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Kipish [7]
3 years ago
7

Zander Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at

the end of the month. In July the company completed job F21X that consisted of 21,000 units of one of the company's standard products. No other jobs were in process during the month. The job cost sheet for job F21X shows the following costs: During the month, the actual manufacturing overhead cost incurred was $310, 800 and 14,000 completed units from job F21X were sold. No other products were sold during the month. The unadjusted cost of goods sold (in other words, the cost of goods sold BEFORE adjustment for any underapplied or overapplied overhead) for July is closest to:___________.A. $746, 200 B. $1, 075, 200 C. $1, 119, 300 D. $743, 400

Business
1 answer:
Margarita [4]3 years ago
6 0

Answer:

Find attached complete question:

The correct option is A,$ 746,200

Explanation:

The total standard costs for the whole items of inventory completed in the month of July is the sum of the beginning balance of inventory plus direct materials costs, direct labor cost as well as manufacturing overhead cost applied.

Total cost of completed units=$44,100+$564,900+$195,300+$315,000=$ 1,119,300.00  

standard cost per unit=$1,119,300.00/21000=$53.3

Cost of goods sold(unadjusted)=$53.3 *14,000=$ 746,200.00  

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For a cost to be considered allocable to a contract, it must be a cost that is incurred specifically for a contract, or a cost t
Naily [24]

Answer:

a. A cost that is necessary for the overall operation of the business but not directly related to a contract

Explanation:

Option B - Allocable costs cannot be considered if the contractor is doing business with the government.

Option C - If the cost is exempted, it cannot be specifically allowable for a contract, or a cost that is beneficial to both the contract and other work.

Option D - Indirect costs cannot be allowable.

Option A - It is the right answer because allowable cost should be significant for the operations with an indirect relation with the contract. If it is linked with the overall operations, it can be considered as allowable to a contract.

7 0
3 years ago
Consider the following statements about the step-down method of service department cost allocation: I. Under the step-down metho
WINSTONCH [101]

Answer:

The correct statements under the step-down method are:

a. I, II, and III.

Explanation:

The step-down method of allocating the costs of service departments is one of the three methods in use.  The others include the direct method and the reciprocal method.  With the direct method, service departments' costs are directly allocated to the production departments without any allocation to a service department.  The reciprocal method is much more involved, using formulas and calculations.  The step-down method allocates the service departments' costs to all the other service and production departments, except itself.  This step is eventually followed until all the service departments' costs have been allocated to the production departments.

8 0
3 years ago
Tammy, a resident of Virginia, is considering whether to purchase a $100, 000 North Carolina bond that yields 4.6% before tax. S
Degger [83]

Answer:

A. Virginia Bond: $4,500

North Carolina Bond: $4,451

B. Virginia Bond

Explanation:

A. Calculation to Determine the after tax income for Virginia Bond

Using this formula

After tax income for Virginia Bond=Face value*Virginia bonds of comparable risk

Let plug in the formula

After tax income for Virginia Bond=$100,000*4.5%

After tax income for Virginia Bond=$4,500

Calculation to Determine the after tax income for North Carolina Bond

Interest income before tax $4,600

(100,000*4.60)

Less State marginal tax ($230)

(5%*$4,600)

Interest income net of state tax $4,370

($4,600-$230)

Add Federal marginal tax $81

(35%*230)

After tax income for Noth Caroline Bond $4,451

Therefore the the after tax income from each bond will be:

Virginia Bond: $4,500

North Carolina Bond: $4,451

B. Based on the above calculation the options that will provide the greater after-tax return to Tammy will be VIRGINIA BOND reason be that it has high After tax income of the amount of $4,500 compare to Noth Caroline Bond which has After tax income of the amount of $4,451.

8 0
2 years ago
Wilton Corporation had beginning retained earnings of $724,000 and ending retained earnings of $833,000. During the year, it iss
ryzh [129]

Answer:

Explanation:

The ending retained earnings =  beginning retained earnings + net income - Dividends Paid

Net income = ending retained earnings - beginning retained earnings + Dividends Paid

                   = $833,000 - $724,000 + $50,000

                   = $159000.

Therefore, the net income for the year is $159000.

7 0
3 years ago
A company had a beginning balance in retained earnings of $44,300. It had net income of $7,300 and paid out cash dividends of $5
Anit [1.1K]

Answer:

$45,650

Explanation:

a) Calculations of Retained Earnings:

Beginning balance = $44,300

Net Income =                 7,300

less Dividends             -5,950

Ending balance =     $45,650

b) A statement of changes in Retained Earnings is always prepared to include the net income available for distribution to stockholders and exclude the distributions already made to stockholders in the form of dividends before arriving at the ending balance of Retained Earnings.  This later figure is reported in the Balance Sheet.  This process is also part of the closing entries of temporary accounts to permanent accounts at the end of an accounting period.

3 0
3 years ago
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