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The P Company applies overhead costs to jobs using machine hours as the allocation base. At the beginning of the year, 2014, the company estimated manufacturing overhead costs to be $1,400,000 and estimated total machine hours (the expected volume) to be 56,000 hours. During the year many jobs were completed. One job, Job #125 was completed and had the following data: total direct material costs were $2,500, total direct labor costs were $3,250, and actual machine hours worked on the job totaled 75 hours. At the end of 2014, the corporate controller determined that total actual overhead costs incurred for all jobs totaled $1,450,000 and the actual machine hours incurred during 2014 for all jobs totaled 58,400 hours. Given this data, answer the following questions with supporting computations. Required: a. Compute the predetermined overhead rate for 2014. Be sure to include a proper label. b. If 25 units were made in Job #1275, determine the total cost of the job and the cost per unit. c. Determine the total amount of overhead that was Under- or Over-Applied for the year 2014. Be sure to specifically state whether the amount you determined is UNDER or OVER-APPLIED overhead. d. If the entire overhead variance is closed to cost of goods sold, what is the effect on gross profit and net operating income? e. If the company had used CAPACITY (normal) volumes, which are greater than the expected volumes used above, to determine the predetermined overhead rate, what would be the likely impact on the following items: 1) the predetermined overhead rate, 2) the amount of overhead applied to jobs, and 3) the resulting over/under applied computations?
Maggie's Muffins, Inc., generated $4,000,000 in sales during 2013, and its year-end total assets were $2,600,000. Also, at year-end 2013, current liabilities were $1,000,000, consisting of $300,000 of notes payable, $500,000 of accounts payable, and ..
biggardens ltd biggardens is a private company that owns and operates a chain of garden centres in the bristol area.
A 25 year bond has a coupon rate of 12% and semiannual coupon payments. The required nominal yield on the bond is 10%. Assume that the yield curve is downward sloping and the yield is expected to decline to 8%. a. What would be the value of the bond ..
You are CFO of a large company that has a few subsidiaries. A new board member is unfamiliar with consolidation procedures particularly with respect to the elimination of intercompany inventory transactions. Provide a summary of your talking points w..
Whose responsibility it is to communicate the vision of the company during a time of mergers to the employees and about the impending mergers of the company being acquired?
Discuss the sources of the companys competitive advantage - Is the company likely to maintain these competitive advantages over time? What is it or can it do to stay competitive?
ow might Wal-Mart (or another large retailer) take advantage of each of the following: Do not merely provide a definition? Flexibility option, Growth option, Investment timing option, Abandonment option, Decision-tree analysis
You are the portfolio manager for a mutual fund. Your fund has an expected return of 15% with a standard deviation of 24% and the T-bill rate is 3%.
Chris invested $150,000 17 months ago. Currently the investment is worth $180,000. Chris knows that the investment paid interest monthly, but he does not know what yield on his investment. What is Chris's annual percentage return (APR) and EAR?
Jallouk Corporation has two different bonds currently outstanding. Bond M has a face value of $20,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $1,800 every six months over the subsequent eight years, and ..
You are working as a corporate treasurer and observe the following two exchange rates. Calculate, using $1 million how you could make an arbitrage (risk-free) profit.
Prepare a statement of revenues and expenses and a statement of changes in net assets for Wise Owls for 20X1.
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