Answer:
Please see answers below
Explanation:
1a . Allocate the joint cost to the joint products
The allocation rate will be computed as follows:
Allocation cost = Total cost / Total number of pounds ( Drumstick + Breast)
= $17,500 + $3,648 / 4,400 + 6,200
= $21,148 / 10,600
= $2.0
Allocation costs of
Drumstick = Allocation rate × Drumstick
= $2.0 × 4,400
= $8,800
Chicken breast = Allocation rate × Chicken breast
= $2.0 × 6,200
= $12,400
Total cost = $8,800 + $12,400 = $21,200
2a. Market price per pound of drumstick $1.85
Market price per pound of chicken breast $2.70
The revenue for drumstick is computed as;
= 4,400 × $1.85
= $8,140
The revenue for chicken breast is computed as;
= 6,200 × $2.70
= $16,740
Compute gross margin.
Gross margin = Revenue cost - Allocation cost
Drumstick = $8,140 - $8,800 = ($660)
Chicken breast = $16,740 - $12,400 = $4,340
3a. No. This is because the drumstick can be eliminated due to the loss they are incurring, hence contribute to the total joint cost
3b. Compute reallocation rate as;
Rate = Total allocation / Total market value of drumstick + Chicken breast
= $21,200 / (4,400 × $1.85) + (6,200 × $2.7)
= $21,200 / $8,140 + $16,740
= $21,200 / $24,880
= $0.85
Compute the market cost of;
Drumstick = $0.85 × 4,400 × $1.85
= $6,919
Chicken breast = $0.85 × 6,200 × $2.70
= $14,229
3b2 Compute gross profit margin for each
Drumstick = $8,140 - $6,919
= $1,221
Chick breast = $16,740 - $14,220
= $2,520
A mixed economic system incorporates aspects of both centralized command and control and a decentralized pricing mechanism. Does the United States have a mixed economic system? Explain your answer.
Answer: Yes. The United States has a mixed economic system.
Explanation:
A mixed economic system has the features of both capitalism and socialism. It consists of both the private enterprises as well as the public enterprises.
The United States has a mixed economic system. Most of the industries that can be found in the United States are privately owned while some are owned by the government. Also, the government regulates the private companies.
The private companies have some freedom which enables them to make profit but their activities are still checkmated by the government.
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. The cash balance according to the company’s records is $8,998. The following additional data were gathered to use in reconciling the bank account: Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. Deposits in transit not recorded by bank, $778. Bank debit memo for service charges, $40. Bank credit memo for note collected by bank, $23,985 plus $885 interest. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
The appropriate journal entries for Jeffrey Co. include adjustments to the cash balance per books, the bank balance per books, recording of a note collected by bank, an NSF check from a customer, and outstanding checks.
The appropriate journal entries for Jeffrey Co. are:
To adjust cash balance per books:
Debit: Cash $213
Credit: Sales $450
Credit: Accounts Receivable $237
To adjust bank balance per books:
Debit: Bank service charges $40
Credit: Cash $40
To record note collected by bank:
Debit: Cash $24,870
Debit: Interest income $885
Credit: Notes receivable $23,985
To record NSF check from customer:
Debit: Accounts receivable $756
Credit: Cash $756
To adjust outstanding checks:
Debit: Accounts payable $1,860
Credit: Cash $1,860
(Note: The deposit in transit not recorded by the bank is already included in the cash balance per books.)
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If the effect of the debit portion of an adjusting entry is to increase the balance of an asset
account, which of the following describes the effect of the credit portion of the entry?
When the debit portion of an adjusting entry is used to increase the balance of an asset account, the credit portion of the entry will decrease the balance of another account, which will be either a liability account or an equity account.
What is the adjusting entry?Adjusting entries are journal entries that are made at the end of an accounting period to modify the accounts' balances. They are done to update and verify revenue and expense accounts' accuracy, as well as to adjust the balance sheet accounts for adjustments that have yet to be recorded.When should adjusting entries be made?Adjusting entries are typically made at the end of an accounting period. For example, adjusting entries may be needed if a company's insurance premiums have been paid in advance, or if a company has earned revenue but has not yet received payment.Adjusting entries are critical in determining the correct profit and loss as well as the balance sheet, which is why they must be accurate and complete.Adjusting entries are required for each financial statement's following types:Income Statement - revenue and expense accounts are adjusted.Balance Sheet - asset, liability, and equity accounts are adjusted.How are adjusting entries made?Adjusting entries are made with the following steps:Step 1: Determine the transaction or event that necessitates an adjustment. Step 2: Determine which accounts are affected by the transaction or event. Step 3: Decide whether each account is to be debited or credited. Step 4: Make the necessary adjusting journal entries.
