Answers
All secondary expenditures incurred throughout the production process are considered manufacturing overhead. The units generated during a reporting period receive this overhead.
The answer is attached.
What is Manufacturing Overhead?
The marketing or management activities of a business are not included in manufacturing overhead. As a result, expenses for bad debts, audit and legal fees, and corporate salaries are excluded from production overhead.Assigning manufacturing overhead to the cost of goods sold (as reported on the income statement) and their cost inside the inventory asset account when preparing financial statements is required by both generally accepted accounting principles and international financial reporting standards (as reported on the balance sheet). It is up to each corporation to decide how to allocate costs; typical approaches are based on how much work goes into a product or how much space production machinery takes up.Question: Antoine Machining estimated its manufacturing overhead to be 279,000 and its direct materials costs to be 450,000$ in Year 1 . Three of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $ 15,000 for Job AM002, 55,000$ for Job AM005, and 70,000$ for Job AM008. For Year 1, actual manufacturing overhead was 313,000$ and total direct materials cos was 540,000$. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Overhead applied in each of the inventory accounts is as follows: Work-in-process inventory Finished goods inventory Cost of goods sold Required: Prepare an entry to allocate the under- or overapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. View transaction list Journal entry worksheet A 20,088$ $63,612251,100$ Record the allocation of over- or underapplied overhead. Note: Enter debits before credits. Transaction 1 General Joumal Manufacturing Overhead Applied Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Manufacturing Overhead Control Record entry Clear entry Debit Credit View general joumal. [table attached below]
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Related Questions
18). According to path-goal theory, directive leadership should be used when employees _____.
A). believe that outside circumstances control their lives
B). believe they are in charge of their lives
C). feel competent to complete their work
D). want to help make decisions
Which is correct?
Answers
According to path-goal theory, directive leadership should be used when employees believe that outside circumstances control their lives
Option A is an appropriate response.
What is path-goal theory?
The Path-Goal model is a theory that relies on identifying a leader's behavior or style that best suits the team members and workplace in order to accomplish a goal.
The path-goal theory is a process where leaders choose particular behaviors that are best matched to the demands of the employees and the working environment in order to guide the employees in achieving their daily work objectives.
In directive leadership, the leader provides employees with clear guidelines for the processes and expectations for them, and how to carry out tasks. Directive leadership should be used when employees believe that outside circumstances control their lives
Hence, option A is an appropriate response.
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Suppose the interest rate is 8.0% APR with monthly compounding. What is the present value of an annuity that pays %100 every 6 months for 5 years?
Answers
The present value of an annuity that pays $100 every 6 months for 5 years is $808.38
What is the equivalent semiannual interest rate in this case?
The equivalent semiannual interest rate for 8.0% compounded monthly can be determined by converting the monthly compounding interest rate to a semiannual compounding rate as shown below:
(1+APR/12)^12=(1+APR/2)^2
APR with 12 compounding periods is 8.0%(every month 12 times a year)
APR with 2 compounding periods a year(semiannually) is unknown
(1+8.0%/12)^12=(1+APR/2)^2
1.08299950680751=(1+APR/2)^2
(1.08299950680751)^1=(1+APR/2)^2
divide indexes on both sides by 2
(1.08299950680751)^(1/2)=1+APR/2
APR/2=(1.08299950680751)^(1/2)-1
APR/2=APR compounded semiannually/2=semiannual interest rate=0.0406726223013221
The present value of the annuity can be determined using the below present value formula of an ordinary annuity:
PV=PMT*(1-(1+r)^-N/r
PMT=semiannual payment=$100
r=semiannual interest rate=0.0406726223013221
N=number of semiannual payments in 5 years=5*2=10
PV=$100*(1-(1+0.0406726223013221)^-10/0.0406726223013221
PV=$808.38
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The definition of customer lifetime value is _____.
how long a customer is likely to live, based on demographics, and buy the store’s products
how much money the store gets from a customer over a lifetime of him or her using its products
how much money the customer spends on non-sale items in the course of a lifetime
how many times a customer is likely to visit multiple store locations over a lifetime
Answers
The definition of customer lifetime value is how much money the store gets from a customer over a lifetime of him or her using its products.
