A newly formed engineering company has just completed its first three months of trading. The company manufactures only one type of product. The external accountant for the company has produced the following statement to present at a meeting to review performance for the first quarter. Performance report for the quarter ending 31 October 2012 Budget Actual Variance Sales units 12,000 13,000 1,000 Production units 14,000 13,500 (500) $000 $000 $000 $000 $000 Sales 360 385 25 Direct materials 70 69 1 Direct labour 140 132 8 Variable production overhead 42 43 (1) Fixed production overhead 84 85 (1) Inventory adjustment (48) (12) (36) Cost of sales 288 317 (29) Gross profit 72 68 (4) The external accountant has stated that he values inventory at the budgeted total production cost per unit. Required: (a) Produce an amended statement for the quarter ending 31 October 2012 that is based on a flexed budget. (6 marks) (b) Explain ONE benefit and ONE limitation of the statement you have produced. (4 marks) (Total for Question Two = 10 marks)

in your initial post of at least 200-250 words, summarize recent developments in several states enacting voter ID laws. Explain the pros and cons on both sides of the debate about these laws. Share your own experience with the relative difficulty or ease of voting in your locale. Draw your own conclusion about the debate over voter ID laws. Finally, share your perspective about whether voting in the U.S. should be made easier or harder. Justify your conclusions with facts and persuasive reasoning.

Division X has asked Division K of the same company to supply it with 5,950 units of part L433 this year to use in one of its products. Division X has received a bid from an outside supplier for the parts at a price of $27.00 per unit. Division K has the capacity to produce 30,500 units of part L433 per year. Division K expects to sell 26,300 units of part L433 to outside customers this year at a price of $32.00 per unit. To fill the order from Division X, Division K would have to cut back its sales to outside customers. Division K produces part L433 at a variable cost of $24.00 per unit. The cost of packing and shipping the parts for outside customers is $2.00 per unit. These packing and shipping costs would not have to be incurred on sales of the parts to Division X. Required: a. What is the range of transfer prices within which both the Divisions' profits would increase as a result of agreeing to the transfer of 5,950 parts this year from Division X to Division K? (Round your intermediate calculations and final answers to 2 decimal places. Omit the “$” sign in your response) The Transfer price can be greater than $ but less than $ . b. Is it in the best interests of the overall company for this transfer to take place? No Yes c. What is the increase in Company's profit for each unit transferred? (Round your intermediate calculations and final answer to 2 decimal places. Omit the “$” sign in your response) Per unit increase in profit $

Gore Company, organized on January 2, 2018, had pretax accounting income of $7,800,000 and taxable income of $11,280,000 for the year ended December 31, 2018. The 2018 tax rate was 40%. The only difference between book and taxable income is estimated warranty costs. Expected payments and scheduled enacted tax rates are as follows: 2019$1,160,000 35% 2020 580,000 35% 2021 580,000 35% 2022 1,160,000 30% Required: Prepare one compound journal entry to record Gore's provision for taxes for the year 2018. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) 1. Record the income taxes

Cost of Goods Sold, The total cost of making and finishing a product.Cost of Goods Manufactured

Glenville Company has the following information for April: The cost of materials that are an integral part of the finished product.Cost of direct materials used in production $ 49,000 The wages of factory workers who are directly involved in converting materials into a finished product.Direct labor 55,000 All of the costs of producing a product except for direct materials and direct labor.Factory overhead 28,000 The direct materials costs, the direct labor costs, and the applied factory overhead costs that have entered into the manufacturing process but are associated with products that have not been finished.Work in process inventory, April 1 38,000 Work in process inventory, April 30 41,000 The direct materials costs, direct labor costs, and factory overhead costs of finished products that have not been sold.Finished goods inventory, April 1 24,000 Finished goods inventory, April 30 18,000

a. For April, determine the cost of goods manufactured.

Using the data given, prepare a statement of Cost of Goods Manufactured. Glenville Company Statement of Cost of Goods Manufactured Direct labor Factory overhead Finished goods inventory, April 30 Work in process inventory, April 1 $ Cost of direct materials used in production Cost of goods manufactured Work in process inventory, April 1 Work in process inventory, April 30 $ Direct labor Finished goods inventory, April 1 Work in process inventory, April 1 Work in process inventory, April 30 Cost of finished goods available for sale Factory overhead Finished goods inventory, April 30 Work in process inventory, April 1 Total manufacturing costs incurred in April Total manufacturing costs $ Direct labor Factory overhead Finished goods inventory, April 30 Work in process inventory, April 30 Cost of goods manufactured $

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b. For April, determine the cost of goods sold.

Using the data given, prepare a statement of Cost of Goods Sold. Glenville Company Statement of Cost of Goods Sold Cost of goods available for sale Finished goods inventory, April 1 Finished goods inventory, April 30 Work in process inventory, April 1 $ Cost of goods available for sale Cost of goods manufactured Factory overhead Finished goods inventory, April 30 Cost of direct materials Cost of finished goods available for sale Direct labor Finished goods inventory, April 30 $ Cost of goods available for sale Cost of goods manufactured Finished goods inventory, April 1 Finished goods inventory, April 30 Cost of goods sold $

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