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aliya0001 [1]
3 years ago
14

Martinez, Inc. manufactures a set of high-end computer storage systems for use by offices around the city. At the start of 2021,

management built the budget for the upcoming year. The manufacturing department of Martinez, Inc. estimated 12,000 units to be produced, $1.69 per unit of production in variable manufacturing overhead and $360,000 in total fixed costs for 2021. Assuming Martinez, Inc. applies manufacturing overhead based on the actual number of units produced, what is the predetermined overhead rate for the year? Round your final answer to two decimals.
Business
1 answer:
Margarita [4]3 years ago
4 0

Answer:

$30 per unit

Explanation:

Predetermined overhead rate for the year is computed as;

= Estimated manufacturing overhead / Estimated units to be produced

Given that;

Estimated manufacturing overhead = $360,000

Estimated units to be produced = 12,000 units

Predetermined overhead rate = $360,000/12,000 = $30 per unit

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Answer:

<u>Elimination Journal.</u>

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Explanation:

When dealing with consolidation of Financial Statements, the Equity and Retained Earning in the Subsidiary has to be eliminated from the records whilst the Investment in Subsidiary and the Non-Controlling Interest in Subsidiary are recognized.

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<em>Goodwill</em> or <em>Gain on Bargain Purchase</em> are also recognized on the date of acquisition of subsidiary.

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<u>Elimination Journal.</u>

Retained  Earnings $210,000 (debit)

Common Stock $ 150,000 (debit)

Investment in Sandbox Corporation $270,000 (credit)

Non-Controlling Interest  $90,000 (credit)

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