Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Case A Case B Direct materials used $enter a dollar amount (a) $93,400 Direct labor 56,000 146,100 Manufacturing overhead applied 44,800 enter a dollar amount (d) Total manufacturing costs 150,150 enter a dollar amount (e) Work in process 1/1/20 enter a dollar amount (b) 16,800 Total cost of work in process 205,900 enter a dollar amount (f) Work in process 12/31/20 enter a dollar amount (c) 15,400 Cost of goods manufactured 194,300 enter a dollar amount (g)
Answers
Answer and Explanation:
As per the given question the solution of missing amount for each letter is provided below:-
Case A Case B
Direct material used a $49,350 $93,400
Direct Labor $56,000 $146,100
Manufacturing overhead
applied $44,800 d $116,880
Total manufacturing
cost $150,150 e $356,380
Work in process 1/1/20 b $55,750 $16,800
Total cost of work in
process $205,900 f $373,180
Work in process
12/31/20 c $11,600 $15,400
Cost of goods
manufactured $194,300 g $357,780
Working Note
a. Direct materials used = Total manufacturing costs - Manufacturing overhead applied - Direct labor
= $150,150 - ($56,000 + $44,800)
= $150,150 - $100,800
= $49,350
b. Works in process 1/1/20 = Total cost of works in process - Total manufacturing costs
= $205,900 - $150,150
= $55,750
c. Works in process 12/31/20 = Total cost of works in process - Cost of goods manufactured
= $205,900 - $194,300
= $11,600
d. Manufacturing overhead applied = $44,800 ÷ $56,000
= 80%
For case B the manufacturing overhead applied = 80% × $146,100
= $116,880
e. Total manufacturing costs = Direct materials used + Direct Labor + Manufacturing overhead applied
= $93,400 + $146,100 + $116,880
= $356,380
f. Total cost of work in process = Total manufacturing costs + Works in process 1/1/20
= $356,380 + $16,800
= $373,180
g. Cost of goods manufactured = Total cost of work in process - Works in process 31/12/20
= $373,180 - $15,400
= $357,780
Therefore to reach the missing amounts we simply use the working notes.
The value of the direct material used is $49,350.
Based on the information given, the values for each question will be calculated below:
The direct materials used will be:
= Total manufacturing costs - Manufacturing overhead applied - Direct labor
= $150,150 - ($56,000 + $44,800)
= $150,150 - $100,800
= $49,350
The works in process 1/1/20 will be:
= Total cost of works in process - Total manufacturing costs
= $205,900 - $150,150
= $55,750
The value of the works in process 12/31/20 will be:
= Total cost of works in process - Cost of goods manufactured
= $205,900 - $194,300 = $11,600
The value of the manufacturing overhead applied will be:
= $44,800 / $56,000 = 80%
For case B the manufacturing overhead applied will be calculated as:
= 80% × $146,100
= 0.8 × $146100
= $116,880
The total manufacturing costs will be:
= Direct materials used + Direct Labor + Manufacturing overhead applied
= $93,400 + $146,100 + $116,880 = $356,380
The total cost of work in process will be:
= Total manufacturing costs + Works in process 1/1/20
= $356,380 + $16,800 = $373,180
The cost of goods manufactured will be:
= Total cost of work in process - Works in process 31/12/20
= $373,180 - $15,400 = $357,780
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Related Questions
Traditional marketing revolves around the 4 Ps:
Answers
Traditional marketing revolves around the 4 Ps, which are Product, Price, Place, and Promotion.
These elements form the foundation of a marketing strategy for businesses.
Product: Refers to the goods or services that a company offers to its customers. It involves defining the features, design, and quality of the product.
Price: Involves determining the cost of the product or service and finding the right pricing strategy that aligns with customer expectations and market conditions.
Place: Focuses on selecting the distribution channels and locations where the product will be available for customers to purchase. It includes decisions related to retail outlets, online platforms, or direct sales.
Promotion: Involves the activities undertaken to promote and create awareness about the product. It includes advertising, public relations, sales promotions, and other marketing communication strategies.
These 4 Ps provide a framework for businesses to analyze and optimize their marketing efforts to meet customer needs, increase sales, and achieve overall business objectives.
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why banks exist as financial intermediaries.
Answers
Answer:
Banks act as financial intermediaries because they stand between savers and borrowers. Savers place deposits with banks, and then receive interest payments and withdraw money. Borrowers receive loans from banks and repay the loans with interest.
Explanation:
;)
B. If as the price of good Y rises from $1.25 to $1.35, the quantities demanded of good X become those shown in column 4, it can be concluded that X and Y are (substitute, complementary) ____________________ goods.
