Suppose that the market for candy canes operates under conditions of perfect competition, that it is initially in long-run equilibrium, and that the price of each candy cane is $0.10. now suppose that the price of sugar rises, increasing the marginal and average total cost of producing candy canes by $0.05; there are no other changes in production costs. based on the information given, we can conclude that once all the adjustments to long-run equilibrium are achieved, the price of candy canes will equal: five cents. ten cents. fifteen cents

First, add accounts payable—j. c. hollings and accounts payable—craft bank from the transactions prepared in exam figure 2 to the chart of accounts in exam figure 1. next, open all ledger accounts using the form in exam figure 3. then, post the journal entries from exam figure 2 to the ledger accounts and balance each ledger account. be sure to post the balance of each account (from page 13 of the exam) before you post the transactions you just journalized. 12. after posting the journal entries to the ledger, what is the balance of the cash account? a. debit $4,056.82 b. credit $3,013.90 c. credit $1,042.92 d. debit $3,013.90 13. after posting the journal entries to the ledger, what is the balance of the equipment—store account? a. debit $4,500 b. credit $1,500 c. debit $8,000 d. credit $4,500 14. on may 3, what is the balance of the equipment—office account? a. debit $5,090 b. debit $690 c. debit $4,400 d. credit $5,090 15. what is the balance of the accounts payable—bellhaven bank account? a. debit $1,000 b. debit $4,000 c. credit $5,000 d. credit $4,000 16. after posting the journal entries to the ledger, what is the balance of the supplies account? a. debit $500 b. debit $542.92 c. 0 d. credit $542.92 17. after posting the journal entries to the ledger, what is the balance of the accounts payable—craft bank account? a. 0 b. credit $3,500 c. debit $3,500 d. credit 0 18. after posting the journal entries to the ledger, the opening balance of the p. woodsley—capital account was a. increased. b. decreased. c. unchanged. d. deleted. 19. what entry do you make in the post ref. column of the ledger to show that you posted the transactions from the journal? a. 1 b. j1 c. leave it blank d. 11 20. asset accounts are increased by a. entries to the debit side of the account. b. crediting a liability account. c. entries to the right side of the account. d. adding a credit entry to the account’s normal balance.

Sweeten company had no jobs in progress at the beginning of march and no beginning inventories. the company has two manufacturing departments--molding and fabrication. it started, completed, and sold only two jobs during march—job p and job q. the following additional information is available for the company as a whole and for jobs p and q (all data and questions relate to the month of march): molding fabrication total estimated total machine-hours used 2,500 1,500 4,000 estimated total fixed manufacturing overhead $ 10,000 $ 15,000 $ 25,000 estimated variable manufacturing overhead per machine-hour $ 1.40 $ 2.20 job p job q direct materials $ 13,000 $ 8,000 direct labor cost $ 21,000 $ 7,500 actual machine-hours used: molding 1,700 800 fabrication 600 900 total 2,300 1,700 sweeten company had no underapplied or overapplied manufacturing overhead costs during the month. required: for questions 1-8, assume that sweeten company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. for questions 9-15, assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments. 1. what was the company’s plantwide predetermined overhead rate? (round your answer to 2 decimal places.) next

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