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melisa1 [442]
4 years ago
15

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

Business
1 answer:
11111nata11111 [884]4 years ago
6 0

Answer:

Journal Entries:

a)

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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Your brother is starting 9th grade next year and is thinking about going to college. What steps would you recommend he take?
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Read 2 more answers
An insurer sells a very large number of policies to people with the following loss distribution: $100,000 with probability 0.005
kogti [31]

Answer:

a) $2000

b)  $1,886.7925

C) $2,036.7925

Explanation:

First, the question states to determine the expected claim cost per policy

Expected Claim Cost represents the fund required to be paid by an insurer for a particular contract or a group of contracts as the case maybe. This is usually based on the policy taken.

A) Expected Claim Cost per policy

= (Policy Loss Value A x its probability) + (Policy Loss Value B x its probability) + (Policy Loss Value C x its probability)+(Policy Loss Value D x its probability)+ (Policy Loss Value E x its probability)

= ( (100000 x 0.005 )+ (60000 x 0.010) + (20000 x 0.02) + (10000 x 0.05) + 0 = $2000

Part B: discounted expected claim cost per policy

Since, the sum of $2000 is expected to be paid by the insurer by the end of the year, the interest to be earned based on the rate  (discounting used)

=$2,000 ÷ (1  + 0.06)

= $1,886.7925

Part C:: Determine the Fair Premium

Fair Premium is calculated as follows

The discounted policy claim cost + the Processing Cost per application + The fair profit loading

= $1,886.7925+ $100+50 = $2,036.7925

3 0
3 years ago
ABC Hardware store is open for business 350 days a year. Annual demand for a power cutter at this store is 700 units. Replenishm
BlackZzzverrR [31]

Answer:

102.47 and 20

Explanation:

What is economic order quantity?

EOQ or the economic order quantity is the level of inventory which is the most optimal level for reducing inventory costs. It assumes that the supplier will supply as and when required and follows a just in time policy.

Now that we are familiar with the concept, let's recall the formula:

EOQ= SQRT( 2* D *k /h)

D - Annual demand, which is 700

k - Replenishment cost, which is $15

h - holding cost, which is 10% of inventory value = 0.1 × $20 = $2

So, EOQ = SQRT(2 * 700 * 15/2) = 102.47 units

Reorder point  = daily demand * lead time + safety stock = 700/365*5+10=20 Units

7 0
3 years ago
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