1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vlad [161]
3 years ago
15

Bryant Company designs and builds fancy dining room tables for individual customers. On July 1, there were two jobs in process:

Job 391 with a beginning balance of $21,700 and Job 392 with a beginning balance of $8,790. Overhead costs are applied by using a rate of 70% of direct labor costs. Both jobs are unfinished on July 31. Data on July costs for both jobs are as follows:Job 391Job 392Direct materials$5,100$ 9,200Direct labor cost2,70011,000What is the total of the work-in-process account at July 31?
Business
1 answer:
emmainna [20.7K]3 years ago
5 0

Answer:

Total Work in process=  $68,080

Explanation:

Giving the following information:

On July 1, there were two jobs in process:

Overhead costs are applied by using a rate of 70% of direct labor costs.

Job 391 with a beginning balance of $21,700

Direct materials $5,100

Direct labor cost $2,700

Manufacturing overhead= 2700*0.70= $1890

Total= 21700 + 5100 + 2700 + 1890=$31,390

Job 392 with a beginning balance of $8,790.

Direct materials $9,200

Direct labor cost $11,000

Manufacturing overhead= 11000*0.70= $7700

Total= 8790 + 9200 + 11000 + 7700= $36,690

Total Work in process= total cost Job 391 + total cost Job 392

Total Work in process= 31,390 + 36,690= $68,080

You might be interested in
Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z. For those boxes
spayn [35]

Answer:

Company X:

Sales :

= Gross Profit + Cost of goods sold

= 245 + 330

= $575

Operating expenses:

= Gross profit - Net income

= 245 - 30

= $215

Company Y

Gross profit:

= Sales - Cost of goods sold

= 1,270 - 790

= $480

Net income:

= Gross profit - Operating expenses

= 480 - 525

= $(45)

Company Z

Operating expenses :

= Gross profit - Net income

= 525 - (-20)

= 525 + 20

= $545

Cost of goods sold:

= Sales - Gross profit

= 970 - 525

= $445

7 0
3 years ago
Although many factors affect the value of real property, what is the primary driver in determining the value of real property?
garri49 [273]

Answer:

Supply and Demand

Explanation:

Although there are many factors which are given below:

1. Location of the real property

2. Supply and demand

3. The rate of interest

4. Population size

5. Market trends of property, etc

But the primary driver is supply and demand because if the demand of the property rise than the supply, the price of real property is rising whereas if the supply of the property is rise than the demand, the price of real property is declining

5 0
2 years ago
HELP 10 POINTS!!!!!!!!!!!! ONE QUESTION!!!!!!!
8090 [49]

Answer:

Gross profit is a required income statement entry that reflects total revenue minus cost of goods sold (COGS). Gross profit is a company's profit before operating expenses, interest payments and taxes. Gross profit is also known as gross margin

3 0
3 years ago
Atlanta​, ​Inc., planned and actually manufactured 180,000 units of its single product in 2017​, its first year of operation. Va
steposvetlana [31]

Answer:

Net operating income= 1,080,000

Explanation:

Giving the following information:

Units produced= 180,000

Variable manufacturing cost was $ 17 per unit produced.

The variable operating​ (nonmanufacturing) cost was $ 10 per unit sold.

Planned and actual fixed manufacturing costs were $ 900,000. Planned and actual fixed operating​ (nonmanufacturing) costs totaled $ 360,000.

Atlanta sold 120, 000 units of a product at $ 44 per unit.

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unitary fixed overhead= 900,000/180,000= $5

Unitary production cost= 17 + 5= 22

Sales= 120,000*44= 5,280,000

COGS= 22*120,000= (2,640,000)

Gross profit= 2,640,000

The variable operating​ ocsts=  120,000*10= (1,200,000)

Fixed operating​ costs= (360,000)

Giving the following information:

Units produced= 180,000

Variable manufacturing cost was $ 17 per unit produced.

The variable operating​ (nonmanufacturing) cost was $ 10 per unit sold.

Planned and actual fixed manufacturing costs were $ 900,000. Planned and actual fixed operating​ (nonmanufacturing) costs totaled $ 360,000.

Atlanta sold 120, 000 units of a product at $ 44 per unit.

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unitary fixed overhead= 900,000/180,000= $5

Unitary production cost= 17 + 5= 22

Sales= 120,000*44= 5,280,000

COGS= 22*120,000= (2,640,000)

Gross profit= 2,640,000

The variable operating​ ocsts=  120,000*10= (1,200,000)

Fixed operating​ costs= (360,000)

Net operating income= 1,080,000

5 0
3 years ago
Poe Company is considering the purchase of new equipment costing $80,000. The projected net cash flows are $35,000 for the first
sergey [27]

Answer:

$23,773.65

Explanation:

Net present value is the present value of after tax cash flows from an investment less the amount invested

NPV can be calculated using a financial calculator :

cash flow in year 0 = $-80,000.

Cash flow in year 1 and 2 = $35,000.

Cash flow in year 3 and 4 = $30,000.

I = 10%

NPV = $23,773.65

To find the NPV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

5 0
3 years ago
Other questions:
  • If your seller cost is $8.00 and the price ceiling is $7.00, you will:
    10·1 answer
  • In its year 3 income statement, Cere Co. reported income before income taxes of $300,000. Cere estimated that, because of perman
    10·1 answer
  • According to dan bricklin, inventor of visicalc, what is the most effective and efficient way to move forward with an idea?
    15·1 answer
  • Hane Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products: Activit
    7·1 answer
  • 25)
    10·1 answer
  • Pharoah Company purchased machinery on January 1 at a list price of $270000, with credit terms 2/10, n/30. Payment was made with
    10·1 answer
  • James is the new manager of operations at Springfield Motors. To his dismay, he finds the employees coming in late to work, taki
    11·1 answer
  • The most important useful measure of cost is
    7·1 answer
  • A ______ the demand curve represents a change in demand while a ______ the demand curve represents a change in the quantity dema
    10·1 answer
  • Blank______ levels of withdrawal behavior are closely correlated with a Blank______ degree of organizational commitment.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!