At the end of its first year of operations on December 31, 2022, Crane Company's accounts show the following. Partner Drawings Capital Art Niensted $23,920 $49,920 Greg Bolen 11,536 31,200 Krista Sayler 10,400 26,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2022 has not been closed to the partners' capital accounts. (a) Journalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2. Net income is $41,600. Niensted and Bolen are given salary allowances of $15,600 and $10,400, respectively. The remainder is shared equally. 1. Net income is $31,200. Income is shared 6:3:1. 3. Net income is $19,760. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,600 salary allowance. The remainder is shared equally. No. Account Titles and Explanation 1. 2. > > > > > > Debit Credit No. Account Titles and Explanation 1. 2. 3. > Debit Credit > > > > > > > > > > >

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Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.6 ounces of aluminum per can. During the month of April, 300,000 cans were produced using 1,000,000 ounces of aluminum. The actual cost of aluminum was $0.18 per ounce and the standard price was $0.08 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the total variance for aluminum for the month of April. Enter amount as a positive number and select Favorable or Unfavorable.$fill in the blank 1

Explain LIFO method and list three advantages of LIFO method?