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3 years ago

EB5.

Business

1 answer:

lord [1]3 years ago

7 0

Answer:

Material used 2,500

Direct labour 5,000

Overhead applied 200

Cost of goods sold 7,700

Explanation:

The overhead applied is the difference between cost of goods sold and cost of material used and direct labour. The cost of goods sold is $7,700 while the cost of material and labour is $7,500. The difference of $200 represents the overhead applied.

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Answer:

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Explanation:

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3 years ago

4. Typically, what percentage of the home cost should you have available for a down payment?

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Answer:

30percent

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Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of

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Answer and Explanation:

1. The computation of overhead rate based on direct labor cost is shown below:-

Overhead rate = Overhead applied × 100 ÷ Direct labor cost

= 888 × 100 ÷ 1,200

= 74%

2. The Preparation of job-order cost sheet for the four jobs is shown below:

Particulars Job 86 Job 87 Job 88 Job 89

Beginning balance $6,888 $6,820

Direct materials $3,000 $7,000 $2,100 $1,500

Direct labor $800 $6,000 $900 $500

Applied overhead

is 74% of direct labor $592 $4,440 $666 $370

Total $11,280 $24,260 $3,666 $2,370

3. The computation of ending balances of Work in Process and Finished Goods is shown below:-

Work in process of Job 88 = $3,666

Finished goods = Total of Job 86 + Total of Job 89

= $11,280 + $2,370

= $13,650

4. The computation of the Cost of Goods Sold for March is shown below:-

Cost of goods sold is

= Job 87

= $24,260

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3 years ago

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3 years ago

Milano Gallery purchases the copyright on an oil painting for $300,000 on January 1, 2017. The copyright legally protects its ow

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Answer and Explanation:

According to the situation, the solution of journal entries are as follows

1. Copyright Dr $300,000

To Cash $300,000

(being the purchase of copyright is recorded)

Here, we debited the copyright as it increased the assets and credited the cash as it decreased the assets

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To Accumulated amortization $25,000

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3 years ago