods sold for the month? 10.
These regulations apply, even if your payroll is manual. Things You'll Need • Time sheets/time card • Form W-4 • IRS Circular E Show (4) More Instructions 1. o 1 Pay applicable workers based on their timekeeping data. Most likely you require hourly workers to use a time clock or to complete weekly time sheets. Pay them according to what the timekeeping system indicates. For instance, say the pay schedule is biweekly and the employee earns $9/hour.
The internal auditors questioned why the two shipments were done before December 31, since the requested dates were in the following year. The shipments had a total value of $150,000.00. Another concern for the internal auditors was that there was no written agreement with United Thermostatic Controls to accept the early shipments and pay for them before they actually needed the merchandise. The internal auditors also discovered that Frank Campbell put pressure on the accountants to record the shipments to show the sales. Their concerns were discussed with
4. Norton Co., a U.S. corporation, sold inventory on December 1, 2011, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: What amount of foreign exchange gain or loss should be recorded on January 30? A. $1,516 gain.
This marked the end of an expansion and the beginning of a recession. The expansion began in March 1991, lasting ten years. The committee emphasizes economy-wide measures of economic activity. The committee is to maintain a monthly chronology, so the committee uses almost only monthly indicators. Real GDP is only measured quarterly so the committee gives only slight importance to it.
Expenditures of $92,000 for successful litigation in defense of the patent were paid on July 1, 2011. Sisco estimates that the useful life of the patent will be increase by 10 years from the date of litigation becasue of successfully defending it Instructions: Prepare a computation of the carrying value of the patent at December 31,
Direct materials $14 Indirect materials (variable) 4 Direct labor 8 Indirect labor (variable) 6 Other variable factory overhead 10 Fixed factory overhead 28 Variable selling expenses 20 Fixed selling expenses 14 During the period, the company produced and sold 1,000 units. a. What is the inventory cost per unit using absorption costing? b. What is the inventory cost per unit using variable costing?
You cannot tell your landlord that you are only going to pay 70% of rent this month because housing cost is not negotiable. The same is true with healthcare and education. Insurance and pension can be adjusted but it takes a lot of paperwork and most time you have to wait for the enrollment period to adjust the insurance. References Careeroverview.com (2013) Automotive Service and Mechanic Salary, Earnings and Wage Information. Retrieved from http://www.careeroverview.com/automotive-mechanic-salaries.html Erhard BMW of Bloomfield hills (2013) Automotive Technician – MICHIGAN
Williams exercised his option on September 1, 2010, and sold his 100 shares on December 1, 2010. Quoted market prices of Trent Co. stock during 2010 were as follows: January 1 $30 per share September 1 $36 per share December 1 $40 per share The service period is for 2 years,
One of the items was sold during the year. Required: Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory, assuming use of: a. LIFO b. FIFO c. Weighted average (total cost/total number) | |Cost of goods sold |Ending inventory | |LIFO |700 |800 | |FIFO |800 |700 | |Weighted Average |750 |750 | Problem 2. Teague Company purchased a new machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an eight-year life and a $15,000 salvage value. The machine is expected to produce 675,000 finished products during its eight-year life.