The Following Inventory Information Is Available for Ricci Manufacturing Corporation

question 84

Essay

The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31 2017: $$\begin{array} { c r r } & \text { Beginning } & \text { Ending } \\\text { Inventories: } & & \\\text { Raw materials } & \$ 17,000 & \$ 19,000 \\\text { Work in process } & 9,000 & 14,000 \\\text { Finished goods } & 11,000 & 8,000 \\\text { Total } & \underline { \$ 37,000 } & \underline { \$ 41,000 }\end{array}$$ In addition the following transactions occurred in 2017:
1. Raw materials purchased on account $75000.
2. Incurred factory labor $80000 all is direct labor. (Credit Factory Wages Payable).
3. Incurred the following overhead costs during the year: Utilities $6800 Depreciation on manufacturing machinery $8000 Manufacturing machinery repairs $9200 Factory insurance $9000 (Credit Accounts Payable and Accumulated Depreciation).
4. Assigned $80000 of factory labor to jobs.
5. Applied $36000 of overhead to jobs.
Instructions
(a) Journalize the above transactions.
(b) Reproduce the manufacturing cost and inventory accounts. Use T-accounts.
(c) From an analysis of the accounts compute the following:
1. Raw materials used.
2. Completed jobs transferred to finished goods.
3. Cost of goods sold.
4. Under- or overapplied overhead.

Understand the basic principles of antitrust law under the Sherman Act.

Distinguish between different types of antitrust violations, including horizontal and vertical restraints, monopolies, and tying arrangements.

Analyze the implications of the National Cooperative Research Act for joint ventures and research and development activities.

Comprehend the legal criteria for determining the legality of joint ventures under antitrust law.

---

Definitions:

Executives

Senior level managers responsible for planning, directing, and overseeing a company's operations and strategic direction.

Yardsticks

Measures or standards used for comparison.

Preventive Actions

Measures taken to detect and eliminate potential causes of non-conformities or other undesirable situations before they occur.

Corrective Actions

Corrective actions refer to steps taken to identify, eliminate, and prevent the recurrence of undesirable behaviors or conditions in an organization or process.