Job 607 was recently completed. The following data have been recorded on its job cost sheet:Direct Materials $3,405 Direct Labor Hours 50 labor hoursDirect Labor wage rate $13 per labor hourMachine Hours 158 machine hoursThe company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $14 per machine-hour. The total cost that would be recorded on the job cost sheet for Job 607 would be:
Answers
Answer:
Total cost= $6,267
Explanation:
Giving the following information:
Direct Materials $3,405
Direct Labor Hours 50 labor hours
Direct Labor wage rate $13 per labor hour
Machine Hours 158
The predetermined overhead rate is $14 per machine-hour.
To calculate the total cost, we need to use the following formula:
Total cost= direct material + direct labor + allocated overhead
Total cost= 3,405 + 13*50 + 14*158
Total cost= $6,267
Final answer:
The total cost recorded on the job cost sheet for Job 607 would be $6,267, as calculated by summing the cost of direct materials, direct labor, and applied manufacturing overhead.
Explanation:
To calculate the total cost that would be recorded on the job cost sheet for Job 607, you must add up all the individual costs associated with the job. This includes the direct materials, direct labor, and applied manufacturing overhead costs.
Direct materials are already given as $3,405. Direct labor can be calculated by multiplying the labor hours by the wage rate ($13 * 50), which gives $650. The manufacturing overhead is calculated by multiplying the machine hours by the predetermined overhead rate (158 * $14), which comes out to $2,212.
So, the total cost for Job 607 is the sum of all these, that is, $3,405 + $650 + $2,212 = $6,267. Thus, $6,267 would be the total cost recorded for Job 607 on the job cost sheet.
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Related Questions
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Two Brothers Moving prepared the following sales budget: Month Cash Sales Credit Sales March $18000 April May June Credit collections are % in the month of sale, % in the month following the sale, and % two months following the sale. The remaining % is expected to be uncollectible. What are the total cash collections in June at Two Brothers Moving?
The shareholders of Flannery Company have voted in favor of a buyout offer from Stultz Corporation. Information about each firm is given here:
A widely used activity base for developing factory overhead rates in highly automated settings is a.machine hours b.direct materials c.direct labor hours d.direct labor dollars
For Monica (spouse) 4,000
For Chuck (son) 2,500
For Carter (Monica’s father) 5,000
Sammy and Monica’s 2019 AGI is $130,000. They file a joint return. Chuck and Carter are Sammy and Monica’s dependents.
What is Sammy and Monica’s medical expense deduction for regular income tax purposes?
Answers
Answer:
The Sammy and Monica’s medical expense deduction for regular income tax purposes is $17,750.
Explanation:
For the purpose of regular income tax, the deduction pertaining to medical expenses are available up to the extent it exceeds 10% of AGI.
Deduction available = excess expenses incurred - 7.5% of AGI
= ($16,000 + 4,000 + 2,500+5,000) - 7.5%*130000
= 27500 - 9.750
= $17,750
Therefore, The Sammy and Monica’s medical expense deduction for regular income tax purposes is $17,750.
(B) limited partnership
(C) corporation
(D) subchapter S corporation
Answers
Answer:
(A) partnership
Explanation:
In a partnership every partner has unlimited liability for all of the debts. There is a ver important difference with sole propietor's, any member of the partnership is responsible for debts of the business, even if the person had no responsability with the creation of the debts.
Answers
Answer:
relevant cost of debt financing to TC, Inc.= 8.75%
Explanation:
The yield to maturity is a proxy for a company's cost of capital as it reflects the return that a company provides to its debtholders. Given a yield to maturity equal to 12.5% and a tax rateof 30%, the after tax cost of debt is calculated as :
After tax cost of debt =
The relevant interest rate is thus equal to 8.75% due to the fact that interest is tax deductible.
Answers
Answer:
50%
Explanation:
To calculate themargin on price, you have to find the difference between the price of the good and the cost to produce it and the result is divided by the price of the product:
Margin=(2-1)/2
Margin=1/2
Margin=0.5 → 50%
According to this, your margin on price is 50%.
Final answer:
The margin on price for the bottled water in this scenario is $2, which is the marked up price subtracted from the cost to produce. The margin on price can be calculated by subtracting the cost to produce the bottled water from the selling price. In this case, the selling price is $2 more than the production cost of $1. So the margin on price is $2.
Explanation:
If you sell bottled water that costs $1 to produce and you mark each bottle up by $2, your margin on price is $2. This is because the margin on price is the difference between the selling price and the cost of the product. The margin on price can be calculated by subtracting the cost to produce the bottled water from the selling price. In this case, the selling price is $2 more than the production cost of $1. So the margin on price is $2. So if you're selling your bottled water for $3 ($1 cost + $2 markup), and it costs you $1 to produce, then your margin on price is $3 - $1 = $2.
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Answers
Answer:
supplied , left
higher, lower
Explanation:
When people start consuming more and saving less, this would result into lower quantum of funds parked with banks and financial institutions. Due to shortage of funds, the supply of loanable funds in the market would get reduced i.e the supplied line would shift to the left.
This would raise the equilibrium level for loanable funds which would lead to a higher rate of interest i.e funds will be loaned only at a higher rate of interest. Due to this, the quantity of funds saved and invested would be lower.
Answers
Answer:
Closing balance of debt at the end of the month = $24,000
Interest payment = $102.08
Explanation:
The computation of closing balance of debt at the end of the month and the interest payment is shown below:-
Closing balance of debt at the end of the month = Opening balance of company A - Scheduled Repayment per month
= $25,000 - $1,000
= $24,000
Interest payment = Average Debt × Annual interest rate × 12 months
= (($25,000 + $24,000) ÷ 2) × 0.05 ÷ 12 months
= $102.08
Therefore we have applied the above formulas.
Final answer:
To calculate the interest payment, find the average debt balance by adding the opening and closing balance and dividing by 2. Then, multiply the average debt balance by the monthly interest rate to get the interest payment.
Explanation:
To calculate the interest payment using the average debt balance, we need to calculate the average debt balance for the month. To do this, we add the opening balance and closing balance of debt and divide them by 2. In this case, the opening balance is $25,000 and the closing balance is the repayment of $1,000. So the average debt balance is $(25,000 + 1,000) / 2 = $13,000.
Next, we calculate the interest payment by multiplying the average debt balance by the annual interest rate and dividing it by 12 (since it's a monthly payment). The annual interest rate is 5%, so the monthly interest rate is 5% / 12 = 0.41667%. Therefore, the interest payment is $13,000 × 0.41667% = $54.17 (rounded to the nearest cent).