Answer:
Ending inventory $740
Cost of goods sold $2,464
Explanation:
Calculation to determine the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodicinventory system.
Calculation for the value of ending inventory
Ending inventory of 200 units= 200 x $3.70
Ending inventory of 200 units = $740
Calculation for Cost of goods sold:
Units available for sale= (100 + 450 + 350) = 900
Units sold= 900 – 200 = 700
100 × $3.34 = $ 334
450 × $3.50 =$1,575
150 × $3.70 =$555
Cost of goods sold $2,464
($ 334+$1,575+$555)
Therefore the value of ending inventory is $740 and cost of goods sold if the company uses FIFO inventory costing and a periodicinventory system will be $2,464
Kiddy Toy Corporation needs to acquire the use of a machine to be used in its manufacturing process. The machine needed is manufactured by Lollie Corp. The machine can be used for 15 years and then sold for $20,000 at the end of its useful life. Lollie has presented Kiddy with the following options: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. Buy machine. The machine could be purchased for $170,000 in cash. All insurance costs, which approximate $15,000 per year, would be paid by Kiddy. 2. Lease machine. The machine could be leased for a 15-year period for an annual lease payment of $35,000 with the first payment due immediately. All insurance costs will be paid for by the Lollie Corp. and the machine will revert back to Lollie at the end of the 15-year period. Required:Assuming that a 12% interest rate properly reflects the time value of money in this situation and that all maintenance and insurance costs are paid at the end of each year, determine which option Kiddy should choose. Ignore income tax considerations. (Negative amounts should be indicated by a minus sign. Round your final answers to nearest whole dollar amount.)
Answer:
Kiddy Toy Corporation
The company should lease. It will save $30,123 by leasing than by buying the machine.
Explanation:
a) Data and Calculations:
1. Buy Machine:
Initial cost = $170,000
Annual Insurance Premium = $15,000
Interest rate = 12%
Estimated useful (Lease Period) = 15 years
Insurance Premium for 15 years (PV) = $102,162.97
PV of Salvage value ($20,000 * 0.183) = $3,660
Total cost of buying machine = $268,503 ($170,000 + $102,162.97 - $3,660)
Present value of lease payments = $238,380
NPV of leasing over buying = $30,123 ($268,503 - $238,380)
N (# of periods) 15
I/Y (Interest per year) 12
PMT (Periodic Payment) 35000
FV (Future Value) 0
Results
PV = $238,380.26
Sum of all periodic payments = $525,000.00
Total Interest = $286,619.74
Insurance Premium:
N (# of periods) 15
I/Y (Interest per year) 12
PMT (Periodic Payment) 15000
FV (Future Value) 0
Results
PV = $102,162.97
Sum of all periodic payments $225,000.00
Total Interest $-122,837.03
Harding Company is in the process of purchasing several large pieces of equipment from Danning Machine Corporation. Several financing alternatives have been offered by Danning: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. Pay $1,160,000 in cash immediately. 2. Pay $461,000 immediately and the remainder in 10 annual installments of $94,000, with the first installment due in one year. 3. Make 10 annual installments of $156,000 with the first payment due immediately. 4. Make one lump-sum payment of $1,730,000 five years from date of purchase. Required: Determine the best alternative for Harding, assuming that Harding can borrow funds at a 8% interest rate. (Round your final answers to nearest whole dollar amount.)
Answer:
Option-2 is best alternative
Explanation:
Option-1
Present value of lumpsum amount -1160000
Option-2
Annual paymentt for 10 yrs -94000
Annuity for 10 yrs at 8% 6.7101
Present value of outflowws -630749
Add: Initial amount paid -461000
Present value of outflowws -1091749
Option-3
Annual paymentt for 9 yrs -156000
Annuity for 10 yrs at 8% 6.24689
Present value of outflowws -974515
Add: Initial amount paid -156000
Present value of outflowws -1130515
Option-4
Amount paid after 5 yrs -1730000
PVF at 5 yrs at 8% 0.680583
Present value -1177409
Option-2 is best alternative
A collateralized debt obligation (CDO) bundles house payments and creates safe, okay, and risky investment vehildes. Group of answer choices True False
Answer:
The answer is "True".
Explanation:
The CDO is a complicated support materials instrument that is funded and sold to investors with a pool of credit as well as other assets. A CDO is a special type of derivative since its value was generated from another subordinated asset, as this is mentioned in the title. This guaranteed outstanding debt combines repayments from the home and produces safe, all legal, and hazardous financial instruments.
