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goldenfox [79]
3 years ago
13

For Bonita Industries, the predetermined overhead rate is 70% of direct labor cost. During the month, $800000 of factory labor c

osts are incurred of which $210000 is indirect labor. Actual overhead incurred was $340000. The amount of overhead debited to Work in Process Inventory should be:
Business
1 answer:
Tamiku [17]3 years ago
4 0

Answer:

$147,000

Explanation:

Calculation to determine what The amount of overhead debited to Work in Process Inventory should be:

Using this formula

Overhead debited to Work in Process Inventory=Factory labor costs*Predetermined overhead rate

Let plug in the formula

Overhead debited to Work in Process Inventory=$210,000*70%

Overhead debited to Work in Process Inventory=$147,000

Therefore The amount of overhead debited to Work in Process Inventory should be:$147,000

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Anderson Corp. began the period with $200 of supplies. During the period, $500 of supplies were purchased. At the end of the per
IgorLugansk [536]

Answer:Amount of supplies used =$400

Explanation:

Beginning balance of supplies   $200

Supplies purchased                     $500

Ending supplies balance on hand    $300

Amount of supplies used = Beginning balance of supplies + Supplies purchased  - Ending supplies balance on hand

= $200 +$500 - $300

= $400 is amount of the adjusting entry to record the amount of supplies used in Anderson Corp.

7 0
3 years ago
Occurs when several groups, that are largely independent in their functions, collectively contribute to a common output
iren2701 [21]

Pooled interdependence

3 0
3 years ago
The accounting firm of johnson and johnson has decided to design a nonstatistical sample to examine the accounts receivable bala
Vlad [161]

The total projected misstatement of the firm is $92225 and it can be concluded that projected misstatement is more than the expected misstatement.

<h3>How to calculate the projected misstatement?</h3>

The total projected misstatement will be calculated thus:

= $3500 + ($15250/$910000 × 3000000) + (1550/70000 × 1750000

= $3500 + $50275 + $38750

= $92225

The projected misstatement is more than the expected misstatement. Therefore, there is an unacceptable risk that the true misstatement is more than the tolerable misstatement.

Learn more about firms on:

brainly.com/question/25491204

8 0
2 years ago
Cash investments made by the owner to the business are reported on the statement of cash flows in the
Julli [10]

Answer:

d. financing activities section

Explanation:

cash investment made by the owner and their withdrawals will be in the financing activities section

On the financing activities, the accounting does a detail ofthe origin of funds which paid for the assets. These funds could be from owners or lenders.

Therefore, the equity transactions are included in the financing activities sections

From the owner point of view, it is an investment. But, we must remember that the owner and te company are different entities. For the company it is financiation

6 0
3 years ago
Slaughter Industries just signed a sales contract with a new customer. What is this contract worth as of the end of year 4 if th
igor_vitrenko [27]

Answer:

$489,512.15

Explanation:

The formula for calculating future value:

FV = P (1 + r)^n

FV = Future value  

P = Present value  

R = interest rate  

N = number of years

We are supposed to determine the present value

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow in year 1 = 84,000

Cash flow in year 2 = 113,000

Cash flow in year 3 = 125,000

Cash flow in year 4 = 130,000

I = 6%

PV =  387,739.47

387,739.47(1.06)^4 = $489,512.15

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

8 0
3 years ago
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