The following information is available for lock-tite company, which produces special-order security products and uses a job order costing system.
- april 30 may 31
inventories
raw materials $ 46,000 $ 58,000
work in process 10,800 22,500
finished goods 66,000 41,600
activities and information for may
raw materials purchases (paid with cash) 216,000
factory payroll (paid with cash) 357,000
factory overhead
indirect materials 21,000
indirect labor 86,000
other overhead costs 126,000
sales (received in cash) 1,460,000
predetermined overhead rate based on direct labor cost 75 %
determine whether there is over or underapplied overhead. prepare the journal entry to allocate (close) overapplied or underapplied overhead to cost of goods sold.

Which of the following is an example of search costs? a.) driving to a faraway place to find available goods b.) buying goods in some special way that is outside the normal channels c.) paying a premium cost for goods d.) selling extra goods for a discount price

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a.no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative.b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child.c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative.d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.

Which of the following would create the most money? the initial deposit is $6,500 and the required reserve ratio is 20 percent. the initial deposit is $3,000 and the required reserve ratio is 10 percent. the initial deposit is $7,500 and the required reserve ratio is 25 percent. the initial deposit is $4,500 and the required reserve ratio is 15 percent.