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2 years ago

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The journal entry to record applying overhead during the production process is: a. Manufacturing Overhead XXX Work In Process XX

X b. Finished Goods XXX Manufacturing Overhead XXX c. Manufacturing Overhead XXX Finished Goods XXX d. Work In Process XXX Manufacturing Overhead XXX

1 answer:

elixir [45]2 years ago

5 0

Answer:

d. Work in Process Dr. XXX

Manufacturing Overheads XXX

Explanation:

Work in process inventory is a current asset. A debit of current asset accounts increase their balance while a credit reduces it.

Manufacturing overheads refer to indirect costs. Examples would include such as gas electricity used in manufacturing process which represents an indirect cost.

In the given case, the journal entry would be:

Work in Process A/C Dr.

To Manufacturing Overheads

(Being application of manufacturing overheads recorded)

The entry means manufacturing costs i.e indirect costs have been used, transferred and added to cost of work in process.

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Answer:

EOQ = 414 rolls

Explanation:

In order to calculate the number of orders to minimize the cost, we should calculate that by using the Economic order quantity model.

DATA

Holding cost = $1.75/unit

Annual demand = 500 rolls x 12 = 6000 rolls

Ordering cost = $25

Formula

EOQ = $\sqrt{\frac{2Cod}{Ch} }$

Where

Co = ordering cost

D = Annual demand

Ch = Holding cost

Solution

EOQ = $\sqrt{\frac{2(6000)(25)}{1.75} }$

EOQ = $\sqrt{\frac{300000}{1.75} }$

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2 years ago

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Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the fol

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Answer:

Golden Eagle Company

Adjusting Journal Entries:

December 31:

Debit Supplies Expenses $1,200

Credit Supplies $1,200

To record adjusting entry for supplies used.

Debit Insurance Expenses $1,100

Credit Prepaid Insurance $1,100

To record insurance expense for the month.

Debit Salaries Expense $14,200

Credit Salaries Payable $14,200

To record accrued salaries for the month.

Debit Deferred Revenue $600

Credit Rent Revenue $600

To record the rent revenue for the month.

Explanation:

a) Supplies:

Beginning Balance = $1,100

Purchases $2,700

Total available $3,800

Ending balance $2,600

Supplies Expenses $1,200

b) Prepaid Insurance:

Beginning balance = $4,400

Insurance Expense $1,100

Ending balance $3,300

c) Salaries Payable:

Beginning balance = $9,200

Cash payment ($9,200)

Ending balance = $14,200

Salaries Expense = $14,200

d) Deferred Revenue:

Beginning balance = $1,200

Rent Revenue $600

Ending balance $600

e) Adjusting journal entries are made at the end of the accounting period. They help to reconcile the accounts from a cash basis to the accrual basis. With this basis, accrued revenue and expenses, advance payment of expenses, advance receipt of revenue, and depreciation charges are adjusted to reflect in the accounts the period affected by transactions. The aim is to match expenses and revenue to each other and to the period that generated the revenue or incurred the expense.

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2 years ago

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borishaifa [10]

Range of reaction asserts that our genes set the boundaries within which we can operate and our environment interact with our genes

Explanation:

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2 years ago

Devlin Company has two divisions, C and D. The overall company contribution margin ratio is 30%, with sales in the two divisions

maks197457 [2]

Answer:

b. $100,000

Explanation:

Devlin Company

Calculation for Total company contribution margin

= $500,000 × 30% = $150,000

Calculation for Total company variable expenses

= $500,000 − $150,000 = $350,000

Division C contribution margin ratio

= (Sales − $300,000) ÷ Sales = 0.25

Sales − $300,000 = 0.25 × Sales

(0.75 × Sales) ÷ 0.75 = $300,000÷ 0.75

Sales = $400,000

Therefore Division D sales = Total company sales − Division C sales

= $500,000 − $400,000 = $100,000

Calculation for each Divisions

Total Company Division C Division D

Sales$500,000$400,000$100,000

Less variable expenses$350,000 $300,000 $50,000

Contribution margin $150,000 $100,000$ 50,000

Contribution margin ratio 0.30 0.25 0.50

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The Fime Corporation uses a standard costing system. The following data have been assembled for December: Actual direct labor-ho

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Answer:

5,900= standard quantity

Explanation:

Giving the following information:

Actual direct labor-hours worked 6,200 hours

Standard direct labor rate $7 per hour

Labor efficiency variance $2,100 Unfavorable

<u>To calculate the standard hour, we need to use the following formula</u>:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

-2,100 = (standard quantity - 6,200)*7

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