Answers
Answer:
If the fall in price of good Y causes demand for good X to fall as well, the goods Y and X are complementary.
Explanation:
Complementary goods are those goods that people tend to buy together, since, as the word implies, they fulfill complementary purposes.
An example of two complementary goods are BBQ Sauce and Meat.
Meat is often used to grill/roast, and it is accompanied with BBQ Sauce. If BBQ Sauce price goes down, it is likely that more of it will be bought as well as more meat. The opposite occurs if the price of either good goes up. Hence, both goods are complementary.
Angela deposited her money in a credit union bank. One day, she finds that the bank deposited her paycheck to the wrong account, causing the account to become overdrawn. Which legal responsibility has Angela’s bank failed to uphold?
A.
the responsibility to keep her money safe
B.
the responsibility to reach the correct account upon payment
C.
the responsibility to notify customers regarding the money deposited or withdrawn
D.
the responsibility to issue an account statement listing all transactions over the past year
E.
the responsibility to protect customers’ money
Answers
Answer:
The correct answer is the responsibility to notify the customers regarding the money deposited or withdrawn by which this could have been prevented if the bank were able to provide the details that the money she had deposited were safely placed on her account and not on someone else’s. So, the answer is c.
Answer:
It's C. the responsibility to notify customers regarding the money deposited or withdrawn
Explanation:
Patricia missed the April 30th due date in filing her tax return for the first time. Eventually, she
filed her tax return 6 months after the due date.
How much fines (total for both penalty and interest) will Patricia pay on her taxes owing of
$1,000 to CRA?
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The fines (total for both penalty and interest) will Patricia pay on her taxes owing of $1,000 to CRA will be $30.
What is a Tax?A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
Taxes differ from other sources of revenue in that they are compulsory levies and are unrequited—i.e., they are generally not paid in exchange for some specific thing, such as a particular public service, the sale of public property, or the issuance of public debt.
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12. Paid Office Station Co. for part of the debt incurred on April 5, $1,200. 12. Provided services on account, $4,200.
Answers
1. Paid Office Station Co. for part of the debt incurred on April 5, $1,200.
Debit: Accounts Payable - Office Station Co.$1,200
Credit: Cash $1,200
2. Provided services on account, $4,200.
Debit: Accounts Receivable $4,200
Credit: Service Revenue $4,200
To pay off the remaining balance owing to Office Station Co., a debit is sent to the accounts payable account. To account for the cash outflow, the Cash account is credited. This journal entry records the settlement of a portion of the debt incurred on April 5 with Office Station Co.
The acknowledgment of revenue for services rendered to a client on the account is represented by this journal entry. To reflect the increase in the amount due by the client, the Accounts Receivable account is debited.
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The complete question is probably
Write journal entries
12. Paid Office Station Co. for part of the debt incurred on April 5, $1,200. 12. Provided services on account, $4,200.
Periodic inventory by three methods
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown below:
1> determine the inventory on march 31 for the period and COGS using FIFO
2. determine the inventory on march 31 for the period and COGS using LIFO
3. Determine the inventory on March 31 for the period and COGS using weighted avg unit (round nearest cent)
4. compare cross profit for the inventories
Answers
1. Merchandize inventory, March 31; 1,010, 625. Cost of Merchandize sold; 10, 891, 875.
2. LIFO, Ending Inventory = 881, 250. Cost of goods sold = 11, 021, 250
3. Weighted average, Ending inventory = 981, 000. Cost of goods sold = 10, 921, 500
4. FIFO LIFO Weighted Average
sales 19, 875, 000 19, 875, 000 19, 875, 000
Cost of goods 10, 891, 875 11, 021, 250 10, 921, 500
Gross profit 8, 983, 123 8, 853, 750 8, 953, 500
Inventory March 31, 1, 010, 625 881, 250 981, 000
How to calculate FIFO and LIFO?
To calculate LIFO (Last In, First Out) and FIFO (First In, First Out), Ending Inventory, and Cost of Goods Sold, you need to have information on the cost of goods, the quantity of goods sold, and the quantity of goods remaining in inventory.
Calculate the cost of goods sold (COGS) using LIFO method:
Identify the cost of the most recent purchases and multiply them by the number of units sold.
Add the cost of the previous purchases to the remaining inventory at the end of the period.
Which is 7500 x $75 + 3750 x $85 = 881, 250
Calculate the ending inventory:
For LIFO: The remaining inventory is the cost of the earliest purchases.
Which is 11902500 - 881250 = 11, 021, 250
To calculate the weighted average;
Ending inventory: $11,250 x 87.20 = 981 000
Cost of goods sold: $ 11902500 - 981000 = $10, 921, 500
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Which of the following statement is not true for capital budgeting?
