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Osborn Manufacturing uses a predetermined overhead rate of $19.70 per direct labor-hour. This predetermined rate was based on a

Snowcat [4.5K]

Answer:

Underapplied overhead= $3,900 underapplied

Explanation:

Giving the following information:

Osborn Manufacturing uses a predetermined overhead rate of $19.70 per direct labor-hour. The company incurred $260,000 of manufacturing overhead and 13,000 direct labor-hours during the period.

The under or overapplied overhead is the difference between the allocated overhead and the real overhead for the period.

First, we need to calculate the allocated overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 19.7*13,000= $256,100

Now, using the following formula, we calculate the over/under applied overhead:

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 260,000 - 256,100= $3,900 underapplied

8 0

3 years ago

Bradford, Inc., expects to sell 11,000 ceramic vases for $21 each. Direct materials costs are $3, direct manufacturing labor is

Delvig [45]

Answer:

$231,000

Explanation:

With regards to the above, the total sales would be;

= Number of units Bradford inc. Is expected to sell × Per unit of ceramic vases

Given that;

Units expected to be sold = 11,000

Per unit of ceramic vases = $21

Total sales

= 11,000 units × $21

= $231,000

Since we were asked to get the total sales, we will simply multiply the per units sold with the units expected to be sold. Other information are not useful for the purpose of calculating the total sales.

3 0

3 years ago

uppose the Social Security payroll tax were increased today to 16.4 percent in order to solve the 75-year fiscal imbalance in th

dexar [7]

Answer:

Ideally, the amount of the social security payout depends on the average lifetime earning of the residents of the country. The government averages the earning and then finalizes on the amount to be paid by each of the resident. If the payroll tax increases, in the longer run a few workers will get affected but, in the short run the increase has its immediate effect on 92% of the workers. Out of the 92%, 78% have a phase out option whereas 48% of them are under the as-needed scenario.

But, the longer a rate increase is delayed, the higher the increase in lifetime taxes for later generations. Workers born1936–1990 would have higher increases in lifetime taxes under an immediate rate rise, workers born 1996–2005 would generally have higher increases in lifetime taxes under phased increases, and workers born 2006–2015 would have higher increases in lifetime taxes under as-needed increases. The future workers would experience the smallest tax increases under the immediate option. Lifetime taxes for workers born 2011–2015 would rise 16 percent under an immediate increase, 27 percent under phased increases, and 33 percent under as-needed increases.

Thus,The increase in the payroll taxes will increase the cost for the people at different income level, as it is calculated on the basis of the income of the individual. As the women are paid lesser than their male counterparts, it can be said that the male population will be affected more by the increase in the social security payout.

Explanation:

3 0

4 years ago

rion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at t

Akimi4 [234]

Answer:

1. 2,100 units and $28,350

2. 1,170 units

3.

Cost of ending inventory Cost of goods sold

a. FIFO $16,590 $11,760

b. LIFO $15,300 $13,050

c. Weighted Average $12,093 $12,492

4.

Income Statement for the year ended December 31

FIFO LIFO Weighted Average

Sales ($12,600 + $ 26,460) $39,060 $39,060 $39,060

Cost of Goods Sold ($11,760) ($13,050) ( $12,492)

Gross Profit $27,300 $26,010 $26,568

Less Expenses ($18,200) ($18,200) ($18,200)

Net Income / (Loss) $9,100 $7,810 $8,368

5. No Data

6. LIFO

Explanation:

Periodic Method means that inventory valuation is done after a specific period. In this case valuation is being done at year end.

Calculation of the number and cost of goods available for sale

Units Total Costs

Beginning Inventory 300 $4,200

Add Purchases :

April 11 950 $11,400

June 1 850 $12,750

Available for Sale 2,100 $28,350

Ending Inventory units = Units Available for Sale - Units Sold

= 2,100 units - 300 units - 630 units

= 1,170 units

a. FIFO

FIFO stands for First In First Out.

i. Cost of ending inventory

320 units × $12 = $3,840

850 units × $15 = $12,750

Total = $16,590

ii. Cost of goods sold

300 units × $14 = $4,200

630 units × $12 = $7,560

Total = $11,760

b. LIFO

LIFO stands for Last In Last Out

i. Cost of ending inventory

300 units × $14 = $4,200

650 units × $12 = $7,800

220 units × $15 = $3,300

Total = $15,300

ii. Cost of goods sold

300 units × $12 = $3,600

630 units × $15 = $9,450

Total = $13,050

c. weighted average cost

This method recalculates the unit costs after every purchase. Sales are valued at the latest unit costs calculated.

1st calculation : April 11

Unit Cost = Total Cost ÷ Total Number of Units

= ((950 units × $12) + (300 units × $14)) ÷ (1,250)

= $12.45

Sale = 300 × $12.45

= $3,735

2nd Calculation : June 1

Unit Cost = Total Cost ÷ Total Number of Units

= ((650 units × $12.45) + (850 units × $15)) ÷ (1,500)

= $13.90

Sale = 630 × $13.90

= $8,757

ii. Cost of goods sold

Total Cost of Goods Sold = $3,735 + $8,757

= $12,492

i. Cost of ending inventory

Ending Inventory = 870 × $13.90

= $12,093

6 0

4 years ago

Events such as _______________ can be disruptive to global supply chains

Liono4ka [1.6K]

An example of event that will be contributing to the disruptive of global supply chains is having to experience major typhoons, as this will affect the network that is created by companies in having to provide and distribute goods and having typhoons will disrupt this chain or process.

6 0

3 years ago