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Merchandise costing $1,600 is sold for $2,600 on terms 2/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit?
Answer:
Net sales $2,548 and gross profit $948
Explanation:
2/30 means a 2% discount if payment is made within 30 days. Since the customer paid within the discount period,
net sales will be
The discount amount = 2% of $2600
=2/100 x $2600
=0.02 x $2600
=$52
Net sales:
= $2600 - $52
=$2,548
The gross profit will be the selling price- purchase price.
=$2,548 - $1,600
=$948
Sylvia Baxter reaches an agreed upon selling
When Sylvia Baxter reaches an agreed-upon selling price, it means that she and the buyer have negotiated and come to a mutual agreement on the price at which the item or property will be sold, and they have signed a legally binding sales agreement or contract.
Based on the information you provided, Sylvia Baxter has reached an agreed-upon selling price for a particular item or property. This means that she and the buyer have come to a mutual agreement on the price at which the item or property will be sold.
When negotiating a selling price, it's important for both parties to consider several factors, such as the current market value of the item or property, its condition, and any unique features or attributes that may affect its value. Additionally, both parties should be clear about any terms and conditions of the sale, such as the date of transfer of ownership, any repairs or renovations that need to be made before the sale, and any financing or payment arrangements.
Once the selling price has been agreed upon, both parties will typically sign a sales agreement or contract that outlines the terms of the sale. This document serves as a legally binding agreement between the buyer and seller and ensures that both parties are aware of their rights and obligations.
In summary, when Sylvia Baxter reaches an agreed-upon selling price, it means that she and the buyer have negotiated and come to a mutual agreement on the price at which the item or property will be sold, and they have signed a legally binding sales agreement or contract.
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Identify and discuss the learner- centred padagogies the will make business more studies more practical to learners
The use of learner-centred pedagogies in business studies is essential to make the subject more practical to learners. PBL, Experiential Learning, and Collaborative Learning are some of the learner-centred pedagogies that can be used to achieve this goal. These pedagogies enable learners to develop practical skills, understand real-world problems, and apply business concepts in practical situations.
In business studies, several learner-centred pedagogies can be used to make the subject more practical to learners.
The first pedagogy is Problem-based Learning (PBL), which engages students in solving real-world problems. In PBL, students work in groups to identify and solve problems related to the business world. This approach helps learners understand the practical applications of business concepts.The second pedagogy is Experiential Learning, which is an immersive and hands-on approach to learning. In this approach, learners are exposed to real-world situations that allow them to apply the concepts they have learned in the classroom. Experiential learning involves internships, case studies, simulations, and role-playing exercises. This approach enables students to learn from their experiences and develop practical skills.The third pedagogy is Collaborative Learning, which is an approach that encourages students to work together in groups to achieve a common goal. In this approach, learners share their knowledge, skills, and ideas with their peers. This approach helps learners develop teamwork, leadership, communication, and problem-solving skills. It also helps them develop a deeper understanding of business concepts by learning from one another.For more such questions on Collaborative
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There is no substitute for the product that is being sold.
A) perfect competition
B) monopolistic competition
C) Oligopoly
D) monopoly
Answer:
monopoly or b
Explanation:
what is short term debt?
Answer:
Explanation:
short term debt is debt that needs to be paid off in a short term. for example bank loans
Answer:
Debet is credit. it means debt is oweing someonea favor either for lending a money or for helping them in time of need.
The following data pertain to an investment proposal( ignore income taxes)
Description Amount
Cost of the investment $80,000
Annual Cost Savings $25,000
Estimated salvage value $10,000
Life of the project 10 Year
Discount rate 18%
Required:
Calculate the net present value of the proposed investment.
Answer:
$34,262.80
Explanation:
The net present value of the proposed investment can be calculated using a Financial Calculator as :
- $80,000 CF0
$25,000 CF1
$25,000 CF1
$25,000 CF1
$25,000 CF1
$25,000 CF1
$25,000 CF1
$25,000 CF1
$25,000 CF1
$25,000 CF1
$35,000 CF1 ($25,000 + $10,000)
I/YR = 18%
Shift NPV gives $34,262.80
therefore,
the net present value of the proposed investment is $34,262.80
Assume that Maple Leaf Foods had the following changes to its shareholders' equity in 2018: dividends declared of $65,199
thousand, and other shareholders' equity items of $(80.998) thousand. How much net income did the company report in 2018?
