Answer:
Allocated MOH= $7,000
Explanation:
<u>First, we need to calculate the predetermined overhead rate:</u>
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 217,000 / 31,000
Predetermined manufacturing overhead rate= $7 per machine hour
<u>Job 45:</u>
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 7*1,000
Allocated MOH= $7,000
Answer:
A training
Explanation:
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Answer:
recognized on March 31 after the delivery of the equipment
Explanation:
Revenue is recognized once the recognition criteria is met. These criteria includes;
- the cost of the item sold can be measured reliably
- the items has been delivered or the service has been rendered
Given that the contract specified a delivery date of March 1.
The equipment was not delivered until March 31 and as such, the revenue for the contract should be recognized on March 31 after the delivery of the equipment.
The Cambridge's gross profit from this sale was $ 60,000.
<h3>
What is gross profit?</h3>
Gross profit is the amount a business makes after deducting the expenses associated with manufacturing and marketing its products or providing its services. Gross profit, which appears on an organization's income statement, can be calculated by subtracting the cost of goods sold (COGS) from revenue. An organization's income statement will contain numbers. Other of names for the gross profit include sales profit and gross income. Generally speaking, fixed costs are not included in gross profit (that is, costs that must be paid regardless of the level of output). Rent, advertising, insurance, salaries for staff not involved in the production directly, and office supplies are some examples of fixed costs.
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Answer:
A policy that provides coverage for losses over an extended period of time up to a maximum benefit limit is known as Lifetime Limit Policy.
Explanation:
This policy is also know as Lifetime Maximum Benefit or Maximum Lifetime Benefit Policy where an insured individual will get paid the maximum amount of any health plan during his entire lifetime.
This policy has proved much beneficial for the people because they get a sign of relief without any kind of worry, if their medical treatment exceeds their allocated or allowed limit.
These policies particularly are limited only to the essential medical services, but here it needs to be defined what does this essential services means. Because the services considered as essential by one person might not be of the same importance for another person.
