When preparing the operating budgets for a manufacturing company, the manufacturing overhead budget includes costs that are projected by the cost accountant and the production manager. It contains the all <span>manufacturing costs and expenses, except the direct materials (raw materials) and direct labor. </span>
Answer:
Identification of Features Applying More to Job Order Operations, Process Operations, or Both:
Features
1. Cost object is a process. Process Operations
2. Measures unit costs only at period-end. Process Operations
3. Uses indirect costs. Both
4. Transfers costs between Work in
Process Inventory accounts. Process Operations
5. Uses only one Work in Process account. Job Operations
6. Uses materials, labor, and overhead costs. Both
Explanation:
The main difference between the two operations is the manner costs are accumulated. Job operations accumulate costs for different jobs that are not similar. Process operations accumulate costs to show the process a product passes through. The product of a process operation is not unique like the product of a job operation.
Answer:
Quantitative judgments are mainly based on statistical analysis of acquired data, whereas subjective judgments are dependent on a variety of algorithms such as data kind and quality, influencing variables, hazard identification, and etc.
Consider qualitative aspects that may affect your decision to buy items from a third-party vendor. The supplier's dependability, the quality of its administration, and the grade of its commodities are instances of such criteria.
Answer:
$245 per participant
Explanation:
total number of participants = 200
total costs for 200 participants:
- $40 per night x 3 nights x 200 = $24,000 for rooms
- $3,000 for insurance
- $6,000 for meals
total costs = $33,000
if you want to earn $16,000 in profits ($8,000 each),
price per participant = ($33,000 + $16,000) / 200 = $49,000 / 200 = $245
Answer and Explanation:
The journal entries are shown below:
1. Equipment $90,000
To Cash $90,000
(Being the cost of the building is recorded)
For recording this we debited the equipment as it increased the assets and credited the cash as it decreased the assets
2. Cash $15,000
To Lease Revenue $15,000
(Being the recognition of revenue is recorded)
For recording this we debited the cash as it increased the assets and credited the lease revenue as it also increased the revenue
3. Cash $15,000
To Lease Revenue $15,000
(Being the recognition of revenue is recorded)
For recording this we debited the cash as it increased the assets and credited the lease revenue as it also increased the revenue
4. Depreciation $18,000 ($90,000 ÷ 5 years)
To Accumulated depreciation $18,000
(Being the depreciation expense is recorded)
For recording this we debited the depreciation as it increased the expenses and credited the accumulated depreciation as it decreased the assets