Dennis has just made the final monthly payment necessary for paying off his car financing. When he purchased the car three years
2 answers:
The correct statement is that the payments made towards the interest by Dennis on such amount of principal of the car purchase will be computed as $8392.53.
The calculation of the payment of interest made by Dennis will be computed upon the net principal value of the car and deducting such principal amount from the annuity amount.
<h3>Calculation of payment of interest </h3>
The formula for the calculation of compounded annuity will be calculated on the total value of the car financed, which is calculated as $19834, and the annuity as per the compound interest formula will be,
Now the payment of interest will be as,
So, the amount of interest paid is $8392.53.
Hence, the correct statement is that the payments made towards the interest by Dennis on such amount of principal of the car purchase will be computed as $8392.53.
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Answer:
COGS 3807 debit
FG 7896 debit
WIP 2397 debit
Factory Overhead 14,100 credit
--to record the underapplication of overhead--
Explanation:
overhead rate:
$515,000 overhead / 515,000 labor cost = $1
each labor cost generates a dollar of overhead.
221,400 x 1 = 221,400 overhead in COGS
459,200 x 1 = 459,200 overhead in Finished Goods
139,400 x 1 = 139,400 overhead in WIP inventory
Total applied 820,000
Actual 805,900
Underapplied 14,100
Now we weight each concept and determiante the portion underapplocated in each concept