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Question
Prepare a December 31 balance sheet in proper form for Smokey River Supplies, Inc. from the following list of the accounts:| Cash"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6."u00a6"u00a6"u00a6"u00a6"u00a6......... | $10,000 |
| Accounts receivable"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6.. | 8,000 |
| Supplies"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6. | 12,000 |
| Equipment"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6.. | 35,000 |
| Land"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6.............. | 18,000 |
| Accounts payable"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6.. | 13,000 |
| Notes payable"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6."u00a6. | 41,000 |
| Stockholders' equity"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6."u00a6.. | 29,000 |
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
Q:
Given the following data, calculate product cost per unit under variable costing.
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Direct materials $3 per unit
Overhead
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Total fixed overhead $85,000
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B. $13.30 per unit
C. $11.00 per unit
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Q:
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Gross margin $288,000
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Direct labor $2.50 per unit
Variable overhead $3.50 per unit
Fixed overhead $234,000 in total
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E. $1,450,000
Q:
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B. $1,648,600
C. $1,627,150
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E. $1,708,600
Q:
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C. $150,000
D. $177,600
E. $276,250
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Given the Galaxy, Inc. data, what is net income using absorption costing?
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B. $17,400,000
C. $16,360,000
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E. $16,220,000
Q:
A company reports the following information for its first year of operations:
Units produced this year ? units
Units sold this year 1,500 units
Direct materials $9 per unit
Direct labor $5 per unit
Variable overhead $7 per unit
Fixed overhead $24,000 in total
If the company's cost per unit of finished goods using absorption costing is $27, how many units were produced?
A. 4,000 units.
B. 3,600 units.
C. 1,846 units.
D. 2,667 units.
E. 2,000 units.