A widget manufacturer has the capability of making three types of widgets. Type A widgets require 14 minutes on a lathe, 2 minutes on a grinder, and 2 minutes on a drill press, and produce a profit of $10. Type B widgets require 8 minutes on a lathe, 5 minutes on a grinder, and 2 minutes on a drill press, and produce a profit of $20. Type C widgets require 4 minutes on a lathe, 4 minutes on a grinder, and 8 minutes on a drill press, and produce a profit of $30. Each day, 720 minutes of lathe time, 460 minutes of grinder time, and 280 minutes of drill press time are available. How many of each type of widget should be produced each day to maximize the profit? What is the maximum profit?

Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by bridgeport corporation. 1. bridgeport developed a new manufacturing process, incurring research and development costs of $195,600. the company also purchased a patent for $45,200. in early january, bridgeport capitalized $240,800 as the cost of the patents. patent amortization expense of $12,040 was recorded based on a 20-year useful life. 2. on july 1, 2017, bridgeport purchased a small company and as a result recorded goodwill of $52,000. bridgeport recorded a half-year’s amortization in 2017, based on a 20-year life ($1,300 amortization). the goodwill has an indefinite life. prepare all journal entries necessary to correct any errors made during 2017. assume the books have not yet been closed for 2017.