Answer:
the predetermined overhead rate is 65%
Explanation:
The computation of the predetermined overhead rate is shown below;
The Predetermined overhead rate
= Expected overhead ÷ expected total direct labour cost
= $73,000 ÷ $100,000
= 0.73
= 65%
hence, the predetermined overhead rate is 65%
The same would be considered and relevant
Answer:
The correct answers are the following:
1 - C
2 - B
3 - D
4 - A
Explanation:
1 - C: The market labor demand curve is represented graphically by the relationship between the wage rate and the quantity of labor firms are willing to hire in a market due to the fact that the firms are the ones who are looking for workers and therefore they demand it.
2 - B: The market labor supply curve is represented graphically by the relationship between the wage rate and the quantity of labor that the workers are willing to provide due to the fact that they are the one who put their work in the market in order to be used.
3 - D: The marginal product of labor represents the increase in the amount of output from an additional unit of labor that an additional worker puts in the firm.
4 - A: The value of the marginal product of labor comprehends the additional revenue the firm receives from selling the output produced from and additional unit of labor that an additional worker put in the firm.
The items that describe a free market economy are :
- Freedom for consumers and producers
- Distribution by price
- Motivated by self-interest
Hope this helps
Answer:
$30 Favorable
Explanation:
Calculation for the activity variance for supplies cost in March
Using this formula
Activity variance = (Actual units - Budgeted units) * Variable cost
Where,
Actual units=856
Budgeted units=861
Variable cost=$6
Let plug in the formula
Activity variance=(856-861) * $6
Activity variance=5*$6
Activity variance=$30 Favorable
Therefore the activity variance for supplies cost in March would be closest to: $30 Favorable
Answer:
$800
Explanation:
The computation of the tax saving from using LIFO is shown below:
= Cost of goods sold under LIFO × tax rate - Cost of goods sold under FIFO × tax rate
= $10,000 × 40% - $8,000 × 40%
= $4,000 - $3,200
= $800
By applying the above formula, the tax saving resulted from using the LIFO is $800 and the same is to be considered