At the beginning of the year, Infodeo established its predetermined overhead rate for movies produced during the year by using the following cost predictions: overhead costs, $2,000,000,and direct labor costs, $500,000. At year-end, the companyâs records show that actual overhead costs for the year are $949,700.
Actual direct labor cost had been assigned to jobs as follows.
Movies completed and released $400,000
Movies still in production 36,000
Total actual direct labor cost $436,000
Required:
1) Determine the predetermined overhead rate for the year.
2) Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied.
3) Prepare the adjusting entry to allocate any over or underapplied overhead to Cost of Goods Sold.
Answers
Answer:
1. 400%
2. The overhead is over applied by $794,300
3. Account Debit Credit
Factory overhead $794,300
Cost of goods sold $794,300
Explanation:
Overhead costs = $2,000,000
Direct labor costs = $500,000.
1. To calculate the predetermined overhead rate, we use the formula
Predetermined overhead rate = \(\frac{Estimated Overhead}{Estimated Direct Labor Cost}\) × 100
= \(\frac{2,000,000}{500,000}\) × 100 = 400%
Therefore, Predetermined overhead rate = 400%
2. Applied overhead cost = Direct material cost × Predetermined overhead cost
Total direct labor cost = $436,000
Therefore, applied overhead cost = $436,000 × 400% = $1,744,000
Actual overhead costs = $949,700
Factory overhead = Applied overhead - Actual overhead
= $1,744,000 - $949,700
= $794,300
The overhead is over applied by $794,300
3. Account Debit Credit
Factory overhead $794,300
Cost of goods sold $794,300
Related Questions
Ronaldo’s manager told him, “Preliminary data suggest that our new fuel produces less air pollution than conventional fuels. However, we need to understand the total environmental impact of its production and use. I want you to perform a(n) ________ to quantify the total use of resources and total environmental releases, ‘cradle-to-grave,’ associated with our new fuel.”
Answers
An LCA life cycle assessment is the best solution.
What exactly is LCA?Life cycle assessment (LCA) is a procedure for evaluating the environmental risks associated with all stages of a retail venture, process, or service's life cycle. In the case of a manufactured product, for example, environmental impacts are evaluated from the extraction and processing of raw material (cradle), through manufacturing, distribution, and use, to recycling or disposal practices of the materials that comprise it (grave).
An LCA study includes a thorough inventory of the energy and materials required across the industry value chain of the product, process, or service, as well as the calculation of the corresponding emissions to the environment.
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Vivian's project manager has asked her to analyze the project requirements before finalizing them. What
should she look for and address during her analysis?
Select an answer:
requirements proposed by people who aren't project stakeholders
nice-to-have requirements
the shortest possible list of requirements
duplicate and inconsistent requirements
Answers
Answer:
Option B
Explanation:
In simple words, while analyzing for the requirements Vivian should take into consideration the present as well as future requirements that may arise. However the length of the analysis should be of reasonable size. The requirements of the relevant stakeholders should only be considered.
If the list is made too short than it may result in future problems of resources also the list should be made on a consistent nature. Thus, the correct option is B.
The thing that Vivian should look for and address during her analysis is to check for duplicate and inconsistent requirements.
In order for her to analyze the project requirements before finalizing them, it's important for her to look out for duplicate and inconsistent requirements.This is necessary in order for her to make sure that that the finance used in the project isn't inflated and that there are no inconsistencies.When she has done this and is certain that everything is okay, then the project can be finalized.In conclusion, the correct option is D.
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Selected current year company information follows:
Net income $15,953
Net Sales 712,855
Total liabilities, beginning-year 83,932
Total liabilities, end-of-year 103,201
Total stockholders' equity, beginning-year 198,935
Total stockholders' equity, end-of-year 121,851
Total asset turnover is:________.
a. 2.24 times
b. 2.81 times
c. 3.64 times
d. 4.67 times
e. 6.28 times
Answers
Answer:
b. 2.81 times
Explanation:
Calculation to determine Total stockholders' equity, end-of-year 121,851
Total asset turnover is:
First step is to calculate the Total assets
Beginning Ending
Total liabilities $83,932 $103,201
Total equity 198,935 121,851
Total assets $282,867 $225,052
Now let determine the Total asset turnover
Total asset turnover = $712,855/[($282,867 + $225,052)/2]
Total asset turnover= 2.81 Times
Therefore Total stockholders' equity, end-of-year 121,851
Total asset turnover is:2.81 Times
Describe why the facility should have an inventory
list of equipment.
