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Margaret [11]
3 years ago
11

The management of Blue Ocean Company estimates that 50,000 machine-hours will be required to support the production planned for

the year. It also estimates $300,000 of total fixed manufacturing overhead cost for the coming year and $4 of variable manufacturing overhead cost per machine-hour. What is the predetermined overhead rate?
Business
1 answer:
bezimeni [28]3 years ago
6 0

Answer:

The answer is: The predetermined overhead rate is $10 per machine hour.

Explanation:

We must first determine the total overhead cost:

total overhead = fixed overhead cost + (variable overhead x machine hours)

total overhead = $300,000 + ($4 x 50,000) = $500,000

To get the predetermined overhead cost we divide the total overhead cost over the estimated machine hours.

Predetermined overhead cost = $500,000 / 50,000 = $10 per machine hour

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Wildhorse Construction Company had a contract starting April 2021, to construct a $24900000 building that is expected to be comp
jek_recluse [69]

Answer:

The construction in process amount reported at December 2021 is $13,695,000

Explanation:

In this question, we are asked to state the amount the company will report construction in the process of.

Firstly, we calculate the profit = Total contract price - Expected costs of contract = $24,900,000-$22,900,000 = $2,000,000

The profit in percentage of cost is; 2,000,000/22,900,000 = 8.73%

The costs incurred in 2021 is $12,595,000

The proportionate profit = 12,595,000 * 8.73 = $1,100,000

The construction in process at December 2021 = Cost incurred + Proportionate profit = 12,595,000 + 1,100,000 = $13,695,000

3 0
3 years ago
What types of supply chain strategies are required for food and rose supply chains?
stiv31 [10]

Answer:

supply chain is a system of organizations, people, activities, information,

Explanation:

hope that works

6 0
3 years ago
You are selling friendship bracelets online and you give very clear instructions to the ISP about how to post the listing and ph
Anastasy [175]

Answer:

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Explanation:

8 0
2 years ago
Indiana Co. began a construction project in 2021 with a contract price of $163 million to be received when the project is comple
iragen [17]

Answer: Recognized $12.68 million gross profit on the project in 2022

Explanation:

Firstly we would need to ascertain the percentage of completion in 2022. We will do this by using the costs.

The cost incurred till date is,

= $32 million (incurred in 2021) + $59 million (incurred in 2022)

= $91 million. (1)

A further $37 million is estimated to remain in costs by project completion so the total cost would be,

= $91 million + 37 million

= $128 million is the total cost to be incurred. (2)

Dividing (1) by (2) to find out how much costs have been incurred vs how much is life we have,

= 91 / 128

= 0.7109

= 71 %

71 % of the project has been completed.

We will now find out the revenue for that very year using the percentage of the project completed.

The Total Revenue is $163 million so we will take 71% of that,

= 0.71(163)

= $115.73 million can be recognized as revenue TILL DATE. (3)

To find out the Revenue for the year then we can deduct the revenue of the previous year from the Revenue till date to find out the revenue for 2022.

But first we need to find the revenue of 2021 using the same method we used to calculate the Revenue this far

= 32 million / (32 + 86 million) * 163 million

= $44.01 million in revenue in 2021 (4)

Subtracting (4) from (3) to get the revenue for 2022 we have,

= 115.73 - 44.01

= $71.72 million is therefore the revenue for the year 2022

Calculating the gross profit for the year 2022 then we can subtract the cost in 2022 from the revenue for 2022.

= 71.72 million - 59 million

= $12.72 million

The answer we got is off by $0.04 from option C so we will pick Option C as the correct answer with the discrepancy going down to rounding off errors in the Intermediate Calculation.

8 0
2 years ago
The following information is available for the Lock-Tite Company, which produces special-order security products and uses a job-
Savatey [412]

Answer:

1. $176,000

2. $192,500

Explanation:

1. Cost of direct materials used = $ 43,000 + $ 188,000 - $ 43,000 = $ 188,000 - $ 12,000 = $176,000

2. Cost of direct labor used = $ 250,000 - $57,500 = $192,500

5 0
3 years ago
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