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Alja [10]
3 years ago
15

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,920 and two j

obs in process: Job No. 429 $2,600, and Job No. 430 $1,320. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $3,040 $2,300 430 4,020 3,400 431 4,740 $11,800 7,900 $13,600 General use 900 1,310 $12,700 $14,910 Stine Company applies manufacturing overhead to jobs at an overhead rate of 62% of direct labor cost. Job No. 429 is completed during the month. Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. Show work for numbers.
Business
1 answer:
Tanya [424]3 years ago
7 0

Answer:

job 429 -WIP      3040 debit

job 430 -WIP      4020 debit

job 431 -WIP       4740 debit

factory overhead 900 debit

     raw materials             12,700 credit

--to record materials requisions--

job 429 -WIP      2,300 debit

job 430 -WIP      3,400 debit

job 431 -WIP       7,900 debit

factory overhead 1,310 debit

     wages payables            14,910 credit

--to record wages tickets--

job 429 -WIP      1,426 debit

job 430 -WIP      2,046 debit

job 431 -WIP       4,898 debit

     factory overhead            8,370 credit

--to record applied overhead--

Explanation:

job 429 -WIP:  2300 x 62% =  1,426

job 430 -WIP:  3400 x 62% = 2,046

job 431  -WIP:  7900 x 62% = 4,898

total overhead: 8,370

You might be interested in
"Investment X offers to pay you $5,800 per year for 9 years, whereas Investment Y offers to pay you $8,600 per year for 5 years.
Butoxors [25]

Answer:

Present value of investment X = $41,225.37

Present value of investment Y = $37,233.50

Explanation:

The present value of the cash flows can be found by discounting the cash flows at the discount rate.

This can be found using a financial calculator

Cash flow each year from year 1 to 9 for investment X = $5,800 

Discount rate = 5%

Present value = $41,225.37

Cash flow each year from year one to year 5 for investment Y = $8,600 

Discount rate = 5%

Present value = $37,233.50

I hope my answer helps you

5 0
3 years ago
The demand for one of X Company’s products has declined in recent years. The product is manufactured using designated equipment
djverab [1.8K]

Answer:

$230,000

Revised Question:

The demand for one of X Company's products has declined in recent years. The product is manufactured using designated equipment that originally cost $1,300,000 and has a carrying value of $720,000. As of the current date, December 31, 2012, it is expected that only an additional 400,000 units are likely to be sold over the remaining life of the equipment. Each unit sells for $3 and has a manufacturing cost of $1.50. Relevant information as of December 31, 2018:

The undiscounted future cash inflows from the sale of products over the life of the equipment is expected to be $600,000.

The present value of the future cash inflows from the sale of products over the life of the equipment, calculated at the company's cost of capital, is $475,000.

The equipment has a fair value of $490,000 on the date of evaluation.

How much of an impairment loss will X Company recognize in 2018?

Explanation:

IAS 36 Impairment of Assets states that company's or entity's assets can not be carried at more than their Recoverable Amount

<em>Recoverable Amount</em> equals to higher of Fair Value less cost of disposal and Value in Use

<em>Value in Use</em> is net present value (NPV) of future cashflows generated by an asset.

Lets calculate the Recoverable amount of the equipment of Company X:

Fair Value less Cost of disposal = $490,000 - 0 = $490,000

Value in Use = discounted future cashflows from equipment =  $475,000

<em>So Recoverable Amount is higher of Fair Value less cost of disposal and Value in Use i.e $490,000</em>

<h3>Impairment Loss = Carrying Value - Recoverable Amount </h3><h3>                              = $720,000 - $490,000</h3><h3>                              = $230,000</h3>
5 0
3 years ago
Pharoah Company reported net income of $1.30 million in 2022. Depreciation for the year was $208,000, accounts receivable decrea
Jet001 [13]

Answer:

Net cash flow from operating activities

$1,599,000

Explanation:

Pharoah Company

Cash flow from operating activities :

Net income $1,300,000

Net Cash flow from operating activities:

Add depreciation $208,000

Add accounts receivable decreased $455,000

Less accounts payable decreased ($364,000)

Net cash flow from operating activities $1,599,000

7 0
3 years ago
What particular business conditions and/or strategy might make telling or not telling the more advantageous option?
const2013 [10]

Telling employees gain motivates personnel to do their high-quality work. after they realize there are possibilities for advancement, they will do their process to a better standard to electrify those who are looking.

4 everyday business-level strategies emerge from those choices: (1) huge cost management, (2) wide differentiation, (three) targeted cost leadership, and (four) centered differentiation. In rare cases, companies are able to provide both low costs and particular capabilities that customers discover acceptable.

Put clearly, business strategy is a clear set of plans, actions and desires that outlines how a commercial enterprise will compete in a selected market, or markets, with a product or number of products or services.

Learn more about business here: brainly.com/question/24448358

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8 0
2 years ago
5.
sineoko [7]
Wait im searching for answers
4 0
3 years ago
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