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Rainbow [258]
3 years ago
6

Dehner Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hou

rs. The company based its predetermined overhead rate for the current year on the following data: Total direct labor-hours 70,000 Total fixed manufacturing overhead cost $ 273,000 Variable manufacturing overhead per direct labor-hour $ 6.00 Recently, Job P951 was completed with the following characteristics: Number of units in the job 50 Total direct labor-hours 100 Direct materials $ 680 Direct labor cost $ 7,000 The unit product cost for Job P951 is closest to: (Round your intermediate calculations to 2 decimal places.)
Business
1 answer:
Butoxors [25]3 years ago
5 0

Answer:

$5625.60

Explanation:

number of units produced =50 units

direct labour hours 100

direct materials $ 680

Direct labor cost $ 7,000

The unit product cost for Job P951 is;

Direct materials = $ 680

Direct labor cost $ 7,000

variable manufacturing overheads $ 6.00*100=600

total fixed manufacturing overheads= $ 273,000

total costs=$(680+7000+600+273000)=$281,280

unit product cost=$28,1280/50

=$5625.60

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As a result of a thorough physical inventory, Sheridan Company determined that it had inventory worth $320800 at December 31, 20
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Answer:

Sheridan Company

The correct amount of inventory that Sheridan should report is:

= $367,100

Explanation:

a) Data and Calculations:

December 31 Inventory based on physical inventory =      $320,800

Goods held on consignment by Herschel =                            46,300

December 27, FOB destination goods ($22,000)                   0

Correct amount of inventory that Sheridan should report $367,100

b) Goods on consignment are generally the property of the consignor (supplier) and not the consignee's (retailer's).  Therefore, they must appear in the balance sheet of the consignor.  Goods on FOB destination remain the property of the supplier until they reach the buyer's destination.  This is why it is not included above.

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2 years ago
What is salary system?
Murljashka [212]

Answer:

Salary systems – also referred to as compensation plans or pay structure – are a collection of steps, policies and practices employers use to pay employees for their work. Salary systems consist of more than producing a weekly, biweekly or bimonthly paycheck.

Explanation:

4 0
2 years ago
The market for chewing gum is in equilibrium with a current price of 50 cents per pack and a quantity of 100,000 packs per day.
frez [133]

Answer:

A) an increase in the price of other kinds of candy

Explanation:

If the price of substitute products (other types of candy) increases, then the suppliers of chewing gum can increase their price without the quantity demanded decreasing. If the decrease in the price of chewing gum is smaller than the increase in the price of substitute products, the quantity demanded will increase.

If there was a price increase of the main ingredients used to produce chewing gum, then the supply curve would shift to the left (option B is wrong).

If the workers signed an agreement that lowered their wages, then the supply curve would shift to the right (option C is wrong).

A decrease in the number of young people in the market would decrease the quantity demanded for chewing gum, which in turn would decrease the equilibrium price (option D is wrong).

A decrease in income would also decrease the quantity demanded, which would in turn decrease the equilibrium price (option E is wrong).

5 0
3 years ago
What was the name given to the trade system where finished manufactured goods were sent to africa in exchange for slaves who wer
Alex Ar [27]
A.) The Triangular Trade


7 0
3 years ago
Psymon Company, Inc. sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial ba
Anestetic [448]

Answer:

1. Multi-step income statement Internal Reporting Purposes

Sales Revenue                                                                  258,500

Less Sales Returns and Allowances                                  (8,700)

Less Sales Discounts                                                          (11,400)

Net Sales                                                                            238,400

Less Cost of Goods Sold                                                  (138,800)

Gross Profit                                                                          99,600

Less Operating Expenses :

Salaries and Wages Expense                          23,800

Office Expense                                                  24,800    (48,600)

Operating Income/(loss)                                                     51,000

Less Non- Operating Expenses :

Interest Expenses                                              3,700

Income Tax Expense                                         14,190     (17,890)

Net Income/Loss                                                                 33,100

2. Multi-step income statement External Reporting Purposes

Net Sales                                                                            238,400

Less Cost of Goods Sold                                                  (138,800)

Gross Profit                                                                          99,600

Less Operating Expenses :

Salaries and Wages Expense                          23,800

Office Expense                                                  24,800    (48,600)

Operating Income/(loss)                                                     51,000

Less Non- Operating Expenses :

Interest Expenses                                              3,700

Income Tax Expense                                         14,190     (17,890)

Net Income/Loss                                                                 33,100

Explanation:

It is important to remember that a multi-step income statement shows separately profit earned from <em>Primary Activities</em> of the firm and that earned from <em>Secondary Activities</em>.

There are no strict rules for preparation of Financial Statements for <em>Internal use</em> and this may include many other line items. However for <em>external reporting</em> proposes, preparers of financial statements have to comply with Accounting Standards (GAAP or IFRS).

8 0
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