Answers
so people don't buy the same things again & again
to see
whats in stock
where they are displayed
how many they have
keep track of inventory
plan for restocking
know which items are running low
asset value for accounting or financial purposes.
Overall, an inventory list of equipment is a fundamental tool for facility management, providing comprehensive oversight, efficient maintenance planning, cost control, compliance adherence, emergency preparedness, and facilitating decision-making processes. It streamlines operations, enhances asset management, and contributes to the overall productivity and functionality of a facility.
Keeping Track: An inventory list helps facility managers know what equipment they have and where it is located.
Taking Care: The list helps plan when to fix or maintain equipment so it stays in good condition.
Saving Money: By knowing what equipment they have, managers can avoid buying things they don't need and spend money wisely.
Following Rules: Some facilities have rules to follow, and the inventory list helps managers keep track of important things like safety checks and paperwork.
Being Ready for Emergencies: The inventory list helps managers know which equipment is important during emergencies like fires or storms.
Planning and Buying: The inventory list helps managers decide what new equipment to buy and make a budget.
Talking to Insurance and Money People: The inventory list helps when talking to insurance or money people because it shows what equipment the facility has and how much it's worth.
provides information about the administrative and clinical machines in the facility.
gives you more control over your business' assets.
equipments inventory list provides information about the administrative and clinical machines in the facility. This information is used by the provider, supervisor, and/or accountant for future planning and tax paperwork
Why should you begin a case analysis with a financial analysis? When are other approaches appropriate?
Answers
A case analysis should start with a financial analysis because it shows how significant the problem is for a company. The primary goal of a business is to make money. studying the firm's total success is thus achievable through studying its financial performance.
A financial analysis will not only help you understand your company's financial health, determining its creditworthiness, profitability, and ability to generate money, but it will also provide you a more in-depth look at how well it functions internally. Horizontal analysis, vertical analysis, ratio analysis, trend analysis, and cost-volume profit analysis are the five most popular approaches to financial statement analysis. Each method enables the creation of a more thorough and sophisticated financial profile.
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Which of the following line items appear on an income statement?
O Inventory
O Revenues
O Accounts Receivable
O Salaries and Wages Payable
Answers
Revenues appear on an Income statement.
The income statement, which is often referred to as the profit and loss statement (P&L) or the statement of revenue and expense, primarily focuses on the company's revenue and expenses for a specific time period. Understanding how to study an income statement is the greatest approach to evaluating a business and choosing whether or not to invest. Total income is the sum of operating and non-operating income, and total expenses are the costs associated with both primary and auxiliary operations. Receipts are not revenue. Earned revenue is shown on the income statement. Cash receipts (cash paid in or received) are not.
An income statement offers useful information about a company's operations, managerial effectiveness, underperforming industries, and performance in comparison to competitors.
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Based on comparable trading metrics, what is the implied enterprise value if the median P/E ratio is used as the basis for valuation? Review Later $315,618 $305,618 $295,618 $325,618
Answers
The comparable trading metrics show that the implied enterprise value if the median P/E ratio is used for valuation is $315,618.
How can the implied enterprise value be found?First, the value of equity needs to be found. Based on the market capitalizations, and the earnings, the P/E ratios for the companies are:
Company A = 22.77Company B = 22.05Company C = 16.65Company D = 32.54Company E = 23.51Using the median P/E ratio requires that we arrange the values:
= 16.65, 22.05, 22.77, 23.51, 32.54
The median P/E is 22.77.
