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guapka [62]
3 years ago
6

A firm incurs $35,000,000 of actual OH costs. It has a PDOH rate of $450 per machine hour and 100,000 machine hours were actuall

y consumed during the period. The firm has 0 units in beginning WIP, it started 250 units and completed 230 units. Only 15 completed units are still waiting for the sales to be finalized (i.e. not "sold" yet).
Which of the following is a feasible journal entry to close the Overhead Control account at the end of the period?

a.
Debit: Cost of Goods Sold $10,000,000

Credit: Overhead Control $10,000,000

b.
Debit: WIP $800,000

Debit: Finished Goods $600,000

Debit: Cost of Goods Sold $8,600,000

Credit: Overhead Control $10,000,000

c.
Debit: Overhead Control $10,000,000

Credit: Cost of Goods Sold $10,000,000

d.
Debit: Overhead Control $10,000,000

Credit: WIP $3,333,333

Credit: Finished Goods $3,333,333

Credit: Cost of Goods Sold $3,333,334
Business
1 answer:
ella [17]3 years ago
5 0

Answer:

c.  Debit: Overhead Control $10,000,000  

Credit: Cost of Goods Sold $10,000,000

Explanation:

The journal entry to close the overhead account is presented below:

Overhead Control A/c Dr $10,000,000

       To Cost of Goods Sold A/c  $10,000,000

(Being the overhead account is closed)

The computation is shown below:

= Applied overhead - actual overhead

where,

Applied overhead equal to

= $450 × 100,000 machine hours

= $45,000,000

And, the actual overhead is $35,000,000

So, the amount would be

= $45,000,000 - $35,000,000

= $10,000,000

Since the applied overhead is greater than the actual overhead, so we debited the overhead control account and credited the cost of goods sold account

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Answer:

work out a plan with its financial intermediaries

Explanation:

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3 years ago
When the price of hot dogs is $1.50 each, 500 hot dogs are sold every day. After the price falls to $1.35 each, 510 hot dogs are
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Answer:

The correct answer is -0.2.

Explanation:

According to the scenario, the given data are as follows:

When rate = $1.50

Hot dogs sold at $1.50 = 500 units

And When rate = $1.35

Hot dogs sold at $1.35 = 510 units

So, we can calculate the price elasticity by using following formula:

Price elasticity = (%change in quantity ) ÷ ( %change in price )

Where, %change in quantity = (( 510 - 500 ) × 100) ÷ 500

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So, by putting the value:

Price elasticity = 2 ÷ (-10)

= -0.2

Hence, the price elasticity of demand for hot dogs is -0.2.

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The Pack Company purchased an office building for $9,000,000. The building had an estimated useful life of 40 years and an expec
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Answer:

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Substitute goods are goods that can be used in place of another good. If the price of notebooks falls, it becomes cheaper to purchase notebooks, so the quantity demanded of notebooks would rise and the demand for tablets would fall since it is cheaper to buy a tablet. the demand curve for tablets would shift in as a result of the fall in demand. As a result, price and quantity of tablets would fall.

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A complement is a good that is consumed together with another good. if the price of apps rise, it would become more expensive to buy apps as result the demand for tablets would fall. the demand curve would shift in and price and quantity would fall

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Mashcka [7]

A local Chamber of Commerce plans a seminar on “the social responsibility of business in our community.” What does that term reference?

( The expectations that the community imposes on firms doing business inside its borders.) correct answer of your question ✅
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