Answer:
$90,000
Explanation:
We could allocate assembly overhead on the basis of the parts used in the assembly process:
wheels ⇒ 300,000 x 2 parts = 600,000 parts
<u>seats ⇒ 600,000 x 3 parts = 1,800,000 parts</u>
total parts assembled 2,400,000 parts
overhead costs per part assembled = $360,000 / 2,400,000 parts = $0.15 per part
so the overhead allocated to wheels should be = 600,000 parts x $0.15 per part = $90,000
The Yanos Company found that the prior year's tax liabilities had been handled incorrectly after reviewing their books. They'll now have to make accounting adjustments. An example of modifications brought on by an error is this.
A person who is able to adjust to changes in their physical, occupational, and social environment is said to be in a state of adjustment. Adjustment, then, is the behavioral process of balancing opposing demands or needs that are hampered by environmental challenges. Both people and animals regularly adapt to their surroundings. For instance, they eat to sate their hunger when it is triggered by their physiological state, which allows them to respond to the hunger stimuli. An failure to respond normally to a need or stress in the environment is a sign of adjustment disorder.
To have a life of high quality, adjustment must be successful. People who have trouble adjusting are more prone to experience clinical anxiety.
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Answer:
a. FIFO - Inventory Used: $39900 Remaining Inventory: $14700
b. LIFO - Inventory Used: $41700 Remaining Inventory: $12900
c. Weighted Average Cost - Inventory Used: $40950 Remaining Inventory: $13650
Explanation:
Jan 01. Beginning inventory = 40 x $165 = $6600
Aug 13. Purchases 200 x $180 = $36000
Nov 30. Purchases 60 x $200 = $12000
Ending inventory = 75 units
Inventory Used = 300 – 75 = 225
(a) First-In-First-Out (FIFO)
This is the method where the inventory first received is the one that is used first. Common method when the inventory is perishable and would be wasted if left too long.
Inventory Used:
40 x $165 = $6600
185 x $180 = $33300
Total = $39900
Remaining Inventory:
15 x $180 = $2700
60 x $200 = $12000
Total = $14700
(b) Last-In-First-Out
Method whereby the inventory received latest is used first. Common in goods that are bulky. the inventory on top (latest purchased) is used first.
Inventory Used:
60 x $200 = $12000
165 x $180 = $29700
Total = $41700
Remaining Inventory:
40 x $165 = $6600
35 x $180 = $6300
Total = $12900
(c) Weighted Average Cost
This is whereby you divide the cost of goods sold by the number of units available for sale.
54,600 / 300 = $182
Inventory Used: 225 x $182 = $40950
Remaining inventory = 75 x $182 = $13650
Answer:
From this information one can conclude that last period the variable overhead efficiency (quantity) variance was <u>unfavorable.</u>
Explanation:
The variable overhead efficiency variance measures the difference between the actual and budgeted hours worked with respect to standard variable overhead rate per hour.
Variable overhead efficiency variance can be calculated thus:
Actual labor hours less budgeted labor hours x Hourly rate for standard variable overhead
If the time it takes to manufacture a product and the time budgeted for it matches or performs well, the labor efficiency is favorable.
Variable overhead efficiency variance is deemed unfavorable when it takes the company more time than budgeted to produce. This also shows labor efficiency variance was unfavorable.