What is customer lifetime value?Customer lifetime value refers to the amount of money that a customer will spend in total on a certain company or store.
This means that this amount shows the estimated amount that a person will spend buying products from a company, or buying goods and services from a store over their lifetime. It is used to gauge which customer types are the most preferable.
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You are meeting with a career coach to help you define career goals. What is the least likely question that
would help you define short-term goals?
Select an answer:
What type of salary are you seeking?
What jobs or tasks are you qualified to do?
What activities do you enjoy doing?
What jobs or tasks will people actually pay you to do?
Previous
Skip
Answers
We can actually deduce here that the least likely question that would help one define short-term goals is: What activities do you enjoy doing?
What is short-term goal?Short-term goal actually refers to a goal that is set in order to achieve it in the near future. The near future actually means something close which might be today, this week, next week, this month or this year.
In other words, short term goal refers to something that you to achieve soon and within a short time.
"What activities do you enjoy doing?" will help you understand the things you can do within the short time in order to achieve your short term goals.
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Using the value chain framework, discuss how a firm can improve on its value creation activities using speed as a technique
Answers
A value chain analysis gives businesses a Value Chain Framework of these activities, allowing them to determine where they can reduce costs. With this analysis, you can take steps to create a competitive advantage, improve efficiency, and increase profit margins.
The Value Chain Framework encompasses the whole variety of sports and offerings had to convey products or services from theory to sale in very last markets, whether or not local, national, regional, or global. bridge. The fee chain includes enter suppliers, producers, processors, and buyers. They are supported with the aid of using a huge variety of technical, commercial, and economic carrier providers.
The fee chain has each structural and dynamic components. The shape of the fee chain impacts the dynamics of company conduct, and those dynamics have an effect on the overall performance of the fee chain.
The Value Chain Framework technique calls for the usage of a fee chain framework to decide: 1) the shape of the chain, which include all of the people and groups that carry out sports with the aid of using fee and support to convey merchandise to the market. merchandise to the very last market, and 2) fee chain dynamics, which check with the elements that decide character and company conduct and their impact on chain overall performance.
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The mean amount spent by a family of four on food per month is $507 with a standard deviation of $79. Assuming that the food costs
are normally distributed, what is the probability that a family of four spends more than $600 per month on food?
Select one:
O a. 1.18
b. 0.3810
O c. 0.8810
O d. 0.1190
Clear my choice
What is the probability of a value occurring between the mean and a z-Value of 1.26?
Select one:
O a. 0.0793
b. 0.1026
O c.
0.3849
O d. 0.3962
Clear my choice
Answers
The mean amount spent by a family of four on food per month is $507 with a standard deviation of $79. Assuming that the food costs are normally distributed, the probability that a family of four spends more than $600 per month on food is 0.1190.
Probability is the branch of mathematics concerning numerical descriptions of however doubtless an associate event is to occur, or how likely it's that a proposition is true. The chance of an occasion could be a range between zero and one, where, roughly speaking, 0 indicates the impossibility of the event and 1 indicates certainty. The higher the probability of an event, the lot of likely it is that the event can occur. a straightforward example is the moving of a good coin. Since the coin is fair, the 2 outcomes are each equally probable; the probability of "heads" equals the probability of "tails"; and since no alternative outcomes are possible, the chance of either "heads" or "tails" is 1/2.
These ideas are given an axiomatic mathematical systematization in probability theory, that is employed widely in areas of study such as statistics, mathematics, science, finance, gambling, artificial intelligence, machine learning, computer science, game theory, and philosophy, for example, draw inferences concerning the expected frequency of events. applied math is additionally accustomed describe the underlying mechanics and regularities of complex systems.
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C. Assume Trinidad has the comparative advantage in producing peanut butter and Jamaica has the comparative advantage in producing soft drinks. What reasons could the Jamaican government have for choosing to produce peanut butter rather than importing it from Trinidad?
