Mandy Corporation sells a single product. Budgeted sales for the year are anticipated to be 625,000 units, estimated beginning inventory is 109,000 units, and desired ending inventory is 89,000 units. The quantities of direct materials expected to be used for each unit of finished product are given below. Material A 0.50 lb. per unit @ $0.64 per pound Material B 1.00 lb. per unit @ $2.33 per pound Material C 1.20 lb. per unit @ $0.78 per pound
The dollar amount of Material B used in production during the year is a.$2,114,475 b.$1,127,720 c.$1,691,580 d.$1,409,650
Sweet Inc. incurred a net operating loss of $489,000 in 2020. The tax rate for all years is 20%. Prepare the journal entries to record the benefits of the loss carryforward. Sweet expects to return to profitability in 2021.
If wages paid for installation of new machinery is debited to wages Account, it is:
(a) An error of commission.
(b) An error of principle.
(c) A compensating error.
(d) An error of omission.
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