O a. Capital budgeting decisions are reversible in nature,
O b. Business expansion decision is a capital expenditure dedision,
O a Capital budgeting decisions affect the future stability of the firm
O d. Sunk cost is an irrelevant cost in capital budgeting
Answers
Answer:
a.
or Opportunity costs are excluded
Explanation:
Capital budgeting decisions involve huge funds and are long term decisions. As they involve huge costs one wrong decision would have a big effect on the business. They include all the potential expenses/costs. It includes opport
unity cost, actual cost, incremental and relevant cash flows. It does not include sunk costs.
The wrong statement is sunk cost is an irrelevant cost in capital budgeting.
What is capital budgeting?Capital budget is a budget meant for the continuous maintenance of the asset of an organization.
The assets involve in capital budgeting are :
LandBuildingEquipmentHence, the wrong statement is sunk cost is an irrelevant cost in capital budgeting.
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Compute the current liquidity ratio for the company. And analyze the ratios
Answers
The current ratio is 0.65. The current ratio is less than one and it means that the current assets is insufficient to meet the current liabilities of the firm.
What is the current ratio?
Liquidity ratios measure a firm's ability to honour its short terms obligations. Current ratio is an example of a liquidity ratio.
The higher the current ratio, the higher the firm's liquidity and its ability to meet short term obligations.
Current ratio = current asset /current liability
Current asset in 2004 = (26,400/15,600) - 1 = 0.69
Current liabilities in 2004 = (13,160 / 6400) - 1 = 1.06
Current ratio = 0.69 / 1.06 = 0.65
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Sweet Catering completed the following selected transactions during May 2016:
May 1: Prepaid rent for three months, $2,700 May 5: Received and paid electricity bill, $170
May 9: Received cash for meals served to customers, $2,300
May 14: Paid cash for kitchen equipment, $2,700
May 23: Served a banquet on account, $2,000
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $1,300
May 31: Recorded depreciation for May on kitchen equipment, $180
Required:
If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May?
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Answer:
ask the internet
Explanation:
to get your answer hope this was helpful to you
Temperature and Chemicals are used in which process?
Answers
Answer:
Cooking
Explanation:
because cooking use heat. heat is a temperature and chemicals is gas.
Lunar coast Incorporated issued BBB bonds two years ago that provided a yield to maturity of 12.5 percent. Long-term risk-free government bonds were yielding 8.5 percent at that time. The current risk premium on BBB bonds versus government bonds is half of what it was two years ago. If the risk free long-term government bonds are currently yielding 7.8 percent, then at what rate should Lunar coast expect to issue new bonds?
Answers
Answer:
9.8%
Explanation:
Calculation to determine the what rate should Lunar coast expect to issue new bonds
First step is to calculate the previous risk premium, RPBBB
RP BBB= 12.5% - 8.5%
RP BBB= 4%
Second step is to calculate the previous risk premium new RP BBB:
New RP BBB= 4%/2
New RP BBB= 2%.
Now let calculate the new YTM on BBB bonds: YTM BBB= 7.8% + 2%
YTM BBB= 9.8%
Therefore The rate that that Lunar coast should expect to issue new bonds is 9.8%
It took MegaTech, Inc., 100,000 labor-hours to produce the first of several oil-drilling rigs for Antarctic exploration. Your company, Natural Resources, Inc., has agreed to purchase the fifth (steady-state) oil-drilling rig from MegaTech’s manufacturing yard. Assume that MegaTech experiences a learning rate of 80%. At a labor rate of $35 per hour, what should you, as the purchasing agent, expect to pay for the fifth unit?
Answers
Mega Tech experiences a learning rate of 80%. At a labor rate of $35 per hour, I should as the purchasing agent, expect to pay for the fifth unit is $2,086,000.
A purchasing agent is a manager who aids in the choice and acquisition of goods and services. This is accomplished through compiling information about suppliers, costs, and goods, as well as screening it. Additionally, the agent has the authority to issue purchasing contracts, request vendor bids, and more.
Considering that Company MT learns at a rate of 80%
Work hours equal 100,000 hours.
$35 per hour labor rate
Observation: The fourth unit learning curve coefficient is listed in the learning curve table as 0.596.
According to the formula, the fifth unit is made up of:
Tn = T1C
T5 = 100.000 x 0.596
= 59,600 hours
Multiplying the hours by the hourly rate yields the cost:
T = 59.600 X ($35/hour) = 2,086.000
Consequently, as a purchasing agent, it is reasonable to anticipate paying $2,086,000 for the fifth unit.
