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3 years ago

Value Electronics, Inc. started its operations on January 1, 2019.

Business

1 answer:

elixir [45]3 years ago

3 0

Answer:

The first step in operating cycle would be to purchase inventory from vendors.

The correct answer is D

Explanation:

The steps involved in operating cycle includes:

1. Purchase of inventory from vendors

2. Sale of goods to customers

3. Recording of sales in accounts

4. Collection of cash from customers

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Bibby Auto Shop uses a normal job-costing system to allocate overhead on the basis of labour hours. For the current year, Bibby

Drupady [299]

Answer:

Answer:

1.) Overhead Absorption rate= $30 per hour

2) Absorbed overhead= $70,500

Over-absorbed overhead=$4700

3) Journal entry:

Debit Manufacturing overhead expense $4,700

Credit Cost of goods sold $4,700

Explanation:

Overhead Absorption rate = Budgeted overhead /Budgeted labour hours

= 72,000 /2,400 hours = $30 per hour

Absorbed overhead = OAR × Actual labour hours

=$30 × 2350 = $70,500

Over-absorbed overhead = Absorbed overhead - Actual overhead

= $70,500 - $65,800 = $4700

Journal entry:

Debit Manufacturing overhead expense $4,700

Credit Cost of goods sold $4,700

Answer:

Overhead Absorption rate= $30 per hour

Absorbed overhead= $70,500

Over-absorbed overhead=$4700

Journal entry:

Debit Manufacturing overhead expense $4,700

Credit Cost of goods sold $4,700

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4 years ago

Cormax Games is faced with uncertainty due to the large amount of downloadable, inexpensive games for smartphones and tablets th

Allisa [31]

Answer:

B) Using business intelligence to spot significant data that will increase sales

Explanation:

Business intelligence refers to technologies that analyzes big data and obtains useful information from it. That information is then used by the company to help in their decision making processes. optimize their business processes, discover any problems, improve efficiency, increase revenues and ultimately develop comparative advantages and core competencies over their competitors.

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3 years ago

What are the likely reason(s) that the market for electricity is not perfectly competitive? Please select all that apply.

Ulleksa [173]

Answer:

The correct answer is option C and D.

Explanation:

A perfectly competitive firm has a large number of buyers and sellers. These sellers produce homogenous products. There is no restriction on entry and exit in the market. The firms are price takers.

The market for electricity is not a competitive market because there are few sellers in the market and there is difficulty in entry and exit because of the high cost involved.

5 0

3 years ago

Saphire Company budgeted the following production in units for the second quarter of the year:April45,000May38,000June42,000Each

olga55 [171]

Answer:

Option (a) is correct

Option (b) is correct.

Explanation:

In April:

Total raw material needed for production:

= Production units × raw material required for one unit of FG pound

= 45,000 × 1

= 45,000 pounds

Closing raw material to be maintained = 30% of 38,000

= 11,400

In May:

Total raw material needed for production:

= Production units × raw material required for one unit of FG pound

= 38,000 × 1

= 38,000 pounds

Raw material to be purchased:

= Total raw material needed for production + Closing raw material to be maintained - Opening raw material

= 38,000 + (42,000 × 30%) - 11,400

= 38,000 + 12,600 - 11,400

= 39,200 pounds

In June:

The Desired beginning inventory for June is equal to the closing inventory of May, i.e, 12,600 pounds.

6 0

3 years ago

Quark Inc. just began business and made the following four inventory purchases in June: June 1 150 units $ 825 June 10 200 units

HACTEHA [7]

Answer:

$1,170

Explanation:

The amount allocated to ending inventory for June using FIFO inventory method is computed as;

= $885 + [($1,140 ÷ 200) × (200 - 150]

= $88 5 + ($5.7 × 50)

= $885 + $285

= $1,170

6 0

3 years ago