For the FY 2018, Frederick Company had net sales of $1,150,000 and net income of $65,000, paid income taxes of $25,000, and had before tax interest expense of $12,500.
For the FY 2018, Frederick Company had net sales of
$1,150,000 and net income of $65,000, paid income taxes of $25,000, and had before tax interest expense of $12,500. Use this information to determine the Times Interest Earned Ratio. (Round your answers to one decimal place
The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018 (all balances are normal):
Item/Account 2019 2018
Accounts Receivable $34,000 $44,000
Inventory 42,000 38,000
Net Sales (all credit) 300,000 350,000
Cost of Goods Sold 154,000 152,000
Net Income 27,200 24,800
Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 day year. Round your answers to one decimal place.)
3.During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $20,000 & ending finished goods inventory of $15,500. Beginning work-in-process was $19,000 and ending work-in-process was 10,500. Factory overhead was $22,500. The total manufacturing costs amounted to $232,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)
4.During March 2019, Annapolis Corporation recorded $40,200 of costs related to factory overhead. Alpha’s overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $42,100 would be incurred, and 4,000 direct labor hours would be worked. During March, 5,250 hours were actually worked. Use this information to determine the amount of factory overhead that was (over) or under applied. (Round answers to the nearest whole dollar. Enter as a positive number if under applied. Enter as a negative number if over applied.)
5.On May 21, 2019, Christine worked 4.5 hours on Job A-1, and 3 hours on general “overhead activities.” Christine is paid $20 per hour. Overhead is applied based on $24 per direct labor hour. Additionally, on May 21 Job A-1 requisitioned and entered into production $250 of direct material. On May 21, Christine, while working on Job A-1 used $27 of indirect material. Indirect material is included in the overhead application rate. Use this information to determine the total cost that should have been recorded in the Work in Process for Job A-1 on May 21?
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