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ludmilkaskok [199]
3 years ago
13

Juanita corporation uses a job-order cost system and applies overhead on the basis of direct labor cost. At the end of October,

Juanita had one job still in process. The job cost sheet for this job contained the following information:
Direct materials...............................$480
Direct Labor....................................$150
Manufacturing overhead applied....$600
An additional $100 of labor was needed in November to complete this job. For this job, how much should Juanita have transferred to finished goods inventory in November when it was completed?
Business
1 answer:
Bingel [31]3 years ago
4 0

Answer:

$1,730

Explanation:

Currently, the job order contains the following costs:

  • Direct materials $480
  • Direct labor $150
  • Manufacturing overhead $600 (or $4 per $1 of direct labor)

Since the manufacturing process still requires $100 more of direct labor, it should also require $400 more of overhead costs. So the total cost of the job order will be:

($480 + $150 + $600) + ($100 + $400) = $1,730

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stich3 [128]

Answer:

Option D is the correct answer.

d) debit to interest Receivable of $10

Explanation:

Under the accrual basis or principle of accounting, we match the revenue with the expenses and record the transactions in the period to which they relate to rather than when the cash is paid or received. This means that the interest receivable that is accrued for time period relating to this year should be recorded as a revenue in the current period and as an asset under interest receivable as it will be received in the next period.

Thus, the interest on the note relating to 1 month of December will be recorded as follows,

Interest Revenue = 1500 * 0.08 * 1/12 = 10

31 Dec 2021

Interest Receivable       10 Dr

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7 0
2 years ago
On June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 60 million, $2.00 par, common shares, t
ozzi

Answer:

No journal is needed

Par value  is now $1

Explanation:

There is journal entry for stock split no new funds were received from stockholders and the fact that the equity stockholders capital remain the same after the stock split.

It is a mere book redenomination where the number of outstanding shares in issue is increased while the par value is reduced  proportionally.

In essence a stock split of 2 for 1 means one share is added to existing one and the two shares are now priced at the value of one previously

The par value after stock split=1/2*$2=$1

7 0
3 years ago
The law of comparative advantage says that a person should produce a good if he or she: a. ​has an absolute advantage in a relat
Orlov [11]

Answer:

Option (b) is correct.

Explanation:

According to the law of comparative advantage, a person or a country has a comparative advantage in producing a commodity if the opportunity cost of producing that good as compared to the other commodity is lower than the other country.

For example:

There are two countries; Country A and Country B. There are two goods to be produced; Computer and bottles.

Suppose the opportunity cost of producing a computer in Country A is 4 bottles and the opportunity cost of producing a computer in Country B is 6 bottles.

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2 years ago
An independent group wants to determine if the consumption of gasoline has increased due to changes in price. the group randomly
Aleksandr [31]
<span>The variable being studied is monthly gas consumption. This variable is often called the independent variable. This variable changes with average price of a gallon of gas. This variable would be considered the dependent variable.</span>
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3 years ago
Par value is the dollar value that an investor must pay in order to purchase preferred stock.
Vesnalui [34]
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