Morton Incorporated has provided the following data for the…
Morton Incorporated has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $50,500 and at the end of the month was $46,500. The cost of goods manufactured for the month was $241,000. The actual manufacturing overhead cost incurred was $89,000, and the manufacturing overhead cost allocated to Work in Process was $85,000. What is the adjusted cost of goods sold that would appear on the income statement for November?
Read DetailsThe following information has been gathered for Foxmoor Indu…
The following information has been gathered for Foxmoor Industries for its fiscal year ending December 31: Estimated factory overhead costs $ 1,500,000 Actual factory overhead costs $ 1,776,400 Estimated labor-hours 48,000 Actual labor-hours 51,700 Estimated labor costs $ 756,000 Actual labor costs $ 840,125 Estimated machine-hours 96,000 Actual machine-hours 102,600 What is the predetermined factory overhead rate per labor dollar?
Read DetailsOn 07/01/2020, Zeibart Co. purchased equipment for $220,000….
On 07/01/2020, Zeibart Co. purchased equipment for $220,000. The equipment has an estimated useful life of 10 years and expected salvage value of $25,000. The company uses straight-line depreciation. On 07/01/2024, the fair value of the equipment declines to $85,000, and Zeibart estimates $115,000 in undiscounted expected future cash inflows from this equipment and determines that the equipment is impaired. What amount of asset impairment expense or loss should be recorded for this equipment on 07/01/2024?
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