Answers
The Jamaican government has chosen to produce peanut butter instead of importing it from Trinidad. When countries increase production in areas of comparative advantage and trade with each other.
An agent has a comparative advantage over others in producing a particular good if it can produce the good at a lower relative opportunity cost or subsistence price, i.e. at a lower relative marginal cost before the transaction. increase.
For example, if a country can produce both cheese and chocolate, it can determine how much effort is expended in producing each product. A country has a comparative advantage in chocolate production if it takes 1 labor hour to produce 10 units of cheese and 1 labor hour to produce 20 units of chocolate.
The advantage of comparative advantage is the ability to produce goods or services at a lower opportunity cost. A comparative advantage gives companies the opportunity to sell their goods and services at lower prices than their competitors, thereby generating stronger sales margins and greater profitability.
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_____________ is an example of successful incorporation of scientific knowledge into policy-making?
Fisheries management
Climate change mitigation
Dietary guidelines
Answers
Climate change mitigation is an example of successful incorporation of scientific knowledge into policy-making. See explanation for same below.
What is policy making?The act of formulating laws or establishing standards for a government or corporation is known as policymaking.
When the direction of these policies or legislation is guided by scientific research, they are frequently stronger and much easier to sell to the legislative community.
Hence, it is correct to state that Climate change mitigation is an example of scientific information being successfully integrated into policymaking.
What role does science have in policymaking?Scientists generate evidence that policymakers utilize to make choices. In exchange, policymakers offer scientists with evidence requirements and research resources.
The strategy is based on basic, common sense logic. There are issues in practice—evidence-based policy does not always work.
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contoh pertanyaan ruang lingkup bisnis?
Answers
In July, Maria's sales were $34,567. June's sales were $40,455. What is the percent increase in sales?
Answers
The planned percent increase in sales for the month is 14.55%
The anticipated monthly sales growth rate in percentage
= 34567 - 40,4555/40455 * 100
Subtract the numbers :
= 34567 - 40,4555
= -5888
= -5888/40455 * 40455
= 14.55%
Hence, the planned percent increase in sales for the month = 14.55%
What is Percentage increase?
The percentage increase is the unit of measurement for percentage change in mathematics. The ratio of the increased value to the original value, multiplied by 100, is used to define the percentage increase. Here, the difference between the final value and the starting value can be used to determine the enhanced value. The increment calculation formula is provided by
Percentage Increase is calculated as [(Final Value - Original Value) / 100]
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One of your friends has opened a new wholesale
Answers
When there is a lack of control, wrongdoings occur quickly because the barrier to their work entails an end.
What is the Role of control?Internal controls have been put in place by management, among other things to guarantee the accuracy of the company's financial statements. Internal controls that are significant to an audit include bank reconciliations, password security systems for accounting software, and inventory observations.
Internal controls provide a believable assurance that objectives will be reached.
Thus, When there is a lack of control, wrongdoings occur quickly.
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The full question was missing-
One of your friends has opened a new wholesale electronics business and wants your help figuring out some inventory issues they are facing.One night last week, there seemed to be fewer HD televisions in the warehouse than they expected. The last time they were in the warehouse was
a week earlier, and they hadn't noticed anything amiss.
As they looked around, they saw that the evening warehouse worker was filling the last orders of the day. The delivery driver and day warehouse
worker were gone for the day, and the delivery van keys were on the desk that the warehouse workers shared. The doors to the loading dock were
open, as was the door to the office area where the accountant, two customer service specialists, and the owner worked.
Knowing that you are familiar with accounting principles, they asked for your help in figuring out how to prevent this in the future.
The contraction phase of a business cycle occurs from the
Answers
In a business cycle, the contraction stage starts when:
After the business cycle reaches its peak but before it troughs, a contraction typically happens. Most economists believe that a recession has started when a nation's real gross domestic product (GDP), the most closely watched gauge of economic activity, has decreased for two or more consecutive quarters.
When does the business cycle contract and why?the stage of the business cycle contraction
Recessions are brought on by shrinkage. 3 A contraction is caused by three different kinds of things. They include runaway inflation, an abrupt rise in interest rates, and a financial crisis.