(Enter amount in thousands)
Based on the changes to shareholder equity, we can conclude that Maple Leaf Foods had a net income of $146,197 thousand.
The net income of a company is usually sent to the retained earnings. From here, dividends might be taken out and then the remaining retained earnings go to equity.
The net income in the scenario therefore, is the entire changes in equity including the dividends that were paid:
Net income = Dividends + Other equity items
= 65,199 + 80,998
= $146,197
In conclusion, the company reported $146,197 thousand in net income.
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Your uncle in announces at a family gathering that he is thinking of becoming a day trader. What might you ask him to help him assess the wisdom of that choice?
Answer:
I’d ask him what are the stocks he is interested in selling/investing in. And where he would get all these stocks due to the fact that day traders sell everyday. Causing me to question if he’s buying stocks in surplus then selling them for a higher price or perhaps he has stocks of his own he can make a surplus of.
Explanation: Day traders execute many trades throughout the day to capitalize on intraday market price action. Their goal is to profit off of short term price movements.
5.6 Last month Quick Industries produced 900 units. This month they produced 1,264 units. What is the rate of change in production? a. 29.8% b. 32.8% c. 40.4% d. 60%
Answer: C. 40.4%
Explanation:
To find the rate of change in production, we can use the following formula:
Rate of change = (New value - Old value) / Old value * 100
Where,
Old value = Production of last month = 900
New value = Production of this month = 1264
Substituting the values in the formula,
Rate of change = (1264 - 900) / 900 * 100= 364 / 900 * 100= 0.404 * 100= 40.4%
Therefore, the rate of change in production is 40.4%, which is an option (c). I hope that this answer has helped you!
Answer:
The correct answer is C.
Explanation:
The rate of change in production is: (1264 - 900) / 900 = 0.404 or 40.4%. So, the correct answer is c. 40.4%
On the basis of the diagram above showing an economy's production possibilities curve for two goods, which of the following statements must be true?
I. The opportunity cost of moving from point P to point R is 10 units of Y.
II. The opportunity cost of moving from point R to point P is 8 units of X.
III. The opportunity cost of moving from point Q to point R is 0 units of Y.I
I and II
II and III
I, II, and III
On the premise of the diagram above displaying an economy's manufacturing opportunities curve for 2 goods, the subsequent statements have to be true: I, II, and III.
The required details for Production Possibilities Curve (PPC) in given paragraph
The Production Possibilities Curve (PPC) is a version used to reveal the tradeoffs related to allocating sources among the manufacturing of goods. The PPC may be used to demonstrate the principles of scarcity, possibility cost, efficiency, inefficiency, monetary growth, and contractions. For example, assume Carmen splits her time as a wood worker among making tables and constructing bookshelves. The PPC could display the most quantity of both tables or bookshelves she should construct given her present day sources.
The form of the PPC could suggest whether or not she had growing or regular possibility costs.
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Adirondack Marketing Inc. manufactures two products, A and B. Presently, the company uses a single plantwide factory overhead rate for allocating overhead to products. However, management is considering moving to a multiple department rate system for allocating overhead. Overhead Total Direct Labor Hours DLH per Product A B Painting Dept. $251,700 10,200 9 5 Finishing Dept. 61,700 11,900 5 6 Totals $313,400 22,100 14 11 Using a single plantwide rate, the factory overhead allocated per unit of Product A in the Painting Department is a.$127.62 per unit b.$14.18 per unit c.$616.91 per unit d.$222.09 per unit
Adirondack Marketing Inc.'s Factory Overhead per unit of Product A is d. $222.09 per unit.
Data and Calculations:
Overhead Total Direct Labor Hours DLH per Product
A B
Painting Dept. $251,700 10,200 9 5
Finishing Dept. 61,700 11,900 5 6
Totals $313,400 22,100 14 11
The overhead rate for a unit of Product A in the Painting Department = Total overhead in the Painting Department divided by Direct Labor Hours, multiplied by direct labor hours per unit of Product A.
= $222.09 ($251,700/10,200 x 9)
Thus, for a unit of Product A, the overhead rate in the Painting Department is $222.09.
