1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
xeze [42]
3 years ago
15

Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs t

o be $360,000, and direct labor costs to be $180,000. Actual overhead costs for the year totaled $387,000, and actual direct labor costs totaled $203,000. At year-end, the balance in the Factory Overhead account is a:
Business
1 answer:
erastovalidia [21]3 years ago
8 0

Answer:

Balance for the Factory Overhead account: 19,000 credit

Explanation:

We will first, calculate the overhead rate based on the predetermination overhead rate:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

The total manufacturing cost will be distributed over the cost driver. In this case, labor cost:

360,000/180,000 = 2 overhead rate

Then, we calculate the applied overhead 203,000 x 2 = 406,000

Now, the balance for factory overhead account:

Actual overhead: 387,000 debit

        payable, accumulated depreicaiton and other 387,000 credit

WIP 406,000 debit

Applied Overhead 406,000 credit

Balance:

406,000 - 387,000 = 19,000 credit

You might be interested in
The gdp price index equals?
Daniel [21]
Sjjsdi sekjeejh jsjsjjedkjdjdjrjfjr
3 0
2 years ago
ackson Inc. listed the following data for 2019: Budgeted factory overhead $1,530,000 Budgeted direct labor hours 90,000 Budgeted
Anastaziya [24]

Answer: $36 per machine hour

Explanation:

Assuming Jackson Inc. applied overhead based on machine hours, the firm's predetermined overhead rate for 2019 would be calculated by dividing the budgeted factory overhead by the budgeted machine hours. This will be:

= $1,530,000 / 42,500

= $36 per machine hour

5 0
3 years ago
The 7 percent bonds issued by Modern Kitchens pay interest semiannually, mature in eight years, and have a $1,000 face value. Cu
shtirl [24]

Answer: 6.5%

The yield to maturity is 6.496% (approximated to 6.5% to nearest tenth)

Explanation:

Using the formula (semi annually YTM)

YTM = C + (fv - pv) /t ÷ (fv + pv)/2

C= coupon rate = 7%(1000)= $70

fv = face value = $1,000

pv = price value = $1,032

t = Time to maturity in years = 8years

C + (fv - pv) /t = 70 + (1000–1032)/8

= 70 – (32 /8) =66

(fv + pv) /2 = (1000 + 1032) /2

= 2032 / 2

= 1016

YTM = 66 / 1016

YTM = 0.06496

In % = (6496 / 100,000) × 100

= 6.496%

Approximately.... 6.5%

8 0
3 years ago
Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $29,000; cost of goods sol
vladimir2022 [97]

Answer:

sales revenue 29,000 debit

         income summary     29,000 credit

income sumamry  10,520 debit

    operating expenses 6,200 credit

    income tax expense 4,320 credit

income summary 18,480 debit

       retained earnings     18,480 credit

Explanation:

To close the temporary account we will use an auxiliar account called income summary.

We will post expense in the credit against income summary in the debit

for revenues we will do the other way around, debit aainst income summary on credit.

Last, we transfer the balcne of this account into retained earnigns.

<u>balance of retained earnings: </u>

29,000  - 10,520 = 18,480

5 0
3 years ago
You are the director of marketing. Your department has been doing well, but the company as a whole has been losing revenue stead
sergey [27]

Answer:

Option 2

I. State the facts of the company’s financial situation

II. Explain

A. The reasons why the company needs to take drastic action

B. The benefits of the company’s strategy

III. Inform the employees they will receive a 15 percent pay cut

IV. Close with a forward-looking statement.

Explanation: Based on the above question,the most appropriate option will be option 2.

When presenting a situation to a public or a person it is very important to give a brief about the situation where the audience will be expected to understand, once the audience Understands the prevailing situation,it makes their response and acceptance easy and more likely.

OPTION TWO IS THE MOST APPROPRIATE IN THIS SITUATION AND WILL YIELD THE MOST POSITIVE RESULTS.

7 0
3 years ago
Other questions:
  • According to the table what is Omars bank balance?
    7·2 answers
  • Suppose that the economy is in a recessionary gap. The appropriate countercyclical monetary policy is
    7·1 answer
  • Which activity is a part of personal financial planning?
    15·2 answers
  • Joshua is in the new marketing department of a midsized car accessories company. He is working on the first marketing plan the f
    8·1 answer
  • Suppose the price index was 105 in 2017, 126 in 2018, and the inflation rate was lower between 2018 and 2019 than it was between
    8·1 answer
  • Which of the following are sections of the Schedule of Cost of Goods Manufactured? (You may select more than one answer.
    9·1 answer
  • Choose a real or made up company abd desvribe at least 3 variable costs the company has.
    15·2 answers
  • Think about a country where most economic production results in air pollution that creates lots of smog. What would be the trade
    9·1 answer
  • Safety and self-actualization are examples of __________. A. Credibility appeals b. Emotional appeals c. Selective appeals d. Lo
    11·1 answer
  • ANSWER FAST please !!!
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!