The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31
Inventories Raw materials $48,000 $62,000
Work in process 11,200 23,300
Finished goods 68,000 45,600
Activities and information for May Raw materials purchases (paid with cash) 220,000
Factory payroll (paid with cash) 365,000
Factory overhead Indirect materials 25,000
Indirect labor 90,000
Other overhead costs 130,000
Sales (received in cash) 1,500,000
Predetermined overhead rate based on direct labor cost 80%
Determine whether there is over or underapplied overhead.

Suppose general motors demands labor according to the labor demand function 푤푤= 40−0. 5퐸퐸, where 푤푤 is the hourly wage and 퐸퐸 is the number of employees. the united auto workers union has a utility function given by 푈푈=푊푊∗퐸퐸. a. in 1984, the united auto workers union started negotiations with general motors by assuming that they were a monopoly union. find the wage and employment demands that the united auto workers union would have demanded before any bargaining began. b. if general motors and the united auto workers union both had excellent bargaining representatives, would this be the final labor contract? if not, then explain in words and graphically where they would end up after the bargaining process.

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

Tom has brought $150,000 from his pension to a new job where his employer will match 401(k) contributions dollar for dollar. each year he contributes $3,000. after seven years, how much money would tom have in his 401(k)?