Answer:
A.Direct material 5,320
Direct labour 1,700
Manufacturing overhead 2,550
B. Total cost 9,570
Unit cost 6.38
C. Dr Finished goods inventory account 9,570
Cr Work in Process inventory account 9,570
Explanation:
A. Calculation for the predetemined manufacturing overhead rate
Date Direct material Direct Labour Manufacturing Overhead
5/10 1,330
12 1,120
15 550 825 825
22 480 720 720
24 1,000
27 1,870
31 670 1,005
Total 5,320 1,700 2,550
B. Calculation for the total cost and the unit cost of the completed job
Cost of Completed job :
Direct material 5,320
Direct Labour 1,700
Manufacturing Overhead 2,550
Total Cost 9,570
Unit Cost = Total Cost / Number of units
Unit cost = 9,570/1,500
Unit cost = 6.38
C.Therefore when a job is fully completed, thebFinished goods inventory account will be
debited with the correspondent credit of Work in progress account.
Journal entry
May.31
Dr Finished goods inventory account 9,570
Cr Work in Process inventory account 9,570
Answer:
E.T. the Extraterrestrial
Adjustment for inflation in 1997
Value of E.T. box office receipts = $723,681,284.11 ($435,110,554/96.5 x 160.5)
Explanation:
To adjust a 1982 receipts for inflation in 1997, the 1982 receipts is divided by the 1982 price index and multiplied by the 1997 price index. This results to an inflation-reflected receipts in 1997.
The adjustment helps to put a value that is equivalent to the current price (assessed period's current price) having factored in inflation.
A Consumer Price Index is a statistical estimate that measures the changes in the price level of a weighted average market basket of consumer goods and services purchased by households. It is measured periodically to reflect inflation.
Inflation is the general rise in the prices where a unit of currency yesterperiod buys less today than it did. It is a quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over some period of time.
Answer:
D
Explanation:
Foreign exchange rate is the rate at which one currency is exchanged for another currency.
If there is a surplus in the market for foreign-currency exchange, it means that the supply of foreign currency exceeds the demand. This would lead to the exchange rate appreciating and the domestic goods been more expensive.
If the foreign currency is moving from a surplus to equilibrium, it means that the supply is falling and is almost equal to demand. This would lead to a depreciation of the exchange rate and domestic good would become less expensive
The following standards for variable manufacturing overhead have been established for a company that makes only one product:
((200*8.6)- 2925)*15 = 18,075
The term "variable overhead efficiency variance" refers to both the impact of the discrepancy between the actual manufacturing time and the projected manufacturing time. Variations in productive efficiency are the cause of it.
The difference between the actual manufacturing costs of a product and the costs that the business entity budgeted for it is measured by the variable overhead efficiency variance. It may therefore result from a disparity in productive efficiency.
Variable overhead efficiency variance = ((Actual output * Standard hours per unit of output) - Actual hours) * Standard variable overhead rate.
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