Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $ 28,500 $ 36
,000 Finished Goods $ 78,000 $ 72,000 Work in Process $ 16,500 $ 16,962 During May, $61,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 360 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,350 of direct materials cost. The Corporation incurred $42,900 of actual manufacturing overhead cost during the month and applied $41,400 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled:
2 answers:
Answer:
Check the explanation
Explanation:
The raw material that was used during the month is calculated by adding beginning inventory with purchases and deducting the ending inventory from it.
Here from the below equation, only the purchase are not given, so we put the figures in the formulas and get the amount of purchases.
The beginning and ending balance are also given only purchases are rising, which can be calculated as given above.
Kindly check the workings in the attached image below.
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Answer: 6%
Explanation:
The annual payments can be considered to be annuity payments as they are constant. The amount borrowed can be considered the present value of the annuity.
Present value of annuity = Annuity * Present value interest factor of annuity, 8 years, %?
178,960 = 28,819 * Annuity factor
Annuity factor = 178,960 / 28,819
= 6.20979
To find out the interest rate, look at the Present Value of Annuity table and go to the 8 period column. Look for 6.20979. The interest rate that intersects with this factor is the interest rate implicit in this agreement.
That rate is 6%.
