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aliya0001 [1]
3 years ago
11

Swifty Co. uses the gross method to record sales made on credit. On July 1, 2020, it made sales of 69,000 with terms 2/10 n/30.

On July 9, 2020, Swifty received full payment for the July 1 sale. Prepare the required journal entries for Swifty Co.
Business
1 answer:
wel3 years ago
4 0

Answer:

July 1, 2020

Debit  : Accounts Receivable $69,000

Credit : Sales $69,000

July 9, 2020

Debit  : Cash $62,100

Debit : Discount allowed $1,380

Credit : Accounts Receivable $69,000

Explanation:

Note : Remove the discount from final payment.

The required journal entries for Swifty Co have been prepared above.

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skad [1K]

Answer:

a. $13

b. $20,625 Unfavorable

Explanation:

a. Computation of overhead volume variance is shown below:-

Variable overhead rate = Variable overhead cost ÷ Expected standard hours

= $275,000 ÷ 25,000

= 11 direct labor hour

Fixed overhead rate = Productive capacity ÷ Expected standard hours

= $50,000 ÷ 25,000

= $2 direct labor hour

Total overheard rate = Variable overhead rate + Fixed overhead rate

= $11 + $2

= $13

b. The computation of overhead controllable variance is shown below:-

Variable overhead cost = Overhead rate × Standard hours

= $11 × 21,875

= $240,625

Fixed overhead cost = Overhead rate × Standard hours

= $2 × 21,875

= $43,750

Total overhead cost = $13 × 21,875

= $284,375

Actual result = $305,000

Variance = Actual result - overhead cost applied

= $305,000 - $284,375

= $20,625 Unfavorable

Working note:-

Standard direct labor hours = Actual units ÷ Standard hours

= 35,000 × 1.6

= $21,875

Standard units per hour = (Standard capacity × Expected production) ÷ Standard hours

= (50,000 units × 80%) ÷ 25,000 hours

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8 0
3 years ago
In September, Jeanette Company purchased materials costing $34,400 and incurred direct labor cost of $22,100. Manufacturing over
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Answer:

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The computation of the cost of direct material used is shown below:

= Opening balance of raw material + purchased materials - ending balance of raw material

= $10,300 + $34,400 - $9,800

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Hence, the correct option is a.

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3 years ago
The operation and maintenance of a company warehouse is an example of which component of the business process?
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A plant's fixed overhead costs total $500,000 for a year to produce 400,000 widgets, among other items. If machine‐hours are use
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Answer:

$0.5

Explanation:

A plant's fixed total overhead cost is $500,000 for a year

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All processes require a 40,000 machine hours and the widgets use 16,000 hours out of the total hours

The first step is to calculate the fixed overhead application rate

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