Answer:
C. $ 7,500
Explanation:
Estimated direct labor cost $ 100,000
Estimated direct labor hours 20,000 hours
Predetermined rate per direct labor hours $ 5 per direct labor hour
Actual hours used on a job 1,500 hours
Applied overhead based on the predetermined overhead
rate per direct labor hours
$ 5 per direct labor hours * 1,500 hours $ 7,500
The information regarding machine hours is not relevant to the requirements of the question.
Answer:
Explanation:
A training program that teaches people how to locate, maintain, preserve, and make long-term records usable for documentation, legal, analysis, and other purposes.
Answer:
The correct options are:
A. Debit to Factory Overhead
D. Credit to Factory Utilities Payable
Explanation:
The debit entry of the use of utilities in a factory would be recorded in factory overhead since cost of utilities is a not a direct factory cost.
However, the corresponding credit would be in the factory utilities payable as an obligation awaiting payment to be made to the supplier of the service being enjoyed by the factory in order to run on daily basis
Answer:
E) Market Exchange
Explanation:
Market exchange refers to at least two people or firms trading one good or service for another. In this case, the theater group is trading a free show and other promotional activities (standup comedy nights, and volunteer work) in exchange for higher membership to their group or higher attendance to their shows.
A trade does not necessarily imply a money exchange, it can also include goods or services that provide utility for the other party. For example, an increase in group membership will help the theater group perform better.
