1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ket [755]
3 years ago
11

The following information is available for the Lock-Tite Company, which produces special-order security products and uses a job-

order costing system.April 30 May 31Inventories Raw materials $ 43,000 $ 43,000 Work in process 9,300 20,900 Finished goods 53,000 33,100Activities and information for May Raw materials purchases (paid with cash) 188,000 Factory payroll (paid with cash) 250,000 Factory overhead Indirect materials 12,000 Indirect labor 57,500 Other overhead costs 92,500 Sales (received in cash) 1,600,000 Predetermined overhead rate based on direct labor cost 55%Compute the following amounts for the month of May using T-accounts:1. Cost of direct materials used.2. Cost of direct labor used.3. Cost of goods manufactured4. Cost of goods sold*5. Gross profit.6. Overapplied or underapplied overhead.
Business
1 answer:
Savatey [412]3 years ago
5 0

Answer:

1. $176,000

2. $192,500

Explanation:

1. Cost of direct materials used = $ 43,000 + $ 188,000 - $ 43,000 = $ 188,000 - $ 12,000 = $176,000

2. Cost of direct labor used = $ 250,000 - $57,500 = $192,500

You might be interested in
Which relationship is possible when two tables share the same primary key?
ololo11 [35]

Answer:

B) ONE TO MANY

Explanation:

3 0
3 years ago
Waterway Industries purchased a depreciable asset for $610000 on January 1, 2018. The estimated salvage value is $61000, and the
Wittaler [7]

Answer:

The depreciation charge in 2021 is $ 164,000.00  

Explanation:

Annual depreciation charge=cost-salvage value/useful life

cost is $610,000

salvage value is $61,000

useful life is 9 years

Annual depreciation charge=($610,000-$61,000)/9=$61000

The depreciation of charge of $61000   is applicable to years 2018 ,2019 and 2020 respectively.

The estimates of the asset changed in the year 2021,hence a new depreciation based on the present book value is required.

revised depreciation charge=$610,000-($61,000*3)-$99,000/(5-3)=

$164,000.00  

5 0
3 years ago
Which of the following statements about the Consumer Decision Process is false?
Harman [31]

Answer:

The answer is: A) In a successful purchase, every stage in the process has to happen.

Explanation:

Sometimes we as customers don´t have the time or are unable to follow all the stages in the consumer decision process. Many times it depends on what need we want to satisfy. For instance, if we are hungry or thirsty we might decide to eat at the first restaurant we find. It doesn´t mean we made a bad choice, it simply happened that way because we didn´t have time to research about all the restaurants in the area and then evaluate and decide which one was the best for us. Many daily purchases are part of our daily routine. Imagine how many hours we would spend at a grocery store if we had to follow every step of the process.

On the other hand, if I´m searching for a new house, I will follow steps one through five several times, over and over again until I finally decide which house to buy.

7 0
3 years ago
Mary has a few specific items she would like to leave to her sister, Ann. She would like to leave the balance of her estate to h
k0ka [10]

Answer:

The residuary clause

Explanation: As Mary would like to leave the balance of her estate to her brother tom this will fall under the  residuary clause.

4 0
3 years ago
Refer to the financial statements of Burnaby Mountain Trading Company. The firm's asset turnover ratio for 2017 is _________. (P
Aleonysh [2.5K]

Answer:

1.69

Explanation:

asset turnover ratio = net sales / average assets

I looked up the missing information and found the following:

total assets year 1 = $4,000,000

total assets year 2 = $4,300,000

net sales year 2 = $7,000,000

average assets = ($4,000,000 + $4,300,000) / 2 = $4,150,000

asset turnover ratio = $7,000,000 / $4,150,000 = 1.6867 = 1.69

The higher the asset turnover ratio, the more efficient a company is. Therefore, a higher asset turnover ratio is always better although there is no fixed parameter.

7 0
3 years ago
Other questions:
  • Prepare a statement of revenues, expenses, and changes in fund net position. The net position balance at the beginning of the pe
    15·1 answer
  • For complex models, analysts can choose computer-based modeling tools that use _____, which includes standard shapes and symbols
    13·1 answer
  • Which of the following is not considered cash for financial reporting purposes?
    12·2 answers
  • An immediate order to buy or sell common stock at the best price is a:
    11·1 answer
  • Prepaid rent for one year on January 1, 2019, in the amount of $95,760. Record the adjustment on January 31, 2019. Purchased sup
    5·1 answer
  • Suppose you go to work at a company that pays $0.02 for the first day, $0.04 for the second day, $0.08 for the third day, and so
    15·1 answer
  • Rita earns $10 per hour. She puts 5% of her earnings in savings. Write an inequality to find how many hours h Rita must work to
    8·2 answers
  • Shana continues to buy a necessary medicine even though prices for the medicine rise sharply. Shana's behavior shows howa. the p
    7·1 answer
  • The gross profit margin is unchanged, but the net profit margin declined over the same period. This could have happened if A- Fr
    9·1 answer
  • You are considering an investment into company xyz and need to determine the company's value and the appropriate investment amou
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!