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maria [59]
4 years ago
13

What would be included in the entry to record actual Manufacturing Overhead costs incurred in a process​ department?

Business
1 answer:
stira [4]4 years ago
5 0

Answer:

debit to manufacturing overhead.

Explanation:

When a product is manufactured, some costs are associated with the production processes. These costs are indirect costs which includes but not limited to; depreciation, rent of buildings, salaries(maintenance and managers) , wages, utilities for the factory etc. Manufacturing overhead consist of all production costs except direct material and labor.

With regards to the above, when actual manufacturing overhead costs(machine maintenance, supervisor salary, factory utilities) are incurred in a given period, they are recorded as debit in the manufacturing over head account while the credit entry goes to account payable.

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Most economists believe that real economic variables and nominal economic variables behave independently of each other in the lo
VikaD [51]

Answer:

Nominal;nominal;real;the quantity theory.

Explanation:

Most economists believe that real economic variables and nominal economic variables behave independently of each other in the long run.

For example, an increase in the money supply, a nominal variable, will cause the price level, a nominal variable, to increase but will have no long-run effect on the quantity of goods and services the economy can produce, a real variable. The distinction between real variables and nominal variables is known as the quantity theory.

5 0
4 years ago
Which of the following is included in the normal journal entry to record the collection of accounts receivable previously writte
dlinn [17]

Answer:

Debit Accounts Receivable, credit Allowance for Doubtful Accounts.

Explanation:

To record the collection of accounts receivable previously written off when using the allowance method, the first step is  to debit Accounts Receivable, and then credit Allowance for Doubtful Accounts. This purpose of this to reverse the already written off amount.

The next step after that is to complete the entries by debiting Cash, and crediting the Accounts Receivable to record the cash collection in respect of previously written off accounts receivable.

8 0
4 years ago
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual in
babymother [125]

Answer:

The Journal entries are as follows:

(a) On November 5,

Merchandise inventory A/c  Dr. $6,000

To Accounts payable                              $6,000

(To record the purchasing of Merchandise inventory)

(b) On November 7,

Accounts payable A/c        Dr. $250

To Merchandise inventory                  $250

(To record the returned units)

(c) On November 15,

Accounts payable A/c     Dr. $5,750

To cash                                                $5,635

To Merchandise inventory                 $115

Workings:

Final amount due:

= Cost of goods purchased - Cost of goods returned

= 6,000 - 250

= $5,750

Discount amount:

= Final amount due × Discount percentage

= 5,750 × 2/100

= $115

Cash payment to be made:

= Final amount due - Discount amount

= 5,750 - 115

= $5,635

3 0
3 years ago
Read 2 more answers
A product enters the maturity phase of the life cycle, during which cells are strong but growth is slowing. What product managem
MaRussiya [10]

Answer:

D.

Explanation:

If you improve product performance more people would want to buy the one with improved performance.

5 0
3 years ago
Read 2 more answers
Sunshine's Organic Market sells organic produce. Assume that labor is the only input that varies for the firm. The store manager
Varvara68 [4.7K]

Answer:

The 14th worker will need to increase sales by 20 pounds  for a total of 390 pounds

Explanation:

The worker cost is $80

To make a profit the company will need sales for at least that amount:

$80 wages per day / $4 earnings per pound = 20 pounds

in total sales would need to be 370 + 20 = 390 pounds

8 0
4 years ago
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