Fox Co. reported a retained earnings balance of $800,000 at December 31, 20x1. In August 20x2, Fox determined that insurance premiums of $120,000 for the three-year period beginning January 1, 20x1, had been paid and fully expensed in 20x1.
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Ralph's Cafe Company has the following information for June. Cost of materials placed in production - $45,000 Direct labor - 20,000 Factory overhead - 14,000 Work in process inventory, June 1 - 2,900 Work in process inventory, June 30 - 3,500 What
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