Answer:
Results are below.
Explanation:
<u>To calculate the predetermined manufacturing overhead rate we need to use the following formula:</u>
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 405,000 / 220,000
Predetermined manufacturing overhead rate= $1.841 per DLH
<u>Now, we can allocate overhead:</u>
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Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 1.841*202,000
Allocated MOH= $371,882
<u>Finally, the over/under allocation:</u>
Under/over applied overhead= real overhead - allocated overhead
Under/over applied overhead= 380,000 - 371,882
Underapplied overhead= $8,118
Answer: (A) Change in an accounting principle
Explanation:
According to the given question, the finer food Inc., is one of the company which using the average cost technique for measuring the inventory process.
So, the change made in the company is reported in the form of financial statement as change in an accounting principle of flow of the physical products.
The accounting change is the term which is used for reporting an entity and the estimating and evaluation the various types of asserts and liabilities in an organization.
Therefore, Option (A) is correct answer.
Answer:
Correct answer is B, Debit cash $38,800, debit factoring fee expense $1,200 and a credit of Accounts receivable of $40,000
Explanation:
Factoring is one way to raise fund for immediate use of the company. It is a way to sell accounts receivable of the company. The above-mentioned problem is to sell accounts receivable (factored) with the corresponding factoring fee of 3% and that is $1,200 (40,000 x 3%). In effect of this fee, the company will receive cash less than the amount of its accounts receivable sold. The company will record the inflow of cash at $38,800 (40,000 - 3%) and will also recognize an expense incurred during the factoring in the amount of $1,200 and finally will credit the sold accounts receivable in the amount of $40,000.
Answer:
The correct answer is b) unit of account
Explanation:
The statement "This Dell laptop costs $1,200" illustrates which function of money? Unit of account
The unit of account represents one of the function of money, The value of an article is measured the same currency to compare with another article.
