Questions from General Accounting

Q: Magnolia Candle Inc. budgeted production of 74,200 candles in

Magnolia Candle Inc. budgeted production of 74,200 candles in 20Y4. Wax is required to produce a candle. Assume that eight ounces (one-half of a pound) of wax is required for each candle. The estimate...

Q: Daybook Inc. budgeted production of 403,500 personal journals in

Daybook Inc. budgeted production of 403,500 personal journals in 20Y6. Each journal requires assembly. Assume that eight minutes are required to assemble each journal. If assembly labor costs $13.00 p...

Q: Magnolia Candle Inc. budgeted production of 74,200 candles in

Magnolia Candle Inc. budgeted production of 74,200 candles in 20Y4. Each candle requires molding. Assume that 12 minutes are required to mold each candle. If molding labor costs $14.00 per hour, deter...

Q: Prepare a cost of goods sold budget for Daybook Inc. using

Prepare a cost of goods sold budget for Daybook Inc. using the information in Practice Exercises 22-3A and 22-4A. Assume the estimated inventories on January 1, 20Y6, for finished goods and work in pr...

Q: As an assistant cost accountant for Mississippi Industries, you have been

As an assistant cost accountant for Mississippi Industries, you have been assigned to re­ view the activity base for the predetermined factory overhead rate. The president, Tony Favre, ha...

Q: Carol Creedence, the plant manager of the Clearwater Company’s Revival plant

Carol Creedence, the plant manager of the Clearwater Company’s Revival plant, has prepared the following graph of the unit costs from the job cost reports for the plantâ€&...

Q: RIRA Company makes attachments such as backhoes and grader and bulldozer blades

RIRA Company makes attachments such as backhoes and grader and bulldozer blades for construction equipment. The company uses a job order cost system. Management is concerned about cost performance and...

Q: Todd Lay just began working as a cost accountant for Enteron Industries

Todd Lay just began working as a cost accountant for Enteron Industries Inc., which manufactures gift items. Todd is preparing to record summary journal entries for the month. Todd begins by recording...

Q: TAC Industries sells heavy equipment to large corporations and to federal,

TAC Industries sells heavy equipment to large corporations and to federal, state, and local governments. Corporate sales are the result of a competitive bidding process, where TAC competes against oth...

Q: Indicate whether each of the following costs of an automobile manufacturer would

Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials cost, direct labor cost, or factory overhead cost: a. Wheels b. Glass used in the v...