Business, 03.03.2020 20:51, maricelajacinto3379
The University of Chicago Press is wholly owned by the university. It performs the bulk of its work for other university departments, which pay as though the press were an outside business enterprise. The press also publishes and maintains a stock of books for general sale. The press uses normal costing to cost each job. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead, allocated on the basis of direct manufacturing labor costs). The following data (in thousands) pertain to 2014:
Direct materials and supplies purchased on credit $800
Direct materials used 710
Indirect materials issued to various production departments 100
Direct manufacturing labor 1,300
Indirect manufacturing labor incurred by various production departments 900
Depreciation on building and manufacturing equipment 400
Miscellaneous manufacturing overhead incurred by various production departments (ordinarily detailed as repairs, photocopying, utilities, etc.) 550
Manufacturing overhead allocated at 160% of direct manufacturing labor costs?
Cost of goods manufactured 4,120
Revenues 8,000
Cost of goods sold (before adjustment for under- or over-allocated manufacturing overhead) 4,020
Inventories, December 31, 2013 (not 2014): Materials Control 100 Work-in-Process Control 60 Finished Goods Control 500
1. Prepare an overview diagram of the job-costing system at the University of Chicago Press.
2. Prepare journal entries to summarize the 2014 transactions. As your final entry, dispose of the year-end under- or over-allocated manufacturing overhead as a write-off to Cost of Goods Sold. Number your entries. Explanations for each entry may be omitted.
3. Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing Overhead Allocated.
4. How did the University of Chicago Press perform in 2014?
Answers: 3
Business, 22.06.2019 11:20, ebt2367
Money aggregates identify whether each of the following examples belongs in m1 or m2. if an example belongs in both, be sure to check both boxes. example m1 m2 gilberto has a roll of quarters that he just withdrew from the bank to do laundry. lorenzo has $25,000 in a money market account. neha has $8,000 in a two-year certificate of deposit (cd).
Answers: 3
Business, 23.06.2019 00:10, Frenchfries13
Warren company plans to depreciate a new building using the double declining-balance depreciation method. the building cost $870,000. the estimated residual value of the building is $57,000 and it has an expected useful life of 20 years. assuming the first year's depreciation expense was recorded properly, what would be the amount of depreciation expense for the second year?
Answers: 2
Business, 24.06.2019 07:30, NeriyahY
You visit a tropical island that has only four goods in its economy—oranges, pineapples, coconuts, and bananas. there is no money in this economy. a. how many price pairs are possible in this economy? (you should check your answer using the n(n − 1)/2 formula where n is the number of goods.)\
Answers: 3
The University of Chicago Press is wholly owned by the university. It performs the bulk of its work...
Mathematics, 05.06.2020 18:02
Mathematics, 05.06.2020 18:02
Mathematics, 05.06.2020 18:02