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Hatshy [7]
3 years ago
6

Manufacturing reports the following data for the month: Purchases of raw materials, on account $55,250 Materials requisitions: D

irect materials 49,750 Indirect materials 3,700 Labor incurred (not yet paid): Direct labor 51,000 Indirect labor 2,500 Journalize the entries relating to materials and labor. Omit explanations.
Business
1 answer:
xxMikexx [17]3 years ago
7 0

Answer:

Journal 1

Direct Materials $49750 (Debit), Indirect Materials $3700,(Debit)  Direct labor $ 51000 (Debit), Indirect labor $ 2500 ( Debit), Manufacturing Overhead Account $106960 (Credit)

Journal 2

Manufacturing Overhead Account $106960 (Debit), Accounts Payable $106960

Explanation:

Journal 1

Materials and Labor (both direct and indirect) resource acquired shows an accumulation of resources needed for manufacturing process.

Therefore these resources are being recorded in their respective accounts and transferred to manufacturing overhead account.

Journal 2

Both materials and Labor acquired for manufacturing process are still owing.The journal represent a present obligations in settlement of the Manufacturing overhead (Both for Materials and Labor)

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Starling Co. manufactures one product with a selling price of $18 and variable cost of $12. Starling’s total annual fixed costs
nikitadnepr [17]

The number of units that Starling Co. sold was 11200

<u>Explanation:</u>

Given -

Operating income = $28,800

Fixed cost = $38,400

Selling price of one unit = $12

Variable cost = $12

Number of units sold, n = ?

Contribution  margin per unit = $18 - $12

                                                 = $6

n = \frac{operating income + fixed cost}{contribution margin per unit}

n = \frac{28800 + 38400}{6} \\\\n = \frac{67200}{6} \\\\n = 11200

Therefore, number of units that Starling Co. sold was 11200

7 0
3 years ago
Danny is an associate with Valley Chartered Accounts in New York. Among various other work commitments, Danny has to file the ta
nika2105 [10]

Answer:

E. instrumental support

Explanation:

Instrumental support is generally the assistance or support an individual receives from their colleagues that is tangible.

Sam, Danny's colleague, observing his stressful situation and then volunteered to assist Danny in meeting the deadline is an example of an instrumental support.

7 0
3 years ago
Read 2 more answers
While working on a printer, you spill a cleaning solution that was sitting on the floor next to the printer stand. What step sho
aleksandrvk [35]

Answer: Check the MSDS for the liquid and follow the instructions.

Explanation:

The Material safety data sheet(MSDS) are document that contains information on the potential hazards(health, fire, reactivity & environmental) and working safely with chemical products. What to do after the spill is to check the MSDS for the liquid and follow the instructions.

8 0
3 years ago
The Benson Bearing Company sells Textron, Inc. a quantity of baseball bats that were stored in an independent warehouse at the t
polet [3.4K]

Answer:

at the time it receives a negotiable warehouse receipt for the bats.

Explanation:

Benson Bearing Company is selling bats to Textron inc. The bats are stored at an independent warehouse not controlled by Benson Company.

Of the contract states that Textron will pick up the bats at the warehouse, the risk of loss passes to Textron when it recieved a negotiable warehouse reciept for the bats.

This is because the warehouse is not controlled by Benson Company and issuing a warehouse reciept is equivalent to delivering the goods to Textron.

7 0
3 years ago
Kahn Company paid $240,000 to purchase a machine on January 1, Year 1. During Year 3, a technological breakthrough resulted in t
Serga [27]

Answer:

Yes, the machine should be replaced

Explanation:

The calculation is given below:

<u> Particulars              old Machine            New machine </u>

Purchase price                                       $300,000

Less:

Salvage value                                        -$80,000

Operating cost         $400,000              $144,000

                          ($100,000 × 4 )        ($36,000 × 4)

Total cost                 $400,000                $364,000

Hence, the financial advantage is

= $400,000 - $364,000

= $36,000

As there is a financial advantage of $36,000 therefore the old machine would be replaced with the new machine

4 0
3 years ago
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