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Maru [420]
2 years ago
13

Diaz and Associates incurred the following costs in completing a tax return for a large company. Diaz applies overhead at 50% of

direct labor cost. Labor Hours Used Hourly Rate Partner 5 $ 500 Senior manager 12 200 Staff accountants 100 50 1. Prepare journal entries to record direct labor and the overhead applied.
Business
1 answer:
attashe74 [19]2 years ago
8 0

Answer:

1. Dr Services in process inventory9,900

Cr Service salaries payable9,900

Dr Services in process inventory4,950

Cr Services overhead4,950

2. Dr Cost of services provided14,850

Cr Services in process inventory14,850

Explanation:

1.Preparation of journal entries to record direct labor andthe overhead applied.

Dr Services in process inventory9,900

Cr Service salaries payable9,900

[(5 × $500) + (12 × $200) + (100 × $50) = $9,900]

Dr Services in process inventory4,950

Cr Services overhead4,950

($9,900 x 50% = $4,950)

2.Preparation of the journal entry to record the cost of services provided.

Dr Cost of services provided14,850

Cr Services in process inventory14,850

($9,900+$4,950=14,850)

[(5 × $500) + (12 × $200) + (100 × $50) = $9,900]

+($9,900 x 50% = $4,950)

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64% it's the contribution margin of the company.

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To find the contribution margin we need to find the gross profit which is the total sales minus the variable cost of goods, te contribution margin doesn't include the fixed costs only the variable ones.

Income Statement    

Quantities                    400      600              750           1.000  

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Fixed Cost                -$60,000  -$60,000   -$60,000  -$60,000  

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Operating Income          $34,000    $81,000    $116,250   $175,000  

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C. backwardation.

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The profit in arbitrage is based on the <u>imbalance in the two prices</u> on each market respectively. The term is mainly used for financial markets and various financial instruments (securities, bonds, currencies).

In the example above, the dealer becomes an arbitrageur by making a profit from the difference in the yen/dollar exchange rate in two markets (NY and London.)

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