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Lemur [1.5K]
3 years ago
6

Standard Quantities Allowed of Labor and MaterialsMiel Company produces ready-to-cook oatmeal. Each carton of oatmeal requires 1

6 ounces of rolled oats per carton (the unit quantity standard) and 0.04 labor hour (the unit labor standard). During the year, 960,000 cartons of oatmeal were produced.
Required:

1. Calculate the total amount of oats allowed for the actual output.
ounces

2. Calculate the total amount of labor hours allowed for the actual output.
hours
Business
1 answer:
jok3333 [9.3K]3 years ago
4 0

Answer:

Part I :

1) Total amount of oats allowed = 960000*16 = 15360000 ounce

2) Total amount of labor hours allowed = 960000*.04 = 38400 Hours

<u>Part II : </u>

1) Total amount of oats allowed = 750000*17 = 12750000 ounce

2) Total amount of labor hours allowed = 750000*.04 = 30000 Hours

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Answer:

the cost of goods sold to be recorded at January 14 is: $230 .

Explanation:

LIFO (Last in First out) method, assumes that the last goods purchased are the <em>first ones</em> to be issued to the final customer.

This means that valuation of inventory will begin using the value of the <em>earliest</em> goods purchased.

The Cost of goods sold is calculated as follows :

Cost of goods sold : 9 units × $14 = $126

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8 0
3 years ago
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Currency I think.  It's given in exchange for an item.
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Valuing Trading Securities at Fair Value On January 1, Valuation Allowance for Trading Investments had a zero balance. On Decemb
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Answer:

Dr. Trading securities                                    $4,800  

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Trading securities are recorded reported on the fair market value. The gain or loss arise from the increase or decrease in the value of trading securities. There is a gain if the price of trading security increases and loss when the price of the trading security decreases. Unrealized gains are reported in the separate section of stockholders equity.

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6 0
3 years ago
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Answer:

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Cheers

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