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marshall27 [118]
3 years ago
9

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that fa

ctory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. The entry to apply the factory overhead costs for the year would include a:
a. debit to factory overhead for $360,000.

b. credit to factory overhead for $432,000.

c. debit to factory overhead for $377,200.

d. credit to factory overhead for $360,000.
Business
1 answer:
melomori [17]3 years ago
5 0

Answer:

b. credit to factory overhead for $432,000.

Explanation:

Before recording the factory overhead costs  we need to do the calculations which are shown below:

For computing the ended overhead amount, first, we have to compute the predetermined overhead rate. The formula is shown below:

Predetermined overhead rate = (Total estimated factory overhead) ÷ (estimated direct labor-hours)

= $360,000 ÷ 30,000 hours

= $12

Now we have to find the actual overhead which equal to

= Actual direct labor-hours × predetermined overhead rate

= 36,000 hours × $12

= $432,000

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $377,200- $432,000

= $54,800 under-applied

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5 0
3 years ago
Internet access to use online banking costs you $39.99 per month. A book of checks costs you $17.95 per 100. Your bank charges y
algol [13]

Answer:

$21.9275

Explanation:

The cost of online banking is $39.99

The cost of checks books is $17.95 per 100. The cost associated with 25 checks

= $17.25/100 x 25

=0.1725 x 25

=$4.3125

The cost of a stamp is 50 cents, which is $0.50

for 25 checks

=$0.50 x 25

=$12.5

The writing fee

=$0.05 x 25

=$1.25

Total cost of using checks

= $4.3125 + $12.5 +$1.25

=$18.0625

the difference between online banking and checks

= $39.99 - $18.0625

=$21.9275

6 0
3 years ago
A year ago, Phyllis Peterson purchased 100 shares of Fidelity's Contrafund for $50 each. During the year, her total return from
Y_Kistochka [10]

Phyllis' RATE (percentage) of return is 7 percent

<u>Explanation:</u>

Data provided in the question:

Purchase price for each share = $50

Dividend received = $1 per share

worth of shares at the end of year = $52.50

Thus, total return on the share  = dividend received plus worth of sahres at the end of year minus purchase price

= $1 plus $52.50 minus $50 = $3.5

Therfore, rate of return = [ total return on the shares by purchase price ] into 100%

= [$3.5 by $50] inot 100 percent

= 7 percent

hence, the option with 7 percent will be the correct answer.

6 0
3 years ago
A company produces a single product. Variable production costs are $13.20 per unit and variable selling and administrative expen
Alex Ar [27]

Answer:

the ending inventory is $13,200

Explanation:

The computation of the dollar value of the ending inventory under variable costing is shown below:

= Variable production cost per unit × difference in units

= $13.20 per unit × (5,200 units - 4,200 units)

= $13.20 per unit × 1,000 units

= $13,200

hence, the ending inventory is $13,200

5 0
2 years ago
An investor company owns 30% of the common stock of an investee company. The investor has significant influence over the investe
MAVERICK [17]

Answer:

Income for investee during the year ended December 31th 2019: $ 17,200

Explanation:

Purchase value                                       525,000

Equity proportion: 1,500,000  30% =    (450,000)

                           Goodwill                         75,000

Transactions during the year:

income 60,000 x 30% =  18,000

dividends 15,000 x 30% = (4,500)

unrealized profit 2018:

30,000 = cost (1.25)

30,000 / 1.25 = 24,000

gross profit 6,000

unrealized gain: 6,000 x 30% = (1,800)

unrealized profit 2019:

40,000 = cost (1.25)

40,000/1.25 = cost

cost = 32,000

gross profit: 40,000 - 32,000 = 8,000

proportion of unrealized gain:

                   8,000 x 30% =      (2,400)

profit for 2018 realized              1,800

                    net adjustment        600

<u></u>

<u>income from investee:</u>

18,000 - 600 (net unrealized gain) = 17,200

6 0
3 years ago
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