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elena-s [515]
3 years ago
11

MC Qu. 114 Lowden Company has an overhead application... Lowden Company has an overhead application rate of 155% and allocates o

verhead based on direct material cost. During the current period, direct labor cost is $60,000 and direct materials used cost $90,000. Determine the amount of overhead Lowden Company should record in the current period.
Business
1 answer:
bogdanovich [222]3 years ago
7 0

Answer:

the  overhead amount recorded is $139,500

Explanation:

The computation of the overhead amount recorded is shown below:

= Overhead application rate × direct material cost

= 155% × $90,000

= $139,500

Hence, the  overhead amount recorded is $139,500

We simply applied the above formula so that the correct value could come

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Answer:

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A. Three approaches—all produce the same measurement of the production of the economy.

1. product approach: how much output is produced

2. income approach: how much income is created by production

3. Expenditure approach: how much purchasers spend

B. Why all three approaches are the same: Assumes no unsold goods (at this point) then the market values of goods and services produced must equal the amount buyers spend to purchase them (product approach=expenditure approach). What the seller receives (income) must equal what is spent (expenditure).

II. Gross Domestic Product (GDP)

A. GDP vs. GNP

GNP= output produced by domestically owned factors or production. (By our people)

GDP= includes production produced by foreign owed factors of production within the countries border and excludes domestically owned production in foreign countries. (On our soil)

1. GDP = GNP – net factor payment from abroad (NFP)

2. How big is the difference?

B. Product approach: The market value of all final goods and services produced within a nation during a fixed period of time.

1. Market value: allows comparison between different goods. Has some problems – ignores some goods. underground economy, and government services.

2. Final goods and service: Treatment of inventories; Capital goods; Avoids double counting; Value added.

3. New production: Ignores goods produced in previous periods

C. Expenditure approach: Total spending on final goods and services produced within a nation during a specified period of time.

1. Income expenditure identity and four categories of spending: Consumption (C), Investment (I), government purchases of goods and services (G) and net exports (NX)

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3. Investment (I): Spending on new capital goods by business

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b. Residential fixed investment

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4. Government purchases of goods and services (G):

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2. The use of savings identity

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Hey mate.....

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