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Papessa [141]
3 years ago
13

Farrel Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just compl

eted year: Direct labor cost $574,000 Manufacturing overhead: Indirect labor cost $163,000 Other manufacturing overhead costs incurred $584,000 What is the journal entry to record the direct and indirect labor costs incurred during the year?
Business
1 answer:
Anni [7]3 years ago
5 0

Answer:

      Cost                                     Debit             Credit  

Work in Process inventory        $574,000  

Manufacturing overhead           $163,000  

Wages payable/Cash                                      $737,000

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3 years ago
Howard Enterprises, which has three departments, recently reported the following results: A B C Sales revenue $ 12,000 $ 48,000
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Answer:

<em>Department C should be closed</em>

Explanation:

To determine whether or not it will be profitable to drop a loss making department, we compare the savings in fixed cost to the lost contribution from the division.

For Howard Enterprises, the department with a negative contribution should be closed otherwise its operation would reduce the overall profit by the amount of the negative contribution.

So lets work out the contribution for each department by adding back the apportioned fixed cost. See table below

                                                           A                B                C

                                                            $                $                $             Total

Sales Revenue                               12,000      48,000        40,000    100,000

Operating cost                              11,400        59,800        50,500

Operating income                           600         (11,800)        (10,500)

*Add back apportioned fixed cost<u> 3,000       12,000        10,000</u>

Contribution                                   3,600        200            (500)

*Apportioned fixed cost

A- 12,000/100,000× 25,000 = 3,000

B- 48,000/100000   × 25,000 = 12,000

C- 40,000/100,00×25,000 = 10,000

From the above analysis, Department C generates a negative contribution.<em> It implies that it can barely cover its direct cost and so will deplete the total profit by its negative contribution. Hence, it should be closed</em>

<em>Department C should be closed</em>

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2 years ago
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In order to have competition in a market economy, there must be at least 2 or more sellers acting independently in a particular market.

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