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QUESTION: 6

A potential lender is investigating Wyatt Corporation's leverage. This is select balance sheet data for Wyatt Corporation as of December 31.
What is the company's debt to assets ratio?

Answer(s): A

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Wycliff Corporation manufactured Job #3 during the month of May. On May 29, 100% of the product was finished and sold on account for $150. These journal entries were recorded during production:

On May 31, Wycliff determined that the amount remaining in the manufacturing overhead account was immaterial and closed it out.
What was the amount of gross profit before closing the manufacturing account, and what effect did closing the manufacturing account have on gross profit?

Gross profit was $44; gross profit decreased by $1.00 after closing manufacturing overhead.
Gross profit was $44; gross profit increased by $1.00 after closing manufacturing overhead.
Gross profit was $75; gross profit decreased by $1.00 after closing manufacturing overhead.
Gross profit was $75; gross profit increased by $1.00 after closing manufacturing overhead.

Answer(s): C

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QUESTION: 8

Ladron Candies uses activity-based costing to allocate variable factory overhead costs.
Which of the following statements best represents the excerpted activity data for indirect materials? Indirect Materials:

There is a $500 favorable spending variance
There is a $1,000 favorable spending variance
There is a $500 unfavorable efficiency variance
There is a $1,000 unfavorable efficiency variance

Answer(s): A

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QUESTION: 9

This is select financial statement data for Binks Corporation.
What is the inventory turnover ratio for year 2?

Answer(s): C

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QUESTION: 10

Valley Manufacturing uses a process costing system.
Which of the following journal entries would correctly record $3,180 of manufacturing overhead to the assembly department?