Financial Statement Data for This Year and Last Year for Hanscombe

question 120

Multiple Choice

Financial statement data for this year and last year for Hanscombe Corp. are as follows: $$\begin{array} { l r r } & \text { Current Year } & \text { Last Year } \\\text { Net income } & \$ 5,600,500 & \$ 4,988,000 \\\text { Preferred dividends } & 60,000 & 60,000 \\\text { Average number of common shares outstanding } & 125,000 & 110,000\end{array}$$
Earnings per share for each year were

• A) Current year: $44.32; Last year: $44.80
• B) Current year: $44.80; Last year: $44.32
• C) Current year: $44.80; Last year: $45.35
• D) Current year: $45.35; Last year: $44.80

Understand and calculate the total manufacturing cost for the month as shown on the Schedule of Cost of Goods Manufactured.

Analyze the ending balance in the work in process and raw materials accounts.

Determine the total amount of manufacturing overhead actually incurred.

Record the journal entry for the allocation of underapplied or overapplied manufacturing overhead.

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Definitions:

Alveolar Pressure

The pressure within the lung alveoli, which changes during different phases of breathing.

Inspiration

The process of drawing air into the lungs, an essential component of breathing and gas exchange in the respiratory system.

Expiration

The process of releasing air from the lungs through the respiratory system, also known as breathing out.

Uvula

A small, fleshy extension at the back of the soft palate above the throat, playing roles in speech and preventing food from entering the nasal cavity during swallowing.