Answer: Debit overhead expenses $78,530 Credit wages payable $78,530
Explanation: The $78,530 was arrived at by adding all the wages amount ($620 + $910 + $77 000). Recognizing the journals as compound entries means the total amount of the wages would be used instead of simply recognizing the debits and credits for each wage amount.
Since the wages have been incurred but not paid, a payable has to be recognized. When payment is eventually to be made, it would be from the payable account by way of debiting the payable account and crediting cash.
Answer:
Option (D) is correct.
Explanation:
Given that,
Began July with a finished-goods inventory = $48,000
Finished-goods inventory at the end of July = $56,000
Cost of goods sold during the month = $125,000
Cost of goods manufactured during July:
= Ending finished goods inventory + Cost of goods sold - Beginning finished goods inventory
= $56,000 + $125,000 - $48,000
= $133,000
Answer:
Closed-End Fund
Explanation:
Close-End Funds raise money through an IPO and then its stocks are traded on secondary markets. There are no new issuance of stocks, nor there are repurchases of stocks, therefore, the price of their stocks is determined by the market. That is why their stock price will be based on its net asset value, but it fluctuates and is not dependent on it.
Answer:
Bradford's estimated variable manufacturing overhead cost is $127,200
Explanation:
The cost function=$83,000+$12M
where M stands for machine hours required to produce the expected output in the month under review.
Each one-six unit case of Bradford's single product requires two machine hours,hence 5,300 cases would require 10,600 hours(5,300*2hrs).
Total estimated variable manufacturing overhead=cost per machine hour*expected number of machine hours
cost per machine hour is $12 as seen in the cost function
estimated variable manufacturing overhead=$12*10,600=$127,200
