1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sonja [21]
3 years ago
7

Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $120,5

00 and $124,100, respectively. During the year, actual overhead was $106,500 and actual direct labor cost was $110,800. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include (Round predetermined overhead rate to nearest whole percentage.)
Business
1 answer:
amid [387]3 years ago
7 0

Answer:

Explanation:

For computing the over-applied or under-applied first, we have to compute the predetermined overhead rate. The formula is shown below:

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor cost)

= $120,500 ÷ $124,100

= 97.09%

Now we have to find the actual overhead which equal to

= Actual direct labor cost × predetermined overhead rate

= $110,800 × 97.09%

= $107,585

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $106,500 - $107,585

= $1,085

The journal entry is shown below:

Manufacturing overhead A/c Dr $1,085

         To Cost of goods sold $1,085

(Being over-applied overhead is closed)

You might be interested in
Mr. Barker enjoys a comfortable retirement income. He recently had surgery and expected that he would have certain services and
olasank [31]

Answer:

What you could tell him is that you can offer to help him review all the plans appeal process as well as to help him ask the plan to review his coverage decision which will enable him to know why he had large charges in excess of his maximum out-of-pocket limit.

Explanation:

Based on the information given we were told that when he received the bill, their was large charges in excess of his maximum out-of-pocket limit which is a limit on the amount of money a person or an individual have to pay for covered medical care services in which we were still told that the large charges in excess of his maximum out-of-pocket limit also include a number of services and items he thought would be fully covered, therefore since he called you to ask what he could do, What you could tell him is that you will offer to help him review all the plans appeal process and to as well help him to ask the plan to review the coverage decision which is why coverage decision is of benefit because it enables a person or an individual to makes decision about their benefits including the amount they have to pay for their medical services plan.

6 0
3 years ago
"A customer owns 200 shares of ABC, purchased 2 years ago at $50 per share. The current market value of ABC stock is $60 per sha
kirza4 [7]

Answer: The donor may incur a gift tax liability. Also, the cost basis will be $50 per share to the recipient of the gift.

Explanation:

From the question, we are informed that a customer owns 200 shares of ABC, that were bought 2 years ago at $50 per share and that the current market value of ABC stock is $60 per share.

If the customer gifts the stock to his son, the result is the donor may incur a gift tax liability. Also, the cost basis will be $50 per share to the recipient of the gift.

7 0
3 years ago
Prices usually reflect a. both the value of a good to society and the cost to society of making the good. b. only the cost to so
quester [9]

Answer:

The correct answer is letter "A": both the value of a good to society and the cost to society of making the good.

Explanation:

Price is the monetary value of a good or service that consumers are willing to pay and producers are willing to accept. <em>For companies, it represents the production costs of the good plus the unitary revenue they expect to obtain. For consumers, it is the value they provide to the good offered according to the type of need the good is destined to fulfill.</em>

7 0
3 years ago
How did Selfridge’s idea of discounted merchandise affect the retail world as a whole?
bagirrra123 [75]

Answer:there’s all of them word it differently please

Explanation:

Lesson two unit lab for advertising sales promotion

Profits not always the point

1) Consistent, Competitive & Profitable

2)doing good

3)finding a purpose

4. Values and purpose

5)profit is definitely an added perk, if your company is making good profits then you can offer incentives such as bonuses or other things for your employees to do their best every day.

Secrets of selfridges

1)he had an approach to marketing he drew people in

2)he advertised in a newspaper he would fly the flag above the shop he wrote articles defending their cause

3. It made him popular with women shoppers when things turned violent people protected his store

4. He treated everyone the same this was revolutionary because the classes were separated so it was integrating the classes and treating them all the same even though that wasn’t everyone’s outlook on it

5. Sales became a worldwide tradition

5 0
3 years ago
Look at the following financial ledger which items listed on the ledger represent credits
Bogdan [553]

Answer:

The answer is B. Gift and online auction I hope this helps

Explanation:

3 0
3 years ago
Other questions:
  • A successful CRM program is expected to help a company achieve all of the following EXCEPT ________.
    10·2 answers
  • Rules of the ______ are established by the state government to regulate vehicles and govern traffic.
    5·1 answer
  • Other things the same, when the government spends more, the initial effect is that a. aggregate demand shifts right. b. aggregat
    5·1 answer
  • Consider the market for corn. Indicate whether each of the following events will cause a shift in the demand curve or a movement
    14·1 answer
  • An arrangement in which brokers pool their listings and all commissions are divided between the listing broker and the selling b
    11·1 answer
  • Which management career often requires a master’s degree?
    8·2 answers
  • About how frequently does Hope receive a paycheck?
    15·1 answer
  • Clarisa, an engineering manager, wants to purchase a resort accommodation to rent to skiers. She is considering the purchase of
    10·1 answer
  • The longevity philosophy of compensation monetarily rewards employees for their loyalty to the firm. Group of answer choices Tru
    10·1 answer
  • Money is a ______ of some item or group of items that is used as a medium of exchange.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!