During 2018, wmc corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts: 2016 understated by $ 140,000 2017 overstated by 190,000 wmc uses the periodic inventory system and the fifo cost method. required: 1-a. determine the effect of 2016 errors on retained earnings at january 1, 2018, before any adjustments. (ignore income taxes.) 1-b. determine the effect of 2017 errors on retained earnings at january 1, 2018, before any adjustments. (ignore income taxes.) 2. prepare a journal entry to correct the error made in 2017.

]4. seiler company has the following information: materials work-in-process finished goods beginning inventory 300 400 500 ending inventory 700 900 1500 material purchase 7,700 cost of goods sold 15,600 direct labor 5,500 what was the manufacturing overhead for the period? a. $3,400. b. $4,300. c. $3,000. d. $5,500.

Which of the following actions would be most likely to reduce potential conflicts of interest between stockholders and bondholders? a) compensating managers with stock options, b) financing risky projects with additional debt, c) the threat of hostile takeovers, d) the use of covenants in bond agreements that limit the firm's use of additional debt and constrain managers actions, e) abolishing the security and exchange commission

Norton manufacturing expects to produce 2,900 units in january and 3,600 units in february. norton budgets $20 per unit for direct materials. indirect materials are insignificant and not considered for budgeting purposes. the balance in the raw materials inventory account (all direct materials) on january 1 is $38,650. norton desires the ending balance in raw materials inventory to be 10% of the next month's direct materials needed for production. desired ending balance for february is $51,100. what is the cost of budgeted purchases of direct materials needed for january? $58,000 $65,200 $26,550 $25,150