Questions from College Accounting

Q: Quik Gift Company sells a product for $59. It costs

Quik Gift Company sells a product for $59. It costs $19 to obtain the product. The company has a total of $80,000 of fixed expenses. What is the break-even point?

Q: The Family Place Kitchen is a small chain of kitchen remodeling stores

The Family Place Kitchen is a small chain of kitchen remodeling stores. The company’s year-end trial balance on December 31, 20X1, included the information shown below: Accounts Rece...

Q: The following selected items appeared in the Adjustments columns of the worksheet

The following selected items appeared in the Adjustments columns of the worksheet for Red Inc. on December 31, 20X1. From this information, prepare the section of the statement of cost of goods manufa...

Q: Information about certain account balances in the trial balance of Vol Corp

Information about certain account balances in the trial balance of Vol Corp. on December 31, 20X1, follows: a. Balance in Raw Materials Inventory account that reflects the beginning balance, December...

Q: Using the data given in Exercise 26.1, prepare the

Using the data given in Exercise 26.1, prepare the general journal entry to record adjustments for inventory accounts. Data from Exercise 26.1: The following selected items appeared in the Adjustment...

Q: WFC Company’s beginning raw materials inventory was $85,000.

WFC Company’s beginning raw materials inventory was $85,000. Its net purchases for the period were $795,000, and its ending raw materials inventory was $75,000. What was its cost of raw materials used...

Q: Cat Company’s total manufacturing cost for the year was $1,

Cat Company’s total manufacturing cost for the year was $1,500,000. Its manufacturing overhead was $300,000, and its cost of raw materials used was $900,000. What was its direct labor cost for the yea...

Q: Which of the following items would not appear on the statement of

Which of the following items would not appear on the statement of cost of goods manufactured? 1. Advertising expense 2. Depreciation of factory equipment 3. Direct labor

Q: Which of the following items would appear on the statement of cost

Which of the following items would appear on the statement of cost of goods manufactured? 1. Work in process inventory 2. Finished goods inventory 3. Raw materials inventory

Q: Which of the following items would not be included in the Manufacturing

Which of the following items would not be included in the Manufacturing Overhead section of the statement of cost of goods manufactured? 1. Payroll taxes on wages of plant security guards 2. Insurance...