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GarryVolchara [31]
3 years ago
15

Wherry Furnishings uses job order costing. The company has a contract to deliver furniture to a hotel. The hotel has 60 basic ho

tel rooms that each need two double beds and 15 suites that each need one king size bed. Each basic hotel room has direct material costs of $400 and direct labor costs of $250. Each suite has direct material costs of $350 and direct labor costs of $175. For all rooms, overhead was 50% of direct labor cost. Wherry started the project in January and by the end of the month had completed 34 basic rooms and 8 suites. Neither Work in Process nor Finished Goods had a beginning balance. What was Wherry’s Finished Goods Inventory account balance on January 31?
Business
1 answer:
amm18123 years ago
4 0

Answer:

$31,250

Explanation:

basic rooms = 60

cost per basic room:

direct materials $400

direct labor $250

overhead $125

cost per basic room = $775

suites = 15

cost per suite:

direct materials $350

direct labor $175

overhead $87.50

cost per suite = $612.50

finished goods inventory account balance at the end of January = ($775 x 34 basic rooms) + ($612.50 x 8 suites) = $26,350 + $4,900 = $31,250

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Margarita [4]

Answer:

Data are set of values or raw facts that are meaningless, Information is data that has been processed in some way or data that has been given a context. Knowledge is gotten from information by making rules to it. Knowledge always needs a rule.

Explanation:

(1) Data:

Data are a set of values or raw facts and figures.

Data are raw facts that are not useful because they lack relevance. the data can be words, numbers, images or sound

Information:

Information is either data that has been processed in some way or data that has been given a context or Examples of ways in which data can be processed are displaying the information clearly in a table, performing calculations, sorting the data.

Knowledge:

Knowledge is gotten from information by applying rules to it. knowledge always needs a rule.

Data, information and knowledge are three main building blocks that make up a much bigger picture.

Data is simply a description of something that is then saved but not in an orderly manner. Information is an organized data that is useful. Knowledge is that data/information that is organised and then processed to make a better understanding. It is known that the three components works together.  

With data being the first in the process. once the data has been classified, recorded and stored, it can then go on to the next phase of information. once the information has been organised in an orderly manner then it moves to the final phase of knowledge.

(2) In the world, an information in an organization or most likely knowledge is one of the most important resources, organizational capacities are based after the specific competencies in sharing and integrating information and knowledge.

Thus, most systems and knowledge writing attempts are not successful. in some cases, where there is technological or IT deficiencies included, the purpose of sharing is rarely attained and even reaching relative success is not simple (Hislop, 2002). the change in advancement is a unique characteristic of this new modern era, referred to as the grow older of information.  

Organizations of this modern age are faced with the challenges of active stability at various levels.  

Today, organizations are faced with such extensive amount of information and relief of knowing that controlling and using them effectively has become one of their major concerns. Operator’s knowledge based.

3 0
4 years ago
You are planning for your son's college education to begin five years from today. You estimate the yearly tuition, books, and li
EleoNora [17]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

Future value= 5,000*4= $20,000

i= 8%

number of years= 5 years

To calculate the present value of the investment, we need to use the following formula:

PV= FV/ (1+i)^n

PV= 20,000/ (1.08^5)

PV= $13,611.664

4 0
3 years ago
On January 1, 20X2, X Company made modifications to an asset used in its manufacturing operations in order to extend its useful
qwelly [4]

Answer:

Will capitalize the cost of the modification and will recognize depreciation expense of $3,000.

Explanation:

Provided information, we have the following details.

Original value of asset = $30,000

Accumulated depreciation = $12,000

Therefore carrying value of asset = $30,000 - $12,000 = $18,000

Remaining life of asset = 5 years

When an additional modification is done, cost of modification = $6,000

Revised life of machine due to modification = 8 years

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Therefore, correct option is

c. Will capitalize cost of repairs and will charge depreciation of $3,000 each year

7 0
3 years ago
Frank works as a cellphone salesman. He has worked at the same company for the past two years, and one day his boss approaches h
OLga [1]

Answer:

The answer is: NO

Explanation:

In order for a contract to exist, consideration must be present. Consideration is the benefit bargained between the two parties in a contract. Consideration is considered the main reason of why a contract exists.

Consideration doesn't exist in this case, since Frank didn't exchange anything in order to get the $500. His boss offered the money for his past performance, but past consideration doesn't create a new contract. In the past he sold cellphones and his boss already paid him for doing so.  

6 0
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North Company has completed all of its operating budgets. The sales budget for the year shows 50,950 units and total sales of $2
IRINA_888 [86]

Answer:

Net income/(loss) = $766,480

Explanation:

As per the data given in the question,

Budgeted income statement

Sales = $2,429,400

Less: COG sold = $1,120,900 (50,950×$22)

Gross Profit = $1,308,500

Less: Selling and admin. expense = $308,700

Income from operations = $999,800

Less: Interest expense = $12,720

Earning before income taxes = $987,080

Less: Income tax expense = $220,600

Net income/(loss) = $766,480

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4 years ago
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