The Perfect Rose Co. has earnings of $2.30 per share. The benchmark PE for the company is 16. a. What stock price would you consider appropriate
Answer:
a.$36.80
b. $43.70
Explanation:
a. Calculation to determine What stock price would you consider appropriate
Using this formula
P= Benchmark PE ration x EPS
Let plug in the formula
P=16($2.30)
P=$36.80
Therefore What stock price would you consider appropriate is $36.80
b. Calculation to determine the stock price if the benchmark PE were 19
Using this formula
P= Benchmark PE ration x EPS
Let plug in the formula
P=19($2.30)
P= $43.70
Therefore the stock price if the benchmark PE were 19 will be $43.70
1. Ranghu started business with cash $80,000, goods $40,000 and furniture $20,000.
2. Sold goods to Anna of the list price $2000 at trade discount of 10%.
3. Paid rent $800, Trade expenses $400and Travelling expenses $500.
4. Deposited to AC bank for opening a current account $25,000.
5. Bought goods from Kamal for $20,000 at a trade discount of 10% and Cash discount of 2%. Paid 60% amount immediately.
Answer:
1.Raghu start the business with three things i. e cash, goods, furniture etc. Something that come in the business is debited. All these things are done by the properitor. Hence all these things are goes to Capital account. JOURNAL ENTRY WILL BE!!!! Cash a / c . Dr. 80,000 Purchase a / c . Dr. 40,000 Furniture a / c . Dr 20,000 ..To Capital a/c........... 1,40,000 (being started business with cash, goods and furniture.)
2.The answer will be Rs.1800 Explanation: 2000^ * 10\%=200 2000-200=18003.Answer will be $7004.250005.5000 please mark as brainliestMô hình cổ điển cho rằng đất đai là yếu tố quan trọng của tăng trưởng, đồng thời là yếu tố giới hạn của tăng trưởng
According to the results, if a CEO in the Financial industry and a CEO in the Health Care industry both have 88 years of experience, what is the estimated difference in annual salary between the two CEOs
Answer: $19,032.79
Explanation:
There is some data missing that I was unable to find so I will answer a similar question and can use your data to answer this using mine as a reference.
Because the healthcare industry is the base industry, the estimated difference in the annual salary is:
= 0 - Coefficient of Financial industry
= 0 - (-19,032.787112)
= 0 + 19,032.787112
= $19,032.79
For each of the following events, explain the short-run and long-run effects on output and the price level, assuming open economy and that policymakers take no action.
a. The stock market declines sharply, reducing consumers’ wealth.
b. The federal government increases spending on national defense.
c. A technological improvement raises productivity.
d. A recession overseas causes foreigners to buy fewer U.S. goods.
Answer:
High prices of products as well as increases poverty.
Explanation:
The stock market declines sharply, reducing consumers’ wealth that leads to high prices of products as well as increases poverty. The federal government increases spending on national defense that decreases the foreign reserves and money for other fields of the country. A technological improvement raises productivity which increases the economy of the country as well as standard of living. A recession overseas causes foreigners to buy fewer U.S. goods that leads to lower income of the country and purchasing power of the country. Due to this, there is less money for other fields and institutions.
Answer:
b. The federal government increases spending on national defense.
Explanation:
Hope this helps
Roberto Company uses a perpetual inventory system. On December 1, the company purchased $3,300 of merchandise for cash Complete the following journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns
Journal entry worksheet 1 Roberto Company uses a perpetual inventory system. On December 1, the company purchased $3,300 of merchandise for cash. Note: Enter debits before credits General Journal Debit Credit Date Dec. 1 Record entry Clear entry View general journal
Answer:
Dr Merchandise Inventory for $3,300
Cr Cash for $3,300
Explanation:
Based on the information given assuming On December 1, the company purchased $3,300 of merchandise for cash which means that the appropriate journal entry to record these Transaction will be:
Dr Merchandise Inventory for $3,300
Cr Cash for $3,300
All standard costing methods use the predetermined overhead rate to apply factory overhead. This is based on an estimated amount that is calculated during the budgeting process at the beginning of the year. Therefore, there will almost always be a variance between the factory overhead that is applied and the actual factory overhead that is accumulated. These variances should be a minimal amount, but may sometimes be material. Therefore, it is important that an accountant find the cause of the variance, so as not to repeat it. Determining the reasons for variances is an important part of the overall process of variance analysis. Certain causes are commonly attributed to specific variances. Match each reason on the left with the variance(s) it commonly creates. Each numbered item has one or more correct answer(s). Each lettered item may be used once, more than once, or not at all.
