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rosijanka [135]
3 years ago
15

Manufacturing overhead was applied to production at 60 percent of the direct labor cost of $10,000. The entry under perpetual in

ventory procedure is
Business
1 answer:
tamaranim1 [39]3 years ago
4 0

Answer:

Dr Work in Process Inventory for $6,000

Cr Manufacturing $6,000

Explanation:

Preparation of The journal entry under perpetual inventory procedure

Based on the information given if the Manufacturing overhead was applied to production at 60% of the direct labor cost of the amount of $10,000 which means that The journal entry under perpetual inventory procedure is :

Dr. Work in Process Inventory for $6,000

Cr Manufacturing $6,000

(60%*$10,000)

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Linda decides to open a kiosk in the mall selling baseball hats. It costs her $2280 to stock 100 hats and $3580 to stock 500 hat
Liula [17]

Answer with Explanation:

1. Marginal Cost per Unit

As we know:

Marginal Cost per Unit = Change in Cost / Change in Quantity Bought

= ($3580 - $2280) / (500 - 100)

= $3.25 per Unit

2. Fixed Cost to setup

The fixed cost would be $2280 because it is the cost that is required for setting up the kiosk. The cost $3580 is not relevant because it depends on the demand of the product. The least cost to set up kiosk is $2280.

3. Cost Function

Total Cost = Fixed Cost + Variable Cost

As we know that:

Variable Cost = Marginal cost per unit * Number of units = $3.25 * x = 3.25x

For Fixed cost $2280

By putting this value in the above equation, we have:

Total Cost = $2280 + 3.25x

C(x) = $2280 + 3.25x

And

For Fixed cost $3580

C(x) = $3580 + 3.25x

4. Revenue Function

Total Revenue = Selling Price per Unit  *  Total Units

Here

Selling price is $8 and total units are "x"

By putting values, we have:

Total Revenue = $8 * x

R(x) = 8x

5. Breakeven Point For $2280 and $3580

As we know that

Breakeven Point = Fixed Cost / Contribution Per unit

For Fixed Cost $2280:

Breakeven Point = $2280 / ($8 - $3.25)

= 480 Units

For Fixed Cost $2280:

Breakeven Point = $3580 / ($8 - $3.25)

= 754 Units

6. Profit Function

For Fixed Cost $2280:

Profit = Revenue Function - Cost Function

P(x) = 8x  -  ($2280 + 3.25x)

P(x) = 8x - $2280 - 3.25x

P(x) = 4.75x - $2280

For Fixed Cost $3580:

P(x) = 4.75x - $3580

7. Claire's Profit if she sells 1,000 bottles

Using the above profit function for fixed cost $2280, we have:

P(x) = 4.75x - $2280

Here x is 1,000 units, which means:

P(x) = 4.75 * 1,000   -   $2280

P(x) = $4,750 - $2280 = $2,470

Using the above profit function for fixed cost $3,580, we have:

P(x) = 4.75x - $3,580

Here x is 1,000 units, which means:

P(x) = 4.75 * 1,000   -   $3,580

P(x) = $4,750 - $3,580 = $1,170

5 0
2 years ago
If marginal cost becomes higher than price, what happens to a company
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Increase price value profit becomes higher than price, what happens to a company
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If GDP exceeds aggregate expenditures in a private closed economy: A. Saving will exceed planned investment B. Planned investmen
Leya [2.2K]

Answer:

The correct answer is A

Explanation:

GDP stands for Gross Domestic Product, it measures the economic activity value within a Country. It is the total of the market prices or the values of all the final goods and the services produced in the economy.

When the economy is private as well as closed, then the GDP is more than the aggregate expenditure, then the savings from the household exceed the planned investment.

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2 years ago
Examples of how percents are used in business
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Percents can show how much of the money transferred was expense, profit, and so on. it can show an increase or decrease in sales. it can also show demographics of consumers.
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3 years ago
Lisa Frees and Amelia Ellinger had been operating a catering business for several years. In March 2014, the partners were planni
Marat540 [252]

Answer:

Explanation:

Account Name                            Debit                                                   Credit

Cash                                              $160,000

Accounts Receivable                      $2,000

Equipment                                     $ 18,300

Supplies                                         $1,200

Contributed Capital                                                                               $181,500

a. Received $80,000 cash from each of the two shareholders to form the corporation, in addition to $2,000 in accounts receivable, $5,300 in equipment, a van (equipment) appraised at a fair market value  of $13,000 and $1,200 in supplies.

b. Purchased a vacant store for sale in a good location for $360,000, making a $72,000 cash down payment and signing a 10-year mortgage from a local bank for the rest

Account Name                         Debit                                                    Credit

Building                              $360,000

Cash                                                                                                $ 72,000

 Notes Payable                                                                                $288,000

c. Borrowed $50,000 from the local bank on a 10%, one year note.

Account Name                        Debit                                                  Credit

Cash                                     $50,000

Notes Payable                                                                                  $50,000

d) Purchased and used food and paper supplies costing 10,830 in March; paid cash.

Purchase of Supplies:

Account Name                          Debit                                                Credit

Supplies                                 $10,830

Cash                                                                                                 $10,830

Account Name                         Debit                                                   Credit

Supplies Expense                 $10,830

 Supplies                                                                                              $10,830

e) Catered four parties in March for $4,200; $1,600 was billed and the rest was received in cash.

Account Name                         Debit                                                    Credit

Cash                                         $2,600

Accounts Receivable            $1,600

 Catering Revenue                                                                               $4,200

f. Made and sold food at the retail store for $11,900 cash. (assume the cost of these sales was already recorded as part of transaction d.)

Account Name                              Debit                                               Credit

Cash                                               $11,900

Food Sales Revenue                                                                          $11,900

g. Received a telephone bill for March to be paid in April.

Account Name                                 Debit                                               Credit

Telephone Expense                      $420

Telephone Payable                                                                               $420

h. Paid $363 in gas for the van in March

Account Name                             Debit                                           Credit

Gas Expense                               $363

Cash                                                                                                 $363

i. Paid $6,280 in wages to employees who worked in March.

Account Name                          Debit                                                  Credit

Wages Expense                       $6,280

Cash                                                                                                    $6,280

j. Paid a $300 dividend from the corporation to EACH owner

Account Name                                   Debit                                         Credit

Retained Earnings                              $600

Cash                                                                                                      $600

k. Purchased $50,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $20,000 (added to the cost of the building); paid cash.

Account Name                       Debit                                                     Credit

Equipment                            $50,000

Building                                 $20,000

Cash                                                                                                     $70,000

2)

a  Cash flow from FINANCING ACTIVITIES

b   Cash flow from INVESTING ACTIVITIES ($72,000) and Non-Cash Investing and Financing Activity ($288,000).

c   Cash flow from FINANCING ACTIVITIES.

d   Non-Cash OPERATING ACTIVITIES.

e   Cash flow from OPERATING ACTIVITIES ($2,600); Non-Cash Operating Activity ($1,600).

f   Cash flow from OPERATING ACTIVITIES

g   Non-Cash OPERATING ACTIVITIES.

h  Cash flow from OPERATING ACTIVITIES.

i   Cash flow from OPERATING ACTIVITIES.

j   Cash flow from FINANCING ACTIVITIES.

k  Cash flow from INVESTING ACTIVITIES

5 0
3 years ago
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