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
omeli [17]
3 years ago
5

Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory accou

nt shows the following. Work in Process Inventory Date Explanation Debit Credit Balance Dec. 31 Direct materials cost 1,800,000 1,800,000 31 Direct labor cost 200,000 2,000,000 31 Overhead applied 846,000 2,846,000 31 To finished goods 2,757,000 89,000 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work in process inventory at December 31. Its direct materials cost is $32,000. How much direct labor cost and overhead cost are assigned to this job
Business
1 answer:
Sergio039 [100]3 years ago
7 0

Answer and Explanation:

1. The computation of the predetermined overhead rate is shown below:

= Overhead applied ÷ direct material cost

= $846,000 ÷ $1,800,000

= 47%

2. The direct labor and overhead cost assigned to the job is shown below:

Total cost $89,000

Less: direct material cost $32,000

Less: overhead cost  $15,040 ($32,000 × 0.47)

Direct labor cost $41,960

You might be interested in
Regularly scheduled meetings are always necessary. T or F
kirza4 [7]

Answer:

T

Explanation:

I personally feel like I is important. Because now your informed to get on time.

5 0
2 years ago
Read 2 more answers
The primary objective of financial reporting is to provide information:
inna [77]

Answer:

The correct answer is letter "B": That is useful in decision making.

Explanation:

Financial reporting is the activity every business organization engages to analyze the current situation of the company's operations to take decisions. The Financial Statements are the core instruments firms review to find out how is the firm performing and what points could be improved to maximize the revenue.

7 0
2 years ago
Which of the following statements is true a. ​in market equilibrium there are unconsummated value-creating transactions b. ​in m
Svetlanka [38]

Answer: C. ​in market equilibrium there are no unconsummated wealth-creating transactions

Explanation:Market equilibrium is a term in Macroeconomics used to describe the price at which the Quantity of goods demanded is equal to the Quantity of goods supplied.

Wealth-creating transactions are money making transactions, these transactions are those that takes place and are paid for.

IN A MARKET EQUILIBRIUM THE QUANTITY OF GOODS DEMANDED IS EQUAL TO THE QUANTITY OF GOODS SUPPLIED MAKING THE ECONOMY TO HAVE NO UNCONSUMMATED WEALTH-CREATING TRANSACTIONS.

5 0
3 years ago
Read 2 more answers
B was 42 when the life insurance policy was issued. 42 is referred to as the ______ age of the policy. A
Gemiola [76]

Because the assured is 42 when the life policy was issued, such age will be called an original age of the policy.

<h3>What is an original age?</h3>

In a life policy, an Original Age refers to the age of an insured at the inception of a life insurance policy.

Therefore, as the the assured is 42 when the life policy was issued, such age will be called an original age of the policy.

Read more about original age

<em>brainly.com/question/26386049</em>

5 0
1 year ago
Bobbi and Stuart are partners. The partnership capital of Bobbi is $41,400 and that of Stuart is $74,700. Bobbi sells his intere
Romashka-Z-Leto [24]

Answer:

c. John's capital account for $41,400

Explanation:

Based on this information it can be said that in this scenario the journal entry to record the admission of John as a new partner would include a credit to John's capital account for $41,400. This is mainly because even though Bobbi sold his interest for $63,900 his actual interest capital in the partnership was that of $41,400 .... meaning that John now holds a partnership capital of $41,400 and the Bobbi profited $22,500

4 0
3 years ago
Other questions:
  • Your project requires new software. The IT department is going to research options to identify the best solution to work with yo
    6·1 answer
  • What company fact is evidence of the high employee commitment at patagonia?
    15·1 answer
  • The performance and efficiency of a production house are analyzed by its achievements and strengths, and it is portrayed as the
    14·1 answer
  • On July 10, 2020, Carla Music sold CDs to retailers on account and recorded sales revenue of $686,000 (cost $528,220). Carla gra
    12·1 answer
  • Which definition best describes volatile storage media? Media that loses all its data when the computer’s power is turned off Me
    12·1 answer
  • A company can purchase a maintenance, repair, and operation (mro) package that might include services from different vendors, bu
    6·1 answer
  • The efforts of employees who work directly to convert direct materials into the finished product are referred to as ______
    10·1 answer
  • Which would you use to estimate the demand for a product at various prices?
    13·1 answer
  • A stock is expected to return 11% in a normal economy, 19% if the economy booms, and lose 8% if the economy moves into a recessi
    5·1 answer
  • The financial markets are a relatively new technological development created in the last 50 years.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!