Answer: c.$71 per machine hour
Explanation:
The Pre-determined Overhead rate is the rate Thomlin Company forecasted that the company would incur total overhead for the current year.
They forecasted total overhead of $11,597,000 with 164,000 total machine hours.
Since the rate is based on Machine Hours the rate would be,
= Total Forecasted Overhead / Total Forecasted Machine Hours
= 11,597,000 / 164,000
= 70.71
= $71
Answer:
Problem statement
Explanation:
Problem statement - it is referred to as the statement that given the clear and crystal information about the current situations. it is considered a good source of analyzing the real situations about the ongoing project.
This statement describes the current situations between the current and desired aim of the projects. it expressed the problem in two or three statements.
Answer:
Explanation:
Crane Co
June 1. Credit: Sales $52,200
Debit: Acc receivable $52,200
Being sales on account
June 12 Debit: Bank. $ 50,634
Debit: Discount Allowed $1,566
Credit: Acc receivable. $52,200
Being payment received on sales
Answer: These costs will be classified as sales discounts
Explanation: Sales discounts are discounts given to customers for buying a company's products or special offer given to customers that are regular and loyal to a company's brand. Discounts are also given to attract new customers to a company's product.
Discounts are accounted for under the operational expenses head and are recorded as part of the company's operational expenses.
The effect of discounts are that it reduces the company's net profit but the positive effect is that it can increase the total sales of the company.
Answer:
The correct answer is B.
Explanation:
Gross profit equals net sales minus cost of sales(Net sales- Cost of Sales).
Net sales = $325,000
Cost of Sales = $240,500
Therefore we have;
$325,000 - $240,500
=$84,500
Gross profit ratio is (Gross profit/net sales) x 100%
($84,500 x $325,000) x 100%
26%
