PROBLEM 3 Product Cost Flow 20 POINTS Basil Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187,500 Beginning balance, Work in process Inventory 300,000 Beginning balance, Finished Goods Inventory 106,250 Purchases of raw materials 337,500 Factory electricity 62,500 Direct labor payroll 200,000 Depreciation on factory equipment 218,750 Insurance on factory building 50,000 Indirect materials used in production 43,750 Total raw materials used in production 406,250 Indirect labor payroll 150,000 Cost of goods manufactured 1,250,000 Cost of goods sold 1,312,500 Required: Using the information provided above, calculate the following items below. Note: total raw materials used in production includes both direct and indirect materials. Assume actual manufacturing overhead = applied overhead. 3a: What was the balance in ending raw materials at December 31? 3b: What was the total manufacturing cost for December? 3c: What was the cost of the direct materials used by Basil in production? 3d: What was the ending balance in Basil’s Finished Goods Inventory account?

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?

Medtronic, inc., is a medical technology company that competes for customers with st. jude medical s. c., inc. james hughes worked for medtronic as a sales manager. his contract prohibited him from working for a competitor for one year after leaving medtronic. hughes sought a position as a sales director for st. jude. st. jude told hughes that his contract with medtronic was unenforceable and offered him a job. hughes accepted. medtronic filed a suit, alleging wrongful interference. which type of interference was most likely the basis for this suit? did it occur here? medtronic, inc., is a medical technology company that competes for customers with st. jude medical s. c., inc. james hughes worked for medtronic as a sales manager. his contract prohibited him from working for a competitor for one year after leaving medtronic

Almost 80% of business owners are clueless about the competition, resulting in a) lost market share and customers. b) needless lawsuits. c) uninspired products. d) lack of perseverance