Quizlet: What does a business cycle contraction mean?Most economists believe that a contraction happens when a nation's real GDP declines for two or more consecutive quarters. Trough. A trough in economics is a low point in a business cycle or a regional minimum.
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The contraction phase of a business cycle occurs from the peak to the trough. During this phase, economic activity slows down, and there is a decline in various economic indicators such as GDP, employment, and consumer spending.
1. Business cycles refer to the natural fluctuations in economic activity over time. They are characterized by alternating periods of expansion and contraction.2. The contraction phase, also known as a recession or a downturn, begins after the economy reaches its peak. The peak is the highest point of economic activity, where production, employment, and income levels are at their highest.3. In the contraction phase, there is a decline in economic activity, resulting in a slowdown in the overall economy. This decline is reflected in various indicators such as a decrease in Gross Domestic Product (GDP), a rise in unemployment rates, and a decrease in consumer spending.4. During this phase, businesses may experience lower profits, leading to cost-cutting measures such as layoffs and reduced investment. This, in turn, can contribute to a further decline in economic activity.5. The contraction phase is often characterized by negative business sentiment, decreased consumer confidence, and reduced demand for goods and services. These factors can lead to a downward spiral, where reduced spending by consumers and businesses further dampens economic growth.6. Policy measures such as monetary and fiscal policies are often implemented during the contraction phase to stimulate the economy. Central banks may lower interest rates to encourage borrowing and investment, while governments may increase government spending or implement tax cuts to boost consumer spending.In summary, the contraction phase of a business cycle occurs after the peak and is characterized by a decline in economic activity, including indicators such as GDP, employment, and consumer spending. It is a period of economic slowdown and is often accompanied by negative business sentiment and reduced demand.
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I need answers to the following ASAP please
1. If the debit and credit columns of the trial balance match,, then does that guarantee that the journal entries where prepared correctly?
2. Why are the temporary accounts closed during the closing process?
Answers
1. It is correct to state that the debit and credit columns of the trial balance match, this ensures that the accounting entries have been prepared correctly.
2. Temporary accounts are closed during the accounting period closing process for purposes of organization, control and to prevent balances from being mixed with those of the next accounting period.
What is an accounting period?Corresponds to a period of time in which an organization will calculate its assets, that is, its credits and debits related to a period that can be carried out, for example, in the weekly, monthly or annual period, which is an instrument for identifying the financial situation of the company and its evolution.
Therefore, it is essential that accounting, such as financial statements and balance sheets are developed in an organized and structured way, in order to increase corporate governance to stakeholders, in addition to ensuring the best decision-making for business performance.
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what changes in experiment are found to have made a difference, this type of validity is established
Answers
The best forms of changes in experiments that contribute to strong validation is:
Internal Validity. Internal validity investigates whether the study design, methodology, and analysis provide unbiased answers to the research questions
What is an experiment?An experiment is a technique that is carried out to support or deny a hypothesis, or to test the efficacy or probability of something that has never been done before.
Experiments shed light on cause-and-effect relationships by revealing what happens when a certain element is changed.
What re the various kinds of validity?The following are various types of validity:
Validity on the surface.Validity of contentValidity of constructionInternal consistency.External credibility.Validity of statistical conclusionsValidity based on criteria.Learn more about experiments:
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Explain how scarcity is related to the concept of choice
Answers
Wherein there's a shortage, choices have to be made! scarcity refers back to the finite nature and availability of resources while desire refers to human beings' selections about sharing and using one's assets.
In economics, scarcity refers to assets that a restricted in amount. There are 3 reasons for shortage – call for-prompted, supply-caused, and structural. There also are two types of shortage – relative and absolute.
Scarcity is the primary monetary problem. It arises from the insufficiency of assets to fulfill human beings' needs. the shortage is ubiquitous. wealthy people face shortages when they need greater than they can purchase after they can't be in places without delay, and when, thus, they must pick among alternatives.
The shortage impact is the cognitive bias that makes human beings location a better cost on an item that is scarce and a decrease fee on one that is available in abundance.
