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spin [16.1K]
2 years ago
6

The following information has been gathered for Foxmoor Industries for its fiscal year ending December 31: Estimated factory ove

rhead costs $ 2,496,000 Actual factory overhead costs $ 1,812,400 Estimated labor hours 78,000 Actual labor hours 81,700 Estimated labor costs $ 771,000 Actual labor costs $ 855,125 Estimated machine hours 111,000 Actual machine hours 117,600 What is the predetermined factory overhead rate per labor hour?
Business
1 answer:
lions [1.4K]2 years ago
5 0

Answer:

Estimated manufacturing overhead rate= $32 per labor hour

Explanation:

Giving the following information:

The estimated factory overhead costs $ 2,496,000. Estimated labor hours 78,000.

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 2496000/78000= $32 per labor hour

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Answer:

Invalid, because under the UCC the acceptance must mirror the offer

Explanation:

§ 2-207 of the Uniform Commercial Code (UCC) enforces the mirror image rule. The mirror image rules states that in order for a valid contract to be formed, the offeree (Office Supply) must accept all the terms included in the offer (by Blue Cross) and cannot modify or add any terms. Any term that changes the original offer results in no contract.

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3 years ago
On January 1, 2019, East Lansing, Inc., issues $2,000,000 of 10 percent, 5-year bonds that pay interest of $100,000 semiannually
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Answer:

The issue price of the bond is the present value of  the future cash flows of the bond,which is $2,162,217.92.  

The calculation of the issue price is shown below.

Explanation

The bond will pay interest of $100000 for 10 periods plus $2000000 par at the end of the tenth period.

The formula applicable is: Future value of each period multiplied by applicable discounting factor.

Even though the bond is issued for only 5 years,but the fact that it pays interest semi-annually makes it 10 period duration(5years*2).

Interest rate should also be adjusted to show the time horizon of six month each by dividing 8% per year by 2.

The detailed computation of present value is as follows:

 Periods   Coupon Interest @10%/2   DCF=1/(1+r)^n   PV  

1.00                 100,000.00                     0.9615            96,153.85  

2.00                  100,000.00                       0.9246     92,455.62  

3.00                  100,000.00                        0.8890      88,899.64  

4.00                   100,000.00                          0.8548      85,480.42  

5.00                    100,000.00                            0.8219      82,192.71  

6.00                    100,000.00                            0.7903     79,031.45  

7.00                    100,000.00                             0.7599    75,991.78  

8.00                    100,000.00                             0.7307    73,069.02  

9.00                    100,000.00                             0.7026     70,258.67  

10.00                    2,100,000.00                     0.6756   <u>1,418,684.75</u>  

                                                                           <u> 2,162,217.92</u>  

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An Ecological economist

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