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Question
McClintock Co. had the following transactions involving plant assets during Year 1. Unless otherwise indicated, all transactions were for cash.| Jan. 2 | Purchased a truck for $70,000 plus sales taxes of $3,000. The truck is expected to have a $14,000 salvage value and a 4 year life. |
| Jan. 3 | Paid $2,500 to have the company's logo painted on the truck. This did not change the truck's salvage value. |
| Dec. 31 | Recorded straight-line depreciation on the truck. |
Prepare the general journal entries to record these transactions.
Answer
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Direct labor X X
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Variable manufacturing overhead
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Direct materials
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Match the following
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Given the Cool Pools Company data, what is net income using absorption costing?
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Given the Galaxy, Inc. data, what is net income using absorption costing?
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E. $16,220,000