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Elvis Industries uses a job-order cost system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor hours. The estimated manufacturing overhead cost was $132,000for the year and the estimated direct labor hours were 16,000 hours.
In June Job #325 was completed. Direct materials totaled $5,600. Total labor costs were $4,800 at $10 per hour.At the end of the year it was determined that the company worked 15,000 direct labor hours for the year and incurred $135,000 in actual manufacturing overhead costs. 1. Calculate the predetermined overhead rate for the year.
2. Determine the amount of overhead charged to jobs during the year.
3. Determine the amount of under- or over-applied overhead for the year.
4. Prepare a job cost sheet for Job #325 using the information given. Assuming that 80 units were completed, determine the unit product cost.
Families USA, a monthly magazine that discusses related to health and health costs, surveyed 30 of its subscribers. It found that the annual health insurance premiums for a family with coverage through an employer averaged $16,469.
Blockbuster Movie Rentals has market power in the previously viewed video sales market. The demand curve for blockbuster movies is QD = 10 - 0.4P -> P = 25 - 2.5Q. Blockbusters marginal revenue function is MR(Q) = 25 - 5Q.
In Smalltown, the price of Twinkies fell from $0.80 to $0.70. As a result the quantity demanded of HoHo's decreased from 120 to 100. What would be the appropriate elasticity to compute Use the midpoint method, compute this elasticity. What does yo..
the supply curve for product x is given by qxs -340 10px .a. find the inverse supply curve.p qb. how much surplus
A perfectly competitive firm has a total cost function TC(Q)=10 million + 5Q + Q2/10,000. Of its total fixed cost of $10 million, $9 million can be avoided if the firm produces an output of zero, but $1 million is completely unavoidable.
Suppose now some appraiser can identify the painting with 90% if its not a counterfeit, and 80% if it is a counterfeit. If the appraiser chargers $500 for consultation, should the collector pay the consultation fee and ask for consultation
Point A 4m barrels oil 200 tonnes lumber Point B 6m barrels oil 150 tonnes lumber a) If we had a PPF with the goods oil and lumber, how would be measure the MC of oil between points A and B
study the determinants of house prices. collecte a dataset with 43 observations in the same town in the south of
If she spends all of her income on uglifruits and breadfruits, Natalie can just afford 11 uglifruits and 4 breadfruits per day. She could also use her entire budget to buy 3 uglifruits and 8 breadfruits per day. The price of uglifruits is 8 yen ea..
Is there market or government failure (regulation that is hurting rather than helping)? Note, anytime an industry is not a perfectly competitive market, there may be elements of market failure.
You are the manager of a Mom and Pop store that can buy milk from a supplier at $2.00 per gallon. If you believe the elasticity of demand for milk by customers at your store is -3, then your monopoly price is What are the profits of the monopoly i..
To save money, they can put up with some marks and stains. The frugal students are only willing to pay a premium of $8 for a new book instead of a used book. The remaining 300 students are fastidious about their textbooks.
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