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eimsori [14]
3 years ago
8

On June 18, Wyman Company (a U.S. Company) sold merchandise to the Nielsen Company of Denmark for €60,000 (Euros), with a paymen

t due in 60 days. If the exchange rate was $1.35 per euro on the date of sale and $1.14 per euro on the date of payment, Wyman Company should recognize a foreign exchange gain or loss in the amount of:
A. $50,000 gsin
B. 60.000 loss
C. 68.400 loss
D. $12.600
Business
1 answer:
rodikova [14]3 years ago
5 0

Answer:

Wyman company should recognize a foreign exchange loss in the amount of $12,600

Explanation:

On the date of sale: £1 = $1.35

So £60,000 = 60,000 × $1.35 = $81000

On the date of payment: £1 = $1.14

So £60,000 = 60,000 × $1.14 = $68, 400

The amount Wyman company received on the date of payment is $12,600 less than the amount it ought to have received on the date of sale.

So Wyman company should recognize a foreign exchange loss in the amount of $12,600

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Answer:

a. Manufacturing overhead rate - Department 100 = $57,500 / 4,000 hours = $14.375 per machine hours

Manufacturing overhead rate - Department 200 = $62,500/8,000 hours = $7.8125 per machine hours

b.  Journal Entries

S/N    Account Titles                         Debit           Credit

1       Inventory - Raw material          $110,000

             Account Payable                                     $110,000

2    Work in process                            $32,500

     Manufacturing overhead              $7,500

             Inventory - Raw materials                         $40,000

3    Work in process                            $52,500

     Manufacturing overhead              $11,000

              Materials control                                       $63,500

4      Manufacturing overhead            $17,250

               Leasehold payable                                    $16,250

               Utilities payable                                          $1,000

5.     WIP Control (14,375*800)            $11,500

                Manufacturing overhead allocation         $11,500

c. Particulars                               Dep 100     Dep 200   Total

Direct materials                           $32,500     $13,500   $46,000

Direct labour                                $52,500     $13,500   $106,000

Manufacturing overhead             $35,750     $18,750   $54,500    

(11,000+7,500+16,250+1,000

+9,000+4,750+3,750+1,250)

Total Cost of Job A                     $120,750   $85,750    $206,500

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Select two skills and two personal values that you feel you have to offer in the workplace. Discuss the importance of these skil
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A company has two departments, Y and Z that incur wage expenses. An analysis of the total wage expense of $19,000 indicates that
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Direct wages of Y and Z sum 2,000 + 3,500 = 5,500. The remaining expenses are the difference between total wage expense and direct wage expenses. That means indirect expenses are 19,000 - 5,500 = 13,500. These has to be allocated half for each department.

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