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Ira Lisetskai [31]
3 years ago
10

Preparing a Direct Labor Budget Patrick Inc. makes industrial solvents. Planned production in units for the first 3 months of th

e coming year is: January 43,800 February 41,000 March 50,250 Each drum of industrial solvent takes 0.3 direct labor hours. The average wage is $18 per hour. Required: Prepare a direct labor budget for the months of January, February, and March, as well as the total for the first quarter. Do not include a multiplication symbol as part of your answer. Patrick Inc. Direct Labor Budget For the Coming First Quarter Direct labor budget: January February March Total Units to be produced Direct labor hrs per unit Total direct labor hrs Wage rate $ $ $ $ Direct labor cost $ $ $ $
Business
1 answer:
larisa86 [58]3 years ago
3 0

Answer:

Patrick Inc.

Direct Labor Budget

For the Coming First Quarter

Direct labor budget:

                                               January        February          March    Total

Total Units to be produced   43,800          41,000          50,250     135050

Direct labor hrs per unit           0.3                 0.3                    0.3       0.3

Total direct labor hrs            13140              12300               15075    40515

Wage rate $ $ $ $                  18                   18                         18       18

Direct labor cost $ $ $ $     236520        221400              271350      729270

Direct labor cost  Budget  January $ 236520

Direct labor cost Budget February $ 221400

Direct labor cost Budget March $ 271350

Direct labor cost Budget Total $ 729270

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B

Explanation:

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Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were sold. Un
mezya [45]

Answer:

FIFO ending inventory  300 dollars

LIFO ending ivnentory  200 dollars

Explanation:

May-1 Inventory 30 units at $8 $  240

15 Purchases 25 units at $11     $  275

24 Purchases 35 units at $12    $ 420

  Total good available     90 units for a value of $935

We sale 65 units therefore, 25 units remains in our ending inventory.

FIFO will sale the first units leading the newest for inventory

So May 24th would be our ending inventory:

25 units x $12 = $300

LIFO will sale the newest and leave the oldest as inventory.

May 1st units are still at inventory according to LIFO

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7 0
3 years ago
A company purchased $9,100 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $455 of that merchandise.
elena-14-01-66 [18.8K]

Answer:

$259.35

Explanation:

The computation of the amount of cash paid is shown below:

= (Purchase value of merchandise - returned goods of merchandise - discount charges)

= ($9,100 - $455 - $259.35)

= $8,385.65

The discount charges is

= (Purchase value of merchandise - returned goods of merchandise) × discount rate

=  ($9,100 - $455) × 3%

= $259.35

We simply applied the above formula

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3 years ago
Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Federal inco
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Answer:

Net pay is  $383,750

Explanation:

Hermandez builders net pay can be computed by deducting the following from the gross payroll amount:

Federal income taxes

social security

medicare

charitable contributions

union dues

The net pay is computed thus:

Gross payroll pay                                                      $500,000

Federal income taxes                              $63,000

Social security                                          $31,000

medicare                                                  $7,250

charitable contributions(1%*$500000)  $5,000

union dues (2%*$500000)                     $10,000    

                                                                                ($116,250)

Net pay                                                                     $383,750  

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