Explain the "income tax" in your own words please

Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. June 1 Purchased raw m

Gelneren [198K]

Answer:

raw materials 20000 debit

accounts payable 20000

WIP 8000 debit

factory overhead 1000 debit

raw materials 9000 credit

WIP 84000 debit

factory overhead 24000 debit

wages payables 108000 credit

factory overhead 10100 debit

cash 10100 credit

WIP 49000 debit

factory overhead 49000 credit

Finished Goods 18000 debit

WIP inventory 18000 credit

COGS 15000 debit

Finished Goods 15000 credit

Explanation:

The indirect materials and labor will be considered actual factory overhead thus debited into that account

same procedures applies to the repair and utilities paid in cash we have to posted into factory overehad

from the cost sheet we determiante 7,000 labor hours we apply the $7 overhead rate per our to get the amount of applied overhead

The finished goods will increase while the WIP inventory decrease by the ammount transferred out

The COGS is an expense which decreases our finished goods inventory as we sale them and are no longer in our possesion.

5 0

3 years ago

Murphy company has three departments, and uses a multiple predetermined overhead rate system. Department A manufactures parts in

oksano4ka [1.4K]

Answer:

1. Department A (manufactures parts in a highly automated process): Machine hours

2. Department B (assembles the parts by hand): Direct labor hours

3. Department C (places completed units in a heat chamber to sterilize the before they are shipped out): Batches

Explanation:

Machine hours is used to measure factory overhead as against the goods produced. This method is usually applied in production environment using machine, and where the most activities are done by machines. On the other hand direct labor is used when the production of goods and services is done by human hands, and not machines. While Machine hours is the appropriate overhead allocation rate for Department A, Direct Labor hours will be appropriate for Department B. Hence Batches will be appropriate for Department C.

4 0

3 years ago

In the month of March, Sandhill Salon services 630 clients at an average price of $120. During the month, fixed costs were $26,1

vichka [17]

Answer:

Part 1. total contribution margin in dollars

Total Contribution Margin = $37,800

Part 2. per unit contribution margin

contribution margin per unit of sell = $ 60

Part 3. contribution margin ratio

contribution margin ratio = 50 %

Part 4. break-even point in dollars

break-even point in dollars = $ 52,320

Part 5. break-even point in units

break-even point in units = 436 clients

Explanation:

Part 1. total contribution margin in dollars

contribution margin per unit of sell = Sales Price × 50%

= $120 × 50%

= $ 60

Total Contribution Margin = Number of Clients × Contribution Margin per unit

= 630 × $60

= $37,800

Part 2. per unit contribution margin

contribution margin per unit of sell = Sales Price × 50%

= $120 × 50%

= $ 60

Part 3. contribution margin ratio

contribution margin ratio = Contribution / Sales

= $ 60/ $ 120

= 50 %

Part 4. break-even point in dollars

break-even point in dollars = Fixed Costs / contribution margin ratio

= $26,160 / 0.50

= $ 52,320

Part 5. break-even point in units

break-even point in units = Fixed Costs / contribution per unit

= $26,160 / $60

= 436 clients

6 0

3 years ago

What is the fau and emergency management department’s campaign slogan?.

Aleks04 [339]

FAU and emergency management department’s campaign slogan is “FAU ALERT” or “ATTENTION FAU”. Read below about the usage of the slogan.

<h3>How does FAU use their slogan?</h3>

“ATTENTION FAU” is only utilised in messaging if an incident has the potential to suspend normal operations or affect life safety and/or destruction of University resources.

Therefore, the slogan is as provided above.

learn more about FAU: brainly.com/question/16054173

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3 0

2 years ago

indicators that the local currency is also the functional currency include all of the following except:

Alchen [17]

Indicators that the local currency is also the functional currency include all of the following except the parent typically provides the financing or provides a guarantee.

A functional currency is one that is utilized in the main economic setting in which a company conducts business. This is the setting in which an entity generates and spends money most frequently. When defining the functional currency of an entity, the following key considerations should be taken into account:

The principal currency influencing retail prices (usually the currency in which prices are denominated and settled).

The money of the nation whose laws and competition have the biggest impact on retail pricing.

The principal currency affecting labor expenses and other costs of goods sold (usually the currency in which prices are denominated and settled).

The currency in which an entity keeps its operating receipts and the currency in which debt and equity instruments are issued are less important deciding factors.

Know more about functional currency here:

brainly.com/question/28013130

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6 0

1 year ago