Answer:
324,000 Applied Overhead Regular Widget
Explanation:
<u>Remember:</u> the overhead rate is calculated by distributing the overhead cost with a cost driver
675,000/300,000 = 2.25
deluxe 3 labor hours x 2.25 = 6.75 per unit
regular 2 labor hours x 2.25 = 4.50 per unit
Allocate Ovehead Regular widget
72,000 x 4.50 per unit = 324,000 Applied Overhead Regular Widget
The International Organization for Standardization (ISO) is an international standard-setting body composed of representatives from various national standards organizations.
Founded on 23 February 1947, the organization promotes worldwide proprietary, industrial and commercial standards. It is headquartered in Geneva, Switzerland, and as of 2015 works in 163 countries.
It was one of the first organizations granted general consultative status with the United Nations Economic and Social Council.
Answer:
40%
Explanation:
Calculation to determine what percentage is assigned to Cost of Goods Sold
Using this formula
Cost of Goods Sold percentage=
Cost of Goods Sold /Net Sales
Let plug in the formula
Cost of Goods Sold percentage=$120/$300*100
Cost of Goods Sold percentage=0.40*100
Cost of Goods Sold percentage=40%
Therefore the percentage assigned to Cost of Goods Sold is 40%
Answer:
a. purchases journal; expenditure cycle
Explanation:
When a business recieves inventory from a vendor they already have a credit line with, it will be recorded in the purchases journal. A purchases journal is a prime book of entry or day book which is used to keep track of items that are accounts payable.
The cycle involved in this scenario is the expenditure cycle which involves the activities that a business goes through in the acquisition and payment for goods and services.
The reciept of inventory from the vendor is in the expenditure cycle.