50. On February 15, Jewel Company buys 6,000 shares of Marcelo Corp. common stock at $29.38 per share plus a brokerage fee of $300. The stock is classified as available-for-sale securities. This is the companys first and only investment in available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.25 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $29.90 per share less a brokerage fee of $150. The balance in the investment account on April 16 is:

Multiple Choice

$168,780. $176,580. $168,930. $169,080. $176,280.

70. On January 1 of Year 1, Congo Express Airways issued $2,700,000 of 7% bonds that pay interest semiannually on December 31st and June 30. The bond issue price is $2,470,000 and the market rate of interest for similar bonds is 8%. The bond premium or discount is being amortized at a rate of $7,667 every six months. The amount of interest expense recognized by Congo Express Airways on the bond issue in Year 1 would be:

Multiple Choice $173,666. $189,000. $102,167. $216,000. $204,334.

95. A company uses the following standard costs to produce a single unit of output. Direct materials 7 pounds at $1.10 per pound = $ 7.70 Direct labor 0.4 hour at $9.00 per hour = $ 3.60 Manufacturing overhead 0.4 hour at $4.10 per hour = $ 1.64

During the latest month, the company purchased and used 66,000 pounds of direct materials at a price of $1.30 per pound to produce 10,000 units of output. Direct labor costs for the month totaled $33,756 based on 3,880 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $12,400 and fixed manufacturing overhead incurred was $10,000. Based on this information, the direct materials price variance for the month was:

Multiple Choice $24,200 favorable $7,200 unfavorable $13,200 unfavorable $24,200 unfavorable $2,000 favorable