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Savatey [412]
3 years ago
15

Exercise 2-10 Applying Overhead Cost to a Job [LO2-2] Sigma Corporation applies overhead cost to jobs on the basis of direct lab

or cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials, $8,000 for direct labor, and $6,000 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $2,500 for direct materials and $4,000 for direct labor. Required: 1a. Should any overhead cost be applied to Job W at year-end? Yes No 1b. How much overhead cost should be applied to Job W? 2. How will the costs included in Job W’s job cost sheet be reported within Sigma Corporation’s financial statements at the end of the year? Raw Materials Work-in-Process Finished Goods
Business
1 answer:
OlgaM077 [116]3 years ago
6 0

Answer:

See explanations below.

Explanation:

1. Yes. Overhead should be applied to job W at year-end. Overhead is applied to every jobs whether or not they are completed at year end.

b. To calculate the amount of overhead to be applied to job W, we need to calculate first the overhead application rate based on direct labor cost through job V.

Direct labor cost. $8,000

Overhead applied $6,000

Overhead rate = [ Overhead applied / Direct labor cost ] × 100

= [6,000/8,000] × 100

= 75%

Overhead to be applied to job W

Direct labor cost $4,000

Overhead rate 75%

Overhead to be applied = $3,000

It therefore means that $3,000 should be applied to job W.

2. Because job W was not completed at the year end, it would then be included in the work in process inventory in the financial statements of Sigma Corporation at year end.

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Aliun [14]

Answer:

The correct answer is c. Derived demand .

Explanation:

Derived demand is the demand for goods and services that is generated as a result of the demand for other goods and services. This type of demand usually corresponds to the demand for factors or products, since the demand for a good or service may be related to the process necessary to produce another good or service, although it can affect both producers and consumers.

Derived demand can sometimes lead to an increase in the price of a marginal product, since the demand for the resources needed to produce a physical product also increases.

8 0
2 years ago
What would be you KPIs as the finance and human Resource officer?
Debora [2.8K]

Answer:

1.37 - 1.90

Explanation:

Really hard to say a exact number but here's and idea.

6 0
3 years ago
What is meant by standards of justice haven't always been met?
lara [203]

Answer;

We have no achieved "equal justice for all" examples. women, minorities such as blacks, gays

Explanation;

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-The belief in equality before the law is called legal egalitarianism. Article 7 of the Universal Declaration of Human Rights (UDHR) states that; All are equal before the law and are entitled without any discrimination to equal protection of the law.

4 0
3 years ago
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garik1379 [7]

Answer:

Financial intermediaries; savings; real investments; save; mutual funds; ETFs; commodity markets; shares; liquid; stock market; banks; CFO; bonds

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7 0
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4 0
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