Hi. I have 5 questions from Fundamentals ofAccounting Principlesclass.

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E19.4 The following events took place for ChiLite Inc. during June 2016, the first month of operations as a producer of road bikes: Purchased $400,000 of materials. Used $343,750 of direct materials in production. Incurred $295,000 of direct labor wages. Applied factory overhead at a rate of 75% of direct labor cost. Transferred $815,000 of work in process to finished goods. Sold goods with a cost of $789,000. Sold goods for $1,400,000. Incurred $316,000 of selling expenses. Incurred $125,000 of administrative expenses. A. Prepare the June income statement for ChiLite. Assume that ChiLite uses the perpetual inventory method. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. B. Determine the inventory balances at the end of the first month of operations. Labels: For the month ended june 30, 2016 June 30, 2016 Selling and administrative expenses Amounts Descriptions Cost of goods sold Factory overhead Gross profit Income from operations Materials Sales Selling expenses Administrative expenses Total selling and administrative expenses E9-17 The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: Charged 175 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to Jul. 3 prepare for the trial, at a rate of $150 per hour. 10 Reimbursed travel costs to employees for depositions related to the Obsidian case, $12,500. 14 Charged 260 hours of professional time for the Obsidian trial at a rate of $185 per hour. Received invoice from consultants Wadsley and Harden for $30,000 for expert testimony related to 18 the Obsidian trial. 27 Applied office overhead at a rate of $62 per professional hour charged to the Obsidian case. 31 Paid administrative and support salaries of $28,500 for the month. 31 Used office supplies for the month, $4,000. 31 Paid professional salaries of $74,350 for the month. 31 Billed Obsidian $172,500 for successful defense of the case. Required: Provide the journal entries for each of these transactions. Refer to the Chart of Accounts for exact A. wording of account titles. B. How much office overhead is over or underapplied? Determine the gross profit on the Obsidian case, assuming that over or underapplied office overhead is C. closed monthly to cost of services. CHART OF ACCOUNTS 110 121 125 126 132 133 141 142 143 191 192 210 221 231 236 241 251 252 311 340 351 390 ASSETS Cash Accounts Receivable Notes Receivable Interest Receivable Work in Process Office Overhead Supplies Prepaid Insurance Prepaid Expenses Office Equipment Accumulated DepreciationOffice Equipment LIABILITIES Accounts Payable Utilities Payable Notes Payable Interest Payable Lease Payable Salaries Payable Consultant Fees Payable EQUITY Common Stock Retained Earnings Dividends Income Summary P15-5 REVENUE 410 Fees Earned 610 Interest Revenue EXPENSES 510 Cost of Services 520 Salaries Expense 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 560 Depreciation ExpenseOffice Equipment 590 Miscellaneous Expense 710 Interest Expense Ginocera Inc. is a designer, manufacturer, and distributor of lowcost, highquality stainless steel kitchen knives. A new kitchen knife series called the Kitchen Ninja was released for production in early 2016. In January, the company spent $600,000 to develop a latenight advertising infomercial for the new product. During 2016, the company spent $1,400,000 promoting the product through these infomercials, and $800,000 in legal costs. The knives were ready for manufacture on January 1, 2016. Ginocera uses a job order cost system to accumulate costs associated with the kitchen knife. The unit direct materials cost for the knife is: Hardened steel blanks (used for knife shaft and blade) $4.00 Wood (for handle) 1.50 Packaging 0.50 The production process is straightforward. First, the hardened steel blanks, which are purchased directly from a raw material supplier, are stamped into a single piece of metal that includes both the blade and the shaft. The stamping machine requires one hour per 250 knives. After the knife shafts are stamped, they are brought to an assembly area where an employee attaches the handle to the shaft and packs the knife into a decorative box. The direct labor cost is $0.50 per unit. The knives are sold to stores. Each store is given promotional materials, such as posters and aisle displays. Promotional materials cost $60 per store. In addition, shipping costs average $0.20 per knife. Total completed production was 1,200,000 units during the year. Other information is as follows: Number of customers (stores) 60,000 Number of knives sold 1,120,000 Wholesale price (to store) per knife $16 Factory overhead cost is applied to jobs at the rate of $800 per stamping machine hour after the knife blanks are stamped. There were an additional 25,000 stamped knives, handles, and cases waiting to be assembled on December 31, 2016. Required: Prepare an annual income statement for the Kitchen Ninja knife series, including supporting calculations, A. from the information provided. Refer to the list of Amount Descriptions for exact wording of the answer choices for text entries.* Determine the balances in the work in process and finished goods inventories for the Kitchen Ninja knife B. series on December 31, 2016.* * In your computations, if required, round interim perunit costs to two decimal places. Amount Description Cost of goods sold Factory overhead Gross profit Income from operations Infomercial campaign Legal expenses Loss from operations Promotional materials Sales Shipping expenses Total selling and administrative expenses Total selling expenses Work in process E2012 Cost of Units Completed and in Process The charges to Work in ProcessAssembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Bal., 1,600 units, 35% completed Direct materials, 29,000 units @ $9.50 Direct labor Factory overhead Bal. ? units, 45% completed Work in ProcessAssembly Department 17,440 To Finished Goods, 29,600 units 275,500 84,600 39,258 ? a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period. 2. Cost of units transferred to finished goods during the period. 3. Cost of ending work in process inventory. 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. b. Did the production costs change from the preceding period? c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period? ? P20-2 Cost of Production Report Fresh Mountain Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at March 31, 2016: ACCOUNT Work in ProcessRoasting Department D eb it Item M a Bal., 1,500 units, 30% completed r 1 3 Direct materials, 22,300 units 1 86, 97 0 3 Direct labor 1 11, 90 0 3 Factory overhead 1 5,7 72 3 Goods transferred, 21,700 units 1 Bal., ? units, 40% completed A. . Prepare a cost of production report, and identify the missing amounts for Work in ProcessRoasting Department. If 3 an amount is zero, enter in a zero "0". When computing cost per equivalent units, round to the nearest cent. 1 Fresh Mountain Coffee Company Cost of Production ReportRoasting Department For the Month Ended March 31, 2016 Unit Information Units charged to production: Inventory in process, March 1 Received from materials storeroom Total units accounted for by the Roasting Department Units to be assigned costs: Whole Units Inventory in process, March 1 Equivalent Units Direct Conversion Materials Total units to be assigned costs Inventory in process, March 31 Transferred to Packing Department in March Started and completed in March Cost Information Costs per equivalent unit: Direct Materials $ Total costs for March in Roasting Department Conversion $ Total equivalent units Cost per equivalent unit $ $ Costs charged to production: Direct Conversion Total Materials Inventory in process, March 1 $ Costs incurred in March Total costs accounted for by the Roasting Department $ $ Cost allocated to completed and partially completed units: Inventory in process, March 1 balance To complete inventory in process, March 1 $ $ Cost of completed March 1 work in process Started and completed in March $ Transferred to Packing Department in March Inventory in process, March 31 $ Total costs assigned by the Roasting Department $ 2. Assuming that the March 1 work in process inventory includes $5,700 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and March. If required, round your answers to two decimal places. Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit