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
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            

You might be interested in
Why should you save your files on a regular basis?
stich3 [128]

Answer:

in case if anything happens

4 0
2 years ago
Read 2 more answers
Sheldon and Morton formed a partnership with capital contributions of $80,000 and $40,000, respectively. Their partnership agree
Anastaziya [24]

Answer:

The answer is:

Sheldon: $39, 500;     Morton: $50, 500

Explanation:

A partnership is a binding agreement between two or more parties to carry on a business. The sole purpose of this agreement is to share skills and expertise so as to generate a profit. In a partnership, the partners have unlimited liability meaning that if the business established by the partners in unable to repay creditors, the creditors are legally allowed to seize the personal assets of the partners to cover the debts owing. However, in accounting for financial performance, the business is considered to be a separate entity (exists independent of the partners). Sheldon and Morton have established a profit-sharing arrangement that compensates Sheldon for the capital contribution (larger interest share) and Morton for his contributions to the business operations (larger salary share). The profit after these deductions is shared equally between the 2 partners. Assuming the given net income is after operations but before partner deductions, the share of the partners is calculated as follows:

                               Sheldon                           Morton

Interest                   $8,000                              $4,000

Salaries                  $10,000                             $25,000

Profit share            <u>$21, 500 </u>                           <u>$21, 500</u>

Total share            <u>$39, 500</u>                            <u>$50, 500</u>

Interest        (10% * $80, 000)                           (10% * $40, 000)

Profit share (50% * $43,000)                           (50% * $43,000)

Net Profit Share: $90, 000 - $(8,000 + 10,000 + 4,000 + 25,000)= $43,000

                     

8 0
3 years ago
HURRY HURRY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Vilka [71]
The answer is true!!
4 0
3 years ago
Read 2 more answers
"refer to your way, inc. what type of products is sold at your way?"
hjlf
Your way, inc is a furniture store located in Dallas, Texas, United States, it makes unique and fine pieces of furnitures, they also repair and recover them. 
4 0
3 years ago
Janet bought flour and used it to bake bread she ate. ABC Bakery bought flour which it used to bake bread that customers purchas
andrew11 [14]

Answer:

Explanation:

In the first case flour can be counted as final good as it was consumed just after that . Bread for self consumption is not a good . On the other hand bread

is a final good in second case as it had some commercial value . Flour is work- in -process.

8 0
3 years ago
Other questions:
  • Required:
    7·1 answer
  • Expand academic a sap, the publication field indicates
    14·1 answer
  • What are two examples of document recognized in every state?
    5·1 answer
  • The objective of a best-cost strategy is to: a. Deliver superior value to value-conscious buyers at a comparatively lower price
    13·1 answer
  • What is the difference between the work of an auditor and finance manager? ​
    8·1 answer
  • Which of the following represents a primary task and a dependent task?
    9·2 answers
  • What is the fundamental rethinking of business processes to bring about dramatic improvements in​ performance?
    12·1 answer
  • The presence of​ ________ in financial markets leads to adverse selection and moral hazard problems that interfere with the effi
    12·1 answer
  • Rent is an example of a(n) _____.
    6·2 answers
  • The information content of a regular dividend increase generally signals that:Multiple Choicefuture dividends will be lower.the
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!