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crimeas [40]
3 years ago
11

Manufacturing overhead applied on the basis of direct labor-hours was $120,000, while actual manufacturing overhead incurred was

$124,000 for the month of April. Which of the following is always true given the statement above?a. Actual direct labor-hours were less than budgeted direct labor-hours.
b. Actual direct labor-hours exceeded budgeted direct labor-hours.
c. Overhead was overapplied by $4,000.
d. Overhead was underapplied by $4,000.
Business
1 answer:
e-lub [12.9K]3 years ago
4 0

Answer:

D) Overhead was underapplied by $4,000.

Explanation:

Overhead is underapplied when the actual balance in the manufacturing overhead control account is larger than the balance in the applied manufacturing overhead account.

In this case, the balance of the manufacturing overhead control is $124,000 while the balance of the applied manufacturing overhead account is $120,000. This means that actual overhead costs were $4,000 higher than budgeted.

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The wise manager is typically willing to produce a greater quantity of goods when the price for those goods goes up. True False
netineya [11]

Answer:

True

Explanation:

This statement is true because it is in consonance or agreement with the law of supply which states that<em> </em><em>the quantity of a product produced and supplied of a commodity moves in the direction of the price of such commodity, assuming all other factors determining supply remain the same or constant (i.e. ceteris paribus). </em>On the other hand, the quantity of a product produced and offered for sale will reduce as the price of the product falls.

7 0
4 years ago
CII, Incorporated, invests $710,000 in a project expected to earn a 9% annual rate of return. The earnings will be reinvested in
allochka39001 [22]

The total amount accrued, principal plus interest at a rate of 9% per year compounded 1 times per year over 12 years is $1,996,992.00.

<h3>Compound Interest</h3>

Given Data

  • Principal = $710,000
  • Rate = 9%
  • Time = 12 years

A = P + I where

P (principal) = $710,000.00

I (interest) = $1,286,992.00

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 9/100

r = 0.09 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 710,000.00(1 + 0.09/1)(1)(12)

A = 710,000.00(1 + 0.09)(12)

A = $1,996,992.00

Learn more about Compound Interest here:

brainly.com/question/24924853

#SPJ1

4 0
3 years ago
The argument that industries should be temporarily protected by tariffs or quotas to allow firms to develop a competitive produc
olga55 [171]

Answer: infant industry argument

Explanation:

The infant industry argument simply means that the new industries in a particular economy should be protected at all cost from the multinationals or already developed foreign firms so that they themselves can grow and that the foreign firms will not hinder their progress and growth.

This usually applies to small and newly established firms. One of the main reason for taxation is to help protect such industries from competition thqt can hinder them.

8 0
3 years ago
Here is some price information on Fincorp stock. Suppose first that Fincorp trades in a dealer market. Bid Asked 55.25 55.50 a.
Artemon [7]

Answer:

a. Your trade will be executed at the bid price of 55.25.

b. Your trade will be executed at the ask price of 55.50.

Explanation:

First note that:

The bid price is the highest price a buyer will pay for a security.

The ask price is the lowest price a seller will accept for a security.

Therefore, we have:

a. Suppose you have submitted an order to your broker to buy at market.  At what price will your trade be executed? (Round your answer to 2 decimal places.)

Since you are the buyer, your trade will be executed at the bid price of 55.25. This is because the bid price is the highest price you as a buyer will pay for a security.

b. Suppose you have submitted an order to sell at market. At what price will your trade be executed? (Round your answer to 2 decimal places.)

Since you are the seller, your trade will be executed at the ask price of 55.50. This is beecausee the ask price is the lowest price uou as a seller will accept for a security.

7 0
3 years ago
Cranford Company completed and transferred out 2,700 units in May 2016. There were 300 units in the Work-in-Process Inventory on
Lynna [10]

Answer:

The cost of the work transferred-out during May is $18,630

Explanation:

For computing the cost of work transferred, first we have to compute the conversion cost per unit and material cost per unit

The conversion cost per uni = Conversion cost ÷ (transferred units + work in progress)

= $11,160 ÷ (2,700 + 300 × 30%)

= $11,160 ÷ (2,700 + 90)

= $11,160 ÷ 2,790

= $4 per unit

Now, material cost per unit = Material cost ÷ (transferred units + work in progress)

= $8,700 ÷ (2,700+300)

= $8700 ÷ 3,000

= $2.9 per unit

So, total cost of the work transferred is equals to

= Transferred units × conversion cost per unit + transferred units × material cost per unit

= 2,700 × $4 + 2,700 × $2.9

= $10,800 + $7,830

= $18,630

Hence, the cost of the work transferred-out during May is $18,630

6 0
3 years ago
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