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seraphim [82]
3 years ago
13

Mest Company has 9 employees. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare

taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows.

Business
1 answer:
bulgar [2K]3 years ago
7 0

Answer:

Following are the solution to this question:

Explanation:

Please find the complete question and its solution in the attached file.  

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Activity Rates and Activity-Based Product Costing Hammer Company produces a variety of electronic equipment. One of its plants p
Lunna [17]

Answer:

1. Overheads rate per activity

Setup = $4,100 per setup

Machining = $120 per machine hour

Engineering = $60 per engineering hour

Packing = $0.30 per packing order

2. Cost per unit

Deluxe = $162.60

Normal = $53.675

Explanation:

As for the provided information:

We have,

Different activities as follows:

Setups = $2,050,000

Total setups = 300 + 200 = 500

Rate = $2,050,000/500 = $4,100 per setup

Machining = $48,000,000

Total machine hours = 100,000 + 300,000 = 400,000

Machine hour rate = $48,000,000/400,000 = $120 per machine hour

Engineering = $9,000,000

Total engineering hours = 50,000 + 100,000 = 150,000

Rate per hour = $9,000,000/150,000 = $60 per hour

Packing = $150,000

Packing orders = 100,000 + 400,000 = 500,000

Rate per hour = $150,000/500,000 = $0.30 per order

2. Calculating per product cost

Particulars              Deluxe                 Normal

Setup Cost

In 3:2 ratio            $1,230,000              $820,000

Machining Cost

In 1:3 ratio             $12,000,000          $36,000,000

Engineering cost

In 1:2 ratio            $3,000,000               $6,000,000

Packing Cost

In 1:4 Ratio             $30,000                  $120,000

Therefore total cost for each printer

                              $16,260,000           $42,940,000

Number of units         100,000              800,000

<u>Cost per unit               $162.60             $53.675</u>

5 0
3 years ago
Jones Company received $2,200 in cash during March for Service Revenue for a job that will be completed in May. This job would b
Katena32 [7]

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $2,200

  To Service revenue $2,200

(Being cash is received)

Since the cash is received so we debited the cash account and credited the service revenue account as the service is completed which create an income for the business organization.

We do not write unearned service revenue as the amount is actually received from the customer

7 0
3 years ago
Which statement is not correct about the business-society interdependence?
Dmitry_Shevchenko [17]

Answer:

D. Actions by governments rarely significantly affect business

Explanation:

Business-socciety interdependence points out how business activities impact society and how society impacts business decisions. Government actions play a significant role in business performance. For example, an increase in interest rate increases the cost of borrowing and acts as an investment disncentive. Likewise, an increase in corporation tax stifles the incentive to invest and reduces corporate profit. Other government interventions such as standards and regulations, minumum wage legislations, permits and licenses would not only reduce business profits but could make doing business very cumbersome. Also, the extent to which the government is committed to maintaining political stability could determine the extent to which invesmtent thrives in an economy.

6 0
3 years ago
Complete each sentence by selecting the correct term using the drop-down list.
Tomtit [17]

Answer:

FOB destination means "Free on Board Destination.

1. Goods transit shipped to Abbey (purchaser) FOB Destination

Answer: Exclude from inventory

2. Goods in transit shipped to Abbey (purchaser) FOB Shipping Point

Answer: Include in inventory count

3. Goods transit shipped by Abbey (seller) FOB Destination

Answer: Include in inventory

4. Goods in transit shipped by Abbey (seller) FOB Shipping Point

Answer: Exclude from inventory

6 0
3 years ago
Martinez Furniture Company started construction of a combination office and warehouse building for its own use at an estimated c
baherus [9]

Answer:

$530,672

Explanation:

Base on the scenario been described in the question, we can use the following method to compute the avoidable interest on this project

Use the attached file below to find the solution to given problem .

3 0
3 years ago
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