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eimsori [14]
2 years ago
8

Snappy Company has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply manufa

cturing overhead to jobs. Manufacturing overhead cost and direct labor hours were estimated at $54,400 and 32,000 hours, respectively, for the year. In July, Job #334 was completed at a cost of $2,736 in direct materials and $1,664 in direct labor. The labor rate is $5.20 per hour. By the end of the year, Snappy had worked a total of 37,000 direct labor-hours and had incurred $64,650 actual manufacturing overhead cost. If Job #334 contained 120 units, the unit product cost on the completed job cost sheet would be:
Business
1 answer:
Fudgin [204]2 years ago
5 0

Answer:

Unitary cost= $41.2

Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (54,400/32,000)

Predetermined manufacturing overhead rate= $1.7 per direct labor hour

<u>Now, we can allocate overhead based on actual direct labor hours:</u>

<u></u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Direct labor hours= 1,664 / 5.2= 320

Allocated MOH= 1.7*320= $544

<u>Finally, the total cost and unitary cost:</u>

Total cost= 544 + 1,664 + 2,736

Total cost= $4,944

Unitary cost= 4,944 / 120

Unitary cost= $41.2

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Farmer Elvin is holding 200 pounds of potatoes in storage for Chef Noble, but Chef Noble has breached the contract by failing to
lisabon 2012 [21]

Answer:

be considered reasonable mitigation of damages.

Explanation:

Based on the information provided regarding the scenario at hand it can be said that this action would be considered reasonable mitigation of damages. This is a law principle that requires that a party who has suffered a loss due to a breach of contract (in this case Farmer Elvin) needs to take reasonable action in order to minimize the amount of the loss that they have suffered. Which in this case is exactly what Farmer Elvin is doing in order to recover some of the money that he lost from the breached contract by selling the potatoes to a local diner.

3 0
3 years ago
Marigold Corp. uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $12
olga nikolaevna [1]

Answer:

The journal entry for the following is shown below:

Explanation:

The journal entry for the following is as follows:

Bad Debts Expense A/c................................Dr  $3,600

       Allowance for Doubtful Accounts A/c......Cr  $3,600

Being the adjusting entry for bad debt expense

Working Note:

Using the percentage of accounts receivable computing the amount of bad debt expense as:

Allowance for doubtful accounts = Accounts receivable × %

= $120,000 × 4%

= $4,800

Now, computing the bade debt expense as:

Bad debt expense = Allowance for doubtful debts - Credit balance

= $4,800 - $1200

= $3,600

4 0
3 years ago
A company paid $517,000 to purchase equipment and $16,700 to have the equipment delivered to and installed in the company's prod
Maslowich

Answer:

Using the units-of-production method, the amount of depreciation expense would the company report in the income statement prepared for the year-ended October 31, 2018 = $ 228899

Explanation:

Given

Acquisition Cost of Equipment = $ 517,000+ $ 16700= $ 533,700

Total units of production= 29,700 hours

Residual Value = $ 6700

Units of Production= 12,900 hours

Formula:

Depreciation per unit= (Cost -Salvage value) / Total units of production* Units of Production

Depreciation per unit= ($ 533,700 - 6700/ 29700)*12900

Depreciation per unit=($ 52,7000 / 29700)*12900

Depreciation per unit=( 17.744)*12900

Depreciation per unit= 228898.98= $ 228899

As units of production are given we do not need to calculate it for half year. The depreciation is calculated for units of production.

5 0
3 years ago
organizations design and implement systems to capture the details of transactions involved in each business
IgorLugansk [536]

Organizations design and implement accounting information systems to capture the details of transactions involved in each business.

<h3>What is accounting information?</h3>

Accounting information is fed into an accounting information system that uses computers to process data. It records and tracks all the accounting activity of the business by making use of information technology systems and resources.

to know more about accounting information go to the given link:

brainly.com/question/28099511

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4 0
1 year ago
What is one main objective in the study of economics?
SashulF [63]

Answer: brecognizing the difference between producers and consumers

Explanation:

3 0
3 years ago
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