Answer:
The predetermined overhead allocation rate is $2.17 and the amount of overhead allocated in October is $54,250.
Explanation:
According to the scenario, the given data are as follows:
Estimated overhead costs = $650,000
Estimated direct labor hours = 300,000
Direct labor hours in October = 25,000
1. So, we can calculate predetermined overhead allocation rate by using the following formula:
Predetermined overhead allocation rate = Estimated overhead costs ÷ Estimated direct labor hours
= $650,000 ÷ 300,000
= $2.17
2. Now we can calculate the amount of overhead allocated in October as follows:
Amount of overhead allocated in October = Direct labor hours in October × Predetermined overhead allocation rate
=25000 × $2.17
= $54,250
Hence, the predetermined overhead allocation rate is $2.17 and the amount of overhead allocated in October is $54,250.
Answer:
$19,090
Explanation:
LIFO assumes that the last units to arrive will be sold first. Therefore, the cost of goods sold will be based on later (recent) prices.
Therefore,
Cost of Sales = 390 units x $35 + 170 x $32 = $19,090
Answer:
update the right-of-use asset for the increase in present value
reclassify from an operating lease to a finance lease
Explanation:
In the given instance there is a modification to the lease contract after 2 years of the 3 year lease.
Taylor Company and Lease Corp. agree to extend the lease term by three years, and to change the amount of lease payments.
Financial lease is one that confers a form of ownership of the lessee. He does not only have operational control of the equipment but also bears gains or loss from change in the value of the asset.
The new lease agreement covers most of the useful life of the equipment so it confers some degree of ownership to Taylor company. There is a need to reclassify the lease as a financial lease.
The present value of the asset has also increased has also increased so the right of use should be upgraded
Answer:
state college with an earned bachelor’s degree
Explanation:
Answer:
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