Business, 07.11.2019 20:31 itsshyraa

Floral foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. at the beginning of the year, the company expected to incur the following: manufacturing overhead costs. . . . $640,000direct labor cost. . . . . . . . . .$1,600,000machine hours. . . . . . . . . . .80,000at the end of the year, the company had actually incurred the following: direct labor cost. . . . . . . . . . . . . . $1,190,000depreciation on manufacturing plant andequipment. . . . . . . . . . . . $490,000property taxes on plant. . . . . . . . . . . $19,500sales salaries. . . . . . . . . . . . . . . $24,000delivery drivers' wages. . . . . . . . . . . $16,500plant janitors' wages. . . . . . . . . . . . $8,500machine hours. . . . . . . . . . . . . . .56,000 hoursfloral's accountant found an error in the expense records from the year reported. depreciation on manufacturing plant and equipment was actually$400,000 not the $490,000 that had originally been reported. the unadjusted cost of goods sold balance at year-end was$570,000 the manufacturing overhead allocated to jobs was$448,000read the requirementsprepare the journal entry to record manufacturing overhead costs incurred.2.prepare the journal entry to record the manufacturing overhead allocated to jobs in production.3.use a t-account to determine whether manufacturing overhead is underallocated or overallocated and by how much.4.record the entry to close out the underallocated or overallocated manufacturing overhead.5.what is the adjusted ending balance of cost of goods sold? prepare the journal entry to record manufacturing overhead costs incurred. (record debits first, then credits. exclude explanations from any journal entries.)

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 21:00

The management of a private investment club has a fund of $250,000 earmarked for investment in stocks. to arrive at an acceptable overall level of risk, the stocks that management is considering have been classified into three categories: high risk (x), medium risk (y), and low risk (z). management estimates that high risk stocks will have a rate of return of 15%/year; medium risk stocks, 10%/year; and low risk stocks, 6%/year. the amount of money invested in low risk stocks is to be twice the sum of the amount invested in stocks of the other two categories. if the investment goal is to have a rate of return of 9% on the total investment, determine how much the club should invest in each type of stock. (assume that all the money available for investment is invested.)

Answers: 3

Answer

Business, 22.06.2019 03:00

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the companyâ€™s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

Answers: 2

Answer

Business, 22.06.2019 09:00

Your grandmother told you a dollar doesn't go as far as it used to. she says the purchasing power of a dollar is much lesser than it used to be. explain what she means. try and use and explain terms like inflation and deflation in your answer.

Answers: 1

Answer

Business, 22.06.2019 15:10

Popeye produces 20 cans of spinach in 8 hours. wimpy produces 15 hamburgers in 10 hours. if each hamburger trades for 1.5 cans of spinach, then: a.wimpy’s production and productivity are greater than popeye’s. b.popeye’s production is greater than wimpy’s, but his productivity is less. c.wimpy’s production is greater than popeye’s, but his productivity is less. d.popeye’s production and productivity are greater than wimpy’s.

Answers: 3

Answer

You know the right answer?

Floral foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual j...

Questions