Caltrans operates a job order costing system.

Caltrans applies estimated manufacturing overhead to job orders using a pre-determined overhead rate of $20 per direct labor hour incurred.

In the current year, the company incurred 37,000 actual direct labor hours so therefore applied $740,000 of estimated manufacturing overhead costs to their Work-in-Progress/Manufacturing Overhead Accounts. Caltrans provides you with the following other sale and cost information from the current year:

Sales $5,000,000

Raw Materials:

Beginning Inventory $70,000

Purchases of Raw Materials $710,000

Work-in-Progress:

Beginning inventory $150,000

Direct Materials from Raw Materials $450,000

Direct Labor Costs Incurred $90,000

Cost of Goods Manufactured $400,000

Finished Goods:

Beginning Inventory $260,000

Ending Inventory $360,000

Manufacturing Overhead:

Actual Manufacturing Overhead Costs Incurred $780,000 What journal entry is Caltrans required to make to record the ESTIMATED Manufacturing Overhead of $740,000 applied to jobs in the current year? Select one: a. Finished Goods $740,000 Work-in-Progress $740,000 b. . Manufacturing Overhead $740,000 Work-in-Progress $740,000 c. Work-in-Progress $740,000 Manufacturing Overhead $740,000 d. Cost of Goods Sold $740,000 Finished Goods $740,000 e. None of the other answers are correct

Sun Maid Raisins is contemplating the purchase of equipment to exploit a mineral deposit on land to which the company has mineral rights. An engineering and cost analysis has been made, and it is expected that the following cash flows would be associated with opening and operating the mine:Initial cost of new equipment $(325,000)Paid now Working Capital Required today $(100,000)---Paid now Annual Net Cash Receipts for 4 years $120,000---Received in Years 1,2,3,4 Cost to construct new roads in 3 years $(40,000)-----Paid in Year 3 Salvage Value of Equipment in 4 years $65,000-----Received in Year 4 Working Capital Released in Year 4----------- $100,000----Received in Year 4 The mineral deposit will be exhausted after four years of mining. At that point the project will be abandoned and the working capital released back to the company for reinvestment elsewhere. Sun Maids required rate of return is 8%.Using the Present Value of $1 and Present Value of an Annuity Tables contained in the Exam 3 Module, determine the net present value (NPV) net benefit of the proposed mining project. Select one: a. $63,400 NPV net benefit b. $72,500 NPV net benefit c. None of the other answers are correct d. $61,955 NPV net benefit e. $180,000 NPV net benefit

Dodger Company operates a job order costing system.

Dodger Co applies estimated manufacturing overhead to job orders using a pre-determined overhead rate of $20 per direct labor hour incurred.

In the current year, the company incurred 37,000 actual direct labor hours so therefore applied $740,000 of estimated manufacturing overhead costs to their Work-in-Progress/Manufacturing Overhead Accounts.

Dodger Co provides you with the following other sale and cost information from the current year:

Sales $5,000,000

Raw Materials:

Beginning Inventory $70,000

Purchases of Raw Materials $710,000

Work-in-Progress:

Beginning inventory $150,000

Direct Materials from Raw Materials $450,000

Direct Labor Costs Incurred $90,000

Cost of Goods Manufactured $400,000

Finished Goods:

Beginning Inventory $260,000

Ending Inventory $360,000

Manufacturing Overhead:

Actual Manufacturing Overhead Costs Incurred $780,000 What journal entry is Dodger required to make to record the transfer of Direct Materials to Work-in-Progress? Select one:a. None of the other answers are correct b. Raw Materials $450,000 Work-in-Progress $450,000 c. Cost of Goods Sold $450,000 Manufacturing Overhead $450,000 d. Cost of Goods Manufactured $450,000 Work-in-Progress $450,000 e. Work-in-Progress $450,000 Raw Materials $450,000

CALTRANS produces a line of widgets. The Direct Material standards for one widget unit is given below:

Direct Materials

Standard Quantity per unit: 1.5 pounds of widget material per widget

Standard Cost: $4.00 per pound 32,000 pounds of widget material were purchased and used during the period at an actual cost of $138,000 to produce 22,000 widgets. Compute the Widget Direct Materials PRICE variance for the period Select one: a. $2,500 Unfavorable b. None of the other answers are correct c. $4,000 Unfavorable d. $6,000 Unfavorable e. $10,000 Unfavorable