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The Wood Furniture Company manufactures tables. In March, the two production departments had budgeted allocation bases of 4,000 machine hours in Department 100 and 8,000 direct manufacturing labor hours in Department 200. The budgeted manufacturing overheads for the month were $57,500 and $62,500, respectively. For Job A, the actual costs incurred in the two departments were as follows:Department 100 Department 200Direct materials purchased on account $110,000 $177,500Direct materials used 32,500 13,500Direct manufacturing labor 52,500 53,500Indirect manufacturing labor 11,000 9,000Indirect materials used 7,500 4,750Lease on equipment 16,250 3,750Utilities 1,000 1,250Job A incurred 800 machine hours in Department 100 and 300 manufacturing labor hours in Department 200. The company uses a budgeted overhead rate for applying overhead to production.Required:a. Determine the budgeted manufacturing overhead rate for each department.b. Prepare the necessary journal entries to summarize the March transactions for Department 100.c. What is the total cost of Job A?
Jo Manufacturing Company provides the following data from 2011: 20,000 units were sold for $60 each; total variable expenses were 900,000 and total fixed expenses were $240,000. Jo's income tax rate is 30%.
The cost associated with maintaining rural highways follows a predictable pattern. There're basically no costs for the first three years, but thereafter maintenance is needed for restriping, weed control, light replacement, shoulder repairs, etc.
An auditor noted that client sales increased 10 percent for the year. At the same time, Cost of Goods Sold as a percentage of sales had decreased from 45 percent to 40 percent and year-end accounts receivable.
Companies often prioritize projects in the following four categories: Absolutely essential, Highly necessary, Economically justified, and All other. Provide one example for each category. Why do firms do this type of categorization?
Prepare journal entries to record the following transactions entered into by Harper Company:
What is meant by the net realizable value for accounts receivable? What is aging of accounts receivable, and how is it used to account for uncollectible accounts? How is the accounts receivable turnover computed? What information does this ratio prov..
The cost of meals and lodging while on vacation was $300 and $500, correspondingly. Find how much may Harry deduct as travel expenses for trip?
A company produces and sells pillows. It expects to sell 10,000 pillows in the year 2012 and had 1,000 pillows in finished goods inventory at the end of 2011.
Assuming sales volume is expected to be the same in the upcoming year as it was in the past year, give three separate options the company could implement in order to achieve their target profit in the upcoming year.
What role(s) does corporate social responsibility play in the development of a safety-first culture? What documents and strategies can management adopt to ensure that a corporate safety-first culture exists?
Find a newspaper or magazine even online and select an article relating to the use of governmental funds by state, county, local government, etc on an activity.
Post Inc, had a receivable from a foregn customer that is payable in customer's loca currency. On Dec 31, 2009, Post correctly included this receivable for 200,000 local currency units
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