Answer:
$604,800
Explanation:
Applied manufacturing overhead is the manufacturing overhead that has been applied to production in a period.
it is calculated with the formula "budgeted overhead rate * actual labor hr"
Budgeted manufacturing overhead = $562,800
Budgeted Direct labor hours = 20,100
Budgeted Overhead rate = 562800/20100 =$28/hr
Actual manufacturing overhead = $543,705
Actual direct labor hours = 21600
Amount of manufacturing overhead applied = predetermined overhead rate * actual hr =28*21600
=$604,800
Answer:
I, II and III.
Explanation:
Price ceiling refers to the price control policy that is used by the government to protect the customers who are not able afford goods at the prevailing price.
If government of a nation sets a price ceiling below the equilibrium price level then this will increase the quantity demanded for the product because now goods become more affordable to the consumers and decreases the quantity supplied because it will become less profitable for the producers.
Hence, the demand for goods exceeds the supply of goods, this will create a shortage of goods in an economy.
Answer:
Identification of the Internal Control Weaknesses:
A. There is no segregation of duties and there is lack of access control. Jerry Miller as a security guard is not expected to have a master key to the cash box. With this he can pilfer the cash. If he prepares the report that shows the number of cars that parked on the lot, he is not supposed to also prepare the day's cash receipts. Otherwise, he can state any number of cars as parked that he likes, and which corresponds to the cash he might leave in the Cash box since he also has a master key.
B. There is no segregation of duties and there is lack of supervision, proper reconciliations, and assets audit. Sharon Fisher handles purchase transactions from the beginning to the close all alone with a third party. This exposes the company to procurement frauds and collusion with suppliers. She can purchase assets for the company at prices that would enrich her personally.
C. Forming an audit opinion on the basis of ratio analysis of last year's comparative financial statements exposes the company to audit risks. While ratio analysis is part of the basis for forming audit opinions, it is surely not the first audit procedure to obtain audit evidence to support his audit opinion on the financial statements. An auditor is expected to obtain sufficient audit evidence and perform audit substantive tests of financial statement assertions. He or she is also expected to review the internal control system to ensure that it is operating effectively after establishing its existence and reviewing changes in internal controls.
Explanation:
Internal Controls are controls established by management in order to help it achieve business goals. There are many internal controls, including Separation of Duties, Access Controls
, Authorization and Approvals, Asset Audits, Reconciliations, and Data Backups. The purposes of internal controls are to establish the reliability of financial reporting, ensure timely feedback on the achievement of operational or strategic goals, and achieve compliance with financial management laws, and accounting regulations.
It depends on the property and location.
Answer:
Testing process...?
Would have been better if given options...
