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Answer:
$1,524 underapplied
Explanation:
Predetermined overhead rate = Estimated Manufacturing Overhead ÷ Estimated Activity.
= $560,324 ÷ 22,060
= $25.40
Applied Overheads = Predetermined overhead rate × Actual Activity
= $25.40 × 22,000
= $558,800
<em>Where,</em>
Actual Overheads are $560,324 (given)
<em>Conditions :</em>
If Actual Overheads > Applied Overheads, we say overheads are under-applied and if Actual Overheads < Applied Overheads, we say that overheads are over-applied.
<em>Therefore ,</em>
In our case, Actual Overheads : $560,324 > Applied Overheads : $558,800. Overheads have been under-applied by $1,524 ($560,324 - $558,800).
A pre-sweetened breakfast cereal would most likely be in the DECLINE stage of the product life cycle.
At the decline stage of a product like cycle, the number of product sold usually drop significantly, because of this, manufacturers usually look for a mean of modifying their product so that the consumers will continue buying it. For instance, a cereal manufacturer may decide to add sugar to his product so that it will continue to be bought by the consumers.<span />
Answer:
a. $2,020 Favorable
Explanation:
The computation of spending variance for direct materials in April is shown below:-
For computing the spending variance for direct materials in April first we need to find out the actual price per unit which is here below:-
Actual price per unit = Actual direct material ÷ Actual units purchased
= $49,086 ÷ $5,060
= $9.70
Spending variance for direct materials in April = (Actual price per unit - Standard price per unit) × Actual quantity
= ($9.70 - $10.10) × 5,060
= -$0.4 × 5,060
= $2,024 Favorable
which is closest to $2,020 Favorable.
Answer and Explanation:
The journal entry to record the tax provision is given below:
Income tax expenses $48,840,000
Deferred tax assets ($10,900,000 ×0.40) $4,360,000
To Deferred tax liability (($15,900,000 + $1,900,000)×0.40) $7,120,000
To Income tax payable ($129,000,000 ×0.40) $51,600,000
(To record income tax expenses)
Here the income tax expense and deferred tax asset should be debited as it increased the asset and expenses and credited the liability & tax payable as it increased the liability
