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Answer:
The correct answer is behaviorally anchored rating scale.
Explanation:
The behavior-based rating scale is a performance appraisal method that combines elements of the traditional rating scale and critical incident methods. In this, various levels of performance are presented along with a scale that describes them regarding the specific work behavior of an employee.
Answer:
1. Prepare a schedule of cost of goods manufactured
schedule of cost of goods manufactured
Direct labor cost $83,000
Raw Materials $133,000
Manufacturing overhead $202,000
Add Beginning Work In Process $5,900
Less Ending Work In Process ($20,500)
cost of goods manufactured $403,400
2. Prepare a schedule of cost of goods sold
schedule of cost of goods sold
Begining Finished goods $74,000
Add cost of goods manufactured $403,400
Less Ending Finished goods ($25,100)
Add Under- Applied Overheads $22,000
cost of goods sold $473,300
3. Prepare an income statement.
Sales $658,000
Less cost of goods sold ($473,300)
Gross Profit $184,700
Less Operating Expenses
Selling expenses ($106,000)
Administrative expenses ($46,000)
Net Income $ 32,700
Explanation:
1. Prepare a schedule of cost of goods manufactured
Raw Materials Consumed in Production
Begining Raw Materials Inventory $8,800
Add Raw material purchases $135,000
Less Ending Raw Materials Inventory ($10,800)
Raw Materials Consumed in Production $133,000
schedule of cost of goods manufactured
Direct labor cost $83,000
Raw Materials $133,000
Manufacturing overhead $202,000
Add Beginning Work In Process $5,900
Less Ending Work In Process ($20,500)
cost of goods manufactured $403,400
2. Prepare a schedule of cost of goods sold
Actual manufacturing overhead costs ($224,000) > Applied Manufacturing overhead($202,000)
Under- Applied Overheads
Applied Manufacturing overhead $202,000
Actual manufacturing overhead costs $224,000
Under- Applied Overheads $22,000
schedule of cost of goods sold
Begining Finished goods $74,000
Add cost of goods manufactured $403,400
Less Ending Finished goods ($25,100)
Add Under- Applied Overheads $22,000
cost of goods sold $473,300
3. Prepare an income statement.
Sales $658,000
Less cost of goods sold ($473,300)
Gross Profit $184,700
Less Operating Expenses
Selling expenses ($106,000)
Administrative expenses ($46,000)
Net Income $ 32,700
b) Prepare the journal entry on July 1, 2020, for LBJ Finance Corporation to record the purchase of receivables without recourse.
Answer:
Please see below
Explanation:
A. Journal entry for JFK Corp, July 1, 2020 to record the sale of receivable without recourse.
Cash. Dr.
[(100 - 4 - 1.5) × 300,000]. $283,500
Due from factor Dr
(0.4 × 300,000) $12,000
Loss on sale of receivable. Dr
(0.015 × 300,000) $4,500
To Accounts receivable Cr $300,000
B. Journal entry for LBJ finance Corporation on July 1, 2020 to record the purchase of receivables without recourse.
Accounts receivable Dr $300,000
To due from factor Cr $12,000
To Financing revenue Cr $4,500
To cash account Cr $283,500
J.F.K. Corp. would record the sale of receivables without recourse by debiting Accounts Receivable, Finance Charge Revenue, and Sales Discounts, Returns, and Allowances, and crediting Factoring Cost. LBJ Finance Corporation would record the purchase of receivables without recourse by debiting Accounts Receivable and crediting Factoring Revenue.
a) The journal entry for J.F.K. Corp. to record the sale of receivables without recourse on July 1, 2020, would be:
Accounts Receivable: $300,000
Finance Charge Revenue: $4,500 (1.5% of $300,000)
Sales Discounts, Returns, and Allowances: $12,000 (4% of $300,000)
Factoring Cost: $283,500
b) The journal entry for LBJ Finance Corporation to record the purchase of receivables without recourse on July 1, 2020, would be:
Accounts Receivable: $300,000
Factoring Revenue: $283,500 (calculating the net amount received after deducting finance charges and sales discounts, returns, and allowances)
#SPJ3
Answer:
$2069
Explanation:
Given
Applied overhead costs of Goods sold = $59,300
Applied overhead cost of finished goods = $38,000
Overhead Balance = $97,300
Overhead Cost = $92,000
Overapplied Overhead = Overhead Balance - Overhead Cost
Overapplied Overhead = $97,300 - $92,000
Overapplied Overhead = $5,300
Allocated Amount = (Applied Overhead * Finished Goods /(Overapplied Overhead)
Allocated Amount = ($5,300 * $38,000) ($59,300 + $38,000)
Allocated Amount = ($5,300 * 38,000) (97,300)
Allocated Amount = $2069
Answer:
The over applied overhead which is allocated to finished goods inventory is $ 1,488.54
Explanation:
Determination of over or under applied overhead
Applied Manufacturing overhead $ 97,300
Actual factory overhead incurred $ 92,000
Overapplied manufacturing overhead $ 5,300
Allocation of over applied overhead is on basis of values in Cost of goods sold and Finished goods inventory.
Cost of goods Sold $ 59,300
Finished Goods inventory $ 38,000
Sum of COGS and Inventory $ 97.300
Over applied Overhead $ 5,300
Allocation Finished Goods inventory
$38,000/ $ 97,300 * $ 5,300 = $ 1,488,54
Allocation Cost of Goods sold
$ 59.300/ $ 97,300 * $ 5,300 = $ 3.811.46
Answer:
The company must sell 34706 units
Explanation:
To calculate the units required to earn a target profit of $1000000 next year, we will use the break even analysis modified for target profit calculation.
The break even in units is calculated by dividing the Total fixed costs by the contribution margin per unit. To calculate the units required for target profit, we add the target profit amount to the fixed cost and divide it by the contribution margin per unit. Thus, the formula is,
Units required for target profit = (Total fixed cost + target profit) / Contribution margin per unit
Where contribution margin per unit = Selling price per unit - Variable cost per unit
New fixed costs = 700000 + 700000 * 0.1 = 770000
New variable cost = 45 - 3 = 42
New contribution margin per unit = 93 - 42 = $51
Units required for target profit = (770000 + 1000000) / 51
Units required for target profit = 34705.88 rounded off to 34706 units
Answer: 1.15
Explanation:
Premium = 39%
Thor's share price = $42
The compensation to shareholders will be:
= $42 + ($42 × 0.39)
= $42 + $16.38
= $58.38
Loki's share price = $51
We then calculate the exchange ratio which will be:
= $58.38 / $51
= 1.15
Loki will need to offer an exchange rate of 1.15.