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. What dangers do entrepreneurs face when they court equity investors to provide capital to finance their companies’
Answer:
Most entrepreneurs are risk-takers by nature, or at minimum calculated visionaries with a clear plan of action to launch a new product or service to fill a gap in the industry. On a personal level, many entrepreneurs take big risks to leave stable jobs to throw their efforts (and sometimes their own money) into launching a business.
Explanation:
For entrepreneurs, there is no guaranteed monthly income, no guarantee of success, and spending time with family and friends can be a challenge in the early days of launching a company. Here are some of the most common risks that every entrepreneur and investor should evaluate and minimize before starting a business.
10 problems Faced by Entrepreneurs in India While starting their business
Financing.
Lack of Planning.
Hiring the right talent.
Effective marketing within a limited budget.
Self-doubt and uncertainty.
Dealing with criticism.
Attractive Customers.
Making Decisions.
From the consumer’s perspective, the elements of an imc strategy can be viewed as being either.
There are three components in any integrated marketing communication approach: the Consumer Being Targeted, the channels through which the statement is communicated, and evaluation of the results of the communication.
Integrated marketingIntegrated marketing is the process of unifying all elements of marketing communication — such as advertisement, PR, and social media — and utilizing their respective mix of media, channels, and tactics to produce a seamless and customer-centric experience.
Integrated marketing communications is the technique by which a company provides different promotional methods within a marketing campaign are clear, constant and working toward the same goal.
IMC strategy include:
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what is asset and liability management
Answer: Asset and liability management (ALM) is a crucial process or strategy that involves effectively managing assets and cash flows to fulfill obligations and minimize risks caused by any mismatch between assets and liabilities. This technique is utilized for financial planning, asset allocation, and regulatory and capital framework adjustments. Additionally, ALM can significantly impact the profitability, efficiency, and indexation of organizations or funds. Essentially, ALM is a risk management approach that helps financial institutions minimize risk and maximize profits by managing their assets and liabilities. It guarantees that the institution has sufficient cash readily available to meet its obligations as they arise.
Explanation:
All of the following statements regarding the double-entry system are true except:__________. 1. both sides of the accounting equation must be affected when recording a transaction using the double-entry system. 2. the double-entry system provides a logical method for recording transactions. 3. when using the double-entry system, the sum of all debits to the accounts must equal the sum of all credits. 4. a two-sided effect of each transaction is recorded in appropriate accounts when using the double-entry system.
Answer: both sides of the accounting equation must be affected when recording a transaction using the double-entry system
Explanation:
The double entry principle states that for every financial transaction that takes place, there will be an opposite and equal effects in two different accounts at least. It simply implies that there for every transactions that happens, there are two entries which are the credit entry and the debit entry.
In a double entry principle, the addition of all the debits to the accounts must be thesame as the addition of all credits.
Option A which states that both sides of the accounting equation must be affected when recording a transaction using the double-entry system isn't correct. Both side of the accounting equation aren't affected.
which of the following factors make debt more attractive to bond investors
Answer:
The main characteristics of a debt bond that make it attractive to investors are the following:
-On the one hand, the interest rate that said bond offers must be high enough so that the investor, after paying taxes and even bearing certain cuts in a possible negotiation, obtains an economic benefit as a result of their investment.
-On the other hand, the risk of default or partial payment of said debt must be low. That is, the issuer of the debt must be a trustworthy subject that guarantees the payment of the debt contracted, since otherwise the investor will not bet on his debt at the time of making the investment.
The price elasticity of supply reflects the flexibility of firms to increase or decrease the quantity supplied.
Which of the following does NOT increase flexibility?
So far in this chapter, all of the elasticity metrics have been related to the demand side of the market. Knowing how sensitive the amount given is to a change in pricing is also helpful.
Let's say there is a surge in apartment demand. There will be a dearth of flats available at the previous level of rent, which will put pressure on rents to increase. With all other factors remaining constant, the lower the rise in rent necessary to address the shortfall and restore market equilibrium, the more sensitive the supply of available flats is to changes in monthly rates. In contrast, price would need to climb more if quantity provided is less responsive to price changes, resulting in a shortage brought on by a spike in demand.
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An important way in which the Federal Reserve decreases the money supply is by selling bonds to the public. Using a supply and demand analysis for bonds, show what effect this action has on interest rates. Is your answer consistent with what you would expect to find with the liquidity preference framework?
The liquidity preference framework was the bond demand and supply is consistent are the decrease in the money supply.
What is liquidity preference?Liquidity Preference Theory is a model that suggests that an investor should demand a higher interest rate or payment on securities with long-term maturities that carry greater risk because, all other factors being equal, investors prefer cash or other highly liquid holdings.
