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3 years ago

The following cost data relate to the manufacturing activities of Chang Company during the just completed year:

Business

1 answer:

Katarina [22]3 years ago

3 0

Answer:

See explanations below.

Explanation:

a. It is over applied overhead cost because applied overhead cost is more than the actual overhead cost.

Applied overhead cost = 20,000 hours × $20 = $400,000.

b. Please find attached schedule of cost of goods manufactured as requested.

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Garda purchased $530,000 of merchandise in August and expects to purchase $670,000 in September. Merchandise purchases are paid

pashok25 [27]

Answer:

$579,000

Explanation:

The cash payment in September would be made of 35% purchases in September and 65% of the purchase made in August (the previous month).

Hence

Cash payment in September = (35% × $670,000) + (65% × $530,000)

= $579,000

the cash payment for September is $579,000

3 0

3 years ago

The following information pertained to Azur Co. for the year: Price of goods purchased $102,800 Price discounts 10,280 Freight-i

MrRissso [65]

Answer:

$118,220

Explanation:

The Costs of Goods Sold COGS is calculated using the following formula.

COGS = Beginning inventory + purchases - Ending Inventory

For Azur company

Beginning inventory: 30,840

Ending inventory : 20,560

Net purchases equal Net purchase equal to purchases plus freight-in minus discounts freight-out are administrative expenses, hence do not feature in COGS

Net purchases =$102,800 + $15,420 -$ 10,280

Net purchases =$107,940

COGS = $30,840 +$107,940 -$20560

COGS = $118,220

7 0

3 years ago

Bluestone Company had three intangible assets at the end of the current year:

adoni [48]

Answer and Explanation:

The computation is shown below:

1) Calculation of the acquisition cost is

Patent = $4,000

Trademark = $210,000 + $8,500 = $218,500

Licensing Rights = $80,000

2) Computation the amortization expense is

Patent = $4,000 ÷ 10 = $400

Trademark = $218,500 ÷ 10 = $21,850

Here we assume the indefinite life of 10 years

Licensing Rights = $80,000 ÷ 5 = $16,000

Income statement:

Amortization expense $38,250 ($400 + $21,850 + $16,000)

Balance sheet at year end december:

Fixed assets

Intangibles

Patent $3600 ($4,000 - $400)

Trademark $196,650 ($218,500 - $21,850)

Licensing Rights $64,000 ($80,000 - $64,000)

8 0

3 years ago

The president of the Micro Brewing Corporation asks you, as the company economist, to forecast changes in consumer beer purchase

umka21 [38]

Answer:

It is more profitable to raise the selling price by $2.

Explanation:

To determine whether the company should raise the selling price, we need to determine the effect on income. The best option is the one with the higher sales revenue.

Sales revenue= selling price * number of units

Current:

Sales revenue= 5.5*2,200= $12,100

Proposal:

Sales revenue= 7.5*1,800= $13,500

It is more profitable to raise the selling price by $2.

7 0

3 years ago

George borrows funds from Hometown Credit Union (HCU) to buy real property. George signs a written instrument that gives HCU an

LUCKY_DIMON [66]

Answer:

a mortgage.

Explanation:

A mortgage is a type of loan where real estate serves as collateral. Usually mortgages are used by people wanting to buy real estate since they can borrow larger amounts of money.

In order for the borrower to receive money form the bank, he/she signs a contract by which the bank has a rightful interest in the property. In case the borrower doesn't pay, the bank can foreclose the property.

6 0

3 years ago