Answer:
Credit to Prepaid insurance for $400 and Debit to Insurance expense for $400
Explanation:
The journal entry is given below:
Insurance expense ($4800 × 1 ÷ 12) $400
Prepaid Insurance $400
(To record insurance expense)
Here the insurance expense is debited as it increased the expense and credited the prepaid insurance as it decreased the assets
The director’s collaborator who has various tasks such as taking notes, keeping track of blocking, and communicating with all the members of the production team is the <u> Stage Manager </u>.
<h3>
What is a Stage Manager ?</h3>
A Stage Manager supports and organizes all the different teams involved in the day-to-day running of a theatre production from rehearsals right through to performances and then post-show.
They liaise and communicate with the full company and organize each team to ensure the smooth running of a production.
During the rehearsal process the stage manager is responsible for:
- communicating with all members of the team.
- keeping daily reports and logs.
- taking notes.
- keeping track of blocking.
Therefore, we can conclude that the Stage Manager is responsible for various tasks such as taking notes, keeping track of blocking, and communicating with all the members of the production team.
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Answer:
Allocated MOH= $100,800
Explanation:
<u>First, we need to calculate the predetermined allocation rate for ordering and receiving:</u>
<u></u>
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Ordering and receiving= 504,000 / (700 + 1,080 + 1,720)
Ordering and receiving= $144 per order
<u>Now, we allocate to product AKM:</u>
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 144*700
Allocated MOH= $100,800
Answer:
Materials quantity variance and labor efficiency variance.
Explanation:
Material quantity variance is defined as the difference that exists between the actual amount of a material that is used in production and the expected amount to be used. It measures the efficiency with which a raw material is converted into product.
MQV is calculated by multiplying standard price of material by difference between standard quantity and actual quantity.
Labour efficienct rate on the other hand measure efficiency of using labour.
It is calculated by multiplying standard labour rate with difference between standard labour amount and actual labour amount.
