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mars1129 [50]
2 years ago
12

For the month of october, janus corporation used $30,000 worth of direct materials in production and incurred direct labor costs

of $60,000. actual manufacturing overhead costs were $40,000, whereas $45,000 was the manufacturing overhead applied to work in process. what is the amount of total manufacturing costs that would appear in the schedule of cost of goods manufactured for october?
Business
1 answer:
murzikaleks [220]2 years ago
4 0
Cost of goods manufactured
= direct material+direct labor+manufacturing overhead applied
So
cost of goods manufactured
=30,000+60,000+45,000
=135,000
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3 0
3 years ago
GRZ Inc. purchased a customized delivery truck in January 2018 for $70,000. They plan to use this truck for 7 years, and the com
asambeis [7]

Answer:

The correct answer is A) $2.800

Explanation:

Using the straight-line method to depreciate, the calculation to find the depreciation tax shield is the following:

  1. Finding the depreciable cost: Depreciable cost = purchase price ($70,000) - salvage value ($14,000) = $56,000
  2. Finding the depreciation per year: Depreciation/year = \frac{Depreciable cost (56,000)}{Asset useful life (7 years)} = $8000
  3. Finally, the depreciation tax shield for 2018: Depreciation tax shield = Dep/year ($8,000) * tax rate (0,35) = $2,800
7 0
2 years ago
Mays Corp. reported free cash flows for 2018 of $491 million and investment in operating capital of $321 million. Mays Corp. inc
Anon25 [30]

Answer: $975 million

Explanation:

Given the above details, we can solve for Earnings Before Tax and Interest with the following formula,

Operating Cash Flow = EBIT – Taxes on EBIT + Depreciation

Making EBIT the subject would turn it to be,

EBIT = Operating Cash Flow + Taxes on EBIT - Depreciation

We have all of the above except the EBIT and Operating Cash Flow.

Luckily we can solve for the Operating Cash Flow with the details given using,

Operating cash flow = Free Cash Flow + Investment in operating capital

Therefore,

= $491 million + $321 million

= $812 million

Operating cash flow is $812 million

Plugging it into the original formula we have,

EBIT = Operating Cash Flow + Taxes on EBIT - Depreciation

EBIT = $812 million + $309 million - $146 million

EBIT = $975 million

Earnings before Taxes and Interest is $975 million.

If you need any clarification do react or comment.

5 0
2 years ago
Which market structure is most prevalent in reality? Explain.​
kaheart [24]

Answer:

Perfect competition is an ideal type of market structure where all producers and consumers have full and symmetric information, no transaction costs, where there are a large number of producers and consumers competing with one another. Perfect competition is theoretically the opposite of a monopolistic market.

Explanation:

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5 0
2 years ago
Read 2 more answers
Phillips Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system
xz_007 [3.2K]

Answer:

Phillips Corporation

a = 9,050 beginning balance Raw Materials

b = 36,660 beginning balance WIP

c = 15,650 direct materials

d = 6,825 Overhead applied

e = 13,500 Ending balance WIP

f = 5,500 beginning balance Finished Goods

g = 54,625 Completed jobs

h = 4,300 ending balance Finished Goods

i = 9,100 wages assigned

j = d

k = 3,125 indirect labor

l = 1,145 Underapplied overhead

m = 55,825 cost of goods sold

Explanation:

a) Data and Analysis:

1. Jobs in process:

Job No. 154 and Job No. 155

Combined direct materials costs    $9,950

Combined direct labor costs            15,200

Overhead applied (75%)                    11,400

Total work in process, beginning $36,550

2. Jobs started in December:

             Job Nos. 156,           157, and       158

Direct materials                                     $4,400

Direct labor                                             5,200

Overhead applied (75%)                        3,900

Total work in process                        $13,500

Beginning work in process = $36,550

Ending work in process = $13,500

Beginning Finished Goods Inventory: Job 153 $5,500

Ending Finished Goods Inventory: Job 157 $4,300

Raw Materials Inventory

Dec. 1 Beginning balance  9,050 (a)  

Dec. 31 Requisitions                      18,950

Dec. 31 Purchases           18,025

Dec. 31 Ending balance                  8,125

Total                                27,075  27,075

a = $9,050 (27,075 - $18,025)

Work in Process Inventory

Dec. 1 Beginning balance $36,550  b.

Dec. 31 Jobs completed               54,625 (g)

Dec. 31 Direct materials     15,650  c.

Dec. 31 Direct labor              9,100

Dec. 31 Overhead                6,825  d.

Dec. 31 Ending balance                13,500 e.

Finished Goods Inventory

Dec. 1 Beginning balance        5,500 f

Dec. 31 Cost of goods sold            55,825 (m)

Dec. 31 Completed jobs    54,625 g.

g. Dec. 31 Ending balance                  4,300 h

Factory Labor

Dec. 31 Factory wages         12,225

Dec. 31 Wages assigned                    9,100

Dec. 31 Overhead                               3,125

Manufacturing Overhead

Dec. 31 Indirect materials 3,300

Dec. 31 Overhead applied                 6,825  d.

Dec. 31 Indirect labor        3,125  k.

Dec. 31 Other overhead   1,545

Dec. 31 Underapplied overhead        1,145

7 0
2 years ago
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