1. A change in the quality of materials purchased
2. A new supplier contract
3. Error in the accounting records
4. Change in proportion of spoiled materials
5. Unreasonable standard
6. Unanticipated overtime hours
7. A change in the government-mandated minimum wage
8. Equipment malfunction
9. A change in average worker experience or training
A. Direct materials price variance
B. Direct materials quantity variance
C. Direct labor rate variance
D. Direct labor efficiency
Answer:
1. A change in the quality of materials purchased
Variance: Direct materials quantity variance
2. A new supplier contract
Variance: Direct materials price variance
3. Error in the accounting records
Variance: Direct materials price variance
4. Change in proportion of spoiled materials
Variance: Direct materials quantity variance
5. Unreasonable standard
Variance: Direct labor efficiency
6. Unanticipated overtime hours
Variance: Direct labor rate variance
7. A change in the government-mandated minimum wage
Variance: Direct labor rate variance
8. Equipment malfunction
Variance: Direct labor efficiency
9. A change in average worker experience or training
Variance: Direct labor efficiency
The following data relates to Black-Out Company's estimated amounts for next year. Estimated: Department 1 Department 2 Manufacturing overhead costs $ 300,000 $ 400,000 Direct labor hours 60,000 DLH 80,000 DLH Machine hours 1,000 MH 2,000 MH What is the company's plantwide overhead rate if machine hours are the allocation base
Answer:
Predetermined manufacturing overhead rate= $233.33 per machine hour
Explanation:
Giving the following information:
Total estimated overhead= 300,000 + 400,000= $700,000
Machine hours= 1,000 + 2,000= 3,000
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 700,000 / 3,000
Predetermined manufacturing overhead rate= $233.33 per machine hour
The Super Discount store (open 24 hours a day, every day) sells 8-packs of paper towels, at the rate of approximately 420 packs per week. Because the towels are so bulky, the annual cost to carry them in inventory is estimated at $0.50. The cost to place an order for more is $20, and it takes four days for an order to arrive. a. Find the optimal order quantity.
Answer:
Missing word "b. What is the reorder point? c. How often should an order be placed?"
a. Optimal order quantity (EOQ) = (2AC/C)^(1/2). A=21840(420*52), O=20, C=0.5
Optimal order quantity (EOQ) = (2*21840*20/0.5))^(1/2)
Optimal order quantity (EOQ) = 1321.816931
Optimal order quantity (EOQ) = 1321.81 units
b. Reorder point = (420/7)*4
Reorder point = 60 * 4
Reorder point = 240 units
c. Time = 365*EOQ/A
Time = 365*1322/21840
Time = 22.0938645
Time = 22 days
Bonita Industries purchased machinery for $1030000 on January 1, 2017. Straight-line depreciation has been recorded based on a $82000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2021 at a gain of $27500. How much cash did Bonita receive from the sale of the machinery?
a. $138,000
b. $162,000
c. $198,000
d. $258,000
Answer:
$235,900
Explanation:
Depreciation p.a. = ($1030000 - $82,000) / 5 years
Depreciation p.a. = $189,600
Depreciation charged till the Jan 1 ,2021 (4 years)
= $189,600 * 4 years
= $758,400
Depreciation charged till May 1, 2021 (4 month)
= $189,600 * 4 months/12 months
= $63,200
Value of the asset = $1030000 - $758,400 - $63,200
Value of the asset = $208,400
Cash received from sale of machinery = $208,400 + $27,500 (gain)
Cash received from sale of machinery = $235,900
If the real U.S. GDP was $7,636.4 billion in 1998 and the U.S. population was 295 million, the per capita real GDP would have been approximately:_________-
Answer:
25,886 per person
Explanation:
The real US GDP in the year 1998 is 7636.4 billion
The US population was 295 million
Therefore thecapitapital real GDP can be calculated as follows
= 7636.4 billion/295 million
= 25,886 per person
If the substitution effect of the real interest rate on saving is larger than the income effect of the real interest rate on saving, then a rise in the real interest rate leads to a ________ in consumption and a ________ in saving, for someone who's a lender.
