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3 years ago

The following errors occurred in posting from a two-column journal:

Business

1 answer:

Viefleur [7K]3 years ago

7 0

Answer:

Please find attached solution to the above question

Explanation:

Please find attached solution to the above - a and b

Regarding the error 6,

• The $830 gained increased to accounts payable, hence must be deducted from accounts payable.

• Again, debit $830 for recording the payment.

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Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Stan

Georgia [21]

Answer:

Direct material price variance= $24,603.6 favorable

Explanation:

Giving the following information:

Direct materials 7.6 ounces $4.00 per ounce

Purchases of raw materials 17,400 ounces

Actual cost of raw materials purchases $45,000

<u>To calculate the direct material price variance, we need to use the following formula:</u>

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (4 - 2.586)*17,400

Direct material price variance= $24,603.6 favorable

Actual price= 45,000/17,400= $2.586

3 0

3 years ago

Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the be

Dominik [7]

Answer:

Baab Corporation

a. Schedule of cost of goods manufactured:

Beginning work in process $ 27,850

Direct raw materials 280,150

Direct labor 377,850

Manufacturing overhead 297,279

Ending work in process ($ 9,850)

Cost of goods manufactured $973,279

b. The overhead was underapplied (by $9,121).

Explanation:

a) Data and Calculations:

Beginning Ending

Raw materials $ 14,850 $ 22,850

Work in process $ 27,850 $ 9,850

Finished Goods $ 62,850 $ 77,850

Estimated machine hours = 33,850

Manufacturing overhead cost = $294,495

Predetermined overhead rate = $294,495/33,850 = $8.70 per mh

Raw materials purchase $315,850

Raw materials used for production $307,850

Direct raw materials $280,150

Indirect raw materials $27,700

Direct labor$377,850

Indirect labor, $96,850

Administrative salaries, $172,850

Selling costs, $147,850

Factory utility costs, $10,850

Depreciation:

Factory Depreciation $171,000

Selling, general, and admin. $7,000

Total for the year was $178,000

Actual level of activity for the year = 34,170 machine hours

Sales for the year = $1,315,000

Manufacturing Overhead:

Indirect raw materials $27,700

Indirect labor, 96,850

Factory utility costs, 10,850

Factory Depreciation 171,000

Total overhead incurred $306,400

Overhead applied 297,279

Underapplied overhead $9,121

5 0

3 years ago

You are the CFO of Designer Brands and expect your firm to generate FCFs of $550,000 per year (starting next year) for 10 years.

Lemur [1.5K]

I would value the Designer Brand as $16,970,189.21.

<h3>What is the value of the designer brand?</h3>

The value of the designer brand can be determined using the two-stage FCF growth model.

FCF each year from year 1 to 10 = $550,000

FCF from year 11 = ($550,000 x 1.01) / (0.04 - 0.01) = $18,516,666.67

The present value of the FCF would be determined next:

($550,000 / 1.04) + ($550,000 / 1.04^2) + ($550,000 / 1.04^3) + ($550,000 / 1.04^4) + ($550,000 / 1.04^5) + ($550,000 / 1.04^6) + ($550,000 / 1.04^7) + ($550,000 / 1.04^8) + ($550,000 / 1.04^9) + ($550,000 / 1.04^10) + ( $18,516,666.67 / 1.04^10) = $16,970,189.21

To learn more about FCF, please check: brainly.com/question/8058024

3 0

2 years ago

"Craig, the CEO of ShopRite, Inc., has noticed that one of his store locations has consistently through-the-roof sales numbers.

Ymorist [56]

The question is incomplete, here is the complete question.

"Craig, the CEO of ShopRite, Inc., has noticed that one of his store locations has consistently through-the-roof sales numbers. Also, a survey completed by employees revealed that this particular location’s workers showed extremely high levels of motivation and job satisfaction when compared to other locations in the region. Everyone who works there gave high praise to their manager, Jamal. What else did the surveymost likely reveal about Jamal’s employees?"

A) They reported feeling a lot of pressure to exceed sales goals every month.

B) They demonstrated citizenship behaviour such as volunteering work

C) They recorded higher level of stress than stored with lower sales number

D) They loved Jamal but were not especially committed to the company overall.

Answer:

They demonstrated citizenship behaviour such as volunteering work.

Explanation:

Survey can be described as a method that is used to collect data or information about a particular topic that requires a lot of attention.

Survey as a research method can be used to gather data about the different attitude and behaviour exhibited by each employees in an organization. It is used by the management of a company to effectively determine the amount of efforts that each employee is putting in towards the growth and success of the business.

In the scenario described above, the CEO of shopRite Inc has observed through a recent survey conducted that one of his store locations has recorded a high number of sales, this is as a result of the high rate of efficiency put in by the workers to ensure the success of the business.

5 0

3 years ago

What is the economic term used for sustained increase in the price of goods and services

Shkiper50 [21]

Answer:

Inflation

Explanation:

Inflation refers to a situation of a general increase in the prices of goods and services in the economy. As prices of goods and services rise, the cost of living goes up. Inflation results in the purchasing power of currency to diminish.

Economist uses the consumer prices index to determine the rate of inflation. Inflation means a basket of goods and services will cost more today than it did in the prior period. Rapid economic growth that results in too much money in circulation causes inflation.

3 0

3 years ago