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AveGali [126]
3 years ago
8

The following information is available at the end of May:Balance in work in process on May 1 $57,600Direct material costs for Ma

y $89,200Overhead applied at rate of 120% of direct labor dollars %76,500Jobs completed during May and transferred to finished goods inventory was $242,420. Compute the balance in the work in process inventory control account on May 31
Business
1 answer:
Vsevolod [243]3 years ago
5 0

Answer:

Work in process account= $76,680

Explanation:

Giving the following information:

Balance in work in process on May 1 $57,600

Direct material costs for May $89,200

Overhead applied at a rate of 120% of direct labor dollars

Direct labor= $76,500

Jobs completed during May and transferred to finished goods inventory was $242,420

Work in process account= Beginning work in process+direct materials + direct labor + manufacturing overhead - Jobs completed during May

Work in process account=57600 + 89200 + 76500 + (76500*1.20)- 242420

Work in process account= $76,680

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Once every __________, the Census Bureau does a comprehensive survey of housing and residential finance.
Amanda [17]
Once every 10 years search it up if I am wrong
5 0
3 years ago
Which of the following variances are most similar with respect to the manner in which they are calculated? Multiple Choice Labor
ollegr [7]

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.

3 0
4 years ago
The transactions of Spade Company appear below.
torisob [31]

Answer:

Please see the required journals below.

Explanation:

a. Owner's investment in business

Debit Cash $18,750

Credit Common Stock $18,750

b. Purchase of office supplies

Debit Office Supplies $544

Credit Cash $544

c. Purchase of office equipment on credit

Debit Office Equipment $10,369

Credit Accounts Payable $10,369

d. Receipt of fees for services provided to a customer

Debit Cash $2,212

Credit Fees Earned $2,212

e. Payment of office equipment purchased on credit

Debit Accounts Payable $10,369

Credit Cash $10,369

f. Fees for services provided to a customer

Debit Accounts Receivable $3,975

Credit Fees Earned $3,975

g. Payment for monthly rent

Debit Rent Expense $515

Credit Cash $515

h. Collection of partial accounts receivable in (f) above

Debit Cash $1,670

Credit Accounts Receivable $1,670

i. Withdrawal of cash for personal use

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Credit Cash $1,100

5 0
3 years ago
Blue Point Company is formulating its marketing expense budget for the month of September. Sales in units for August amounted to
Anna007 [38]

Answer:

See below

Explanation:

Computation of estimated cash payment expense is seen below

Variable expenses

Sales in unit for August 4,000

Sales in unit September 4,000 × 110% = 4,400

Total variable expense 4,400 × $0.15 = $660

Fixed expense per quarter

Salaries $5,000 × 3 = $15,000

Depreciation $1,500 × 3 = $4,500

Total = $19,500

Budget total = $20,160

Estimated cash payment = $20,160 - $4,500 = $15,660

8 0
3 years ago
able sold to both the low and high tech segments last year, and marketing predicts able will have the same market share next yea
OverLord2011 [107]

Able sold to both the low and high-tech segments last year, and marketing predicts able will have the same market share next year. 1,841 units would you forecast for able.

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