It stimulates bond supply, moving the supply curve towards the right. This decreases the cost of bonds while raising the lending rate. The money supply curve swings to the left when the money supply falls, and the optimal interest rate rises. Bond supply and demand analysis yields the same result as the liquidity preference framework.
As a result, the liquidity preference framework was the bond demand and supply is consistent are the decrease in the money supply.
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Step 2. Search to find any summary about the company that mentions funds for starting the business. Try to find any information containing employee data in this section.
Step 3. Find the section where the product or service is detailed. Look to see what kinds of products or services will be involved with the business. Compare this with what other similar business plans are offering.
Record the information you found for steps 2 and 3. Make sure you discuss how the company got money to start the business, employee data, and what products or services the company provides in comparison with what other similar business plans are offering.
We can see here that such company gotten after searching for company that mentions funds for starting the business is Go-o-gle.
Funds for starting the business: $1 million in funding from Andy Bechtolsheim.
Employee data: over 160,000 employees worldwide.
What is a company?A company is a legal and organizational entity formed by individuals or a group of individuals with the purpose of conducting business activities. It is an association of individuals who come together to engage in commercial, industrial, or professional activities in order to generate revenue and make a profit.
Their products are digital and online services.
Comparing this company, we see Microsoft.
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si el dia 17 de junio me comprometo a pagar una suma de dinero en un plazo de 3 meses: ¿hasta que dia tengo tiempo para hacer efectivo el dinero?
The date that you would have to pay back the money borrowed would be September 16.
How to find the date ?A financial agreement or contract is established when an individual commits to paying a specific sum of money within an agreed-upon timeframe. In this particular instance, the obligation entails remitting payment within three months from June 17.
Should one vow to pay said amount before 3 whole months after June 17, then they would have until September 16th to follow through on their promise. This is because September 17th marks the end of the third month and thus its conclusion. Nevertheless, given that full payment is mandated within the span of those 90 days, the last day to submit the sum turns out to be September 16th - marking the final date of the time period at hand.
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Mr. Brown is in the 10 percent federal income tax bracket and wants to invest $10,000 in interest-earning assets. Mr. Black is in the 35 percent bracket and wants to invest $15,000. The current rate on a typical high-quality tax-exempt municipal bond is 3.5 percent and on a high-quality corporate bond is 4 percent. You are the financial advisor to both. Which investment would you recommend to each individual?
Based on the information given, the corporate bond will be recommended for Mr. Brown while the municipal bond will be recommended for Mr Black.
Mr Brown:
The after-yield tax on corporate bonds will be:
= Before tax yield × (1 - tax rate)
= 4% × (1 - 0.10)
= 3.60%
After tax yield on municipal bond will be:
= 3.5% × 1 = 3.5%
The corporate bond is recommended.
For Mr. Black
The after-yield tax on corporate bonds will be:
= 4% × (1 - 0.35)
= 2.60%
The after-yield tax on municipal bonds will be:
= 3.5% × 1
= 3.5%
Therefore, the municipal bond is recommended.
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Jacob distributed a survey to his fellow students asking them how many hours they'd spent playing sports in the past day. He also asked them to rate their mood on a scale from 000 to 101010, with 101010 being the happiest.
Answer:
whats the question
Explanation:
Answer:
the answer is A 1.5
Explanation:
q Conflict Consequences 2 Difference between critical and Creative thinking. 3. Positive Use & Teisure time 41m Portance & Self Identity Svalues associated with creative Thinking
Critical thinking involves analyzing and evaluating information, while creative thinking involves generating new ideas and solutions. Positive use of leisure time includes engaging in activities that promote personal well-being, learning, self-improvement, socializing, and exploring new experiences.
Difference between critical and creative thinking:
Critical thinking is a cognitive process that involves analyzing and evaluating information or arguments in a logical and systematic manner. It focuses on objective analysis, reasoning, and problem-solving. Critical thinking requires the ability to question assumptions, recognize biases, and assess evidence to form well-reasoned judgments or decisions.
On the other hand, creative thinking involves generating new ideas, insights, or solutions. It is a process of divergent thinking, breaking away from conventional thoughts and exploring alternative perspectives.
Creative thinking often involves combining different ideas, making connections, and thinking outside the box. It encourages imagination, flexibility, and the ability to embrace uncertainty.