The value of Equity is:
= Earnings x Median P/E
= 13,423 x 22.77
= $305,618
The enterprise value is:
= Market value of debt + Market value of equity - Balance in cash account
= 20,000 + 305,618 - 10,000
= $315,618
In conclusion, the implied enterprise value is $315,618
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In Vitroland, an open economy, the following data was obtained on the components of AD; C=0.5Y I= 1000 G= 3000 Z= 0.3Y X= 4000 a) Calculate the equilibrium income?
Answers
The equilibrium income in the open economy is given as : $16000
How to solve for the equilibrium incomeIn an open economy, the aggregate demand (AD) is made up of four components: consumption (C), investment (I), government spending (G), and net exports (X-M). The equation for AD in this case is AD = C + I + G + (X-M)
In this case, it is given that C = 0.5Y, I = 1000, G = 3000 and X = 4000, where Y represents equilibrium income or GDP. M is not given, so we will assume it is zero.
To calculate the equilibrium income, we can set AD equal to Y (since AD represents the total spending in the economy, and Y represents the total output or income) and solve for Y.
So, AD = C + I + G + (X-M) = 0.5Y + 1000 + 3000 + (4000-0) = 0.5Y + 8000
And we know that AD = Y.
Therefore, 0.5Y + 8000 = Y
Solving for Y, we get:
Y = 8000 / (1 - 0.5) = 8000 / 0.5 = 16000
So the equilibrium income or GDP in this case is 16000.
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Which of the following would not be considered as an example of industrialization
a. Replacement of human with mechanical skills
b . Improved economic organization
c . Improved extraction and working of raw materials
d. Increase in literacy
Answers
What is industrialization?
Industrialization is the local or global development of industrial activity. Replacement of human with mechanical skills would be an example of industrialization because in an industry, most of the labor is performed by automated machines rather than enforcing physicality. Think of it this way: during times where involuntary servitude was permitted, the North was industrial while the South required slaves. Improved economic organization would be an example of industrialization because through industry, economies are more efficient, accurate, and high-quality, while with physical labor, things are produced with less quality and efficiency. Improved extraction and working of raw materials is an example of industrialization because with industry, things like mass production and interchangeable parts can be used to increase how the economy thrives and survives.
Your final answer: An increase in literacy would not be an example of industrialization. If you need any extra help, let me know and I will gladly assist you.
A company wants to establish an assembly line for producing a new product, the Personal Digital Assistant (PDA). The tasks, task times, and immediate predecessors for the tasks are as follows: TASK TIME (sec) IMMEDIATE PREDECESSORS A 12 B 15 A C 8 A D 5 B, C E 20 D. Company goal is to produce 180 PDAs per hour. a. What is the cycle time? b. What is the theoretical minimum for the number of workstations that can achieve in this assembly line? c. Can the theoretical minimum actually be reached when workstations are assigned?
Answers
a. The critical path is A → B → D → E, which has a total task time of 12 + 15 + 5 + 20 = 52 seconds. Therefore, the cycle time is: cycle time = 3600 / (180/hour) = 20 seconds.
The theoretical minimum number of workstationsb. The theoretical minimum number of workstations can be calculated using the following formula:
number of workstations = total task time / cycle time
Using the values from part (a), we get:
number of workstations = 52 seconds / 20 seconds
= 2.6
Since we cannot have a fraction of a workstation, we round up to the next whole number, giving us a minimum of 3 workstations.
c. Depending on how the tasks are organized, it's possible that the theoretical minimum cannot be met when workstations are assigned. Workstation 1 would have a cycle time of 52 seconds, which is longer than the desired cycle time of 20 seconds, if all the tasks on the critical path were allocated to it and all the remaining tasks were distributed among workstations 2 and 3. We would need to allocate tasks to workstations in this situation so that the burden is balanced and the cycle time is minimized.
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Where can I buy Credit Card
Answers
Answer:
You can buy them anywhere gift cards are sold.
Explanation:
This would include Best Buy but also places like Walgreens, Walmart, Target, and the grocery store all sell them as well.
