All of the following statements about Group Life Insurance are true, except:

The following costs were incurred in May: Direct materials $ 39,700 Direct labor $ 23,200 Manufacturing overhead $ 24,000 Sellin

Maslowich

Answer:

$62,900

Explanation:

According to the situation, the solution is as follows

The prime cost is

= Raw material + direct labor

= $39,700 + $23,200

= $62,900

It is a combination of both the raw material and direct labor therefore calculating it we simply added the raw material and direct labor in order to determine the prime cost incurred during the month

8 0

3 years ago

At the beginning of the year, Monroe Company estimates annual overhead costs to be $2400000 and that 300000 machine hours will b

Neko [114]

Answer:

Allocated MOH= $252,000

Explanation:

Giving the following information:

Estimated overhead= 240,000

Estimated machine hours= 300,000

Actual machine hours for the year were 315000 hours.

First, we need to calculate the estimated overhead rate:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 240,000/300,000= $0.8 per machine hour

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 0.8*315,000= $252,000

3 0

3 years ago

Automated Data Processing (ADP) provides computer software and services to a host of companies, including automobile dealerships

stich3 [128]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

5 0

3 years ago

A decrease in the discount rate: Group of answer choices leads to an increase in the interbank rate charged by commercial banks.

Ivanshal [37]

Answer:

lowers the cost of borrowing from the Fed.

Explanation:

The discount rate is the rate that the Fed charges to commercial banks for overnight loans. This loans are only made when commercial banks have no other option, and represent one of the Fed's main functions: acting as lender of last resort.

When the Fed lowers the discount rate, commercial banks can access the Fed as lender of last resort at cheaper interest rates.

5 0

4 years ago

Prepare a direct materials purchasing plan for January, February, and March, based on the following facts. Lana Gonzales owns a

larisa [96]

Answer:

January cost $702,200

February cost $812,200

March cost $950,400

Total Purchase cost

Particulars January February March

Purchase cost of blades $ 207,200.00 $ 227,200.00 $ 230,400.00

Purchase cost of motor $ 495,000.00 $ 585,000.00 $ 720,000.00

$ 702,200.00 $ 812,200.00 $ 950,400.00

Explanation:

R.M budget - blades

Particulars January February March April

Planned production 11000 13000 16000 12000

Blades req. per unit 4 4 4 4

Material req. for prod. 44000 52000 64000 48000

Add: Desired ending inventory 20800 25600 19200 0

Less: Beginning inventory 13000 20800 25600

Net units of blades req. 51800 56800 57600

Cost per blade $ 4.00 $ 4.00 $ 4.00

Purchase cost of blades $ 207,200.00 $ 227,200.00 $ 230,400.00

R.M budget - motor

Particulars January February March April

Planned production 11000 13000 16000 12000

Motor req. per unit 1 1 1 1

Material req. for prod. 11000 13000 16000 12000

Cost per motor $ 45.00 $ 45.00 $ 45.00

Purchase cost of motor $ 495,000.00 $ 585,000.00 $ 720,000.00

6 0

4 years ago