Answer:
rise, fall
Explanation:
In the case when the subsitution effect with respect to the real rate of interest should be saved and more than the income effect on the real rate of interest so if there is an increased in the real rate of interest so there is an increase in the consumption also there is the fall in the savings
Also, if there is a more income effect, the consumption should rise and the savings would decline
Therefore the rise and fall should be considered to fill the blanks
The central bank of Canada is the Bank of Canada.
Suppose that inâ Canada, banks' reserves at the Bank of Canada were $1 âbillion, Bank of Canada notes were $60 billion, and the quantity of coins was $4 billion. What was the monetary base?
Answer:
$65 billion
Explanation:
Monetary base means the total sum of banks’ reserves at the Fed (Bank of Canada), Federal reserve notes (Bank of Canada notes), and quantity of coins.
Monetary base = $1 billion + $60 billion + $4 billion
Monetary base = $65 billion
On January 1, 2020, Ellison Co. issued eight-year bonds with a face value of $5,000,000 and a stated interest rate of 8%, payable semiannually on June 30 and December 31. The bonds were sold to yield 6%. The issue price of the bonds is closest to:
Answer:
"$4,417,800" is the correct solution.
Explanation:
According to the question,
Principal amount,
= $5,000,000
Number of period will be:
= [tex]8\times 2[/tex]
= [tex]16[/tex]
Interest rate yield per period will be:
= [tex]\frac{8 \ percent}{2}[/tex]
= [tex]4[/tex] %
Interest rate started per period will be:
= [tex]\frac{6 \ percent}{2}[/tex]
= [tex]3[/tex] %
Now,
The present value of principal will be:
= [tex]Principal\ amount\times Yield \ discount \ factor[/tex]
= [tex]5,000,000\times 0.534[/tex]
= [tex]2,670,000[/tex] ($)
The present value of interest will be:
= [tex]Interest \ amount\times Yield \ discount \ factor[/tex]
= [tex](5,000,000\times 3 \ percent)\times 11.652[/tex]
= [tex]1,747,800[/tex] ($)
hence,
The issue price of bonds will be:
= [tex]2,670,000+1,747,800[/tex]
= [tex]4,417,800[/tex] ($)
LUVFINANCE, Inc. is estimating its WACC. The firm could sell, at par, $100 preferred stock that pays a 10 percent annual dividend and incurs 6.19% flotation costs. What is the cost of new preferred stock financing
Answer:
$10.66
Explanation:
Calculation to determine the cost of new preferred stock financing
Cost of new preferred stock financing=(100*10%)/(100*(1-0.0619))
Cost of new preferred stock financing=10/(100*(1-0.0619))
Cost of new preferred stock financing=10/(100*0.9381)
Cost of new preferred stock financing=10/93.81
Cost of new preferred stock financing=$10.66
Therefore the cost of new preferred stock financing is $10.66
You want to buy a car and a local bank will lend you $18,500. The loan will be fully amortized over 5 years, and the nominal interest rate would be 4.65%, with interest paid monthly. What is the monthly loan payment
Answer:
$346.16
Explanation:
The monthly loan payment can be calculated using a Financial calculator as follows :
PV = $18,500
N = 5 x 12 = 60
I/YR = 4.65%
P/YR = 12
FV = $0
PMT = ??
The monthly loan payment (PMT) is calculated as $346.16
Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.)
Answer:
The costs assigned to ending inventory are $11.33 per unit and $340 total cost.
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each.
Purchases on December 7 10 units at $ 6.00 cost
Purchases on December 14 20 units at $12.00 cost
Purchases on December 21 15 units at $14.00 cost
Required: Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.)
The explanation of the answer is no provided as follows:
Periodic inventory refers to an inventory system that is updated on a periodic basis such as monthly, quarterly, or annually.
The weighted average method is a formula that divides the cost of products offered for sale by the number of units available for sales.
Combining these two methods, we have:
Value of Purchases on December 7 = 10 * $6.00 = $60
Value of Purchases on December 14 = 20 * $12.00 = $240
Value of Purchases on December 21 = 15 * $14.00 = $210
Total value of units available for sale = $60 + $240 + $210 = $510
Total units available for sale = 10 + 20 + 15 = 45
Costs assigned to ending inventory per unit = Weighted average cost per unit = Total value of units available for sale / Total units available for sale $510 / 45 = $11.33
Units of ending inventory = Total units available for sale – Number of units sold = 45 - 15 = 30
Total cost of ending inventory = Units of ending inventory * Weighted average cost per unit = $11.33 * 30 = $340
Therefore, the costs assigned to ending inventory are $11.33 per unit and $340 total cost.
