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mel-nik [20]
2 years ago
9

Lions Incorporation produces two different products (Product A and Product X) using two different activities: Machining, which u

ses machine hours as an activity driver, and Inspection, which uses number of batches as an activity driver. The activity rate for Machining is $170 per machine hour, and the activity rate for Inspection is $510 per batch. The activity drivers are used as follows:
Product A Product X Total
Machine hours 1,900 3,900 5,800
Number of batches 45 22 67

What is the amount of Machining cost assigned to Product X?

a. $780,000
b. $22,500
c. $380,000
d. $950,000
Business
1 answer:
iren2701 [21]2 years ago
6 0

Answer:

Lions Incorporation

The amount of Machining cost assigned to Product X is:

= $663,000.

Explanation:

a) Data and Calculations:

                                          Product A             Product X             Total

Activities used                  Machining             Inspection

Activity driver                    Machine hours     Number of batches

Activity rate                       $170/ mh              $510/ batch

Usage of activity drivers:

Machine hours                 1,900                     3,900                      5,800

Number of batches              45                          22                            67

The amount of Machining cost assigned to Product X:

= 3,900 * $170 = $663,000

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Solution :

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First of all let us prepare the Journal Entries

1. Cash     (7000 x 38)                                     266,000

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  Paid in capital in excess of stated value

  common stock   (7000 x 19)                                                      133,000

2. Cash   (2600 x 43)                                      111,800

   common stock  (2600 x 19)                                                       49400

   Paid in capital in excess of stated value

     Common stock (2600 x 24)                                                    62400

3. Income summary                                        7000

    Retained earing                                                                         7000

                        Tarrant corporation

Balance sheet - shareholder's section

Share holder's equity

Contributed capital

$ 19 par, issued and outstanding 9600 shares   =  182400

Paid in capital in excess of par                                 196800

Total contributed capital                                            379200

Retained earnings                                                          7200

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8 0
3 years ago
Which of the following is good for our economy?
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Answer:

Stable prices

Explanation:

Stable prices created a structured economy without residents having to constantly adapt to deflation, inflation etc.

8 0
3 years ago
QUESTION 1
ser-zykov [4K]

Answer:

It dosent show a question.

3 0
3 years ago
Innovation often requires "creative destruction" in which the new products or technologies make previous products or technologie
zysi [14]

Answer:

The correct answer is option b.

Explanation:

Positive economics is a branch of economics that is concerned with explanation of economic phenomena. It is based on facts and data. It answers to what is, what was.

Normative economics, on the other hand, is concerned with judgment. It answers to what should be or what ought to be.  

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Innovation and technological changes will always cause structural unemployment and create winners and losers. So the government should focus on helping the displaced workers in finding new jobs, instead of limiting innovation.  

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4 0
3 years ago
ervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% fa
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Answer:

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Debit Factoring charge   $3,750

Credit Accounts receivable  $75,000

Explanation:

Factoring accounts receivable involves the sale of the account receivable to another party such that the debt is now payable to that party. This is usually done to ease liquidity and at a charge.

When receivables are factored,

Debit Cash account

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Credit Accounts receivable

Charge on factoring =  5/100 × $75,000

= $3,750

Amount to be received = $75,000 - $3,750

= $71,250

3 0
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