Question

Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $360,000 of manufacturing overhead for an estimated allocation base of 900 direct labor-hours. The following transactions took place during the year:

Answer 1

The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours

What is manufacturing?

Manufacturing is the process of creating or producing goods using equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of the economy's secondary sector.

The Manufacturing Principles are a set of elements shared by all manufacturing industries that revolve around the concepts of flow and variation. These principles have emerged as a result of close collaboration with the manufacturing industries at both the research and operational levels.

API production entails a wide range of complex chemical or biological processes. API synthesis from raw materials necessitates multi-step procedures involving a variety of high-tech processing technologies.

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