Answer:
Predetermined rate = <u>Budgeted fixed manufacturing overhead</u>
Budgeted direct labour hours
= <u> $36,000</u>
10,000 hours
= $3.60 per direct labour hour
Explanation:
Predetermined rate is the ratio of budgeted fixed manufacturing overhead to budgeted direct labour hours. Thus, the division of budgeted fixed manufacturing overhead by budgeted direct labour hours gives the predetermined rate.
Answer and Explanation:
a. The solution of return on assets under each cost flow is described below:-
Return on assets under FIFO = Net income ÷ Average total assets
= $244,087 ÷ $1,550,550
= 15.7%
Return on assets under LIFO = Net income ÷ Average total assets
= ($244,087 - $44,110) ÷ ($1,550,550 - $40,630)
= $199,977 ÷ $1,509,920
= 13.2%
b. The computation of return on assets under each cost flow is shown below:-
Return on assets under FIFO = Net income ÷ Average total assets
= $288,567 ÷ $1,880,970
= 15.3%
Return on assets under LIFO = Net income ÷ Average total assets
= ($288,567 + $22,660) ÷ ($1,880,970 - $45,690)
= $311,227 ÷ $1,835,280
= 17%
Answer:
The answer is Historical cost.
Explanation:
Under the historical cost concept, an asset must be represented in the financial statements at the price it was acquired. However, if a substantial change has happened to the price over time, there is a method called revaluation an that proper technique must be applied to calculate the new value.
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