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lisov135 [29]
3 years ago
6

Morrison Company began the year with the following balances in its inventory accounts:  Raw Materials $ 15,000  Work‐in‐Proces

s $ 45,000  Finished Goods $ 85,000 Morrison applies overhead to production using direct labor hours. As of the beginning of the year, Morrison estimated the year’s total manufacturing overhead to be $140,000 and total direct labor hours to be 5,000. The following transactions occurred during the year: 1. Purchased $94,000 of raw materials on account. 2. Used $87,000 of raw materials. The materials used were classified as:  Direct materials $69,000  Indirect materials $18,000 3. Incurred and paid wages and salaries of $190,000, classified as:  Direct labor $130,000 (5,200 hours at $25 per hour)  Indirect labor $ 15,000  Selling and administration $ 45,000 4. Incurred various costs totaling $83,000, related to:  Production (i.e. manufacturing overhead) $60,000  Selling and Administration $23,000 5. Recorded total depreciation of $60,000, related to:  Manufacturing equipment $43,000  Equipment used for selling and administration $17,000 6. Work in process totaling $290,000 was transferred to Finished Goods during the year. 7. Finished goods costing $300,000 were sold during the year.

Business
1 answer:
elixir [45]3 years ago
7 0

Answer:

The question is not complete,find in the attached the complete of questions as well as the spread sheets containing all calculations

Explanation:

Costs of finished goods manufactured            

Direct materials used        69000      

Direct labour          130000

Prime cost          199000

           

Total manufacturing overhead      145600    

Opening work in progress       45000    

closing work in progress        -99600    

Costs of finished goods manufactured       290000      

           

Overabsorption of overhead=overhead used-actual overhead 15600           Net income=sales-costs of good sold-total adminand selling expense24600            

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Gail K. Company manufactures waterproof cell phone covers. During the current month, the purchasing manager purchased $26,700 of
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D : $88,800

Explanation:

<u>Cost of goods manufactured :</u>

Direct Material used in production                         $ 21,300

Indirect Material used in production                       $  3,700

Direct Labour                                                           $ 34,100

Direct Labour                                                           $  5,900

Manufacturing overhead                                       <u> $ 16,600 </u>

Total Manufacturing cost                                        $ 75100

Add:Beginning Work in process inventory            $7,200

Less: Ending Work in process inventory                <u>$ 0       </u>

Cost of Goods Manufactured                                 <u>$88,800</u>

6 0
3 years ago
A month ago, you bought a one-year bond with a value of $100 that pays a fixed interest rate of 5 percent per year. The interest
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Answer:

less desirable to other investors

Explanation:

<u>Given</u>: Current fixed coupon rate 5%

           Market rate of interest 5%

           New Market Rate of Interest 6%

Value of a bond is inversely related to economy interest rate or the yield to maturity (YTM). Value of a bond is expressed by the following equation:

B_{0}\ = \frac{C}{(1\ +\ YTM)^{1} }  \ +\ \frac{C}{(1\ +\ YTM)^{2} } \ +....+\ \frac{C}{(1\ +\ YTM)^{n} }\ +\ \frac{RV}{(1\ +\ YTM)^{n} }

wherein, C = Coupon rate of interest

         YTM = Market Rate of Interest or interest rate in the economy or investor's expectation

                n= Years to maturity

             RV = Redemption value

In the given case, C = YTM i.e par value bond. When ytm rises to 6%, the value of the bond shall fall making such a bond less attractive since it represents lower coupon payments than investor expectations.

Thus, now the bond would be less desirable to other investors.

3 0
3 years ago
You are a self-employed profit-maximizing consultant specializing in monopolies. Five firms are currently seeking your advice, a
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Answer:

The answer is option A) The short run recommendation for a monopolistic firm is to remain at the current output level

Explanation:

In the short run, monopolistic firms could record losses but still continue to run in anticipation of a sustainable profit in the long run.

A self-employed profit-maximizing consultant specializing in monopolies understands that the short run losses experienced in a monopoly is also an advantage in that it reduces the participation of more players in the same industry/ market segment.

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6 0
3 years ago
g Your financial advisor offers you two different investment options. Plan A offers a $17,000 annual payment, in perpetuity. Pla
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Answer:

4.76%

Explanation:

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PV of a pertuity=annual cash flow/discount rate

PV of a pertuity=$17,000/r

PV of ordinary annuity=annual cash flow*(1-(1+r)^-n/r

PV of ordinary annuity=$30,000*(1-(1+r)^-18/r

$17,000/r=$30,000*(1-(1+r)^-18/r

multiply boths side by r

17000=30,000*(1-(1+r)^-18

divide both sides by 30000

17000/30000=1-(1+r)^-18

0.566666667=1-(1+r)^-18

by rearraging the equation we have the below

(1+r)^-18=1-0.566666667

(1+r)^-18=0.433333333

divide indices on both sides by -18

1+r=(0.433333333)^(1/-18)

1+r=1.047554315

r=1.047554315-1

r=4.76%

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