The Government using taxing and spending to stabalize the economy is called
Answers
Answer:
fiscal policy
Explanation:
Fiscal policy is the use of government spending and taxation to influence the economy. Governments typically use fiscal policy to promote strong and sustainable growth and reduce poverty.
You recently increased your spending on marketing by 10%. You now spend $5,500 per month. Revenue increased by $1000 per month and your gross margin percentage is 70%. All other expenses stayed constant. Did the increase pay off?
Answers
Which of these situations are more likely to happen in a GOOD economy?
A. Phyllis' Coffee, a new business, isn't able to innovate their
coffee making process because money is tight.
B. Carlos was able to finish a design bootcamp and
interview at many companies until he finds the job he likes
best.
C. Laila is settling for a job that she doesn't want but she
needs the money and there aren't any other options.
D. Thrills Park delays building the new roller coaster until
they can get a bank loan.
Answers
Answer:
I think
B. Carlos was able to finish a design bootcamp and
interview at many companies until he finds the job he likes
best.
Mr Munzara is a currency arbitrager for BE Forward, Tokohama. The spot rate this morning is ¥111.22/$ and early indications are that short term interest rates in the USA, 90 – day rates, are about to rise from their current level of 3.125%. The central bank of USA, the Fed, is worried about rising inflation and has been publicly considering raising interest rates 25 basis points (0.25%). The 90 – day forward rate to Munzara by local Japanese banks are roughly the same at ¥111.14/$. The current 90 – day yen euro-deposit rate of interest is 2.156%. Mr Munzara has ¥800 million at his disposal.
(a) How can Munzara make a profit through covered interest arbitrage?
(b) How much in yen can he hope to make in profit in 90 days?
(c) If future spot exchange rates were determined by interest rate differentials alone (that is, if the forward rate was a very good forecast of future spot exchange rates), what would Munzara expect the spot rate to be in 90 days if the USA Federal Reserve Bank does the expected?
(d) If Munzara’s expectation of the future spot rate is that of part (c), what profit could he expect to make from uncovered interest arbitrage?
Answers
1. Borrowing in yen: Munzara borrows ¥800 million from a Japanese bank at the current interest rate of 2.156% for 90 days.
2. Converting yen to dollars: Munzara converts the borrowed yen to dollars at the spot exchange rate of ¥111.22/$, which gives him approximately $7,188,893.23.
3. Investing in the US: Munzara invests the dollars in a US bank or financial instrument that offers an interest rate higher than the yen interest rate.
4. Converting back to yen: After 90 days, Munzara converts the matured investment and interest earnings back to yen at the 90-day forward rate of ¥111.14/$.
5. Repaying the yen loan: Finally, Munzara repays the yen loan, including interest, to the Japanese bank.
The difference between the amount received in step 4 and the amount repaid in step 5 represents the profit from covered interest arbitrage.
(b) To calculate the profit in yen, we need to consider the interest earned on the dollar investment. Assuming Munzara finds a US investment offering a 90-day interest rate higher than 2.156%, we can estimate the profit after 90 days by subtracting the yen loan repayment from the dollar investment and interest converted back to yen at the 90-day forward rate.
(c) If future spot exchange rates were determined solely by interest rate differentials, and assuming the forward rate is an accurate predictor, Munzara would expect the spot rate in 90 days to be ¥111.14/$. This expectation is based on the assumption that the interest rate differential between the US and Japan would be reflected in the forward rate.
(d) If Munzara's expectation of the future spot rate is ¥111.14/$, and he engages in uncovered interest arbitrage, it means he speculates on the future spot rate without covering his position. If the actual spot rate in 90 days turns out to be ¥111.14/$, there would be no profit or loss from uncovered interest arbitrage, as his speculation aligns with the spot rate.
On January 1, 2017, Culver Company issued 10-year, $2,060,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Culver common stock. Culverâs net income in 2017 was $291,000, and its tax rate was 40%. The company had 108,000 shares of common stock outstanding throughout 2017. None of the bonds were converted in 2017.Required:(a) Compute diluted earnings per share for 2017. (Round answer to 2 decimal places, e.g. $2.55.)(b) Compute diluted earnings per share for 2017, assuming the same facts as above, except that $1,080,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Culver common stock.
