Answer:
A periodic inventory method is a method where the inventory account is adjusted at the end of each accounting period and not continuously as with the perpetual method. All inventory purchased is recorded to a purchases account. Cost of goods sold is calculated by adding purchases to beginning inventory and then subtracting ending inventory. The following journal entries are examples of how to account for inventory under a periodic management method.
explanation:
Answer:
True
Explanation:
Welfare is a general term for economic and social assistance programs.
Conversion costs during the month totalled: $ 60,000
<h3>What is conversion cost?</h3>
Conversion cost is the cost incurred by any manufacturing entity in the process of converting its raw material into finished goods capable of being sold.
The conversion cost is computed as:
Conversion Costs = Direct Labor Costs + Manufacturing Overheads
Given that:
Direct Labor Costs = $ 36,200
Manufacturing Overheads = $ 23,800
Therefore,
Conversion Costs = $ 36,200 + $ 23,800
Conversion Costs = $ 60,000
Hence, Conversion costs during the month totalled $ 60,000
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Answer:
354 hours
Explanation:
Direct material cost = $7,250
Actual manufacturing overhead cost = $40,800
Applied manufacturing overhead cost = $40,800
The given value if work process at end of May(May 30) = $16,808 and & $7,250 was used as direct material cost.
Thus, remaining labor and overhead = $16,808 - $7,250 = $9,558
Given an overhead rate of $12 per hour and labor rate of $15 per hour
Overhead rate + labor rate = $12 + $15 = $27 per hour
Direct labour hours worked =
$9,558 ÷ $27 = 354 hours
Therefore the actual direct labor hours worked during may is 354 hours
None of the given option is correct. They are stated in $ and the values are unrealistic.