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Anna [14]
3 years ago
15

The following selected transactions were completed by Niles Co. during March of the current year:

Business
1 answer:
monitta3 years ago
5 0

Solution:

Calculate the amount of accounts payable.

Purchases = $43,250

Discount percentage = 2%

Freight charges = $650  

Amount of accounts payable = [(Purchases — Discount) + Freight] = [Purchases — (Purchases x 2%) + Freight]

= [$43,250— ($43, 250 x 2%) + $650] (1)

= $43,250 — $865 + $650

= $43,035  

Merchandise Inventory is an asset and it is increased by $43,035. Therefore, the debit Merchandise Inventory account with $43,035.

• Accounts payable is a liability and it is increased by $43,035.

Therefore, credit accounts payable account with $43,035.  

Record the journal entry of Company N.  

Date     Account Title & Explanation    Post Ref.   Debit ($)   Credit ($)

5th Mar    Merchandise Inventory                            19,175

                  Accounts payable                                                      19,175                

        (To record purchase on account)  

Table (2)  

Merchandise Inventory is an asset and it is increased by $19,175.

Therefore, debit Merchandise Inventory account with $19,175.

• Accounts payable is a liability and it is increased by $19,175.

Therefore, credit accounts payable account with $19,175.  

Record the journal entry of Company N.  

Date     Account Title&Explanation    Post Ref.   Debit ($)   Credit ($)

March 10      Accounts payable                            43,035

                              Cash                                                           43,035

(To record the payment against accounts payable)  

Table (3)  

• Accounts payable is a liability and it is decreased by $43,035. Therefore, debit accounts payable account with $43,035.

• Cash is an asset and it is decreased by $43,035. Therefore, credit cash account with $43,035.  

Record the journal entry of Company N.  

Date      Account Title&Explanation   Post Ref.   Debit ($)   Credit ($)

March 13    Merchandise Inventory                       15,239

                   Accounts payable                                                15,239 (2)

        (To record purchase on account)  

Table (4)  

Calculate the amount of accounts payable.

Purchases = $15,550

Discount percentage = 2%  

Amount of accounts payable = (Purchases — Discount) = Purchases — (Purchacss x 2%)

= $15,550 - ($15,550 x 2%) (2)

= $15,550 - $311

= $15, 239  

Merchandise Inventory is an asset and it is increased by $15,239. Therefore, debit Merchandise Inventory account with 315,239.

• Accounts payable is a liability and it is increased by $15,239.

Therefore, credit accounts payable accounts with $15,239.  

Record the journal entry of Company N.  

Date   Account Title & Explanation    Post Ref.   Debit ($)   Credit ($)

Mar14       Accounts payable                                  3,675 (3)

             Merchandise Inventory                                                3,675

          (To record purchase return)  

Table (5)

Calculate the amount of accounts payable.

Purchases return = $3,750

Discount percentage = 2%  

Amount of accounts payable = (Purchases return — Discount) =Purchases return — (Purchases return x 2%)

= $3,750 - ($3, 750 x 2%)

= $3,750 - $75

= $3,675  (3)  

• Accounts payable is a liability and it is decreased by $3,675.

Therefore, debit accounts payable account with $3,675.

• Merchandise Inventory is an asset and it is decreased by $3,675. Therefore, credit Merchandise Inventory account with $3,675.  

Record the journal entry of Company N  

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The minimum wage in 2008 was $6.55 cents until july 2008 when it was raised to $7.25. if the minimum wage in june was below the
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PA11.
NARA [144]

Answer:

Using Traditional allocation method

Allocation rate per unit

=<u> Budgeted overhead</u>

  Budgeted direct labour hours

Brass

Overhead allocation rate

= <u>$47,500</u>

  700 hours

=  $67.86 per direct labour hour

Gold

= <u>$47,500</u>

   1,200 hours

=  $39.58 per direct labour hour

Using activity-based costing

Brass

Allocation rate for material cost pool                                                                                                                                                  

= <u>$12,500</u>

   400

=  $31.25 per material moved

Gold

Allocation rate for material cost pool

= <u>$12,500</u>

   100    

= $125 per material moved

Brass

Allocation rate for machine set-up pool

= <u>$35,000</u>

  400

= $87.50

Gold

Allocation rate for machine set-up pool  

= <u>$35,000</u>

   600

= $58.33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

Explanation:

Using traditional allocation method, the overheads for material cost pool and machine set-up pool will be added. The overhead allocation rate per unit is the division of total overhead by the direct labour hours for each product.        

Using activity-based costing, the material cost pool overhead  will be divided by the material moved for each product in order to obtain allocation rate for each product.                                                                                                                                                                

The allocation rate for machine set-up pool is obtained by dividing the machine set-up overhead by the number of machine set-up for each              product.                                                                                      

4 0
3 years ago
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