A company reported the following asset and liability balances at the end of 2015 and 2016:
2015 2016
Assets $150,000 $180,000
Liabilities $70,000 $80,000
If the company paid dividends totaling $5,000, what is the amount of net income for 2016?
A. $20,000.B. $105,000.C. $80,000.D. $25,000.
Answer:
D. $25,000
Explanation:
The equity is the difference between assets and liabilities
Opening equity=$150,000-$70,000
opening equity=$80,000
Ending equity=$180,000-$80,000
ending equity=$100,000
The ending equity formula below can be used to derive the net income for 2016:
ending equity=beginning equity+ net income-dividends
The net income increases the amount of ending equity while dividends decrease it.
net income=unknown
dividends=$5000
$100,000=$80,000+net income-$5000
net income=$100,000-$80,000+$5,000
net income=$25,000
The discount rate that makes the present value of a bond's payments equal to its price is termed the:
Coupon rate is the rate of discount that makes the present value of a bond's payments equal to its price.
Basically, the discount rate means the interest rate used to get P.V. of future cash flows in a discounted cash flow (DCF).
The coupon rate refers to the interest rate paid by bond-issuers on the bond's face value.
Hence, the Coupon rate is the rate of discount that makes the present value of a bond's payments equal to its price.
Read more about discount rate
brainly.in/question/22289908
If a firm has sales of $100, total expenses (including interest and taxes) of $50, has a stock that is selling at $50 per share and has 10 shares of stock outstanding, then the firm has a P/E ratio of:
Answer: 10
Explanation:
P/E Ratio = Price per share/Earnings per share
Earnings per share:
= (Sales - expenses) / number of shares outstanding
= (100 - 50) / 10
= $5.00
P/E Ratio is therefore:
= 50 / 5
= 10
Schultz v. Capital International Security, Inc. 460 F.3d 595 (4th Cir. 2006) Facts: The plaintiff-agents provided security services for Schultz and his family at his Virginia residence in twelve-hour shifts. The agents were paid a daily rate for each shift; they received no extra pay for overtime. The agents had a command post at the residence, from which they observed security camera monitors, answered the telephone, and kept a daily log of all arrivals and departures. They also made hourly walks of the property, ensured that members of his family were safe when departing and arriving, sorted mail, and performed various tasks upon request of his family. In addition to their security duties, the agents were responsible for having the household’s vehicles washed and fueled, making wake-up calls, moving furniture, and doing research on the Internet. Schultz's long-time driver and travel agent, Sammy Hebri, formed a company called Capital International Security, Inc. (CIS). Hebri started CIS for the purpose of becoming Schultz's security contractor. Hebri sent a memo (dated July 24, 2002) to the agents directing them to obtain their own private security business licenses from the VDCJS and individual liability insurance so they could be classified as independent contractors. Issue: The issue is whether the bodyguards were considered to be employees or independent contractors for the purpose of the Fair Labor Standards Act. Action: You must respond to all questions below. You must use at least three sources from the class materials and do independent research. Do not combine the five discussion questions and please use the outline below for your paper. Use of the outline will help you organize your research and comments and ensure you do not miss any questions that must be addressed. Your responses to each question must be in narrative format not bullets. Use the headings below to organize your paper.
Question 1A - a. Summarize the relevant facts of the case. What is your opinion on the outcome of this case?
Question 1c - Classification Test: In the above case, what kind of classification test could have been used and what would be the result?
Answer:
Hence the answer is given as follows,
Explanation:
1A) In the given case, the agents who are the plaintiffs were working as security guards for Schultz and his family. There was miscellaneous work that they were required to conduct for the family. The agents were paid a daily wage and weren't paid overtime. Schultz’s driver opened a replacement company called CIS and asked the agents to get their own private security business licenses in order that they will get classified as independent contractors. So, the difficulty arises that whether the agents should be classified as employees or as independent contractors.
The agents were paid a daily wage and not a salary. Moreover, they weren't qualified for overtime pay. Employees usually get salaries and are eligible to urge over time by the overtime work. Hence the agents are independent contractors and can't be considered employees.
