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A process cost summary for a production department accounts for all costs assigned to that department during the period plus cos

tigry1 [53]

Explanation:

The process cost shows the summary of the activities related to the production. It includes the cost of goods completed & transferred units and the ending work in process inventory.

So, the given statement is true

The indirect cost are come under the manufacturing overhead cost. So, it would be charged to overhead control account

Thus, the given statement is false.

The direct labor includes that labor which is directly related to the production process of a product. So the single production department is likely to be a direct labor

Thus, the given statement is true.

To record the allocation of overhead, the following journal entry is required

Work in Process Inventory, Baking Dept A/c Dr $24,500

To Factory overhead A/c $24,500

(Being the overhead allocation is recorded)

The computation is shown below:

= Direct labor cost × allocation rate

= $10,000 × 245%

= $24,500

Thus, the given statement is true.

7 0

3 years ago

On April 3, a customer returned $ 900 of merchandise that had been purchased with cash to Cooke Supplies. Cooke's cost of the

PIT_PIT [208]

Answer:

The Journal entries are as follows:

(i) Sales revenue A/c Dr. $900

To Cash $900

(To record the correction in sales revenue)

(ii) Merchandise Inventory A/c Dr. $200

To Cost of Goods sold $200

(To record the merchandise returned)

Note:

(1) At the time of sale, the cash would have been debited with the amount of $900 and the sales revenue would have been credited with the amount of $900. Now, the cash of $900 should be credited as it was debited earlier.

(2) The inventory account also credited at the time sale, so it should be debited and the cost of goods sold debited at the time of original sale, so it need to be credited.

4 0

3 years ago

What do you call the person behind the desk at a hotel?

o-na [289]

The person is called a hotel desk clerk

5 0

2 years ago

Read 2 more answers

is the most comprehensive standard as it provides a set of requirements for a quality management system for all organizations, b

Greeley [361]

ISO 9001:2008 is the most comprehensive standard as it provides a set of requirements for a quality management system for all organizations, both private and public.

<h3>What is ISO 9001:2008 Quality management systems ?</h3>

It aims to increase customer satisfaction through the effective application of the system, including processes for continuous system improvement and the assurance of conformity to customer and applicable statutory and regulatory requirements. The ISO 9001:2008 standard outlines the specifications for a quality management system where a company must prove its capacity to consistently deliver a product that complies with customer and relevant legal and regulatory criteria.

No matter the type, size, or type of product offered, all requirements of ISO 9001:2008 are generic and intended to be relevant to all enterprises.

Any ISO 9001:2008 requirement(s) that cannot be applied because of the nature of the business or the product might be excluded.

When exclusions are made, claims of conformity to ISO 9001:2008 are not acceptable unless they are restricted to Clause 7 requirements and do not affect the organization's capacity or obligation to deliver a product that complies with the needs of the customer and any applicable legal and regulatory requirements.

To learn more about the, ISO 9001:2008 Quality management systems visit:

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8 0

1 year ago

Park Co. is considering an investment that requires immediate payment of $34,000 and provides expected cash inflows of $11,800 a

Galina-37 [17]

Answer:

NPV = 3,404.41

Explanation:

We will calculate the net present value doing:

<em>NPV = present value of the cash flow - investment</em>

Investment = 34,000

Now we need to discount each cash flow at the given rate.

<u>For that,</u> we will treat the cash flow as an annuity of 11,800 for 4 year at 10% rate:

$C \times \frac{1-(1+r)^{-time} }{rate} = PV\\$

C 11800

time 4

rate 0.1

$11800 \times \frac{1-(1+0.1)^{-4} }{0.1} = PV\\$

PV $37,404.41

<em>NPV = present value of the cash flow - investment</em>

3 0

2 years ago