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Komok [63]
3 years ago
7

During the month of January, Marcos & Henesey, Inc. had total manufacturing costs of $165,000. It incurred $62,000 of direct

labor cost and $40,000 of manufacturing overhead cost during the month. If the materials inventory on January 1 was $5,800 less than the materials inventory on January 31, what was the cost of materials purchased during the month?
Business
1 answer:
adell [148]3 years ago
6 0

Answer:

$68,800

Explanation:

Let the direct material used be X,

Direct Material + Direct Labor + Over Head = Total product cost

X + $62,000 + $40,000 = $165,000

X + $102,000 = $165,000

X = $165,000 - $102,000

X = $63,000 Materials Used

Raw Materials used = Beginning Inventory + Purchased - Ending Inventory

Raw Materials used = Beginning Inventory + Purchased - [Beginning Inventory + $5,800]

$63,000 = Beginning Inventory + Purchased - Beginning Inventory - $5,800

$63,000 = Purchased  - $5,800

Purchased =  $63,000 + $5,800

Purchases = $68,800

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On May 7, Keenan Company purchased on account 620 units of raw materials at $21 per unit. During May, raw materials were requisi
a_sh-v [17]

Answer:

Dr Material Inventory $13,020

Cr               Trade Payables $13,020

Dr Work In Progress $9,742

Cr Material Inventory       $9,742

Explanation:

On 7th May the double entry would be to record the inventory purchases on credit which would increase the inventory by $13,020 (620*21) as under:

Dr Material Inventory $13,020

Cr               Trade Payables $13,020

The material sent to production or manufacturing team would be recorded as increase in the work in progress by the value of the material issued which is $9,742 (211*$19 + 273*$21).

Dr Work In Progress $9,742

Cr Material Inventory       $9,742

8 0
3 years ago
A country is said to have a _______ exchange rate when the government keeps the exchange rate against other currencies at or nea
77julia77 [94]

Answer:

Fixed

Explanation:

The government keeps the exchange rate FIXED the the same rate.

3 0
3 years ago
find the accumulated amount at the end of 9 months on an $800 deposit in a bank paying simple interest at a rate of 6% per year.
Valentin [98]

As per the given figure, after calculating the accumulated amount, the figure that has been arrived is $1,232.

<h3>What is the accumulated amount?</h3>

Accumulated value or accumulated amount, both are synonyms. It is used to refer to the cash value. Basically, this means there is an easy way of calculating the accumulated value.

All one has to do is to find the total or the sum of the initial investment and, in that addition, the interest which has been earned till date will be added. Formula for calculating the simple interest is

Accumulated amount =Principal amount (1+rate * time)

Here Principal amount = $800,    rate= 0.06,   time=9 months

Accumulated amount = 800 (1+(0.06*9) = 800 (1+ 0.54 ) =  $1,232.

Thus, the accumulated amount for the given data is $1,232.

Learn more about accumulated amount from here:

brainly.com/question/12903532

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7 0
1 year ago
A stock with a beta of 1.1 has an expected rate of return of 16%. If the market return this year turns out to be 10 percentage p
Sedbober [7]

Answer:

The rate of return on the stock can be best guessed to be 5%

Explanation:

Beta = 1.1

expected rate of return = 16%

But return = 10%

1.1 x 10%

= 11%

The updated expectation for the stock return is

= 16% − 11%

= 5%.

Therefore The rate of return on the stock can be best guessed to be 5%

7 0
3 years ago
Refer to Table 8-16. Given the information above, what can we say has happened in the economy from 2019 to 2020
Airida [17]

We can say the price level has risen in the economy from 2019 to 2020.

In the U.S., growth is expected to slow to 2% in 2020 from 2.3% in 2019 and fall further to 1.7% in 2021 (2020 growth compared to October WEO 0.1 percentage point decrease).

Real GDP fell by 3.5% in 2020 (from the 2019 annual level to the 2020 annual level) compared to a 2.2% increase in 2019 (Table 1).

The outbreak led to a sharp contraction in the economy in March 2020, resulting in real GDP contracting by 5.1% annualized in the first quarter and 31.2% in the second quarter.

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8 0
1 year ago
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