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3 years ago

Sanborn Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year.

Business

1 answer:

Nana76 [90]3 years ago

8 0

Answer:

d) 34.17

Explanation:

we must first calculate the total overhead expenses = $120,000 (ordering and receiving) + $297,000 (machine setup) + $1,500,000 (machining) + $1,200,000 (assembly parts) + $300,000 (inspection) = $3,417,000

since overhead is applied based on direct labor hours, then the predetermined overhead rate = total overhead expenses / total direct labor hours = $3,417,000 / 100,000 labor hours = $34.17 per labor hour

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Exchanged all of the securities for shares of preferred stock, which were not mandatorily redeemable. Market values at the date

ValentinkaMS [17]

Answer:

The full question is as follows <em>"The following accounts were among those reported on Good Corp.'s balance sheet at December 31, year 1: Available-for-sale securities (market value $140,000) $80,000 Preferred stock, $20 par value, 20,000 shares issued and outstanding 400,000 Additional paid-in capital on preferred stock 30,000 Retained earnings 900,000 On January 20, year 2, Good exchanged all of the available-for-sale securities for 5,000 shares of Good's preferred stock. Market values at the date of the exchange were $150,000 for the available-for-sale securities and $30 per share for the preferred stock. The 5,000 shares of preferred stock were retired immediately after the exchange. Prepare the general journal entry, without explanation, to record this event."</em>

Date General Journal Entry Debit Credit

Preferred stock A/c $100,000

(5000*$20)

Add. paid-in capital on preferred stock $7,500

(30000 * 1/ 4)

Retained earnings $42,500

Trading securities A/c $140,000

Gain on exchange of securities $10,000

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2 years ago

If a company reports profit margin of 33.1% and investment turnover of 1.20 for one of its investment centers, the return on inv

PolarNik [594]

If the investment turnover is 1.20 for one of its investment centers, the return on investment must be: 39.72%.

Using this formula

Return on investment = Profit margin ×Investment turnover

Where:

Profit margin=33.1% or 0.331

Investment turnover=1.20

Let plug in the formula

Return on investment = 0.331×1.20

Return on investment = 0.3972×100

Return on investment = 39.72%

Inconclusion If the investment turnover is 1.20 for one of its investment centers, the return on investment must be: 39.72%

Learn more about return on investment here: brainly.com/question/23823344

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2 years ago

One way to think about TQM is as a business philosophy centered around seven core ideas, or principles: __________ refers to com

Elena-2011 [213]

Answer:supplier partnerships

Explanation:supplier partnership is a commitment over an extended time to work together to the mutual benefit of both parties, sharing relevant information and the risks and rewards of the relationship.

In quality control, extended relationship between buyers and sellers based on confidence, credibility, and mutual benefit. The buyer, on its part, provides long-term contracts and assurance of only a small number of competing suppliers. In reciprocation, the seller implements customer's suggestions and commits to continuous improvement in quality of product and delivery.

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3 years ago

Read 2 more answers

E16-4. On January 1.2013, when its $30 par value common stock was selling for $80 per share, Plato Corp. issued $10,000,000 of 8

coldgirl [10]

Answer:

A. Dr Cash Account $10,800,000

Cr To Bonds Payable $10,000,000

Cr To Premium Payable $800,000

B.Dr Bonds Payable account $3,000,000

Dr Premium on bonds payable Debited $2,700,000

Cr To Common Stock $7,500

Cr Additional paid in capital $5,692,500

Explanation:

(a) Preparation of the journal entry to record the original issuance of the convertible debentures

Dr Cash Account $10,800,000

Cr To Bonds Payable $10,000,000

Cr To Premium Payable $800,000

($10,000,000*8/100=$800,000)

(Being issue of share on convertible debenture)

b.Preparation of the journal entry to record the exercise of the conversion option, using the book value method

Dr Bonds Payable account $3,000,000

Dr Premium on bonds payable Debited $2,700,000

Cr To Common Stock $7,500

Cr Additional paid in capital$5,692,500

($3,000,000+$2,700,000-$7,500)

(Being maintain the record of outstanding conversation of debenture)

Calculation for for BONDS CONVERTED

First step is to calculate the amortization for 2013

Amortization for 2013=$10,000,000/20

Amortization for 2013=$500,000

Second step is to calculate the amortization for 2014

Amortization for 2014=$10,000,000/20

Amortization for 2014=$500,000

Third step is to Calculate the premium on bonds payable

Premium on bonds payable=$10,000,000−($500,000+$500,000)

Premium on bonds payable=$9,000,000

Now let calculate the bonds converted

Bonds converted=$9,000,000×30/100

Bonds converted=$2,700,000

Calculation for COMMON STOCK

First step is to calculate the number of bonds

Number of bonds=$10,000,000/1000

Number of bonds=10,000

Second step is to calculate Price for the bond

Price for the bond=10,000×5

Price for the bond=50,000

Third step is to Calculate for Stock Split

Stock Split=50,000/2

Stock Split=25,000

Now let calculate the common stock

Common stock=25,000×30/100

Common stock=7,500

Calculation for BONDS PAYABLE

Bonds Payable=10,000,000×30/100

Bonds Payable=3,000,000

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2 years ago

Read 2 more answers

Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct

FinnZ [79.3K]

Answer:

Total materials variance = (Actual quantity * Actual price) - (Standard quantity * Standard price)

= 2,850 - (230 * 14.4)

= 462 (Favourable)

Materials price variance = (Standard price - Actual price) * Actual quantity

= [1.8 - (2,850/1,500)] * 1,500

= 150 Unfavourable

Materials quantity variance = (Standard quantity - Actual quantity) * Standard price

= [(230 * 8) - 1,500] * 1.8

= 612 Favourable

Total labour variance = (Actual hours * Actual rate) - (Standard hours * Standard rate)

= 19,458 - (230 * 84)

= 138 Unfavourable

Labour price variance = (Standard rate - Actual rate) * Actual hours

= [14 - (19,458/1,410)] * 1,410

= 282 Favourable

Labour quantity variance = (Standard hours - Actual hours) * Standard rate

= [(230 * 6) - 1,410] * 14

= 420 Unfavourable

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3 years ago