Answer:
Debit Inventory $40,600
Credit Cash account $40,600
Being entries to recognize the cost of inventory
Explanation:
The initial recognition of inventory is to be done including all the cost incurred in bring inventory to the place of use or storage. These includes freight and the cost of the item. When inventory is purchased on account, entries required are Debit Inventory, credit account payable. Where cash is paid, the debit is same but the credit entry is posted to the cash account.
Hence total cost incurred (which is the cost of inventory)
= $40,000 + $600
= $40,600
Answer:
The organizational structure refers to the way in which a company's resources are organized, that is, it is the way in which the company is divided into departments, positions and tasks, and thus operates effectively towards its objectives and market goals.
Understanding the concept of organizational structure, we realize how necessary it is to understand the internal and external variables of an organization such as its macro environment, its size, technology and strategy before designing the organizational structure, as this will be decisive in making the business well positioned and competitive in the market, as the structure must be aligned with the organization's purposes, as an ideal structure brings several advantages to the business, such as:
- improved productivity, improved internal and external communication, better time management, greater responsibility, greater job satisfaction, greater integration, greater control of resources, etc.
Under- or Over-Applied Manufacturing Overhead:
Under- or Over-Applied Manufacturing Overhead refers to the balance in the manufacturing overhead control account after the actual overhead costs that were incurred and the applied overhead for the period has been recorded
1 .The appleid overhead is the predetermined rate of $2.40 per machine hour multiplied by the actual number of machine hours (75,000), so it is $180,000.
The applied overhead is debited to work-in-process inventory and credited to the manufacturing overhead account.
2. The underapplied or overapplied overhead for the year is the difference between the actual and applied overhead. We can show it in the T-account like this:
3. The company estimated its total overhead cost to be $192,000 and its total machine hours to be 80,000. The actual overhead cost was $184,000 and the actual machine hours were 75,000. We can see that the main reason why the manufacturing overhead was underapplied was the fact that it worked fewer machine hours than anticipated with a proportional decrease in the manufacturing overhead costs incurred. This is normal because an element of manufacturing overhead is fixed.
To know more about overhead applied manufacturing overhead:
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Answer:
related to the demand for the product or service labor is producing.
Explanation:
Factors of production can be defined as the fundamental building blocks used by individuals or business firms for the manufacturing of finished goods and services in order to meet the unending needs and requirements of their customers.
In Economics, there are four (4) main factors of production and these are;
I. Land.
II. Labor (working).
III. Capital resources.
IV. Entrepreneurship.
Labor refers to the human capital or workers who are saddled with the responsibility of overseeing and managing all the aspects of production.
Generally, when these aforementioned factors of production are combined effectively and efficiently, they can be used for the manufacturing or production of goods and services to meet the unending requirements or needs of the consumers.
Typically, when economists say that the demand for labor is a derived demand, what they do really mean is that, this demand for labor is related to the demand by the consumers for the product or service labor is producing.
Answer and Explanation:
The computation of the margin of safety is shown below:
As we know that
margin of safety = Actual sales - break even sales
For Jakarta, it is
= $500,000 - ($80,000 ÷ 0.40)
= $500,000 - $200,000
= $300,000
And, for maldives, it is
= $6,620,000 - ($2,151,500 ÷ 50%)
= $2,317,000
