4 years ago

LO 4.7In a job order cost system, utility expense incurred is debited to which account?

Business

1 answer:

marusya05 [52]4 years ago

8 0

Answer:

manufacturing overhead

Explanation:

To record the utility expense in a job order cost system, the manufacturing overhead account is debited as it has come under the manufacturing overhead cost like indirect material, indirect labor, rent on the factory, insurance of factory, etc

So, only the manufacturing overhead account is debited as the utility expense is incurred

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Answer:

a. The answer is:762 bottlé.

b. The answer is: 487 bottles.

Explanation:

a. The economic order quantity is calculated as: $\sqrt{(2xDxS/H)}$ = $\sqrt{2 x 6968 x 25)/0.6$ = 762 units because: D = annual demand = Weekly demand x week opening per year = 134 x 52 = 6968; S = Cost per order = 25; H = Holding cost per unit = 15% x purchase price = 15% x 4 = 0.6

b. Inventory level to place order:

With the inventory system providing a 95 percent service probability, z level is 1.64 (using the NORM.S.INV function in excel).

So Inventory level to place order = 134 * 3 + 1.64 * 30 * 3^0.5= 487 bottles.

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