Northern Creations Company imports and sells a product produced in Canada. In the summer of 2019, a natural disaster disrupted production, affecting its supply of product. Northern Creations Company uses the LIFO inventory method. On January 1, 2019, Northern Creations Company's inventory records were as follows: Year purchased Quantity (units) Cost per unit Total cost 2017 2,000 $160 $ 320,000 2018 5,000 $220 1,100,000 Total 7,000 $1,420,000 Through mid-December of 2019, purchases were limited to 8,000 units, because the cost had increased to $320 per unit. Northern Creations sold 14,200 units during 2019 at a price of $408 per unit, which significantly depleted its inventory. Northern Creations uses a periodic inventory system Assume that Northern Creations Company makes no further purchases during 2019. Compute Nature Creations Company's gross profit for 2019.

How will firms solve the problem of an economic surplus a. decrease prices to the market equilibrium price b. decrease prices so they are below the market equilibrium price c. increase prices

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.

Newton industries is considering a project and has developed the following estimates: unit sales = 4,800, price per unit = $67, variable cost per unit = $42, annual fixed costs = $11,900. the depreciation is $14,700 a year and the tax rate is 34 percent. what effect would an increase of $1 in the selling price have on the operating cash flow?