On the completed worksheet of a manufacturing business, the accounts related to raw materials inventory, work in process inventory, and finished goods inventory appear in the: a.Cost of Goods Manufactured section b.Balance Sheet section c.Cost of Goods Sold section. d.Income Statement section
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On the completed worksheet of a manufacturing business, the accounts related to raw materials inventory, work in process inventory, and finished goods inventory appear in the:
a.Cost of Goods Manufactured section
b.Balance Sheet section
c.Cost of Goods Sold section.
d.Income Statement section
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- Grey Manufacturing Company expects sales to total 13,000 units in the first quarter, 12,000 units inthe second quarter, and 15,000 units in the third quarter of the current fiscal year. Company policyis to have on hand at the end of each quarter an amount of inventory equal to 10% of the followingquarter’s sales. Given this information, how many units should be scheduled for production in thesecond quarter?Nice-Fit is a (fictional) small business producing outfits for costume parties and specialoccasions. Custom designs can be tailored to a customer’s request. Tom and Ann are theowners of the company and source all the fabric, design the outfits and make the costumesthemselves. Tom and Ann keep spreadsheets with information on the material purchased andcostumes made, but they find it difficult to keep track of their products, raw materials, andsales. The raw materials are supplied from a fabric company in India, and the production takesplace in a manufacturing company in China. The clothing is sold at local weekend markets,sold, or rented through costume hire shops, and sold at their physical store. Tom and Annreceive a small percentage of the sales and rentals of their costumes from the hire shops.They have no information on customers other than those who request custom designsdirectly from them. In 2020, the Covid-19 pandemic had a major impact on global economies,businesses and how we…LO1 Examine how the construction industry impacts on the environment, and how changes in the industry can create broader social and economic benefits. 1) Explore how the construction industry has an impact on the built environment. 2) Examine how social and economic factors have an effect on the construction industry. 3) Assess how effective government targets and national statistics have been on environmental protection. 4) Evaluate the impact of specifying an alternative construction method on environmental protection.
- Production and Materials Purchases Budgets White Corporation’s budget calls for the following sales for next year:Quarter 1 90,000 units Quarter 3 68,000 unitsQuarter 2 76,000 units Quarter 4 96,000 unitsEach unit of the product requires 3 pounds of direct materials. The company’s policy is to begineach quarter with an inventory of product equal to 5% of that quarter’s estimated sales requirementsand an inventory of direct materials equal to 20% of that quarter’s estimated direct materials requirements for production.Required Determine the production and materials purchases budgets for the second quarter.Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services: Retained Earnings $882,000 Dividends 16,400 Fees Earned 521,700 Wages Expense 475,600 Rent Expense 66,500 Supplies Expense 12,000 Miscellaneous Expense 13,250 Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Rainbow Services Co. General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Rent 14 Supplies LIABILITIES 21 Accounts Payable 22 Wages Payable 23 Unearned Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 52 Rent Expense 53 Supplies…Forrester and Cohen is a small accounting firm, managedby Joseph Cohen since the retirement in December of hispartner Brad Forrester. Cohen and his three CPAs can togetherbill 640 hours per month. When Cohen or another accountantbills more than 160 hours per month, he or she gets an additional"overtime" pay of$62.50 for each of the extra hours: this is aboveand beyond the $5,000 salary each draws during the month.(Cohen draws the same base pay as his employees.) Cohenstrongly discourages any CPA from working (billing) more than240 hours in any given month. The demand for billable hours forthe firm over the next 6 months is estimated below: Cohen has an agreement with Forrester, his former partner,to help out during the busy tax season, if needed, for an hourly feeof $125. Cohen will not even consider laying off one of his colleaguesin the case of a slow economy. He could, however,…
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- Harmony is the Senior accountant of a Bank. Junior accountants of all the branches reportto her. While preparing for the final quarter sales report, she finds that two out of the fourbranches have failed to achieve the sales targets for the second consecutive quarter.According to the company policy, the branches that fail to achieve targets in twoconsecutive quarters have to be closed. Harmony feels sad for all the people losing theirjobs and decides that she will overstate the sales revenue generated by every branch andreport manipulated figures in the financial statements. Answer the following questions. Describe Harmony’s actions from ethical standpoint. Is she doing the right thing? What can be the consequences of Harmony’s actions. What are the risks involved? What would you suggest to Harmony? Please note this is not an essay.The purpose of this assignment is to evaluate the impact of a financial analysis on administrative decisions in a health care organization. Review Northwestern Memorial HealthCare's "Consolidated Financial Report" (Years Ended August 31, 2019 and 2018), and answer the following prompts. Discuss the importance of and need for a financial analysis within a health care organization. Explain the relationship between a health care organization's financial plan and debt policy to its strategic plan. Assess the financial position of Northwestern Memorial HealthCare in 2019 as compared to 2018. Give specific examples of areas where improvement is needed or areas that should be of concern in terms of financial viability. Based upon these observations, make recommendations that management should consider from a strategic standpoint (i.e., strategic budgeting methods).The Hickory Company manufactures wooden desks. Management schedules overtime every weekend to reduce the backlog on the most popular models. The automatic routing machine is used to cut certain types of edges on the desktops. The following orders need to be scheduled for the routing machine: Order Time SinceOrder Arrived(hours ago) EstimatedMachineTime (hours) Due Date(hours fromnow) 1 2 3 4 5 6 5 3 1 0 10 3 15 9 7 12 8 18 20 21 The due dates reflect the need for the order to be at its next operation.a. Develop separate schedules by using the FCFS and EDD rules. Compare the schedules on the basis of average flow time and average past due hours.b. Comment on the performance of the two rules relative to these measures.