Answer: actual level
Explanation:
It should be noted that when determining the standard overhead cost rate, overhead costs have to be grouped into the fixed cost and the variable costs.
The standard overhead applied is based on the actual level of activity multiplied by the predetermined overhead rate.
Answer: C. $150,000 credit
Explanation:
In the financial statements for year 2, it should be noted that the year 1 retained earnings balance, should be adjusted by $150,000 credit.
The corrections of errors should be treated as the period adjustments before. In this case, the $150,000 overstatement for the cost of goods that was sold in the previous year, will then be credited to the beginning balance of the retained earnings.
Therefore, the correct option is C.
The interest rate is fixed is true about the interest rate of a Direct PLUS Loan.
<u>Explanation:</u>
The federal loans which can be used by college or technical graduates and parents of participating undergraduate students to find a way to pay for educational expenses is understood as Direct PLUS loans. Direct PLUS loans have a fixed rate mortgage and are not subsidized, meaning debt increases when the borrower is enrolled in school. It's usually known as a parent PLUS loan when it's provided to a teacher, and as a grade PLUS loan when it's rendered to a graduate student.
Answer choreographing a dance step by step
Answer:
Purchases= $63,050
Explanation:
Giving the following information:
Sales:
July $80,000
August $90,000
September $70,000
The cost of goods sold is equal to 65% of sales.
The company wants to maintain a monthly ending inventory equal to 130% of the Cost of Goods Sold for the following month.
The inventory on June 30 is less than this ideal since it is only $65,000.
To calculate the purchases for July, we need to use the following formula:
Purchases= sales + desired ending inventory - beginning inventory
Purchases= 80,000*0.65 + (90,000*0.65)*1.3 - 65,000
Purchases= $63,050
