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
Orlov [11]
3 years ago
13

Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Dire

ct labor-hours required to support estimated production 140,000 Machine-hours required to support estimated production 70,000 Fixed manufacturing overhead cost $ 784,000 Variable manufacturing overhead cost per direct labor-hour $ 2.00 Variable manufacturing overhead cost per machine-hour $ 4.00 During the year, Job 550 was started and completed. The following information is available with respect to this job: Direct materials $ 175 Direct labor cost $ 225 Direct labor-hours 15 Machine-hours 5
Business
1 answer:
victus00 [196]3 years ago
6 0

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Direct labor-hours= 140,000

Machine-hours= 70,000

Fixed manufacturing overhead cost $ 784,000

Variable manufacturing overhead cost per direct labor-hour $ 2.00

Variable manufacturing overhead cost per machine hour $ 4.00

Job 550;

Direct materials $ 175

Direct labor cost $ 225

Direct labor-hours 15

Machine-hours 5

We need to calculate the total cost of Job 550. First, we need to calculate the predetermined overhead rate:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

<u>Based on direct labor hour:</u>

Estimated manufacturing overhead rate= 784,000/140,000= $5.6 per direct labor hour

<u>Based on machine hour:</u>

Estimated manufacturing overhead rate= 784,000/70,000= $11.2

Now, we can calculate the total cost:

Total cost= direct material + direct labor + allocated overhead

<u>Based on direct labor hour:</u>

Total cost= 175 + 225 + 5.6*15= $484

<u>Based on machine hours:</u>

Total cost= 175 + 225 + 11.2*5= $456

You might be interested in
You and your spouse are in good health and have reasonably secure jobs. Each of you makes about $25,000 annually. You own a home
saveliy_v [14]

Answer:

$88,150

Explanation:

DINK method for insurance sums one half of all the debt plus funeral expenses. Thus,

Using DINK method

One half of mortgage, 140,000 = 70000

One half of car loan, 14000 = 7000

One half of personal debts, 4800 = 2400

One half of credit card loans, 3500 = 1750

Funeral expenses = 7000

Thus

Total insurance needed =

70000 + 7000 +2400 + 1750 + 7000

= $88,150

Note that, when using DINK method, what the spouse earn isn't used in calculating total insurance.

7 0
3 years ago
Ed's Print Shop received an invoice dated May 10 for $2,500 with terms 3/10, 1/15, n/60. On May 22, Ed's Print Shop sent a parti
artcher [175]

Amount to be credited = $2,020

Outstanding balance = $480

Explanation:

The payment terms state that

  • 3% discount may be taken within 10 days of the invoice date (up to May 20); or  
  • 1% discount may be taken within 15 days of the invoice date (after May 20 but not later than May 25); or
  • The net amount is due within 60 days of the invoice date if advantage is not taken of the cash discounts offered.
  • The  3% cash discount is not applicable as the payment was made on May 22 which is after the end of the discount period. However, the 1% discount is allowed, since payment on May 22 is within the 15-day period for the 1% discount.

Amount to be credited

= 2000 / (1−0.01)

= 2000 / (0.99)

= $2,020

Outstanding balance

= 2500 - 2020

= $480

3 0
3 years ago
Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory
Irina-Kira [14]

Answer:

Seemore Lens Company (SLC)

Journal Entries to correct the balances presently reported:

a) Debit Accounts payable $13,200  

Credit Inventory $13,200

To record lenses held on consignment.

b) Debit Office Supplies $6,600

Credit Inventory $6,600

To record office supplies.

c) Debit Inventory $9,600

Credit Cost of goods sold $9,600

To exclude from cost of goods sold lenses in the warehouse for January 2 delivery.

c) Debit Sales Revenue $18,200

Credit Accounts Receivable $18,200

To exclude from sales revenue lenses not yet sold.

d) Debit Cost of goods sold $3,800

Credit Inventory $3,800 (Scrap)

To record the cost of scrap.

Explanation:

a) Data and Analysis:

Reported Inventory = $86,000

Reported Cost of Goods Sold = $452,000

Transactions:

a) Accounts payable $13,200  Inventory $13,200

b) Office Supplies $6,600 Inventory $6,600

c) Inventory $9,600 Cost of goods sold $9,600

c) Sales Revenue $18,200 Accounts Receivable $18,200

d) Cost of goods sold $3,800 Inventory $3,800 (Scrap)

3 0
2 years ago
Before taking out a loan, you should ask yourself whether you can meet all of your essential expenses and still afford the month
sineoko [7]

Answer:

Adding up basic monthly expenses and subtracting this total from take-home pay, plus trying to find out ways or figuring out what to give up to make the monthly loan payment.

Explanation:

A loan is simply a borrowed money that must be repaid at a certain point in time.

Before taking out a loan, it is better you ask yourself some questions like the reason for the loan collection, how much am i earning and willing to set aside for the loan repayment and will it be monthly and other questions.

8 0
2 years ago
Elle, an adolescent, believes that government should pay for citizens' health care. from this premise, she reasons about the par
harina [27]

This is an example of<u>  "deductive reasoning".</u>


Deductive reasoning is a coherent procedure in which a conclusion depends on the concordance of numerous premises that are commonly thought to be valid.  

Deductive reasoning is sometimes alluded to as top-down logic. Its partner, inductive thinking, is some of the time alluded to as base up rationale. Where deductive thinking continues from general premises to an explicit end, inductive thinking continues from explicit premises to a general end.

8 0
3 years ago
Other questions:
  • Darrin’s employees are highly skilled, so he allows them free rein to do their jobs.
    6·1 answer
  • 13. Jensen and Associates has a projected balance sheet that includes the following accounts. What is the projected marketable s
    6·1 answer
  • Consolidated financial statements are prepared when a parent-subsidiary relationship exists in recognition of the accounting con
    11·1 answer
  • Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $206,000 of raw materials on credit
    9·1 answer
  • you can never know to much about your customer - what does this mean from business / advertising perspective?​
    5·1 answer
  • Your client, Vinces Veggies, wants to increase downloads of their popular recipe printouts. You suggest they create ad groups ba
    12·1 answer
  • Trowel Corp. has outstanding accounts receivable totaling $13,000,000 as of December 31 and sales on credit during the year of $
    7·1 answer
  • Olivia is single, 66 years old, and not blind. She paid all the cost of keeping up her home. She earned $55,000 in wages for 201
    11·1 answer
  • What is a multinational company
    15·1 answer
  • What is a marketing strategy in which the focus is on small but profitable market segments?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!