1C) In the given case, a hybrid classification test is often wont to check the status of whether the agents were employees or independent contractors. A hybrid classification test has characteristics of right to regulate test also as economic realities test. Schultz and his family weren't controlling the work of the agents. The agents had pre-determined work and that was conducting it in an independent manner. The agents also were paid on a day to day and didn't have a timekeeping requirement. Hence the agents can qualify as independent contractors and not employees as per the hybrid classification test.
The number of all credit-card holders in the U.S. is IN(a) million card holders and the collective amount of credit card debt that all credit-card holders carry is D(x) billion dollars, x years after 2010. The average credit card debt per card holder at year x is:
Answer: D(x) / IN(a)
Explanation:
If one wanted to find out the average credit card debt per card holder then the correct formula would be:
= Amount of debt that all credit card holders carry / Number of credit card holders
As the amount of debt that all credit card holders carry is denoted by D(x) and the number of credit card holders is IN(a), the average credit card debt per card holder is:
= D(x) / IN(a)
The free market in actual terms, and not in the theoretical ideal, consists of commerce legally constrained by what is economically desirable and what is socially desirable, as well.
Answer: True
Explanation:
In the free market, the goods and services that are sold are those that consumers in the economy require which is why they buy the goods in the first place.
The goods and services that are sold are also socially desirable. This means that in a particular society, the goods and services sold must conform to the social norms and values that the economy holds. In essence, they shouldn't be illegal.
The ________ is the difference between merchandise imports and exports and a measure of a country's international trade in goods.
Answer:
balance of trade
Explanation:
Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.
Basically, trade can be categorized into two (2) main groups and these are;
I. Import: this involves bringing in goods from a foreign country to sell in a different (domestic) country.
II. Export: it involves the sales of goods produced in a domestic country to a foreign country.
In Economics, a balance of trade is a measure of the difference between merchandise imports and exports, as well as a country's international trade in goods. Thus, it's a measure of the difference between the monetary value of the import and export of goods of a country over a specific period of time.
MLX has annual sales of $320 million per year and has calculated the collection float to be 12 days. If MLX is currently paying 9.35% on its line of credit, what amount of interest expense could be saved if the collection float is reduced by 3 days? (Assume 365 days per year.
Answer: $245918
Explanation:
Following the information given in the question, the amount of interest expense that could be saved if the collection float is reduced by 3 days will be calculated thus:
= Sales × Interest × Sales reduction/365
= $320 million × 9.35% × 3/365
= $245918
Therefore, the interest expense that can be saved is $245918.
Kevin's Company uses a normal costing system, applying overhead using a single plant-wide rate. At the beginning of the year, budgeted (estimated) manufacturing overhead costs totaled $400,000, budgeted direct labor hours totaled 80,000 hours and budgeted machine hours totaled 20,000 hours. At the end of the year, the actual overhead costs recorded totaled $450,000 and actual direct labor hours were 86,000. Kevin's Company's production process is very labor-intensive and therefore uses direct labor hours as the activity base. With this information, what is the assigned (applied) amount of MOH that Sherfield Company assign to production
Answer:
$430,000
Explanation:
MOH recovery rate = Estimated MOH / Estimated direct labor hours
MOH recovery rate = $400,000 / 80,000 hours
MOH recovery rate = $5 per direct labor hours
So, the applied amount of manufacturing overhead rate is $5
Assigned amount of MOH = MOH recovery rate * Actual direct labor hours
Assigned amount of MOH = $5 * 86,000 DLH
Assigned amount of MOH = $430,000
On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed the following transactions related to the business:
Nov. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $27,100.
1Paid rent for period of November 1 to end of month, $3,300.
6Purchased office equipment on account, $12,840.
8Purchased a truck for $30,500 paying $7,000 cash and giving a note payable for the remainder.
10Purchased supplies for cash, $1,740.
12Received cash for job completed, $7,500.
15Paid annual premiums on property and casualty insurance, $2,300.
23Recorded jobs completed on account and sent invoices to customers, $12,410.
24Received an invoice for truck expenses, to be paid in November, $1,400.
Enter the following transactions on Page 2 of the two-column journal:Nov. 29 Paid utilities expense, $4,500. 29 Paid miscellaneous expenses, $1,000. 30 Received cash from customers on account, $9,000. 30 Paid wages of employees, $6,800. 30 Paid creditor a portion of the amount owed for equipment purchased on November 6, $3,000. 30 Paid dividends, $2,500. how it do Journal
Answer:
looks good no mistakes and uh b if this is a question
