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3 years ago

Assume that the following events occurred at a division of Generic Electric for March of the current year:

Business

1 answer:

Crank3 years ago

6 0

Answer:

$192 million; $153.60 million; $38.40 million

Explanation:

Given that,

Direct material purchased = $80 million

Direct labor costs = $51 million

Manufacturing overhead = $77 million

Percent of the work-in-process completed = 80%

(1) Transfers-In:

= Direct materials + Direct labor costs + Manufacturing overhead

= (80% × $80 million) + $51 million + $77 million

= $64 million + $51 million + $77 million

= $192 million

(2) Transfer-out:

= Transfers-In × percent of the work-in-process completed

= $ 192 million × 80 %

= $ 153.60 million

(3) Ending Balance:

= Transfers-In - Transfer-out

= $192 million - $ 153.60 million

= $38.40

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The management of Kabanuck Corporation is considering dropping product V41B. Data from the company's accounting system appear be

Makovka662 [10]

Answer:

$191,500

Explanation:

If the item is not dropped:

Loss = Sales - Variable expenses - Fixed manufacturing expenses - Fixed selling and administrative expenses

= $923,000 - $405,500 - $337,000 - $244,000

= (63,500) loss

Fixed mfg. expenses remaining:

= Fixed manufacturing expenses - Avoidable Fixed manufacturing expenses

= $337,000 - $207,500

= $129,500

Fixed selling and administrative expenses remaining:

= Fixed selling and administrative expenses - Avoidable Fixed selling and administrative expenses

= $244,000 - $118,500

= $125,500

Loss in expenses remaining if item is dropped :

= Fixed mfg. expenses remaining + Fixed selling and administrative expenses remaining

= $129,500 + $125,500

= ($255,000)

Overall net operating income would decrease by:

= Loss in expenses remaining if item is dropped - Loss in expenses if item is not dropped

= $255,000 - $63,500

= $191,500

5 0

3 years ago

Consider the following accounting terms and definitions and match each term to the definition: Accounting a. an economic resourc

spayn [35]

<h2>Answer: </h2>

Accounting:

The basic tool of accounting, stated as asset=liabilities + equity (e)

Asset:

An economic resource that is expected to be of benefit in the future (a)

Balance sheet:

Reports on an entity’s assets, liabilities, and stockholders’ equity as of a specific date (I)

Expense:

Decreases in equity that occur in the course of selling goods/services (f)

Income statement:

Reports on an entity’s revenues, expenses, and net income or loss for the period (j)

Liability:

Debts that are owed to creditors (b)

Net income:

Excess of total revenues over total expense (d)

Net loss:

Excess of total expense over total revenues (c)

Revenue:

Increase in equity that occur in the course of selling goods/services (g)

Statement of cash flow:

Reports on a business’s cash receipts and cash payments during a period (h)

Statement of retrained earning:

Reports how the company’s retained earnings balance changes from the beginning to the end of the period (k)

8 0

3 years ago

Read 2 more answers

Define a SMART goal for your own team

Yanka [14]

Answer:

<h3>To make sure your goals are clear and reachable, one should consider setting SMART goals (Specific, Measurable, Achievable, Relevant, and Timely</h3>

5 0

2 years ago

Which of the following are microeconomic problems? (You may select more than one answer.)(a) Work/leisure choice.(b) Marketing s

Ksivusya [100]

Answer:

(a) Work/leisure choice

(b) Marketing strategy

Explanation:

Microeconomic issues relate to those that are within the scope and power of individuals, households and firms which means that problems here will relate to decisions that these participants make in relation to resource allocation.

Choices relating to leisure or work have to do with the individual and the resources they would need or derive from either work or leisure and so are a microeconomic problem.

The marketing strategy that a firm should pursue is related to an individual firm and so is a microeconomic problem as well.

8 0

3 years ago

Blumen Textiles Corporation began April with a budget for 22,000 hours of production in the Weaving Department. The department h

tankabanditka [31]

Answer:

A. 1300 Favorable

B. $7,200 UnFavorable

Explanation:

A. Calculation to determine the variable factory overhead controllable variance

First step is to calculate the Budgeted rate of variable overhead

Budgeted rate of variable overhead = $50,600/22,000

Budgeted rate of variable overhead= $2.3per hour

Second step is to calculate the Standard variable overhead for actual production

Standard variable overhead for actual production = 23,000 x $2.3

Standard variable overhead for actual production = $52,900

Now let calculate the Variable factory overhead controllable variance using this formula

Variable factory overhead controllable variance = Standard variable overhead - Actual variable overhead

Let plug in the formula

Variable factory overhead controllable variance= $52,900 - ($86,400 - 34,800)

Variable factory overhead controllable variance= 1300 Favorable

Therefore Variable factory overhead controllable variance is 1300 Favorable

B. Calculation to determine the fixed factory overhead volume variance.

First step is to calculate the Predetermined fixed overhead rate using this formula

Predetermined fixed overhead rate = 34,800/29,000

Predetermined fixed overhead rate = $1.20 per hour

Second step is to calculate the Fixed overhead applied

Using this formula

Fixed overhead applied = Standard hours x Standard rate

Let plug in the formula

Fixed overhead applied= 23,000 x $1.20

Fixed overhead applied= $27,600

Now let calculate the Fixed overhead volume variance using this formula

Fixed overhead volume variance = Fixed overhead applied - Budgeted fixed overhead

Let plug in the formula

Fixed overhead volume variance= $27,600 - 34,800

Fixed overhead volume variance= $7,200 UnFavorable

Therefore The Fixed overhead volume variance is $7,200 UnFavorable

5 0

3 years ago