The Howell Corporation has the following account balances (in millions):

A firm incurs $35,000,000 of actual OH costs. It has a PDOH rate of $450 per machine hour and 100,000 machine hours were actuall

ella [17]

Answer:

c. Debit: Overhead Control $10,000,000

Credit: Cost of Goods Sold $10,000,000

Explanation:

The journal entry to close the overhead account is presented below:

Overhead Control A/c Dr $10,000,000

To Cost of Goods Sold A/c $10,000,000

(Being the overhead account is closed)

The computation is shown below:

= Applied overhead - actual overhead

where,

Applied overhead equal to

= $450 × 100,000 machine hours

= $45,000,000

And, the actual overhead is $35,000,000

So, the amount would be

= $45,000,000 - $35,000,000

= $10,000,000

Since the applied overhead is greater than the actual overhead, so we debited the overhead control account and credited the cost of goods sold account

5 0

3 years ago

You are talking with the president of your company about a possible merger. After she finishes speaking, you respond, "If I unde

topjm [15]

Answer:

The correct answer is -Descriptive.

Explanation:

The descriptive comment, as the name implies, makes a description of some element. You can focus on a person, an animal, a landscape, an object or a situation, to name a few possibilities.

Feature enumeration is the main feature of descriptive comment. While a narrative comment relates events and an argumentative text provides reasons, a descriptive comment focuses on the mention of particularities for the construction of a representation of the element in question.

6 0

3 years ago

At the beginning of the year, Saratoga Dress Co. had an inventory of $300,000. During the year, the company purchased merchandis

svet-max [94.6K]

Answer:

The cost of goods sold and the ending inventory, respectively, were: $660,000 and $490,000

Explanation:

Saratoga Dress Co. had gross profit rate of 45%

Gross profit rate = (Gross Profit/ Sales)x 100%

Gross Profit = (Gross profit rate x Sales)/100% = (45% x $1,200,000)/100% = $540,000

Cost of Goods Sold = Sales - Gross Profit = $1,200,000 - $540,000 = $660,000

The ending inventory = the beginning inventory + purchasing merchandise - Cost of Goods Sold = $300,000 + $850,000 - $660,000 = $490,000

3 0

3 years ago

If I invest $1000 in company A, there's a 40% chance I'll double my money, and a 60% chance I'll lose half my money. Those are t

Tju [1.3M]

The expected monetary value of the investment of $1,000 in Company A is $800.

Data and Calculations:

Cost of investment in Company A = $1,000

Probability of doubling investment = 40%

Probability of losing investment = 60%

Expected monetary value of investment = $800 ($2,000 x 40% + $0 x 60%)

Thus, the expected monetary value of the investment is $800.

Learn more: brainly.com/question/13905997

8 0

2 years ago

Provide a brief overview about why calculating ROI is strategically important and list common types of items and services that w

ratelena [41]

Answer:

ROI is an very good indicator of a company's overall performance. ROI is calculated as

ROI = Profit After Tax / (Average Total Assets) x 100

It gives us an accurate measure of profitability from a given level of investment. It tells us that how much return we are getting on the investment and allows us to think about our investment strategy.

Manufacturing sector like pharma, fmcg products, automobiles, etc. use ROI as a strategic indicator as the numbers are clearly defined. While in the services sector, it is difficult to use ROI simply because it is difficult to track how much of profit has resulted from the training provided. Still one can calculate ROI if one can relate how much of profit has come from the training/ services provided. In IT services sector ROI is being used.

Explanation:

7 0

3 years ago

Read 2 more answers