(d) How many items should the company produce to maximize profit? (Give your answer to the nearest integer.) What is the profit at that production level?

The journal entry to record applying overhead during the production process is:

A. Debit Manufacturing Overhead, Credit Work In Process

B. Debit Finished Goods, Credit Manufacturing Overhead

C. Debit Manufacturing Overhead, Credit Finished Goods

D. Debit Work In Process, Credit Manufacturing Overhead

On May 1, 2016, Ryde Inc. had common stock of $345,000, additional paid-in capital of$1,298,000, and retained earnings of $3,013,000. Ryde did not purchase or sell any common stock during the year. The company reported net income of$556,000 and declared dividends in the amount of $78,000 during the year ended April 30, 2017.

Required Prepare a financial statement that explains the differences between the beginning and ending balances for the accounts in the Stockholders’ Equity category of the balance sheet.

Mark Corporation estimates its manufacturing overhead to be $90,000 and its direct labor costs to be$200,000 for year 1. The actual direct labor costs were $50,000 for Job 301,$75,000 for Job 302, and $100,000 for Job 303 during year 1; the actual manufacturing overhead was$97,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs applying predetermined rates.

Required
How much overhead was assigned to each job during year 1?

River Queen Corporation began operations early in the current year, building luxury boats. During the year, the company started and completed 40 boats at a cost of $\$ 80,000$ per unit. Of these, 30 were sold for $\$ 130,000$ each and 10 remain in finished goods inventory. In addition, the company had five partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows:

Compute the following for the current year: e. Ending inventories of (1) work in process and (2) finished goods.

River Queen Corporation began operations early in the current year, building luxury boats. During the year, the company started and completed 40 boats at a cost of $\$ 80,000$ per unit. Of these, 30 were sold for $\$ 130,000$ each and 10 remain in finished goods inventory. In addition, the company had five partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows:

Compute the following for the current year:

d. Gross profit on sales.

River Queen Corporation began operations early in the current year, building luxury boats. During the year, the company started and completed 40 boats at a cost of $\$ 80,000$ per unit. Of these, 30 were sold for $\$ 130,000$ each and 10 remain in finished goods inventory. In addition, the company had five partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows:

Compute the following for the current year:

c. Cost of goods sold.

River Queen Corporation began operations early in the current year, building luxury boats. During the year, the company started and completed 40 boats at a cost of $\$ 80,000$ per unit. Of these, 30 were sold for $\$ 130,000$ each and 10 remain in finished goods inventory. In addition, the company had five partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows:

Compute the following for the current year:

b. Cost of finished goods manufactured.

Mark Corporation estimates its manufacturing overhead to be $90,000 and its direct labor costs to be$200,000 for year 1. The actual direct labor costs were $50,000 for Job 301,$75,000 for Job 302, and $100,000 for Job 303 during year 1; the actual manufacturing overhead was$97,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs applying predetermined rates.

Required
What was the over- or underapplied manufacturing overhead for year 1?

River Queen Corporation began operations early in the current year, building luxury boats. During the year, the company started and completed 40 boats at a cost of $\$ 80,000$ per unit. Of these, 30 were sold for $\$ 130,000$ each and 10 remain in finished goods inventory. In addition, the company had five partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows:

Compute the following for the current year:

a. Total manufacturing costs charged to work in process during the period.

The following annual account balances are from Armour Sports at December 31.

a. What is the change in the number of days' sales uncollected between Year 1 and Year 2? (Round the number of days to one decimal.)

b. From the analysis in part a, is the company's collection of receivables improving?

The following annual account balances are from Armour Sports at December 31.

a. What is the change in the number of days' sales uncollected between Year 1 and Year 2?

Last year net sales were $400,000.
This year net sales are$600,000.
What is the amount of change?
What is the percent change?

The following data (in millions) are taken from recent financial statements of Nike Inc.:

b. Determine the percentage relationship between net income and net sales (net income divided by net sales) for Year 2 and Year 1. Round to one decimal place.