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Which of the following is true of the credit and debit columns in the
adjusted trial balance?
OA. The credit should be larger than the debit.
B. The debit should be larger than the credit.
O C. The credit and debit should match.
O D. Together they should equal owner's equity.
Answers
Answer:
C.
Explanation:
Julie Yuen has clearly defined goals for ensuring that her new meal delivery service, Magic Chef, is socially responsible. One goal is to donate a percentage of her profits to local charities. How can Yuen ensure that Magic Chef is implementing its socially responsible goals?
Question 12 options:
conduct a social audit to assess performance
ask employees to keep her goals in mind
post a list of goals in the employee break room
include a note with each delivery stating her goals
Answers
Answer:
well i think she should conduct a social audit to assess performance
42). Which is correct
A) low quality
B) medium quality
C) moderately high quality
D) high quality
Answers
Answer:
D: high quality I belive
Exercise 4-37 (Algo) Application of Overhead [LO 4-4, 4-6]
Progressive Painting Company (PPC) is a successful company in commercial and residential painting. PPC has a variety of jobs: new construction, repair and
repainting of existing structures, and restoration of very old buildings and homes. The company is known for the quality and reliability of its work, and customers
expect to pay a little more for those benefits. One of the company’s core values is sustainability, and it insists on using the most environmentally friendly paints
and materials in its work; it has refused jobs where the client required a more environmentally harmful paint than PPC thought was appropriate for the application.
The company’s commitment to sustainability has lost PPC some jobs, but it has also attracted a loyal and growing customer base.
The company uses job costing and applies overhead on the basis of direct labor hours. Overhead for the company consists of painting equipment, trucks,
supervisory labor, supplies, and administrative operating costs. The total budgeted costs for the year are shown below:
Budgeted Data
Direct materials $ 3,040,000
Direct labor hours 38,500
Direct labor dollars $ 820,000
Gallons of paint 34,000
Total overhead $ 417,725
PPC has just completed two jobs:
Job
Direct
Materials
Gallons of
Paint
Direct Labor
Hours
Direct Labor
Cost
Prevette $ 5,200 22 34 $ 925
Harmon 6,000 36 58 1,534
Required:
1. Determine the total cost of each job. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
Total Job Cost
Prevette
Harmon
Answers
The determination of the total cost of each job is as follows:
Total Job Cost:Prevette = $6,493.90
Harmon = $8,163.30
What is the total cost of a job?The total cost of a job is the sum of the direct materials, labor, and overhead costs.
Data and Calculations:Budgeted Data
Direct materials $ 3,040,000
Direct labor hours 38,500
Direct labor dollars $ 820,000
Gallons of paint 34,000
Total overhead $ 417,725
Predetermined overhead rate = $10.85 ($417,725/38,500)
Overhead Costs:Prevette $368.90 (34 x $10.85)
Harmon $629.30 (58 x $10.85)
Total Cost Schedule:Job Direct Gallons D/Labor Direct Labor Overhead Total
Materials of Paint Hours Cost Cost Costs
Prevette $ 5,200 22 34 $ 925 $368.90 $6,493.90
Harmon 6,000 36 58 1,534 $629.30 $8,163.30
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Classify the responsibilities based on the roles of each staff member.
front office manager
reservations agent
reservations manager
front desk clerk
maintains an up-to-date inventory of rooms,
the rooms sold, and those that are available
arrowRight
greets guests on arrival and handles guest
check-ins and check-outs
arrowRight
handles all calls regarding room bookings
arrowRight
in charge of reservations, the front desk,
uniformed services, and telecommunications
Answers
A staff manager is a qualified individual who manages a group of workers while advising and educating them. They are employed by numerous departments and industries. They are in charge of generally ensuring that their team remains inspired and operates at its peak.
Front Office Manager responsibilities are:
Helping and educating the office workers. managing customer inquiries and grievances. Keeping an eye on the supply, ordering office supplies, and troubleshooting emergencies distribution of mail management.
