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AlekseyPX
3 years ago
12

Job-Order Costing Variables On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job total

ed $560. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,921. Required: 1. What was overhead applied to the job during July? $ 2. What was direct materials for Job 46 for July? Direct labor? Direct labor $ Direct materials $ 3. Assuming that overhead is applied on the basis of direct labor cost, what is the overhead rate for the company? (Note: Round your answer to the nearest whole percent.) %
Business
1 answer:
Anika [276]3 years ago
6 0

Answer:

1 $126

2 $140

3 90%

Explanation:

1. Overhead applied = Closing balance of job - (opening balance of job + prime cost added to the job during the month

= $1,921 - ($1,235 + $560)

= $1,921 - $1,795

= $126

2. Direct labor for job 46 for July.

Direct labor = prime cost / ( 3 parts of direct materials + 1 part of direct labor)

Direct labor = $560 / 4

Direct labor = $140

Therefore, direct labor for job 46 for July is $140

Direct materials for job 46 for July

= Direct labor cost × 3(This is due to the fact that prime cost includes 3 parts of direct materials

= $140 × 3

= $420

3. Overhead rate for the company

= [($126 / $140) × 100

= 90%

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perceived behavioral control

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4 years ago
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The fallacy of composition is:a. the erroneous view that an economic activity can sometimes exceed the sum of its components. b.
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Answer:

The correct answer is d.

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Have a nice day!

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3 years ago
The balance between supply and demand is called
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3 years ago
Jimmer’s nominal income will go up by 10 percent next year. Inflation is expected to be – 2 percent next year. By approximately
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Answer:

Nominal interest rate (n) = 10% = 0.10

Inflation rate (i) = -2% = -0.02  

Real interest rate (r) = ?  

Application of Fisher's Equation                                                      

(I + n) =   (1 + r)(1 + i)

(1 + 0.10)  = (1 + r)(1 + -0.02)

1.10 = (1 + r)(0.98)

<u>1.10</u> = 1 + r

0.98

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1.1224 - 1 = r      

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