Morrow corporation had only one job in process during may—job x32z—and had no finished goods inventory on may 1. job x32z was started in april and finished during may. data concerning that job appear below: beginning balance $ 5,000 charged to the job during may direct materials $ 8,000 direct labor $ 2,000 manufacturing overhead applied $ 4,000 units completed 100 units in process at the end of may 0 units sold during may 40 in may, overhead was overapplied by $300. the company adjusts its cost of goods sold every month for the amount of the overhead that was underapplied or overapplied. required: using the indirect method, determine the cost of goods sold for may.

Identify whether the statements are true or false by dragging and dropping the appropriate term into the bin provided. long-run economic growth is unlikely to be sustainable because of finite natural resources. in the modern economy, countries that possess few domestic natural resources essentially have no chance to develop economically. finding alternatives to natural resources will be very important to long-term economic growth. in the modern economy, human and physical capital are generally less important in productivity than natural resources. in the 19th century, countries with the highest per capita gdp were nearly always abundant in minerals and productive farming land.

Activity-based costing (abc) is not truly a cost collection mechanism as much as it is an inventory valuation method. the main purpose for implementing an activity-based cost system is to try to overcome some of the cost distortions that occur in traditional costing from product differences when there are variations in size and complexity. however, one of the disadvantages of utilizing abc is that the additional information gathering necessary to implement costing with that level of detail might be beyond the reach of some companies with resource or financial constraints. with this in mind, what kinds of industries or companies do you think would benefit most from using activity-based costing and why? in designing or modifying an accounting system to capture appropriate costs for abc, what considerations do you think would need to be made?

Andrea's opportunity cost rate is 12 percent compounded annually. how much must he deposit in an account today if he wants to receive $2,100 at the beginning of each of the next seven years? use the equation method to determine the amount.