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liberstina [14]
3 years ago
15

Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the be

ginning of the year, the company made the following estimates: Machine-hours required to support estimated production 154,000 Fixed manufacturing overhead cost $ 656,000 Variable manufacturing overhead cost per machine-hour $ 4.50 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials $ 390 Direct labor cost $ 240 Machine-hours used 35 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 50 units, what is the unit product cost for this job? 4. If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?
Business
1 answer:
Gekata [30.6K]3 years ago
6 0

Answer:

1. $ 8.76

2.$ 936.6

3.$ 18.70

4.$ 22.44

Explanation:

Estimates:

Machine hours  154,000

Fixed manufacturing overheads $ 656,000

Variable manufacturing overheads per machine hours $ 4.5

i) Overhead rate = total overheads/machine hours

=$ (154,000*4.5 +656,000)/154,000

=$ 8.76

ii) Direct materials $ 390

Direct labour      $ 240

Machine hours used= 35

Total overheads= machine hours*overhead rate=35*8.76=$ 306.6

Total manufacturing costs =direct costs + overheads

=$(390+240+306.60)=$ 936.6

iii) 50 units produced

Unit product cost= total costs/ units produced

=936.6/50

=$ 18.70

iv) If 120% markup is used what applied on total manufacturing the selling price per unit

Cost per unit =$ 18.7

Markup= gross profit/costs

120%=GP/18.7*100

120*18.7/100

=$ 22.44

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Explanation:

The following elements must be present to declare a contract legally binding and valid.

An offer for a good or service that is being exchanged, An acceptance of this offer, A consideration which is usually the value of the goods and services that are being exchanged.

While this transaction fulfills the offer and acceptance elements, the consideration or value specification is unfulfilled and as such there is no legally binding valid contract as the prices have not been specified before agreeing to transact.

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6 0
3 years ago
(Advanced analysis) Answer the question on the basis of the following information for a mixed open economy. The letters Y, Ca, I
son4ous [18]

Answer:

The correct option is c. raise G by $30 or reduce T by $40.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

(Advanced analysis) Answer the question on the basis of the following information for a mixed open economy. The letters Y, Ca, Ig, Xn, G, and T stand for GDP, consumption, gross investment, net exports, government purchases, and net taxes respectively. Figures are in billions of dollars.

Ca = 25 + 0.75(Y - T)

Ig = Ig0 = 50

Xn = Xn0 = 10

G = G0 = 70

T = T0 = 30

Refer to the information. If government desired to raise the equilibrium GDP to $650, it could:

a. raise G by $45 or reduce T by $10.

b. raise G by $40 and reduce T by $30.

c. raise G by $30 or reduce T by $40.

d. raise both and T by $40.

e. reduce G by $30 and increase T by $40.

The explanation of the answer is now provided as follows:

Equilibrium GDP (Y) can be obtained as follows:

Y = C + G + I + Xn …………………….. (1)

Substituting all the values in the question into equation (1) and solve for Y, we have:

Y = 25 + 0.75(Y - 30) + 70 + 50 + 10

Y = 0.75Y - 22.50 + 155

Y – 0.75Y = 132.50

0.25Y = 132.50

Y = 132.50 / 0.25

Y = 530

Therefore, we have:

Y = Current equilibrium GDP = $530

Amount of increase in equilibrium GDP required = Desired equilibrium GDP – Current equilibrium GDP = 650 - 530 = 120

From the question, we have:

Ca = 25 + 0.75(Y - T) ………………. (2)

The 0.75 in equation (2) is the marginal propensity to consume (MPC). Therefore, we have:

MPC = 0.75

Expenditure multiplier = 1 / (1 - 0.75) = 4

Tax multiplier = - MPC / (1 – MPC) = -0.75 / (1 – 0.75) = -3

Amount of increase in G or government expenditure required = Amount of increase in equilibrium GDP required / Expenditure multiplier = 120 / 4 = $30

Amount of tax cut or decrease in T required = Amount of increase in equilibrium GDP required / Tax multiplier = 120 / (-3) = -$40

Therefore, correct option is c. raise G by $30 or reduce T by $40.

4 0
3 years ago
Nash's Trading Post, LLC had a balance in the Accounts Receivable account of $761000 at the beginning of the year and a balance
WARRIOR [948]

Answer:

4

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receivable turnover = net credit sales / average inventory

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$3,204,000 / $801,000 =  4

8 0
3 years ago
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Gnoma [55]

Answer:

(A) "So, the government decides to reduce the tariffs on imported raw materials."

(B) "It also introduces special economic zones where certain goods can be traded tax-free."

Explanation:

Liberal economic policies usually revolve around deregulation of many governmental policies, since advocates tend to prefer a market that is as free as possible – meaning, it is free of governmental influences. Liberal economy is also a form of capitalism, and thus they would support (A) and (B) most, since it reduces barriers for businesses to operate at a profit.  

They would not support (C) and (D) since these two concepts are instead socialist economic policies.  

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Answer:

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Explanation:

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