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Deffense [45]
3 years ago
8

Long Island Manufacturing Company developed the following information for its service​ departments, S1 and​ S2, and its producti

on​ departments, P1 and​ P2:       S1       S2       P1       P2 Overhead Cost ​$8,000 ​$14.400 ​$16,000 ​$20,000 Service Provided by S1 minusminusminus ​30% ​30% ​40% Service Provided by S2 ​25% minusminusminus ​30% ​45% Using the reciprocal method of service department cost​ allocation, how much is the total overhead cost for P1 for the period if calculations are rounded to the nearest​ dollar? A. ​$25,120 B. ​$25,210 C. ​$33,188 D. ​$25,188
Business
1 answer:
mr Goodwill [35]3 years ago
7 0

Answer:

Thus Option A is correct.  ​$25,120

Explanation:

S1 = 8000+0.25(14400+0.30(S1))  

S1 = 8000+3600+0.075(S1)  

S1 = $12,540 = $11,600 / 0.925

 

S2 = $18,162 = $14,400 + 0.30 ($12,540)  

$25,210 = $16,000 + 0.30 ($12,540) + 0.30 ($18,162)

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Answer and Explanation:

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Solution :

Expected sales = current sales x (1 + projected sale next year increase)

                         = 5,700 x (1 + 15%)

                         = $ 6555

Expected cost = current cost x (1 + projected sale next year increase)

                       = 4200 x (1 + 15%)

                       = $ 4830

Taxable income = 1500 x ( 1 + 15%)

                           = $ 1725

Taxes (34%)  = 510 x (1+15%)

                     = $ 586.5

Net income = sales - cost - taxes

                   = 6555 - 4830 - 586.5

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Calculation of total asset :

Current asset = 3,900 x 1.15

                      = $ 4485

Fixed asset   = 8100 x 1.15

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Total asset = 4485 + 9315

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Calculation of total liabilities

Current liabilities = 2200 x 1.15

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Equity = $ 6050 + (1138.5 x 0.50 )

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Total liabilities  = $ 2530 + $ 3,750 + $ 7189

                          = $ 13, 469

Therefore the external financial needed is = $ 13800 - $ 13, 469

                                                                       = $ 331

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