Answer:
d. $119.32
Explanation:
The computation of the total of leiff online purchase is shown below:
= Video game price - discount + sales tax + shipping fee
where,
Video game price is $128
The discount = Video game price × discount percentage
= $128 ×15%
= $19.2
The sales tax = (Video game price - discount) × sales tax rate
= ($128 - $19.2) ×5.3%
= $5.77
And, the shipping fee is $4.75
Now put these values to the above formula
So, the value would equal to
= $128 - $19.2 + $5.77 + $4.75
= $119.32
Answer:
Correct option is (a)
Explanation:
Adjusting journal entries are passed before financial statements are prepared to so as to confirm if revenue recognition and matching principles are complied with. Adjusting entries are required to be passed if transactions is spread over multiple financial periods. For example, adjusting entry is passed if goods are received this year but payment will be made next year.
Before income statement and balance sheet is prepared, these entries are passed. Thereafter, adjusting trial balance is prepared and finally financial statements are prepared.
An hour early to work. if you are 15 minutes late your fired. i go by if you early your on time. if your on time your late. if you late your fired.
Answer:
Applied Manufacturing Overheads are $102,000
Overapplied Manufacturing overheads are $18,000
Explanation:
Under or over applied manufacturing overhead can be determined by comparing the actual and applied manufacturing overheads.
Applied overheads can be calculated by multiplying pre-determined overhead rate and actual level of quantity. Predetermined overhead rate is calculated using estimated overhead and estimated activity on which overheads are applied.
In this question the predetermined overhead rate is 120% of direct labor cost.
Applied overhead = Direct labor cost x 120% = $85,000 x 120% = $102,000
Actual overheads incurred = $84,000
Overapplied Manufacturing overheads = $102,000 - $84,000 = $18,000
Answer:
The lower- of- market- or cost for the item is $21
Explanation:
In the lower of cost or market, the market begins at the replacement cost which is $20, which is then limited or restricted to a ceiling and a floor.
The ceiling is computed as:
Ceiling = Selling price - Completion cost
where
selling price is $30
Completion cost is $2
Putting the values above:
Ceiling = $30 - $2
Ceiling = $28
Computing the floor as:
Floor = Ceiling - Normal profit margin
Floor = $28 - $7
Floor = $21
As the market cannot be lower than the floor which is $21. Therefore, the lower of cost which is $26 and the market which is $21. But have to take lower. So, it is $21.
