1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
uranmaximum [27]
3 years ago
6

Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in p

roduction (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $128,800 of manufacturing overhead for an estimated allocation base of $92,000 direct material dollars to be used in production. The company has provided the following data for the just completed year:
Purchase of raw materials $ 136,000
Direct labor cost $ 88,000
Manufacturing overhead costs:
Indirect labor $ 136,100
Property taxes $ 8,200
Depreciation of equipment $ 19,000
Maintenance $ 12,000
Insurance $ 7,400
Rent, building $ 32,000
Beginning Ending
Raw Materials $ 27,000 $ 13,000
Work in Process $ 49,000 $ 37,000
Finished Goods $ 69,000 $ 55,000
Required:
1. Compute the predetermined overhead rate for the year.
2. Compute the amount of underapplied or overapplied overhead for the year.
3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials.
4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer.
5. Assume that the $37,000 ending balance in Work in Process includes $8,000 of direct materials. Given this assumption, supply the information missing below:
Required 1 Required 2 Required 3 Required 4 Required 5
Compute the predetermined overhead rate for the year. 19% redetermined overhead rate

Business
1 answer:
galben [10]3 years ago
5 0

Answer:

See explanation below as attached.

Explanation:

1. Predetermined overhead is 139% of direct labor hour

2. Under applied overhead is $6,200

Please find attached breakdown and solution to question 1, 2, 3, 4 and 5.

You might be interested in
If supply and demand both increase then equilibrium price will also increase. True or False
lukranit [14]

Answer:

This statement is false.

Explanation:

The change in the equilibrium price due to a change in in an increase in both demand and supply cannot be predicted without knowing the magnitude of the increase.

If the proportionate increase in the demand is greater than the increase in supply, the equilibrium price will increase.  

If the proportionate increase in the supply is greater than the increase in demand, the equilibrium price will decrease.  

If the increase in demand is proportionately equal to the increase in supply, the equilibrium price will remain the same.

6 0
3 years ago
Many workers in the Transportation and Logistics career cluster face danger because
nignag [31]

Answer:

a. they use heavy equipment and handle dangerous cargo and materials.

Explanation:

Workers in the transport and logistics careers operate heavy machinery, which subjects them to potential incidents and accidents that can cause severe bodily injuries or fatalities.

The workers move heavy and bulky leads. Their duties require them to lift, pull, or push the heavy cargo. They use ladders and other escalators to lift cargo to higher grounds. These acts pose the danger of falling or being knocked on by the load.

Transport and logistics workers handle hazardous chemicals and highly flammable substances.  The workers and their supervisors must ensure to abide by all safety regulations to stay safe in the workplace.

3 0
3 years ago
Read 2 more answers
Benny asked his marketing team to research and collect data regarding the demographics of people residing in the state of Califo
anzhelika [568]

Answer:

C, Management Information System

Explanation:

5 0
3 years ago
Make a list of at least three items that are important to double check before submitting a loan application to underwriting. Lis
xxMikexx [17]

Answer:

Please see answers below.

Explanation:

A. Three important Items to double check before submitting a loan application to underwriting.

• Completeness of data : One has to be sure that all important details are captured hence none is left out. It means that there are no missing information on the application.

• Calculations performed accurately: This means that calculations such as borrower's income, qualifying ratios are calculated accurately and also double checked for the purpose of the loan underwriting.

• Documentations required by the loan programme. All Documentations required by the loan programme must be double checked before submitting a loan application to underwriting.

B. List at least two things you would be sure to tell a borrower in preparation for closing

• I will seek clarity in terms of the money borrower would be bringing to the closing table.

• The date,time,venue of closing are essential for the closing hence will be communicated to the borrower. Also, there are no right or wrong answers that may be asked or given by the borrower during the closing.

C. List at least three calculations that are typically used during the course of mortgage loan transaction.

• Income calculation

• Front end and back end ratio (DTI ratio)

• Monthly payment.

3 0
3 years ago
Freedom of ownership is part of what and what environment
lys-0071 [83]

Freedom of ownership is part of the government and the public sector business environment.

<u>Explanation:</u>

Freedom of ownership or a sharing vision offers a number of opportunities in the business environment. It allows the government to control the costs, generate the economies of scale and bargain costs down internally.

The freedom of ownership permits access to complex, specialized skills that can not be sourced locally. So this allows the government sector or the public sector environment to run the business successfully and to run it efficiently.

6 0
3 years ago
Other questions:
  • With the indirect method for determining net cash flows from operations, depreciation is: a. subtracted from net income. b. subt
    5·1 answer
  • Which of the following is a good question to ask during an informational interview?
    11·2 answers
  • The collection of shosoin imperial repository indicates the extensive international exchange between _______ that took place dur
    15·1 answer
  • The following information relates to the manufacturing operations of the JNR Printing Company for the year:
    10·1 answer
  • Is unemployment always bad for an economy? ​
    9·1 answer
  • What effect will each of the following have on the supply of auto tires? (Keeping all else constant)
    15·1 answer
  • Find three examples of each tool in the promotional mix. Answer these questions: 1.What is the purpose of the promotional tool?
    8·1 answer
  • Select the correct answer.
    13·1 answer
  • Setting and achieving goals is essential to success.<br><br> a. True<br> b. False
    7·1 answer
  • What appeals to you about baskin robbins franchise
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!