While critical thinking aims to assess and evaluate existing information or arguments, creative thinking aims to generate new possibilities or approaches. Critical thinking seeks to analyze and deconstruct, while creative thinking seeks to synthesize and construct.
Positive use of leisure time:
Leisure time refers to the period when individuals are free from work or other obligations and can engage in activities of their choice. Positive use of leisure time involves engaging in activities that contribute to personal well-being, growth, and fulfillment. Here are some examples:
Pursuing hobbies and interests: Engaging in activities such as painting, playing a musical instrument, gardening, or sports can provide relaxation, personal enjoyment, and a sense of accomplishment.
Learning and self-improvement: Using leisure time to learn new skills, read books, take online courses, or engage in personal development activities can enhance knowledge, broaden perspectives, and foster personal growth.
Physical and mental well-being: Allocating leisure time for exercise, meditation, yoga, or other wellness activities promotes physical fitness, reduces stress, and enhances overall well-being.
Socializing and building relationships: Spending leisure time with family, friends, or participating in community activities helps foster social connections, build relationships, and strengthen support networks.
Exploring new experiences: Traveling, visiting museums, attending cultural events, or trying new cuisines broadens horizons, provides exposure to different cultures, and creates memorable experiences.
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Economic demand is?
A. the amount of a good or service that consumers are willing and able to buy at one price.
B. the amount of a good or service that consumers are willing and able to buy at various prices.
C.the amount of a good or service that producers are willing and able to produce at various prices.
D. the amount of a good or service that consumers are willing but not able to buy at various prices.
Which of the following is correct?
The correct answer is B. Economic demand is the amount of a good or service that consumers are willing and able to buy at various prices.
It reflects the relationship between the price of a product and the quantity that consumers are willing to purchase at that price. Demand is influenced by factors such as price, consumer preferences, income levels, and availability of substitutes.
As the price of a product decreases, the quantity demanded generally increases, and vice versa, following the law of demand. The demand curve represents this relationship, showing the quantity of a good or service that consumers are willing and able to buy at different price points.
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Explain how color can be used in physical records storage
Answer:
Things can be color-coded.
Question 1: Refer to lecture PowerPoint slides on organizational culture and discuss how Noor bank transformed on seven dimensions?
Seven dimensions are
Detail-oriented
Innovative
Aggressive
Outcome-oriented
Stable
People-oriented
Team-oriented
Noor Bank, a UAE-based Islamic bank, underwent a significant transformation across seven dimensions to enhance its competitiveness in the market.
The first dimension was customer-centricity, where the bank focused on delivering personalized experiences to customers through digital channels. The second was innovation, where the bank introduced new products and services such as mobile banking and digital payments to cater to the evolving needs of customers.
The third was operational efficiency, where the bank streamlined its processes to reduce costs and improve productivity.
The fourth dimension was risk management, where the bank implemented a robust risk management framework to mitigate potential risks. The fifth was talent management, where the bank invested in employee training and development to build a high-performing workforce.
The sixth was sustainability, where the bank demonstrated its commitment to social and environmental responsibility through various initiatives.
Finally, the seventh dimension was collaboration, where the bank formed partnerships with other institutions to expand its reach and offerings. Through these transformations, Noor Bank has become a leading player in the UAE's banking industry and continues to innovate and grow.
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Complete question is:
Discuss how Noor bank transformed on seven dimensions?
Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April.
Based on the cost of production by Stam Company, the overhead rate which is applied to the jobs are:
Data and Calculations:
Job 306 Job 307 Job 308
Balances on March 31
Direct materials used (in March) $33,600 $41,900
Direct labor used (in March) $24,600 $20,300
Overhead applied (March) $12,300 $10,150
Costs during April
Direct materials used $139,000 $226,900 $102,000
Direct labor used $94,200 $161,500 $107,300
Overhead applied $55,600 $77,500 $52,500
($94,200 × 50%) ($161,500 × 50%) ($107,300 × 50%)
Job 306 - $47,100
Job 307 - $80,750
Job 308 - $53,650
The overhead rate applied for Job 306 in April is:
= Direct labor cost x 50%
= 94,200 x 50%
= $47,100
The overhead applied for Job 307 in April is:
= 161,500 x 50%
= $80,750
The overhead for Job 308 in April is:
= 107,300 x 50%
= $53,650
Hence, based on the cost of production by Stam Company, the overhead rate applied to the jobs are calculated above.
The given question is incomplete, the complete question is-
Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April.
Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal 4. Prepare a schedule of cost of goods manufactured for the month end April 30. Stam Company Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured.
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