Answer:
A Debit to manufacturing overhead for $9,000
Explanation:
Based on the information given in a situation where the Corporation recently used the amount of $9,000 of indirect materials during the production activities which means that The journal entries that will reflect these transactions would include a DEBIT to MANUFACTURING OVERHEAD of the amount of $9,000 which is the amount of indirect materials that was used during the production activities
A debit to manufacturing overhead for $9,000
Answer:
C. $34,500
Explanation:
Given the above information, applied fixed overhead is computed as;
= Standard hours allowed for actual production × Predetermined rate
Standard hours allowed for actual production = 11,500
Predetermined rate = $3 per hour
Then,
Applied fixed overhead
= 11,500 hours × $3 per hour
= $34,500
Answer:
Minimum selling price is $ 37
Explanation:
Computation of minimum selling price
Direct materials per unit $ 15
Direct labour per unit - existing $ 19
Additional for modification <u>$ 3</u>
Direct Labor per unit <u>$ 22</u>
Variable cost per unit $ 37
Since the Company has sufficient idle capacity to produce the additional order, no incremental fixed manufacturing capacity is considered.
The minimum selling price should be one which covers the variable costs ( modified for labor increase)
When Prior year ending inventory understated by $ 50,000 :
If the ending inventory of the prior year has been understated then the COGS of the prior year get overstated which ultimately understated Pretax income by the same margin.
Prior year ending inventory is the current year opening inventory, so when the prior year ending inventory has been understated that means the current year opening inventory is also getting understated. Which resulted in an understatement of COGS and due to which pretax income of the current year gets overstated by the same margin.
Total pretax income of the two years = $ (50,000) + $ 50,000 = Nil ( No effect).
The four most commonly used inventory types are Raw Materials, Work in Process (WIP), Finished Goods, Maintenance, Repair, and Overhaul (MRO). Knowing the nature of your inventory will help you manage your inventory better and smarter. Consider a fashion retailer like Zara, which operates seasonally.
Learn more about inventory at
brainly.com/question/24868116
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Answer:
hot dogs and pretzels are inferior goods
Explanation:
From the question, We are informed about Miles who graduated from college and his his income increases by $ 35000 a year. Nothing else changes. Miles Miles decreases the quantity of hot dogs and pretzels that he buys and increases the quantity of gourmet ice cream that he he buys. For Miles, hot dogs and pretzels are inferior goods. In economics, inferior good can be regarded as goods that have a fall in demand whenever there is increase in consumer income, i.e increase in consumer income will bring decrease to such goods, which is opposite to normal goods.
