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natima [27]
3 years ago
6

Love It Industries manufactures​ custom-designed playground equipment for schools and city parks. Love It expected to incur $ 78

4 comma 700 of manufacturing overhead​ cost, 41 comma 300 of direct labor​ hours, and $ 1 comma 569 comma 400 of direct labor cost during the year​ (the cost of direct labor is ​$38 per​ hour). The company allocates manufacturing overhead on the basis of direct labor hours. During May​, Love It completed Job 308. The job used 190 direct labor hours and required $ 15 comma 100 of direct materials. The City of Forest Hills has contracted to purchase the playground equipment at a price of 23 % over manufacturing cost.Calculate the manufacturing cost of Job 302
Business
1 answer:
faltersainse [42]3 years ago
8 0

Answer:

Total manufacturing cost of job 302 :            $

Direct material cost                                        15,100

Direct labour cost(190hrs x $38)                  7,220

Manufacturing overhead(190hrs x $19)      3,610

Total manufacturing cost                             25,930

Overhead absorption rate = Budgeted overhead/Budgeted activity level

                                             = $784,700/41,300 hrs

                                             = $19

Explanation:

In this scenario, we need to add the direct material cost, direct labour cost and manufacturing overhead in order to obtain the total manufacturing cost. Overhead absorption rate is calculated from the company's budget provided in the question. Overhead is absorbed on direct labour hours. The direct labour hourly rate of $38 was provided in the question

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Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Ye
Tamiku [17]

Answer:

$233 million

Explanation:

                      Statement of cash flow

              Cash flow from operating activity

Particulars                                                 Amount ($ in millions)

Net income                                                 113

<em>Adjustment in net income</em>

Depreciation                                   72  

Amortization                                    5

Loss on sale of land                        3

Decrease account receivable       14  

Decrease inventory                       12

Increase account payable             8

Decrease salary payable              (8)

Increase interest payable              7

Increase income tax payable        7           <u>120</u>

Net cash flow from operating activity     <u>233</u>

6 0
3 years ago
Rudyard Corporation had 240,000 shares of common stock and 24,000 shares of 6%, $100 par convertible preferred stock outstanding
defon

Answer:

$1.90 per share

Explanation:

The computation of the diluted earning per share is shown below:

Diluted earning per share = Net income ÷ Weighted number of outstanding shares

where,

Net income is $680,000

And, the Weighted number of outstanding shares is

= 240,000 + 24,000 × 5

= 240,000 + 120,000

= 360,000 shares

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= $680,000 ÷ 360,000 shares

= $1.90 per share

We simply applied the above formula

8 0
3 years ago
The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9:
Marizza181 [45]

Answer:

Adjusted bank account balance = Adjusted cash book balance = $34,500

Explanation:

Note: The correct requirement of this question is actually as follows:

Prepare a bank reconciliation.

It is not the ones erroneously stated in the question.

The bank reconciliation can now be prepared as follows:

Wolfpack Bread Inc.

Bank Reconciliation

August 31, 20Y9

Statement of Adjusted Bank Account Balance  

<u>Details                                                                       Amount ($)  </u>

Cash balance according to bank statement              33,580

Add:

Deposit in transit, not recorded by bank                    14,260

Less:

Checks outstanding                                                  <u>   (13,340)  </u>

Adjusted bank account balance                            <u>    34,500  </u>

Statement of Adjusted Cash Book Balance  

<u>Details                                                                       Amount ($)   </u>

Cash balance according to Wolfpack                         34,437

Add:

Check error ($762 - $276)                                              486

Less:

Bank service charges                                                     (144)

Other reconciling items (w.1)                                      <u>   (279)  </u>

Adjusted cash book balance                                    <u>  34,500  </u>

<u>Working:</u>

w.1: Other reconciling items = Cash balance according to Wolfpack + Check error ($762 - $276) - Bank service charges - Adjusted bank account balance = $34,437 + 486 - 144 - $34,500 = $279

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2 years ago
In the preparation of departmental income statements, the preparer completes the following steps in the following order: (1 poin
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Answer:

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3 years ago
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Murljashka [212]
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6 0
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