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julia-pushkina [17]
3 years ago
12

A welding company specializes in custom steel frames and uses job costing to account for its operations. The following informati

on is available as of May 1 for the work-in-process inventory account:
Job# Direct Materials Direct Labor Man. Overhead Total Cost
304 $3,000 $1,800 $2,520 $7,320
306 4,000 2,100 2,940 9,040
Total Cost 7,000 3,900 5,460 16,360

Welding Company pays an hourly rate of $15 for direct labor. Manufacturing overhead costsare applied to jobs based on the direct labor hours used. During the month of May, Jacob Welding spends $5,800 to purchase materials and $4,650 for manufacturing overhead. The operations in May are summarized below.

Job# Material Requisition summary Time Card Summary (Hours)
304 $1,100 40
306 900 30
307 2,800 110
308 750 25
Total 5,550 205


Jobs 304, 306, 307 are completed in May but only Jobs 304 and 307 are delivered to customers.
Required:
Calculate the predetermined overhead rate used.
Business
1 answer:
nalin [4]3 years ago
6 0

Answer: $21 per direct labor hour.

Explanation:

Based on the information given in the question, the predetermined overhead rate that is used will be calculated as:

= Manufacturing overhead / Direct labor

where,

Manufacturing overhead = 5460

Direct labor = 3900/15 = 260 hours

Therefore, predetermined overhead rate:

= 5460/260

= $21 per direct labor hour.

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Lelu [443]

Answer: perform in-between meeting tasks(A)

Explanation:

The plan-do-check-act (PDCA) is a four-step method that is used in business and organizations for the control and improvement of the processes and products

A in PDCA stands for Act and it means to take action based on what one has learned in the study. In a case whereby the change does not work, own should go through the cycle again using a different plan.

In cases were one is successful, the person should incorporate what has been learned from the test into broader changes.

The "act" part of the PDCA cycle is used to perform in-between meeting tasks.

3 0
3 years ago
If the average wage paid to the worker was $20 in the year 1990 and $30 in the year 2000, then the average worker in the year 20
True [87]

Answer:

False

Explanation:

Purchasing power is related to real income and not to nominal income. Even though workers had a $10 increase in their average nominal income, due to the effects of inflation, that increase does not necessarily reflect an improve in purchasing power.

The statement is false.

7 0
3 years ago
A recent Small Business Administration study found that commercial banks provide between ________ percent of the credit availabl
scoray [572]

Answer:

64%

Explanation:

Commercial banks have been found to provide most of the credit needs of small businesses. So small business owners are more likely to get a loan from a commercial bank close to them.

Commercial banks however tend to be reluctant when the economy is stagnant. Mostly small businesses in an economy that is slow have challenges repaying loans collected.

However funds have been made available for small business and are made available primarily through commercial banks

7 0
3 years ago
In a longitudinal study of individuals who reached age 55 with an optimal cardiometabolic risk profile, men had a risk of heart
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<span>The rate for the general population was 37.5 percent. This is for people who do not work to make their heart function at the optimal level and take other preventative actions to make sure that they can lower their risk of heart attack or other cardiac issues to a minimum.</span>
5 0
3 years ago
Read 2 more answers
In an economy, the total expenditures for a market basket of goods in year 1 (the base year) was $5,000 billion. In year 2, the
julia-pushkina [17]

Answer:

The correct answer is option (C).

Explanation:

According to the scenario, the given data are as follows:

Base year basket price = $5,000 billion

Year 2 basket price = $5,500 billion

So, we can calculate the consumer price index by using following formula:

Consumer price index = (Year 2 basket price ÷ Base year basket price ) × 100

By putting the value, we get

Consumer price index = ( $5,500 ÷ $5,000 ) × 100

= 1.1 × 100

= $110 billion

5 0
3 years ago
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