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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

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Getaway Travel Company reported net income for 2016 in the amount of $50,000. During 2016, Getaway declared and paid $2,000 in c
PSYCHO15rus [73]

Answer:

Option (B) is correct.

Explanation:

Given that,

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Preferred dividend = 2,000

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= 80,000 + 10,000

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= 48,000 ÷ 90,000

= $0.53 per share

Therefore, the 2016 basic earnings per share is $0.53.

4 0
3 years ago
If the demand for product x is inelastic, a 4 percent decrease in the price of x will.
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A 4 percent decrease in the price will lead to an increase in the quantity demanded by less than 4 percent.

<h3>What is demand?</h3>

Demand simply means the amount of goods and services that a buyer wants to buy at a particular price and time.

When the demand for product x is inelastic, a 4 percent decrease in the price of x will lead to an increase in the quantity demanded by less than 4 percent.

Learn more about demand on:

brainly.com/question/1245771

3 0
2 years ago
On January 1, 2021, Calloway Company leased a machine to Zone Corporation. The lease qualifies as a sales-type lease. Calloway p
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Answer:

DR Interest receivable                                  26,400

CR Interest revenue                                                       26,400

Explanation:

As first lease has already been paid, the amount left of the lease is;

= 280,000 - 40,000

=$240,000

Interest is 11% so the interest to be received in December is;

= 11% * 240,000

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3 years ago
When silo gimp graduated from college with a degree in flower growing.He was voted...
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Answer:

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3 years ago
Gunnar, the Director of Operations at Fantastic Foods, has worked with other managers over the years to set up groups and teams
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If Gunnar, the Director of Operations at Fantastic Foods.  One of the recent groups, which is also a team, is the dean search committee.

<h3>What is team?</h3>

Team are member of a group that come together in unity to resolve issue  and to achieve their set goals and objectives.

The recent group will be the dean search committee which aim is to interact or  communicate  frequently by making use of different communication  means over a period of several months.

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