Answer:
7 years (to the nearest year)
Explanation:
Given that;
A = amount
P= principal
t = time
r = rate
A =3P(given in the question)
Formula for compound interest;
A = P(1 + r)^t
Substituting values;
3P = P(1 + 18/100)^t
3P/P= (1.18)^t
3 = (1.18)^t
log 3 = t log 1.18
t = log 3/log 1.18
t = 0.4771/0.0719
t = 6.6 years
t = 7 years (to the nearest year)
Answer:
Amount of underapplied or overapplied overhead cost for the year
$97000 - Underapplied
Schedule of cost of goods manufactured for the year
Direct Material 3885000
Direct Labor 60000
Overheads 376000
Total Manufacturing Costs 4321000
Add Opening Inventory WIP 400000
Less Closing Inventory WIP (700000)
Cost of Goods Manufactured 4021000
Explanation:
Amount of underapplied or overapplied overhead cost for the year
Underapplied or Overapplied overhead cost =Actual Overhead - Applied Overhead
$473000-$376000= $ 97000
Schedule of cost of goods manufactured for the year
<em>Direct Materials Calculation </em>
Opening 200000
Add Purchases 4000000
Available 4200000
Less Closing Material 300000
Materials Consumed 3900000
Less Indirect Materials 15000
Direct Materials Consumed 3885000
