Answer:1.$50/hr
2. $850
3.$30
4.$510
5.$1360
Explanation:
1. Hourly rate= Total annual salary/Number of hours worked
$85,000/1,700 hours=$50/hour.
2. Direct labour cost for client 367 = Hourly(required 1)× Number of hours billed
$50/hour × 17 hours= $850
3. Indirect cost allocation rate = Total indirect costs/ Total number of billed hours
$360,000/12,000 hours= $30/hour
4. Indirect costs allocated to client= Indirect cost allocation rate × Number of attorney billing hours
$30 (from required 3) × 17 hours = $510.
5. Total job cost = direct costs + indirect costs allocated
850 + 510 = 1360.
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Answer:
The journal entry as at the end of the year will be
End of year Debit Cost of Goods Sold $110,000
Credit LIFO Reserve account $110,000
Explanation:
A FIFO method of inventory maintenance is when the first in first out(FIFO) method for inventory utilizations is followed. Here, the oldest inventory is used first followed by the next oldest inventory. Suppose I have in stock inventory purchased in March and May, when the demand for use of inventory arises, the March inventory purchased will be utilized first.
LIFO method works the opposite way. In the above case, when the demand for use of inventory arises, the May inventory purchased will be utilized first.
In this case, FIFO is changed to LIFO method which gives rise to and LIFO reserve account of $50,000/- at the beginning of the year. Through the year, the difference in inventory maintenance method, further increases the LIFO reserve by $60,000/-. Hence the total reserve created due to inventory method change is $50,000+$60,000 = $110,000/-. The change in inventory maintenance will have a direct impact on cost of goods sold(COGS). Hence COGS is debited.
Answer:
Cassell is relying on Guerrilla Marketing strategy in this case.
Explanation:
Guerrilla Marketing:
It is a such type of marketing strategy in which we use non-traditional ways to accomplish our marketing goals. This unconventional way of marketing is directed towards developing an emotional between a business/organization and its customer.
Example:
The common example of guerrilla marketing is as follow:
A company named "XYZ" sells soft drink and they start a campaign in a public space in which they offer free drinks to the public. The people taste their soft drink for free and tell others about it.
In our case, Warren Cassell use this strategy of marketing by offering them free gift-wrapping, free autographed copies of books etc so that the customer develop a very strong emotional bond with the book store. As a result, they will tell other people about her generosity and will help her to expand her business.
Answer:
c. Common Stock $50,000 and Paid-in Capital in Excess of Par Value $20,000.
Explanation:
The journal entry is shown below:
Cash $70,000 (5,000 shares × $14)
To Common stock $50,000 (5,000 shares × $10)
To Additional Paid in capital in excess of par value - Common stock $20,000 (5,000 shares × $4)
(Being the issuance of the common stock is recorded)
For recording this we debited the cash as it increased assets and at the same time it also increased the overall stockholder equity so common stock and the additional paid in capital for common stock is credited
As long as the production times and price points were simular then it would. However, with assuming it costs much more of a hellicoper then it does for a scooter to be produced they would definitly benefit from trading one schooter for one helicopter with Jamestown. They will benefit due to time and money that is being saved.