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Budgeted amount: 0.5 machine hours per (MH) unit Variable overhead rate is $15 per MH Fixed overhead rate is $40 per MH Budgeted fixed overhead is $600,000 Actual amounts: Variable overhead incurred is $190,000 Fixed overhead incurred is $630,000 MH used is 11,000 Actual output is 20,000 units What is the Fixed Overhead Volume Variance
Answers
Answer:
Fixed overhead volume variance = $200,000 Favorable
Explanation:
The fixed overhead volume variance is the difference between the actual and budgeted production unit multiplied by the standard fixed production overhead cost per unit
Units
Budgeted units 15,000
Actual units 20,000
Variance 5,000
Fixed overhead rate per unit × $40
Fixed overhead volume variance $200,000
four types of visual aids
Answers
Answer:
FOUR types of visual aids are, but not limited to, physical samples, models, handouts, pictures, videos.
Noor withdrew $1,000 cash from the business.
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Answer:
i dont get it
Explanation:
COMPLETE ANSWER
THE ANSWER TO THE QUESTION IS I'M GOING TO VOTE BRAINLIEST
YOU NEED TO PROVE YOUR ANSWER
Direction: Read each statement carefully. Write True in the blank if the statement is right and False if it is wrong and prove it.
3. Poor corporate image is a strength of the firm.
4. Money is the lifeblood of every business.
5. Customers are the king of the market.
6. Demographic aspects are the characteristics of the people in which the organization can be found.
7. Macro and micro environment are types of internal environment.
8. Technological includes the use of robots and online commerce.
9. Improper plans and policies help the firm to accomplish its objectives.
10. Socio-cultural are the characteristics of the population of a certain place.
Answers
Answer:
true
false
false
true
true
true
false
false
Explanation:
most of the true questions are statements that can be proven so all u have to put is true ,a statement that can be proven and on the false ones just put , they are opinions
If you want a higher interest rate and need to make only a few transactions per month, which type of account should you choose?
A. Checking account
B. Certificate of Deposit
C. Savings account
D. Money market account
Answers
Savings account is a account in which if we want a higher interest rate and need to make only a few transactions per month.
What is Savings account?A savings account is a basic type of bank account that allows you to deposit money. You can withdraw your money from it, and most banks pay you compounding interest on the balance of these accounts. The purpose of a savings account is to provide a safe place to stash the money you're not using for regular expenditures. Many banks, credit unions, and other financial institutions offer savings accounts in addition to other accounts.
What are Alternatives to Savings Accounts?Online Savings Accounts-Online- Only accounts are a great option for higher earnings and lower fees. The result of lower fees is that you can find many of the highest-yield savings accounts at online banks. Many online banks also allow you to get started with no minimum deposit, though some of the higher-yielding accounts require larger deposits. Money Market Accounts- Like savings accounts, money market accounts pay interest on your deposits and limit how often you can make certain transfers. However, they typically pay more than savings accounts, and it's easier to spend your money.
What interest?Interest is the price you pay to borrow money or the cost you charge to lend money. Interest is most often reflected as an annual percentage of the amount of a loan. This percentage is known as the interest rate on the loan. For example, a bank will pay you interest when you deposit your money in a savings account
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Paula weeded 40% of her garden in 8 minutes. How many minutes will it take to weed all of her garden at this rate ?
Answers
Answer:
3.2
Explanation:
when we get the 8 minutes and multiply
the rate which is 40% we get 3.2. 8*40/100=3.2 minutes.
When writing a sales message in which price is an issue, what can you do to reduce resistance? Check all that apply.
Answers
Answer:
1. Explain your pricing structure
2. Focus on the value of your product or service
3. Compare your prices to the competition
4. Offer a discount or free trial
5. Give away free gifts or prizes.
These all sound like great ways to reduce resistance. However, it is always important to be honest and transparent in all marketing and sales messages. If you cannot offer a free trial or discount, then don't.
Explanation:
The ideal bedroom temperature is one that is warm enough to be comfortable but cool enough to
allow your body temperature to decline as yol fall asleep.
True
False
Answers
the ans is false becauseThe ideal temperature for sleep is about 65°F (18.3°C), give or take a few degrees. Our body temperature naturally drops a little during sleep, and a cool — but not cold — sleeping environment is ideal to have a good night's sleep. When it's too hot, you're more likely to toss and turn, which disrupts your sleep.
It is true that the ideal bedroom temperature is one that is warm enough to be comfortable but cool enough to sleep.
