Local Landscaping uses a job-order costing system
Weber’s Pet Supply Company
July 2, 2018the delegating party is relieved of any further obligations under the contract.a. Trueb. False2. The key to determining whether a contract is enforceable under the one-year rule of the statute of frauds is the answer to the following question:a. is it possible to carry out the terms of the contract within one year of the date of the agreement?b. is it likely that the parties will carry out the terms of the contract within one year of the date of the agreement?c. is it reasonable to expect that the parties will carry out the terms of the contract within one year of the date of the agreement?d. do the parties wish to carry out the terms of the contract within one year from the date that the contract will actually begin?3. A written contract or memorandum must be signed by:a. both parties.b. either party.c. the party to be held liable.d. the party bringing suit.4. Which statement is correct regarding the transfer of contractual rights?a. The assignor acquires only such rights as the assignee has under the contract.b. The assignee acquires only such rights as the assignor has under the contract.c. The assignee acquires rights greater than the assignor has under the contract.d. The assignor acquires rights greater than the assignee has under the contract.5. The party to whom rights under a contract are transferred is called the obligor.a. Trueb. False6. If a contract is required to be in writing
July 2, 2018Local Landscaping uses a job-order costing system to track the costs of its landscaping projects.The company provides complete garden design and landscaping services. The following tableprovides data concerning the three landscaping projects that were in progress during May. Therewas no work in process at the beginning of May. Actual overhead costs were $16,000 for May.Overhead costs are applied to projects on the basis of designer-hours since most of the overheadis related to the costs of the garden design studio. The predetermined overhead rate is $45 perdesigner-hour. The Williams and Chandler projects were completed in May; the Nguyen projectwas not completed by the end of the month. No other jobs were in process during May1- Compute the amount of over head cost that would have been charged to each projectduring May.2- Prepare a journal entry showing the completion of the Williams and Chandler project andthe transfer of costs to the completed project (i.e. finished goods) account.3- What is the balance in the work in process account at the end of the month4- What is the balance in the overhead account at the end of the month? What is this balancecalled?