Roughly around 35-45 hours, depends on the day
Answer:
Fixed costs and Variable costs
Explanation:
Fixed costs do not vary with production levels. Sometimes they are referred as period cost. In a financial year, fixed cost will be constant figures whether production goes up and down. Examples of fixed costs include rent, salaries, depreciation, and administrative expenses. The depreciation cost of a machine is a constant figure per year throughout its useful life. It does not change whether the asset is over or underutilized.
Variable costs are expenses that are affected by the production level. They are costs directly associated with the production process. Examples include raw materials and packaging. As production increases, the cost of raw materials will increase. Variable costs are dependent on production output.
Answer:
125%
Explanation:
The computation of predetermined overhead rate is shown below:-
Manufacturing overhead = $4,090 - ($570 + $370 + $600 + $800)
= $4,090 - $2,340
= $1,750
Total direct labor = $600 + $800
= $1,400
Manufacturing overhead = Predetermined overhead rate × Direct labor
Predetermined overhead rate = Manufacturing overhead ÷ Direct labor
= $1,750 ÷ $1,400
= 125%
Therefore for computing the predetermined overhead rate we simply divide the manufacturing overhead by direct labor.
Answer:
I think the above information will help you.....
Answer:
An adjustment to retained earnings is necessary when when there is a change from LIFO to FIFO.
Calculating the effect on retained earnings:
- In the year 1 company followed LIFO and recorded ending inventory at $177500. Had it followed FIFO it would have recorded at $195000. So there would be increase in income of $17500 (195000 - 177500).
- In year 2 it followed LIFO and recorded opening inventory at $177500 and closing inventory at $355000 and thereby recording Net closing stock of $177500 (355000 - 177500). Had it followed FIFO it would have recorded a net stock of $195000.(390000-195000). So there would be increase in income by of $17500 (195000 - 177500).
So in total of 2 years there would be an increase of $35000 Net income i.e., Retained earnings and increase in stock value of $35000.
The journal entry is:
Inventory A/c Dr $35,000
To Retained earnings A/c $35,000
Explanation: