Medlar Corp

question 105

Essay

Medlar Corp. maintains a Web-based general ledger. Overhead is applied on the basis of direct labor costs. Its bookkeeper accidentally deleted most of the entries that had been recorded for January. A printout of the general ledger (in T-account form) showed the following:

A review of the prior year's financial statements, the current year's budget, and January's source documents produced the following information:
(1) Accounts Payable are used for raw material purchases only. January purchases were $49,000.
(2) Factory overhead costs for January were $17,000 none of which is indirect materials.
(3) The January 1 balance for finished goods inventory was $10,000.
(4) There was a single job in process at January 31 with a cost of $2,000 for direct materials and $1,500 for direct labor.
(5) Total cost of goods manufactured for January was $90,000.
(6) All direct laborers earn the same rate ($13/hour). During January, 2,500 direct labor hours were worked.
(7) The predetermined overhead allocation rate is based on direct labor costs. Budgeted (expected) overhead for the year is $195,000 and budgeted (expected) direct labor is $390,000.
Write in the missing amounts a through o above in the T-accounts above.

Comprehend the differences between short-run and long-run supply curves in purely competitive industries.

Describe the effect of new firms entering or existing firms leaving a purely competitive market on market supply and equilibrium.

Define productive efficiency and its relation to marginal cost and marginal revenue.

Explain the concept of consumer surplus and producer surplus and their changes due to market price shifts.

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Definitions:

Sexual Performance

An individual's ability to perform sexually, often concerning endurance, satisfaction, and capability.

Fatigue

A state of persistent tiredness or weakness, which can be physical or mental, and is often triggered by exertion, stress, or health conditions.

Social Well-being

The extent to which individuals feel a sense of belonging and inclusion in their social groups and communities, impacting their overall happiness.

Sexual Health

A state of physical, emotional, mental, and social well-being in relation to sexuality, not merely the absence of disease.