P + 8 = 18 help ineed helpppppp

The new ASC Topic 606 for revenue recognition:

denpristay [2]

Answer:

addresses when and how revenue should be recognized in contracts that provide both goods and service to customers.

Explanation:

ASC 606 is a new standard that provides guidance on revenue recognition to the companies that provide goods and services to its customers. This standard is for both public and private entities. Earlier there were some variations in the revenue recognition process across different companies. The new standard has now simplified standardization in financial reporting.

5 0

3 years ago

In order to hold a hearing, the Superintendent must give how many days notice to the producer being investigated?

lorasvet [3.4K]

Not fewer than 20 days nor more than 30 days.

6 0

2 years ago

Cavy Company estimates that total factory overhead costs will be $660,000 for the year. Direct labor hours are estimated to be 1

Kitty [74]

Answer:

A...=$6.6; B=$3,696 and $5,280

Explanation:

A. To calculate the predetermined factory overhead rate,

Given

overhead costs = $660,000

Direct labor hours = 100,000.

overhead rate = overhead cost/labor hours

= $660,000/100000

=$6.6

B. To calculate the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 560 and Job 777 if the amount of direct labor hours is 800

Given

Job 345 direct labor hours is 560

Job 777 direct labor hours is 800

Therefore

Factory overhead for job 345 = direct labor hours × predetermined factory overhead rate

= 560hours × $6.6

=$3,696

Factory overhead for job 777 = direct labor hours × predetermined factory overhead rate

= 800hours × $6.6

=$5,280

C. Journal entry for April

Add the overheads the two current jobs

$3,696 + $5,280= $8,976

Now record $8,976 in debit column against current work

record $8,976 in credit column against factory overhead

Account debit credit

1. current work $8,976

2. factory overhead $8,976

8 0

3 years ago

Read 2 more answers

Cameron Manufacturing Co.'s static budget at 5,000 units of production includes $40,000 for direct labor and $5,000 for variable

Xelga [282]

Answer:

C) variable costs of $72,000 and $25,000 of fixed costs

Explanation:

To determine the flexible budget we must first calculate the variable costs of producing 8,000 units:

direct labor per unit = $40,000 / 5,000 units = $8 per unit

electric power per unit = $5,000 / 5,000 units = $1 per unit

total variable cost per unit = $8 + $1 = $9

Total variable costs for 8,000 units = 8,000 units x $9 per unit = $72,000

Total fixed costs = $25,000

4 0

3 years ago

The total factory overhead for Magnum Corporation is budgeted for the year at $500,000. This is divided into three activity pool

tatuchka [14]

Answer:

The ABC overhead for a Deluxe kayak will be $170.93

Explanation:

$\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate$

We are going to divide the overhead cost over the cost driver of each activity.

$\left[\begin{array}{cccc}-&Overhead&Total&Rate\\fabric&246,000&10,000&24.6\\assembly&144,000&32,000&4.5\\setup&110,000&15&7,333.33\\\end{array}\right]$

Now we apply the rate to Deluxe Kayak:

$\left[\begin{array}{cccc}-&Rate&Deluxe&Overhead\\fabric&24.6&10,000&246,000\\assembly&4.5&24,000&108,000\\setup&7,333.33&10&73,333.33\\Total&-&-&427,333.33\\\end{array}\right]$

Finally we divide the overhead for Deluxe between the units produced

427,333.33/ 2,500 = 170.933 = 170.93

3 0

3 years ago