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maria [59]
3 years ago
6

Lancelot Manufacturing is a small textile manufacturer using machineminushours as the single indirectminuscost rate to allocate

manufacturing overhead costs to the various jobs contracted during the year. The following estimates are provided for the coming year for the company and for the Case High School band jacket job. Company Case High School Job Direct materials $ 47 comma 000 $ 2 comma 200 Direct labor $ 25 comma 000 $ 500 Manufacturing overhead costs $ 36 comma 000 Machineminushours 90 comma 000 mh 900 mh What amount of manufacturing overhead costs will be allocated to this​ job? A. $ 360 B. $ 1 comma 080 C. $ 220 D. $ 610
Business
1 answer:
Fynjy0 [20]3 years ago
8 0

Answer:

Overhead absorption rate = Budgeted overhead

                                              Budgeted machine hours

                                            = $36,000/90,000 hrs

                                           = $0.4 per machine hour

The amount of manufacturing overhead to be allocated to the job

= $0.4 x 900 machine hours

= $360

Explanation:

There is need to calculate the overhead absorption rate which is budgeted manufacturing overhead divided by budgeted activity level.

Then, we will multiply the overhead absorption rate by the actual machine hours of 900 hours.

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Zack enters into a contract to buy Olivia’s home. Per the terms of the contract, Zack must put down a $10,000 earnest money depo
Nastasia [14]

Answer:

performance of a contract

Explanation:

When you enter a contract you can perform your part of the contract, not perform your part of the contract or partially perform your part of the contract. In legal terms, there is no such thing as over performance.

in this case, Zack performed his part of the contract. Him making a slightly higher deposit or getting the inspection done before the due date, will not alter the total consideration of the contract, e.g. selling price will remain unchanged and the house will be the same one.

4 0
3 years ago
Giorgio Italian Market bought $4,000 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $4
Maurinko [17]

Answer:

B. Debit Notes Receivable $4,000; credit Sales $4,000

Explanation:

Notice we are asked for hthe entry in the supplier's book:

The supplier will take the note thus, it will ahve a note receivable as in the future it expect to receive a cashflow.

The interest will be accrued over time, so are ignored for the moment

The supplier also has to recognize the amount of sales revenue earned with the sale.

4 0
3 years ago
Which of the following is not correct?a. If the inflation rate exceeds the nominal interest rate, then the purchasing power of a
lilavasa [31]

Answer:

The options which is NOT correct is C.

Purchasing power does not increase with inrease in the rate of inflation. There is an inverse relationship between inflation and purchasing power of money.

Explanation:

Inflation refers to the overall increase in prices of goods and services and the erosion of the power of the currency to purchase those goods and services. In otherwords, when inflation happens, one requires more dollar bills to purchase same unit of goods or services.

Deflation is the opposite of inflation. It refers to the decrease in the prices of goods and services and is usually accompained by an increase in the purchasing power of the currency.

Nominal interest rate simply put is the interest payable on a loan without considering processing fees, compounding interest payable and the erosion of the value of such money.

Cheers!

             

4 0
2 years ago
1. Explain the concept of opportunity cost with an appropriate example.<br>​
inn [45]

Answer:

Concept & example of Opportunity Cost

Explanation:

Opportunity Cost is the cost of next best alternative foregone, while choosing an alternative. This arises because of 'choice' problem, due to unlimited wants & limited resources - having alternative uses.

Eg : If I can have 2 chapatis or a bowl of rice. And, I eat a bowl of rice. Then, 'opportunity cost' of a rice bowl is - the next best available '2 chapattis' foregone for the former.

4 0
2 years ago
Which of the following statements is CORRECT?
Kaylis [27]

A, B, D ,and E statements are correct

Explanation:

The main reason for the annual report is that it is utilized by investors when they expect future income and dividend from the company as well as the risks associated with those cash flows.

The statement of income shows the difference between the income and costs of a company–that is, its profits–over a given duration. Nevertheless, any income reported comes in cash and the expenditure reported always reflects cash expenditures. There will therefore be no substantial difference for the same period between a company's profits reported and its real cash flow.

Suppose all companies follow generally accepted standards of transparency. Two years ago, both companies started operations with similar fixed assets worth $1 million, and neither company sold either or purchased any of these properties. All firms would have to report to their balance sheets the same amount of net fixed assets as the statements are sent to creditors.

Assets other than currency are expected to produce cash over time and the amount of cash they generate will be the same as the amounts on the ledger.

5 0
3 years ago
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