Answer:
$33.33
Explanation:
The computation of the predetermined overhead rate is shown below: In this question, we have to apply the formula that is presented below:
Predetermined overhead rate = (Total estimated overhead) ÷ (estimated direct labor-hours)
= $2,500,000 ÷ 75,000 direct labors hours
= $33.33
Simply we divide the anticipates total overhead by the anticipated direct labor hours
Answer:
$64,000
Explanation:
Calculation for the recognized gain to Pedro in 2020
First step is to calculate the Realized gain
Realized gain=($120,000+$12,000+$28,000+$56,000-$120,000)
Realized gain=$96,000
Second step is to calculate the Contract Price
Contract Price=$216,000-$56,000
Contract Price=$160,000
Now let calculate the recognized gain to Pedro in 2020
Recognized gain=$160,000-$96,000
Recognized gain=$64,000
Therefore the recognized gain to Pedro in 2020 is $64,000
Answer:
C) a debit to Merchandise Inventory and a credit to Accounts Payable
Explanation:
The journal entry to record the purchase of inventory on account by using the perpetual inventory system is shown below:
Merchandise Inventory A/c Dr XXXXX
To Accounts Payable A/c XXXXX
(Being merchandise is purchase on credit)
Simply we debited the merchandise inventory account and credited the account payable account so that the correct posting can be done.
Answer:
D, Instrumentality
Explanation:
Instrumentality can be defined simply to mean the importance of a person or thing to situations/events.
From the above question, Brent believes in his performance as being great in the restaurant and as such expect that his importance/contribution in the restaurant will be appreciated and noticed enough to expect a salary increase.
Cheers.
Answer: the economy is using resources efficiently
Explanation:
The Production Possibility Curve simply shows how two goods can be produced in an economy when the resources that are used to produce the goods are being used efficiently without wasting them.
According to the production possibilities curve above, if the economy is producing 75 fishing boats and 400 jars of guava jelly, then the economy is using resources efficiently.
Here, economic efficiency simply means that the resources that are utilized are optimally allocated while inefficiency and wastage are being minimized. Foe economic efficiency to take place, there'll be opportunity cost. This is shown in the graph as more fishing boats are produced, less jars of guava jelly are made and vice versa.