Answers
When a group accepts an alternative in order to end a meeting, the group has reached a(n) __________ decision
Answers
When a group accepts an alternative in order to end a meeting,
they are believed to have reached a satisficing decision.
What is Satisficing?This is regarded as a decision-making strategy which involves
looking for better alternatives till an adequate result is
achieved.
It is common with group of people as most don't like the idea of
meetings so a satisficing approach is involved to ensure
exploration of other alternatives and a conclusion of the
meeting.
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Midwest Corporation has provided the following data concerning manufacturing overhead for 2020: Estimated manufacturing overhead for the year$30,000 Estimated direct labor hours for the year 2,000 Two jobs were worked on during the year: Job A-101 and Job A-102. The number of direct labor-hours spent on Job A-101 and Job A-102 were 1,200 and 1,000, respectively. The actual manufacturing overhead was $37,000. What was the amount of manufacturing overhead applied to Job A-101
Answers
Answer:
$18,000
Explanation:
The computation of the amount of manufacturing overhead is shown below:
But before that first determine the overhead rate which is
= $30,000 ÷ 2,000
= $15
Now the amount of manufacturing overhead applied for Job A-101 is
= $1,200 × $15
= $18,000
Hence, the amount of applied manufacturing overhead is $18,000
The amount of manufacturing overhead applied to Job A-101 is $18,000.
First step is to calculate the Predetermined MOH
Predetermined MOH= $30,000 ÷ 2,000
Predetermined MOH= $15
Second step is to calculate the manufacturing overhead applied
Job A-101 Manufacturing overhead= $1,200 × $15
Job A-101 Manufacturing overhead= $18,000
Inconclusion the amount of manufacturing overhead applied to Job A-101 is $18,000.
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You can earn 3% interest on a CD and 1.25% interest on a savings account.
How much more interest will the CD earn for one year if you make a deposit of
$1,650?
Financial Lit, please help!!
Answers
Answer:
The CD will earn $49.50 more interest than the savings account for one year if you make a deposit of $1,650.
Why is it overspend when you don't pay with cash?
Answers
Answer:
When you do not pay with cash, you are more likely to overspend since the money is conveniently accessible. With the swipe of a card, you may effortlessly pay for what you require. When you carry cash, you have a limit there in front of you, and you will do your best not to spend too much since that is all you have.
Use the drop-down menu to select the qualification best demonstrated in each example. Virgil is on time every day to his job as a Packaging Machine Operator. Lily analyzes a product's supply chain to identify ways to make it more efficient. Chase manages shipping schedules so products are sent on time. Zaida helps another worker get products ready for shipping.
Answers
Answer:
Dependability, critical-thinking skills, organizational skills, and teamwork.
Explanation:
I got it right.
Answer:
Noting here you answer is UP there ↑↑↑↑
Explanation:
Should meetings always follow a strict agenda? Why or why not?
Answers
Answer:
Yes, they should because if you have a strict schedule no one will get confused about the times, everyone else knows what to expect and do.
Explanation:
why would you use computer-aided design (cad) software?
Answers
Answer:
CAD enables the development, modification, and optimization of the design process. CAD enables the development, modification, and optimization of the design process. Thanks to CAD, engineers can make more accurate representations and modify them easily to improve design quality.
Explanation:
Answer: To re-create the layout of a space before actually moving anything.
Explanation: took the quiz
Explain how utility could be used in a decision where performance is not measured by monetary value
Answers
Utility can be applied in decision-making situations where performance is not solely measured by monetary value.
Utility is a concept that can be used in decision-making scenarios where performance or outcomes are not solely measured by monetary value.
Utility refers to the satisfaction, well-being, or value that an individual derives from a particular outcome or alternative. It provides a framework for decision-makers to consider non-monetary factors and subjective preferences.