The ideal bedroom temperature is around 60 and 67°F and at this point:
the bedroom will be warm enough that you don't feel uncomfortable from too much coldcold enough that your body's internal temperature is able to drop enough for you to get a good sleepIn conclusion, the ideal bedroom temperature should be average but on the cool side so that your body temperature can drop enough to allow a good rest.
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100 pts
The table identifies how many thousands of units of corn and diamonds the United States and Congo can produce in one week. Use this data to answer the question that follows.
Corn
Diamonds
United States
60
10
Congo
20
5
Which statement is true based on the data table?
The United States should specialize in diamonds and trade for corn.
The United States should specialize in corn and trade for diamonds.
Congo should specialize in corn and trade for diamonds.
Congo should specialize in both corn and in diamonds.
Answers
Answer:
In view of the units of corn and precious stones delivered by the US, the open-door cost of creating corn is B. 10⁄60.
What is the open-door cost of delivering corn?
The open-door cost of delivering corn to the US would be the number of precious stones that are surrendered to make one unit of corn.
This can be found as:
= Units of jewels/Units of corn
= 10/60 jewels
All in all, choice B is right.
Answer:
B) The United States should specialize in corn and trade for diamonds.
Explanation:
I got it right on the test
what is the difference between accrual and realization concept in accounting
Answers
Realization:- in layman terms realization is the receiving of the money that had accrued. For example, when you pay the auto fare, that is realization
which of the following is a step in the marketing process
Answers
customer needs and want
b) Designing A customer-Driven Marketing strategy
c) Build profitable relationships
d) capturing value from customers
Jorge has a new job in an office. Which of the following safety procedures will he most likely need to learn?
Answers
Answer: D) How to exit safely in the event of a fire
Explanation:
What is the main reason that people purchase insurance policies?
A. they want to reduce the cost of their student or personal loans.
B. They want to avoid paying for major unexpected expenses.
C. They want to avoid increasing their monthly premiums
D. They want to invest money in insurance to grow it over time
Answers
Option B is correct. The main reason that people purchase insurance policies is because they want to avoid paying for major unexpected expenses.
What is an insurance policies?An insurance policy can be defined a contract between the insurer and the policyholder which determines the claims which the insurer is legally required to pay. The policy is enforced in an exchange for an initial payment known as the premium in which the insurer promises to pay for loss caused by perils covered under the policy language.
Most of the insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Because these insurance policies are standard forms, they often feature boilerplate language which is similar across a wide variety of different types of insurance policies.
Some examples of the popular insurance policies includes a Life Insurance, Health Insurance, Disability Insurance, Homeowner's Insurance, Automobile Insurance, Liability Insurance etc,
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Warren Buffet opposes stock splits to lower the share price because he believes:________.
a. lower share price will encourage other companies to try to take over the company from existing shareholders.
b. lower stock price encourages short term investing, whereas he is looking for long-term investors.
c. stock splits encourage long-term investing, which is detrimental to his firm's investment policy.
d. lower share price indicates poor growth prospects..
Answers
Answer:. b. lower stock price encourages short term investing, whereas he is looking for long-term investors.
Explanation:
Warren Buffet has stated that he does not want to split Berkshire Hathaway's stock because he believes that it would attract short term investors whereas he is looking for long term investors. He believes that a stock being split makes it susceptible to investors who just want to buy it for the meantime, wait for it to appreciate a bit and then sell. He however prefers Companies with a long term potential so he prefers people investing for the long run.
what is the minimum wage for SA
Answers
the new National Minimum Wage for South Africa has been made public by the Department of Employment and Labour. Starting on March 1st, 2023, the current minimum wage of R23,19 per hour will increase to R25,42 per hour (an increase of around 9,6%).
The minimal amount of compensation that an employer is compelled to pay wage earners for the job completed during a particular period, which cannot be reduced by a collective agreement or an individual contract, is referred to as the "minimum wage."The South African government may impose penalties on employers who fail to pay the minimum wage. If a defined weekly wage is used, the monthly wage is multiplied by 4.33. If an hourly rate is specified, it is computed as 4.33 times the weekly average.
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What accounting book is used to capture changes to the trial balance
Answers
The accounting book used to capture changes to the trial balance is the general Journal.
The general journal is a chronological record of all financial transactions that affect account balances, including adjustments and corrections. It is where entries are first recorded before being posted to the appropriate accounts in the general ledger.
Journal entry refers to the process of entering business transactions in a journal called a Journal, which is then used to prepare the company's financial statements. The journal data will be extracted in order to create a ledger report.
The general journal assists in maintaining an accurate and full record of all modifications made to the trial balance, assuring the accounting system's integrity.
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If Chelsea decides to wait two years
before making the down payment,
instead of one, how much money
will she have after two years?