Karboni JV operates a job order costing system.Karboni JV 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. Karboni JV 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 Karboni required to make to record the Cost of Goods Manufactured of $400,000? Select one: a. Finished Goods $400,000 Work-in-Progress $400,000 b. Manufacturing Overhead $400,000 Work-in-Progress $400,000 c. Work-in-Progress $400,000 Manufacturing Overhead $400,000 d. Cost of Goods Sold $400,000 Finished Goods $400,000 e. None of the other answers are correct

Moonrock produces a commercial cleaning compound known as Cleano. The direct materials standards for one unit of Cleano is given as follows: Standard Quantity: 4.6 pounds per unit. Standard Cost: $2.50 per pound Rice JV provides you with the following tentative information for the upcoming year: Sales Revenue $20,000,000

Variable Costs (8,000,000)

Fixed Costs (10,000,000)

Net Operating Income $2,000,000 Assume Rice JV is planning on launching their new World Cup Widget in November. Consequently, Rice JV expects their sales will increase by 15% for the year while their variable cost ratio and total fixed costs will remain the same. Provide Rices: 1. Degree of Operating Leverage 2. Revised Net Operating Income amount assuming the 15% sales increase occurs.

Both responses must be correct to receive full credit.Select one: a. None of the other answers are correct b. Degree of Operating Leverage: 6 Revised Net Operating Income: $3,800,000 c. Degree of Operating Leverage: 10 Revised Net Operating Income: $5,000,000 d. Degree of Operating Leverage: 6 Revised Net Operating Income: $12,000,000 e. Degree of Operating Leverage: 5 Revised Net Operating Income: $3,500,000 In the current year, Moonrock purchased 20,000 pounds of Direct Materials at a total cost of $47,000. They used 17,750 pounds of Direct Materials to make 3,000 units of Cleano.Provide Moonrock's DIRECT MATERIAL PRICE Variance and state whether the variance is Favorable or Unfavorable. Select one:a. $2,400 Favorable b. None of the other answers are correct c. $3,000 Favorable d. $2,625 Favorable e. $3,000 Unfavorable

Genco produces a line of apricot jelly. The Direct Materials standards for one jar of jelly is given below: Direct Materials

Standard Quantity per unit: 1.5 pounds of apricots per jar. Standard Cost: $4.00 per pound 30,000 pounds of Direct Materials were purchased and used during the period at an actual cost of $122,500 to produce 22,000 jars of jelly. Compute the Direct Materials QUANTITY variance and state whether the variance is Favorable or Unfavorable. Select one:a. $12,000 Favorable b. None of the other answers are correct c. $9,500 Favorable d. $2,500 Favorable e. $12,000 Unfavorable

Lodi Inc provides you with the following per unit production and financial information:

Sales in units: 100,000 units

Sales Revenues $12 per unit

Variable Costs:

Commissions $1.30 per unit

Cost of Goods Sold $1.82 per unit

Fixed Costs: Rent Expense $2.60 per unit Lease Expense $1.96 per unit What is the Lodi's CONTRIBUTION MARGIN ratio? Select one: a. 0.38 b. None of the other answers are correct c. 0.74 d. 0.62 e. 0.26