Reservation agent responsibilities are:
Arranging reservations for clients depending on their unique needs and available funds. determining if lodging or transportation will be available during the clients' preferred travel dates. suggesting local tourist attractions and points of interest to assist in the planning of vacation plans.
Reservations manager front desk clerk responsibilities are:
A reservation manager is in charge of giving out travel details like costs and itineraries, dealing with client problems and complaints, advising clients on the terms and conditions of booking travel arrangements, and sending confirmation emails.
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How can the managers at each of the levels of management contribute to both effectiveness and efficiency? Be sure to clearly address how each level contribute to both effectiveness and efficiency with examples.
Answers
Competence in performing is a necessary condition for being efficient. Effectiveness is a quality that enables one to achieve a goal and provide the desired or anticipated results.
What is the importance of effectiveness in management?Effectiveness is the ability to achieve desired outcomes. In this approach, the company will continue to make money as long as the manager produces good plans that produce the desired results. It is crucial for a business manager to do so since it entails making the appropriate decisions at the right moment.
Effective managers establish priorities, create policies, and create structures and procedures to achieve goals. Set up processes, assign responsibilities, allocate resources, and offer rewards to employees. These choices must serve a clear agenda.
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Accountant Andy would like to buy a new general ledger software program but does not have the full purchase price available right now. Andy called a friend who uses the desired software and asked for a copy of it for use until Andy could come up with the money to buy it. Comment on why it is or is not okay for Andy to make such a request.
Answers
The reason why i will say that it is not okay for Andy to make such a request on credit payment is that Andy has not used the app before and if there are issues with it, there is nothing that he can do as he will incur more cost to himself and also starting something like this should not be one credit as software do fail in some cases.
What is a general ledger software?General ledger software is known to be a type of software that is known to help make financial reports from saved transactions in all parts or aspects of various business entities.
Therefore, based on the above, the reason why i will say that it is not okay for Andy to make such a request on credit payment is that Andy has not used the app before and if there are issues with it, there is nothing that he can do as he will incur more cost to himself and also starting something like this should not be one credit as software do fail in some cases.
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Over 50 percent of
can be traced back to unlawful use or mishandling of
non-public data within the workplace.
O A. piracy
B. licensing infringement
OC. identity theft
OD. technology misuse
Answers
Over 50 percent of identity theft can be traced back to unlawful use or mishandling of non-public data within the workplace.
Data is a collection of discrete values that bring facts, describing the amount, great, truth, information, different simple devices of that means, or truly sequences of symbols that may be in addition interpreted. A datum is a man or woman's country in a hard and fast of records.
Data typically are organized into structures inclusive of tables that offer extra context and that means, and which may additionally themselves be used as information in large structures. information may be used as variables in a computational system. information may also constitute abstract ideas or concrete measurements.
Data is generally used in medical studies, finance, and truly each different shape of the human organizational hobby. Examples of data sets consist of stock expenses, crime costs, unemployment quotes, literacy rates, and census facts.
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Hello I like pizza what about you?
Answers
Most businesses won't tell you the truth about their product or service.Their job is tell you the good things Your job is to find out the truth.
Answers
Most businesses won't tell you the truth about their product or service. Their job is to tell you the good things Your job is to find out the truth. this statement is true.
Business nouns are countable or uncountable. In more general and commonly used contexts, the plural can also be business. However, in more specific contexts, the plural can also be firm. Concerning various kinds of companies or collections of companies.
A company is defined as an organization or business entity engaged in commercial, industrial, or professional activities. A company can be either a commercial entity or a non-profit entity. Company types range from limited liability companies to sole proprietors, corporations, and partnerships. Business is made up of individuals working together to meet the needs of society and common goals. Examples of businesses include Coca-Cola and Walmart, as well as small private companies such as accounting firms and local grocery stores.
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received cheque from G Smart for £315, in full settlement of a debt of £344; this was paid directly into the bank. How do we record this in a trial balance.
