Answer and Explanation:
The Journal entries are shown below:-
Office equipment Dr, RM8,000
To Cash RM3,000
To Accounts payable RM5,000
(Being purchase of office equipment is recorded)
Here we debited the office equipment as it increased the assets and credited the cash and account payable as it decreased the assets and increased the liabilities
Answer:
$321
Explanation:
Given that;
Direct materials = $800,000
Conversion cost = $805,000
Total manufacturing cost = $1,605,000
Units produced = 5,000
We will get the unit cost by dividing the total cost with the number of units produced.
Therefore,
Units cost = Total cost / Number of units
Unit cost = $1,605,000 / 5,000
Unit cost = $321
Answer:
$32,900 favorable
Explanation:
The computation of the total flexible budget variable overhead cost variance is shown below:
= Total budgeted overhead cost - actual budgeted overhead cost
where,
Total budgeted overhead cost is
= $9.40 × 74,900 hours
= $704,060
And, the actual budgeted overhead cost is
= $8.40 × 79,900 hours
= $671,160
So, the total flexible budget variable overhead cost variance is
= $704,060 - $671,160
= $32,900 favorable
Since the standard cost is greater than the actual cost so it would have favorable variance
Answer:
Allocated administrative expense to Meat department = $17,000
Explanation:
The basis of allocating the administrative expense is the floor space occupied by the the department.
Administrative expense
= Floor space occupied/Total floor area × Administrative expense
Total floor area= (1,470+980+2,450)= 4,900 square feet
Floor area occupied by meat department = 2,450
Administrative expense = $34,000
Allocated administrative expense to Meat department:
= (2,450/4,900) × $34,000 = $17,000
= $17,000
Answer:
$17,000
Explanation:
Using the floor spacing occupied by each department as the basis for the allocation of the administrative expense. In other words, the bigger the square feet occupied, the bigger the total administrative expense to be allocated.
Given
Department Square Feet Dollar Sales
Produce 1,470 $ 99,000
Bakery 980 $ 49,000
Meats 2,450 $ 61,000
Totals 4,900 $ 209,000
And the Amount Administrative Square feet of floor space $ 34,000
Then the administrative cost allocated to the meat department
= (2450/4900) * $ 34,000
= $17,000
Answer:
A
Explanation:
Answer:
"A 4-year bachelor's degree in a PR-related area like journalism, marketing or communications is frequently required for entry-level positions."-Google
So the answer should be A.
The condition of exchange that is being met when Small describes how his customers choose to purchase his clothes (by evaluating that his brand is environmentally conscientious, whereas most other brands are not) is that each party believes it is appropriate or desirable to deal with the other party.
In a common size income statement, the most commonly used base item is total sales or total revenue. All other line items are represented as a percentage of this amount. This method allows for easier comparison of financial statements over different periods or from different companies.
In a common size income statement, the most commonly used base item is total sales or total revenue.
This means, every line item on the income statement such as cost of goods sold, gross profit, operating expenses, and net income, among others, are converted into a percentage of total sales.
A common size analysis facilitates the comparison of financial statements over different periods, or among different companies, by expressing each line item as a percentage of the base item.
Take an example, if the total sales of a company in a particular year is $100,000 and the cost of goods sold represents $60,000 then in the common size income statement, the cost of goods sold will be represented as 60% (i.e., $60,000/$100,000 * 100).
This method makes it easier to compare relative proportions of account balances, irrespective of the size of the company or the period.
Learn more about Common size income statement here:
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The most commonly used base item for a common size income statement is sales revenue. This allows for easy comparison of financial performance between different companies or different reporting periods.
The most commonly used base item for a common size income statement is sales revenue. When performing a common size analysis, the values on the income statement are typically converted into percentages of sales revenue. This allows for easy comparison of financial performance between different companies or different reporting periods, regardless of the size of the company or the amount of sales. For instance, the cost of goods sold and operating expenses would be represented as a percentage of sales revenue. This way, you can compare the relative size of cost items to the sales they support, across different firms or times.
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