Kelly's corner bakery purchased a lot in oil city 6 years ago at a cost of $280,000. today, that lot has a market value of $340,000. at the time of the purchase, the company spent $15,000 to level the lot and another $20,000 to install storm drains. the company now wants to build a new facility on that site. the building cost is estimated at $1.47 million. what amount should be used as the initial cash flow for this project?

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.