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3 years ago

A summary of the time tickets for the current month follows:

Business

1 answer:

11111nata11111 [884]3 years ago

6 0

Answer:

Journal Entries:

General Journal

Description Debit Credit

Direct labor:

Job 100 $1,640

Job 101 1,360

Job 104 2,490

Job 108 2,870

Job 111 1,750

Job 115 1,150

Job 117 7,780

Factory overhead:

Indirect labor 8,740

Factory labor costs $27,780

To record the labor costs to jobs and indirect labor

Explanation:

Factory labor costs consist of direct labor costs which are attributed to the specific jobs and the indirect labor costs which cannot be traced to any particular job. These are treated as factory overhead costs.

The journal entries recording the labor costs for each job, debit the indicated job title while crediting the factory labor costs.

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I think the answer is B.

Explanation:

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3 years ago

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A company is currently selling 10,000 units of product monthly for $40 per unit. The unit contribution margin is $27. The compan

Ludmilka [50]

Answer:

The company should accept the idea because profit will increase by $24,000.

Explanation:

A company is currently selling 10,000 units of product monthly for $40 per unit.

The unit contribution margin is $27.

The company believes that spending $50,000 per month on advertising will allow them to increase the selling price to $45 and that sales will increase by 750 units per month.

The unit contribution margin is the difference between selling price and variable cost per unit.

An increase in the selling price of $5 will cause the contribution margin to increase by $5, from $27 to $32.

Profits is the product of contribution margin and number of output.

At initial price, the profit was

= $10,000\ \times\ \$ 27$

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At the new price the profit will be

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3 years ago

Marigold Company discovered the following errors made in January 2022.

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Answer:

A. Reversals entry

1. Dr Cash 900

Cr Equipment 900

Correct entry

Dr Wages and salaries 900

Cr Cash 900

2. Dr Cash 5850

Dr Service revenue 650

Cr Account payable $6,500

3. Dr Accounts payable 360

Cr Equipment 360

Explanation:

A. To Correct the errors by reversing the incorrect entry and Preparation of the correct entry.

Reversals entry

1. Dr Cash 900

Cr Equipment 900

Correct entry

Dr Wages and salaries 900

Cr Cash 900

B. To Correct the errors without reversing the incorrect entry

2. Dr Cash 5850

($6500-650)

Dr Service revenue 650

Cr Account payable $6,500

3. Dr Accounts payable 360

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Cr Equipment 360

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2 years ago

Ginny, a licensee, uses a preprinted contract in Tim's purchase of a new loft apartment. There is a discrepancy in the contract

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Answer:

The handwritten clause generally supersedes the preprinted clause.

Explanation:

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2 years ago

Yo-Down Inc. produces yogurt. Information related to the company’s yogurt production follows:

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Answer:

Yo.Down Inc.

Determination of Support Department 1 costs to be allocated to each production department:

Production Production Production

Department 1 Department 2 Department 3

Support Department 1 $96,000 $6,000 $18,000

Explanation:

a) Cost allocation of Support Department 1:

1) Rate of allocation = Total Support Department 1's costs divided by the total of the cost drivers

= $120,000/2000 = $60 per cost driver

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Production Department 2 = $60 x 100 = $6,000

Production Department 3 = $60 x 300 = $18,000

3) The direct method is one of the three methods for allocating support or service department costs to the production departments in order to ensure the full inclusion of overhead costs in the production costs. As the name goes, the costs of service departments are allocated to only production departments individually. This method is not like the step method of cost allocation where the costs of service departments are allocated to other service departments, starting with the department with the highest costs, followed by the next, until all the costs of service departments are allocated to production. However, no service department whose total costs have been allocated will be allocated any costs. The last method of cost allocation is the reciprocal method, which is a more complicated method that produces more accurate results, by using equations to establish relationships between the departments.

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2 years ago