Based on the information given the predetermined overhead rate is 31.89 per direct labor hour.
<h3>Predetermined overhead rate</h3>
Using this formula
Predetermined Overhead rate = Estimated manufacturing overhead / Estimated total labor hours
Let plug in the formula
Predetermined Overhead rate = [$1,026,260 + (46,000×6.25)] / 41,200
Predetermined Overhead rate =1,313,760/ 41,200
Predetermined Overhead rate = 31.89 per direct labor hour
Inconclusion the predetermined overhead rate is 31.89 per direct labor hour.
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Answer:
enterprise resource planning.
Explanation:
Enterprise resource planning involves management of main business processes and usually involves use of software. ERP supports similar processes based on the department it is deployed to.
For example ERP can be set up in a company to define various functions of human resources, accounting, amd operations.
The software used for each division will be tailored to their needs. Operations will be more towards everyday processes of production and customer service, while for human resources it will support more of data analysis for effective people management and performance related activities.
Answer:
A business may be constrained by a variety of licensure and other regulatory requirements, based on the industry and activities the business wants to pursue. For example, a lawyer must obtain a legal license in a particular state before he can open a practice in that state.
Answer:
Megan Company
Analysis of Error and Indication of its effect on 2013 and 2014 Net Income, Assets, and Liabilities:
Net Income Assets Liabilities
2013 2014 2013 2014 2013 2014
1. O O
2. O U U
3. U O U
4. O U U
5. O U U
6. U O
7. U U
Explanation:
a) Data and Calculations:
Codes to indicate the effect of each dollar amount: O = overstated, U = understated, and NE = no effect.
The overstatement of Net Income happens when an expense incurred is not recorded in the affected period or a revenue not earned is recognized in the wrong period. For instance, when depreciation expense for 2013 is not recorded in 2013, the net income is overstated. We cannot assume that the error is corrected in 2014, according to this question.
Answer: A - It results in a decrease in inventory
Explanation: Goods receipt will result in increased inventory as goods are received into the store or warehouse were it will be sold.
Goods receipt occurs during a procurement process therefore creating a financial accounting document called invoice and delivery note which will be used to ascertain the actual cost of the goods purchased and actual quantity of goods received.
