Answer:
Predetermined manufacturing overhead rate= $14.8 per machine hour
Explanation:
Giving the following information:
Factory 1
Estimated factory overhead= $18,500,000
Estimated machine hours for year 1,250,000
T<u>o calculate the predetermined manufacturing overhead rate we need to use the following formula:</u>
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 18,500,000/1,250,000
Predetermined manufacturing overhead rate= $14.8 per machine hour
Answer:
$29,750
Explanation:
Since the Annual Payments of $53,343 are all equal for the period of 10 years at 8.5% installment note, therefore we Simple interest formula here to calculate the interest amount;
I = Prt
P = Principal Amount = $350,000
r = Interest Rate = 8.5%
t = time = 10-year
I = Interest = 350,000 x 0.085 x 10 = 297,500
Hence, the first annual payment of interest expense will be:
= 297,500 / 10 = $29,750
Answer:
Revenue for Smart Suiting is $521,306.
Explanation:
Revenue is the business operational source of finance. IFRS has made standards for revenue recognition which need to be followed by all organizations. The revenue should be calculated after deducting trade and cash discounts. If there is any sales return it should be deducted from the gross revenue figure. Net revenue should be reported in the Income Statement.
