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jenyasd209 [6]
3 years ago
10

For jacobs company, the predetermined overhead rate is 70% of direct labor cost. during the month, $600,000 of factory labor cos

ts are incurred of which $140,000 is indirect labor. actual overhead incurred was $320,000. the amount of overhead debited to work in process inventory should be:
Business
1 answer:
kolbaska11 [484]3 years ago
8 0
First find the amount of direct labor cost by subtracting the amount of indirect labor cost from the amount of factory labor cost
Direct labor cost is
600,000−140,000=460,000

The amount of overhead debited to work in process inventory should be
460,000×0.7=322,000

Answer 322000
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The answer is "<span>$960,000".

This is how we calculate this;
</span><span>sales = $1,500,000
</span><span>fixed expenses = $450,000
</span><span>contribution margin ratio = 36% = 36/100 = 0.36
</span>total variable expenses = <span>($1,500,000) (1 – 0.36)
= (1,500,000)(0.64)
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During 2021, its first year of operations, a company provides services on account of $257,000. By the end of 2021, cash collecti
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Debit Bad debt expense $15,120

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When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.  

To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.

Where a debit that had previously been determined to have gone bad gets settled, debit cash and credit bad debt expense.

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