In situations where performance is not easily quantifiable in monetary terms, utility can be used to assign subjective values or preferences to different outcomes. Decision-makers can assess the potential utility or satisfaction associated with each alternative and choose the option that maximizes overall utility.
For example, let's consider a decision regarding the selection of a vacation destination. The performance in this case is not directly measured by monetary value, but rather by the level of enjoyment and personal preferences.
Utility theory can be applied by evaluating the potential utility associated with each destination based on factors such as climate, cultural experiences, outdoor activities, and personal interests. Decision-makers can assign subjective values or rankings to these factors and consider their individual utility weights.
By considering utility, decision-makers can make choices that align with their personal preferences and maximize their overall satisfaction or well-being. They may prioritize destinations that offer experiences they value the most, even if it comes at a higher cost or involves trade-offs with other factors.
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16) When supply is fixed or the product is unique, then price is A) supply determined. B) demand determined. C) government determined. D) indeterminate.
Answers
Answer: B) demand determined.
Explanation:
If the supply of a good is fixed or the product is of a unique kind, the price of the good will be determined by the amount of demand for it.
Normally supply can change based on the quantity demanded which will impact prices but if the supply is definite, this means that the supply curve is inelastic and the only curve that can affect price therefore is the demand curve.
If more people demand the good, it will increase in price and if less people demand it, it will fall in price.
Market culture is controlled and has an internal focus
Answers
A marketplace culture has a strong external focus and values balance and control whereas a hierarchical culture has an internal focus and values balance and manipulation over flexibility.
What do you mean by market culture?A marketplace culture is a sort of company tradition that emphasizes competitiveness now no longer only among the corporation and its marketplace competition but additionally among employees.
The marketplace version is the maximum competitive and capitalistic of the four common corporate culture models.
Hence, A marketplace culture has a strong external focus and values balance and control whereas a hierarchical culture has an internal focus and values balance and manipulation over flexibility.
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Need answered quickly....Please Help!
3. According to the Theory of Liquidity Preference, a fall in the price level reduces the amount of money that people wish to hold. As a result, falling interest rates stimulates investment spending and aggregate demand. Give an example of this and explain.
Answers
Answer:
The liquidity trap occurs when interest rates are at or close to 0%, but people still hoard cash instead of spending or investing it, hampering monetary ...
Explanation:
An increase in the money supply reduces the equil interest rate for any given price level. Because a lower interest rate stimulates investment spending, ...
Given the following information, calculate the ceiling price: target price=$193; government share of overrun-40/60; CRM-$180; target cost: $170.
O $200
$197
$203
$193
Answers
Answer: $185.33.
Explanation: Given the provided information:
Target Price = $193
Government Share of Overrun = 40/60 (or 4/6)
Target Cost = $170
Ceiling Price = $170 + (4/6 * ($193 - $170))
Ceiling Price = $170 + (4/6 * $23)
Ceiling Price = $170 + (2/3 * $23)
Ceiling Price = $170 + $15.33
Ceiling Price ≈ $185.33
Therefore, the ceiling price is approximately $185.33.
Is investing in stocks something you plan on doing? Why or why not?
Answers
Answer:
yea I already do it and mad we 6 million you just have to be smart and not go for short term go for long term growth
Refer to Figure 7-24. If 6 units of the good are produced and sold, then
Group of answer choices
the sum of consumer surplus and producer surplus is maximized.
the marginal value to buyers equals the marginal cost to sellers.
efficiency is achieved in this market.
All of the above are correct.
Answers
If 6 units of the good are produced and sold, then, the sum of consumer surplus and producer surplus is maximized. the marginal value to buyers equals the marginal cost to sellers. Option D is correct. All of the above efficiency is achieved in this market.
What is consumer surplus?Generally, When the price that customers pay for a good or service is lower than the price that customers are willing to pay for that good or service, this results in a consumer surplus.
It is a measurement of the extra advantage that customers obtain because the price that they are paying for something is lower than the price that they were willing to pay in the first place.
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