Answers
Bad debt is also termed as uncollectible accounts receivable. This is recorded as an expense on the income statement
A Journal entry is the act of retaining or making facts of any transactions both monetary or non-economic. Transactions are indexed in an accounting journal that suggests an employer's debit and credit balances. The magazine entry can encompass several recordings, each of which is both a debit or a credit.
Record journal entries as follows: -
Journal entry
In the Books of F Polk
Date Particulars Debit Credit
01-Sep-21 Bad Debt Expense £108
Account Receivable £105
(Being bad debt expense written-off and recorded)
05-Sep-21 Account Payable - Syme Ltd. £150
Office Fixtures £150
being office fixtures returned and recorded)
10-Sep-21 Cash £180
Bad Debt Expense £131
‘Accounts Receivable - M. Abel £311
Being office fixtures returned and recorded
18-Sep-21 Machinery - Asset £1,800
Cash £100
Bank £500
Accounts Payable - Brown Ltd. £1,200
(Being machinery purchased and recorded)
26-Sep-21 Accounts Payable - Brown Ltd. £600
‘Accounts Payable - Brown Ltd. £600
Being payment made for machinery purchased and recorded)
28-Sep-21 Insurance Expense £60
Capital Account - F Polk £70
Bank £130
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Explain based on your own understanding the importance of proper remuneration in the organization
Answers
Explanation:
Remuneration provides basic attraction to a employee to perform job efficiently and effectively. Remuneration leads to employee motivation. Salaries constitutes an important source of income for employees and determine their standard of living. Salaries effect the employees productivity and work performance.
Exercise 4-35 (Algo) Application of Overhead [LO 4-4, 4-5]
Tomek Company uses a job costing system that applies factory overhead on the basis of direct labor hours. The company’s factory overhead budget for the
current year included the following estimates:
Budgeted total factory overhead $ 305,000
Budgeted total direct labor hours 61,000
At the end of the year, the company shows these results:
Actual factory overhead $ 321,000
Actual direct labor hours 61,500
Required:
1. Compute the firm’s predetermined factory overhead rate for the current year.
2. Calculate the amount of overapplied or underapplied overhead.
3. Prepare a journal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account.
Required 2 Required 3
Answers
1. The Tomek Company's predetermined factory overhead rate for the current year is $5 per direct labor hour.
2. The total amount of underapplied overhead is $13,500.
3. The journal entry to transfer the underapplied overhead to the Cost of Goods Sold account is as follows:
Journal Entry:Debit Cost of Goods Sold $13,500
Credit Factory Overhead (underapplied) $13,500
What is the predetermined overhead rate?The predetermined overhead rate allocates manufacturing overhead costs to cost objects (product or service units) based on estimated overhead costs and estimated allocation base.
Using the predetermined rate may give rise to overapplied or underapplied overheads with adjustments to the Cost of Goods Sold.
Data and Calculations:Budgeted total factory overhead = $305,000
Budgeted total direct labor hours = 61,000
Predetermined overhead rate = $5 ($305,000/61,000)
Actual factory overhead $ 321,000
Actual direct labor hours 61,500
1. The Tomek Company's predetermined factory overhead rate for the current year is $5 per direct labor hour.
2. The total amount of underapplied overhead is $13,500 ($321,000 - $307,500).
Thus, since there was an underapplied overhead, the Cost of Goods Sold will be debited with $13,500 while the Factory Overhead is credited to close the underapplied overhead.
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What are potential benefits and downsides to ethnocentrism in business? How might a manager working in an organization that deals directly with foreign companies use cultural intelligence to improve relations? Review section 6.3 in chapter Six for help in answering. While you’re at it, what is your CQ (cultural quotient)? Answer the 4 questions provided there to find out!
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The potential benefits of ethnocentrism is that its encourage local industry while the downside is that ethnocentrism can cause problems for a company when going abroad.
What is an ethnocentrism in business?Basically, an ethnocentrism refers to the held idea or belief that ones way of life, culture, group, race, language etc are more superior to others life, culture, group, race, language etc.
People with ethnocentric idea tend to believe that their group, organization, culture, or ethnicity is superior to others. It exist in international business, such as where home country staff consider themselves superior to foreign staff in other countries.
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