On January 1, Year 1, the Mahoney Company borrowed $168,000 cash from Sun Bank by issuing a five-year 8% term note. The principa
2 answers:
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Answer:
Raw Material $191,000
Direct labor $300,000
Actual manufacturing overhead $170,000
Actual selling and administrative expenses $115,000
The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost.
1.
Prime Cost = Direct Material + Direct Labor
Prime Cost = $191,000 + $300,000 = 491,000
2.
Cost of goods manufactured $
Direct material $191,000
Add: Direct Labor $300,000
Add: Manufacturing overhead <u>$170,000</u>
Manufacturing cost <u>$661,000</u>
3.
Manufacturing cost $661,000
Add: Work in process inventory at January 1 $235,000
Less: Work in process inventory at January 31 <u>$251,000</u>
Cost of Goods Manufactured <u>$645,000</u>
4.
Cost of Goods Manufactured $645,000
Add: Finished Good inventory at January 1 $125,000
Less: Finished Good inventory at January 31 <u>$117,000</u>
Cost of Goods Sold <u>$653,000</u>
5.
Manufacturing overhead Account Balance
Actual overhead = $175,000
Manufacturing overhead = $180,000 (300,000 x 60% )
Over applied manufacturing overhead = $180,000 - $175,000
Over applied manufacturing overhead = $5,000
* Data was missing for the calculations, complete question is attached with this answer, Please find that.
Answer:
Since the calculated value of F= 5.733 falls in the critical region we reject the null hypothesis and conclude all three means are not equal.
Explanation:
The given data is
Banking Retail Insurance
12 8 10
10 8 8
10 6 6
12 8 8
<u>10 10 10</u>
The results of excel are:
<u><em>Anova: Single Factor </em></u>
SUMMARY
Groups Count Sum Average Variance
Column 1 5 54 10.8 1.2
Column 2 5 40 8 2
Column 3 5 42 8.4 2.8
1) Let the null and alternate hypotheses be
H0: u1=u2=u3 i.e all the three means are equal and
Ha: Not all three means are equal
2) The significance level is set at ∝ =0.05
3)The test statistic to use is
F= sb²/ sw²
which has F distribution with v1= k-1 →3-1=2 and v2= n-k →15-3=12 degrees of freedom
After calculations the following table is obtained.
<u><em>ANOVA </em></u>
Source SS df MS F P-value F crit
of Variation
B/w Groups 22.93 2 11.467 5.733 0.01788 3.885
<u>Within Groups 24 12 2 </u>
<u>Total 46.93 14 </u>
4) The critical region is F ≥ F(0.05, 2,12) = 3.885
5) Since the calculated value of F= 5.733 falls in the critical region we reject the null hypothesis and conclude all three means are not equal.
