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tresset_1 [31]
2 years ago
12

1) Robolane Incorporated manufactures and distributes small robotic toys. Because most of its orders are via telephone or fax, n

umerous orders have to be reworked. The average cost of the reworked orders is $12.45: $5 for labor, $5.15 for more materials, and $2.30 for overhead. This ratio of costs holds for the average original order. On a recent day, the shop reworked 80 orders out of 800. The original cost of the 80 orders totaled $2,000. The average cost of all orders is $26.245, including rework, with an average selling price of $35. Required: Prepare the necessary journal entry to record the rework for the day if the shop charges such activities to Robo Department Overhead Control. Prepare journal entries to record all relevant rework charges as well as to transfer the reworked items finished goods to Finished Goods Inventory.
Business
1 answer:
Ket [755]2 years ago
7 0

Answer:

Following are the Journal entries to the given question:

Explanation:

Accounts                                                              Dr                                        Cr

Robo Department Overhead Control              996

Materials Control (80 \times 5.15) \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \  412

Wages Payable  (80\times 5)\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 400

Shop overhead control(80\times  2.30) \ \ \ \ \ \ \ \  \ \ \ \ \ \ \ \ \ 184

Finished Goods                                                  2000

Work in process control                                                                             2000

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saw5 [17]

Answer:

a.  Payment of interest on notes payable - Operating Activity

b.  Exchange of land for patent - Non Cash investing activity

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3 years ago
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Answer:

1. Human Error: an example is disregard to safety measures.

2. Compromises to Intellectual Property: an example is piracy of an organization's product.

3. Forces of Nature: an example is earthquake.

4. Information extortion: an example is coercion or blackmail.

5. Quality of service deviation: an example is an epileptic or poor power supply.

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Explanation:

A threat to an organization's people, information, and systems is basically any circumstances or events that poses a potential danger, damage or adverse affect to its smooth running.

These threats can be classified into six (6) categories and these are;

1. Human Error or failure: this are errors that arise as a result of having incompetent employees (slips and lapses) or mistakes stemming from the workers. <em>An example of human error is an employee that disregard safety measures. </em>

2. Compromises to Intellectual Property: this usually occurs when an intellectual property is stolen illegally from an organization. <em>An example is piracy of an organization's product.</em>

3. Forces of Nature: this is usually caused by a natural disaster. <em>Examples of forces of nature are flood, earthquake, fire etc. </em>

4. Information extortion: this arises when sensitive data about an organization is held through <em>coercion, bribery or computer hacking</em>.

5. Quality of service deviation: this would occur when there's a shortage in the quality of service received by an organization, contrary to what is expected or required. <em>Examples are poor power supply, poor internet service etc. </em>

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Average variable cost is calculated by dividing the total variable cost of producing a certain number of units of a good by that same number of units.

Average variable cost = Variable cost of producing 18 sneakers / 18

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