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Answer: One of the principles of hierarchy is a clear <u>vertical </u>chain of command.
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Answer:
Allocated MOH= $252,000
Explanation:
Giving the following information:
Estimated overhead= 240,000
Estimated machine hours= 300,000
Actual machine hours for the year were 315000 hours.
First, we need to calculate the estimated overhead rate:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Estimated manufacturing overhead rate= 240,000/300,000= $0.8 per machine hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 0.8*315,000= $252,000
It is c ..........................................................................................................................................................................
Answer:
$38,100 ; $45,600 and $0
Explanation:
The computation is shown below:
For amount transferred from the income summary account to the Retained Earnings account in the third closing entry i.e net income or net loss
As we know that
Net income = Total revenues - total expenses
Commission revenue $49,700
Rent revenue $7,300
Less: expenses
Depreciation expense - $5,200
Utilities expense -$8,600
Supplies expense -$5,100
Net income $38,100
The balance in retained earning account is
= Opening retained earning balance + net income - dividend paid
= $22,500 + $38,100 - $15,000
= $45,600
And, the balance in depreciation expense account is zero as this depreciation expense account is closed while closing the expenses account i.e utilities expense, supplies expense and depreciation expenses
