Answer:
Overhead rate= 34.24
Explanation:
Giving the following information:
Labor-hours for the upcoming year at 38,600.
The estimated variable manufacturing overhead was $5.90.
The estimated total fixed manufacturing overhead was $1,093,924.
Overhead rate= Estimated indirect cost/allocation measure
Overhead rate=[(38600*5.90+1093924)]/38600= 34.24
Answer:
Date Particular Dr. Cr.
Jul-1 Treasury stock $6,210
Cash $6,210
Sep-1 Cash $4,840
Treasury stock $3,960
Paid-in capital - Treasury stock $880
Explanation:
Treasury stocks are the company's own shares which is repurchased by the company. It is recorded in treasury shares account which is an contra equity account. I can be reissued or cancelled by the company.
Purchase of Treasury Stock
Treasury Stock = 690 x $9 = $6,210
Sales of Treasury Stock
Cash Receipt = 440 x $11 = $3,300
Treasury Stock = 440 x $9 = $3,960
Paid-in capital - Treasury stock = 440 x $2 = $880
Answer:
The correct answer is B.
Explanation:
Giving the following information:
Purchases:
40 units at $100·
70 units at $80·
170 units at $60
Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year.
First, we need to calculate the average purchase cost.
Average cost= (100*40 + 80*70 + 60*170)/280= $70.7
Now, we can calculate the value of ending inventory:
Inventory= $70.7*10= $707
True, When establishing general ledger accounts opening balances will always be zero. A ledger is a full record of all transactions over the lifetime of a company. When the company is first starting out, there is a zero balance because transactions have not been put on the ledger yet. The longer the company is in business, the more transactions there will be on the ledger.
