Answer:
Work in Process (Dr.) $140,000
Manufacturing overhead (Dr.) 40,000
Payroll / Salaries Payable $180,000
Explanation:
Job order costing is a costing method used by the managerial accountants when the company produces different products and these products are not identical in-nature. An alternative to this method is Process costing which is used when a company produces homogenous products. In this case, the company has adopted job order costing because its products can be hetrogenous in-nature. Moreover, the company has incurred a Payroll cost of $180,000. $40,000 out of this amount is classified as indirect labor because the company is not able to trace it to a particular job and it will be treated as manufacturing overhead. This amount could have been paid to supervisors of factory or maintenance workers. The remaining amount of $140,000 is classified as direct labor because the management is in a better position to trace it to a particular job. This amount directly goes to Work-in-Process account.
You might have noticed that the indirect cost is kept in Manufacturing overhead account, whereas the direct labor cost is charged to Work-in-process account. This is because that at the start of a period, the management estimates the amount of manufacturing overhead (Indirect costs) and charge it to the work-in-process account. As the period goes on, the indirect costs are recorded in manufacturing overhead account when incurred, and at the end of period we compare the Actual manufacturing overhead with the expected (charged to Work-in-process) and make adjustments.
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Answer:
The cost of the land should be recorded as $108,350
Explanation:
Land cost = $112,000
Demolition dilapidated building = $2,200
Legal fees - title search = $1,450
Cost of land = Land cost - Demolition dilapidated building - Legal fees - title search
Cost of land = $112,000 - $2,200 - $1,450
Cost of land = $108,350
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Answer:
Increased exposure to build endurance.
Explanation:
Occupational safety and health adminstration (OSHA) has given certain safety guidelines to be followed by management to protect worker from work hazard, which may occur in an unforseen condition.
Management commitment compliment the employee involvment as management commitment show, how serious is the management toward worker safety and protection, which create motivation at work place and also help in managing resources for health and safety. Then employee involvement help the orgaization to implement the safety measures.
Management can not take risk of work place hazard to increase exposure for employee, which may cause fatal incident.
In short selling, trader first sells the shares at higher price and when the share price comes down
