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Gala2k [10]
3 years ago
9

Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The jou

rnal entry to record June production activities for overhead allocation is
Direct materials used $ 89,000
Direct labor used 162,000
Predetermined overhead rate (based on direct labor) 157 %
Goods transferred to finished goods 434,000
Cost of goods sold 446,000
Credit sales 830,000
1. Debit Work in Process Inventory $251,160; credit Factory Overhead $251,160.
2. Debit Work in Process Inventory $161,000; credit Factory Wages $161,000.
3. Debit Work in Process Inventory $161,000; credit Cash $161,000.
4. Debit Work in Process Inventory $161,000; credit Factory Overhead $161,000.
Business
1 answer:
Romashka [77]3 years ago
6 0

Answer:

Amount of Factory Overhead = 254,340

Explanation:

Computation of overhead:

Amount of Factory Overhead = 157% of Direct labor used

Amount of Factory Overhead = 157% (162,000)

Amount of Factory Overhead = 254,340

Journal entry.

Account title and explanation        Debit Credit

Work in Process Inventory                $254,340  

Factory Overhead                                     $254,340

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Answer:

Statement which doesn't describe a trail balance is: Option A: Proves that all transactions have been recorded.

Explanation:

A Trial balance lists the accounts and their balances. It is like an internal control made by the accountants to check general ledger's accuracy. It extracts the list of debit and credit balance from the ledger and adds them.  They should be equal else some error has been made. These errors might be human. It doesn't prove that company has recorded all its transactions.

So, all statements are correct describing trial balance except Option A.

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On january 11, 2016, hughes company applied for a trade name. Legal Costs associated with the application were $20,000. In Jan.
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Answer:

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2. The company should not amortize the trade as it was not impaired in 2016 and 2017.

The trade name can be amortized if it's useful life is known above which the company has determined that it will not use the trade name anymore, then it will be amortized over it's useful life.

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3 years ago
A company has many underutilized compute resources on-premises. which aws cloud feature will help resolve this issue?
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1 year ago
The following information is available for Barkley Company: 2017 2016 Accounts receivable $ 360,000 $400,000 Inventory 280,000 3
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Answer:

4.0 times

Explanation:

Given that,

2016:

Accounts receivables = $400,000

Inventory = 320,000

Net credit sales = 1,400,000

Cost of goods sold = 1,060,000

Net income = 170,000

2017:

Accounts receivables  = $360,000

Inventory = 280,000

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Inventory turnover ratio refers to the ratio between the cost of goods sold and average inventory.

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