Answer:
Total= $19.56
Explanation:
Giving the following information:
The basic direct labor rate is $12.00 per hour. Payroll taxes are 13% of the basic direct labor rate, while fringe benefits such as vacation and health care insurance, are $6.00 per hour.
<u>The direct labor standard rate per hour is calculated using the direct labor rate, the taxes and fringe benefits.</u>
Standard direct labor rate:
Direct labor rate= 12
Payroll taxes= (12*0.13)= 1.56
Fringe benefits= 6
Total= $19.56
Answer:
False.
Explanation:
To close the underapplied Manufacturing Overhead account requires that the Cost of Goods Sold is debited, say with $100 while the Manufacturing Overhead account is credited with the same amount. Underapplied Manufacturing Overhead account means that a debit balance is left after applying the overhead to production. To close this debit, therefore, a credit entry is required to the manufacturing overhead account. The corresponding debit entry goes to the Cost of Goods Sold, or this may be apportioned among Cost of Goods Sold, Finished Goods Inventory, and Work-in-Process, as may be the case.
Answer:
The year-end inventory in units = 27,400
Explanation:
total units in warehouse = 24,000
damaged units = 3,400
Purchased units = 2,400
consigned units = 4,400
The year-end inventory is calculated as follows:
Year-end inventory = total units in warehouse - damaged units + purchase units + consigned units
= 24,000 - 3,400 + 2,400 + 4,400 = 27,400 units.
<em>Please note </em>
<em>1. using Free on Board (FOB) shipping point agreement, the buyer claims ownership of the goods the moment it is shipped from the seller's shipping point, and is recorded as inventory even before it arrives at the buyer's receiving point.</em>
<em>2. consigned goods are goods that are part of inventory, but is located with a different distributor other than the owner of the goods.</em>
