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xxMikexx [17]
3 years ago
7

The following account appears in the ledger after only part of the postings have been completed for July, the first month of the

current fiscal year: Work in Process July1 Balance 60,200 Direct materials 147,000 Direct labor 120,000 Factory overhead is applied to jobs at the rate of 60% of direct labor cost. The actual factory overhead incurred for July was $75,000. Jobs completed during the month totaled $301,200. a. Prepare the journal entries to record (1) the application of factory overhead to production during July and (2) the jobs completed during July.
Business
1 answer:
Ronch [10]3 years ago
6 0

Answer:

Journal entries

Explanation:

The journal entries are as follows

1)  Work in Process  Dr $72,000

            To factory overhead $72,000

(Being the application of factory overhead is recorded)

It is computed below:

= $120,000 × 60%

= $72,000

(2)  Finished Goods  $301,200

               To Work in Process  $301,200

(Being the job completed during July is recorded)

Only these two above entries are passed

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lesantik [10]

Answer:

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Explanation:

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If opportunity cost is 5%: PV = \frac{12,000 }{(1+0.05)^{3} } =10,366.05

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If opportunity cost is 11.5%: PV = \frac{12,000 }{(1+0.115)^{3} } =8,656.79

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3 years ago
If a firm's projects differ in risk, then one way of handling this problem is to evaluate each project with the appropriate risk
zhuklara [117]

Answer:

True

Explanation:

the discount rate used for a project should reflect the risk of the project so as to make accurate predictions. if the discount rate used for a project is the same as that of the firm and the risks of the project differs, the predictions made with this project would be inaccurate. the risk adjusted discount rate has to be calculated.

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3 years ago
Which of the following is an advantage of multiple-choice achievement tests over holistic performance-based assessments? Group o
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The correct answer is false.

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