Baird Corporation builds saliboats. On January 1, Year 3, the company had the following account balances: $75,000 for both cash and common stock Boat 25 was started on February 10 and finished on May 31. To build the boot, Baird had incurred cash costs of $5,900 for labor and $5,300 for materials. During the same period, Baird paid $12,370 cash for actual manufacturing overhead costs. The company expects to incur $262,500 of indirect overhead cost during Year 3. The overhead is allocated to jobs based on direct labor cost. The expected total labor cost for the year is $125,000 Baird uses a just-in-time Inventory management system. Consequently, it does not have raw materials Inventory. Raw materials purchases are recorded directly in the Work in Process Inventory account Required . Use the horizontal financial statements model to record Baird's business events. The first row shows beginning balances. b. If Baird desires to earn a profit equal to 20 percent of cost, for what price should it sell the boat? c. If the boat is not sold by year-end, what amount would appear in the Work in Process Inventory and Finished Goods Inventory on the balance sheet for Boat 25? d. Is the amount of inventory you calculated in Requirement c the actual or the estimated cost of the boat? Complete this question by entering your answers in the tabs below. Required A Required 8' Required cRequired D Use the horizontal financial statements model, to record Baird's business events. The first row shows beginning balances. (Do not round intermediate Enter any decreases to account balances with a minus sign.) Balance Sheet Income Statement Assets Equity Work in Finished Manufacturing Retained Net Process Goods Overhead carnings Revenue - Expense Cash Common Stock Income Prev 1 of 4 Next > Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Use the horizontal financial statements model, to record Baird's business events. The first row shows beginning balances. (Do not round intermediate Enter any decreases to account balances with a minus sign.) Income Statement Balance Sheet Assets Finished Manufacturing Goods Overhead Equity Common Retained Stock carnings 75,000 Revenue Expense Net Income Work in Process Cash 75,000 + + . + 0 0 0 O- 75.000 75,000 0- 01. RA Required 8 > Check my work DUJU VRS, I UUS TIL HOVE Verly. How To purchases are recorded directly in the Work in Process Inventory account Required a. Use the horizontal financial statements model, to record Baird's business events. The first row shows beginning balances. b. Baird desires to earn i profit equal to 20 percent of cost, for what price should it sell the boat? c. If the boat is not sold by year-end, what amount would appear in the Work in Process Inventory and Finished Goods Inventory on the balance sheet for Boat 252 d. is the amount of inventory you calculated in Requirement cthe actual or the estimated cost of the boat? Complete this question by entering your answers in the tabs below. Required A Required B Required Required IF Baird desires to earn a profit equal to 20 percent of cost, for what price should it sell the boat? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Desired price De just purchases are recorded directly in the Work in Process Inventory account Required a. Use the horizontal financial statements model, to record Baird's business events. The first row shows beginning balances. b. Baird desires to earn a profit equal to 20 percent of cost, for what price should it sell the boat? c. If the boat is not sold by year-end, what amount would appear in the Work in Process Inventory and Finished Goods Inventory on the balance sheet for Boat 25? d. Is the amount of inventory you calculated in Requirement c the actual or the estimated cost of the boat? Complete this question by entering your answers in the tabs below. Required A Required B Refuired c Required D If the boat is not sold by year-end, what amount would appear in the Work in Process Inventory and Finished Goods Inventory on the balance sheet for Boat 25? (Do not round intermediate calculations.) Work in process inventory Finished goods inventory Donec justo S. CODILUS TIL HVW TO Wively, Raw purchases are recorded directly in the Work in Process Inventory account Required a. Use the horizontal financial statements model, to record Baird's business events. The first row shows beginning balances. b. If Baird desires to earn a profit equal to 20 percent of cost, for what price should it sell the boat? c. If the boot is not sold by year-end, what amount would appear in the Work in Process Inventory and Finished Goods Inventory on the balance sheet for Boat 257 d. Is the amount of inventory you calculated in Requirement the actual or the estimated cost of the boat? Complete this question by entering your answers in the tabs below. Required A Frequired Required Realtired D Is the amount of Inventory you calculated in Requirement the actual or the estimated cost of the boat? The amount of inventory Required
