BUSINESS COLLEGE

Wolfpack Company uses job-order costing. At the end of the month, the following data was gathered: Job # Total Cost Complete? Sold? 803 $611 yes yes 804 423 yes no 805 805 no no 806 682 yes yes 807 525 yes no 808 250 no no 809 440 yes yes 810 773 yes no 811 267 no no 812 341 no no Wolfpack’s selling price is cost plus 50% for each of its jobs. What is the selling price of Job 806?

Answers

Answer 1

Answer:

Answer:

$1,023

Explanation:

The computation of the selling price of Job 806 is given below:-

Total cost of JOB 806 = $682

Selling price of the cost = 100 + 50

= 150%

Selling price = Total cost of JOB 806 × Selling price of the cost Percentage

= $682 × 150%

= $1,023

Therefore for computing the selling price we simply multiply the total cost of JOB 806 with selling price of the cost percentage.

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Gain is generally recognized in an asset distribution to a partner. True False
Records at Hal’s Accounting Services show the following costs for year 1. Direct materials and supplies $ 40,000 Employee costs 2,900,000 Total overhead 1,300,000 Production was 25,000 billable hours. Fixed overhead was $700,000. Assuming no change in billable hours in year 2, direct materials and supplies costs are expected to increase by 10 percent. Direct labor costs are expected to increase by 5 percent. Variable overhead per billable hour is expected to remain the same, but fixed overhead is expected to increase by 5 percent. Required: a. Year 2 production is expected to be 20,000 billable hours. What are the estimated direct materials, direct labor, variable overhead, and fixed overhead costs for year 2? b. Determine the total costs per billable hour for year 1 and year 2.
Miguel works for an organization that collects books from donors and redistributes the books to schools to promote literacy and good reading habits. The company is funded by a government grant. Miguel works for a(n) ________.
When one person seeks to satisfy his or her own interests regardless of the impact on the other parties to the conflict, that person is using the conflict-handling intention of ________.A) competingB) avoidingC) accommodating D) compromisingE) collaborating
A firm has cash of 200,000, accounts receivable of 75,000, prepaid expenses of 12,500, accounts payable of $50,000, other current liabilities of 35,000, common stock of 375,000 and long term liabilities of 65,000. The firm also produced a profit of 20,000 during the last calendar year. What is the firm working capital?

Sarah and Jane formed a partnership with capital contributions of $210,000 and $123,000, respectively. Peter contributed $86,000 to acquire an ownership interest of 12% in the new partnership. How much is the total bonus for the existing partners?

Answers

Answer:

$35,720

Explanation:

The computation of the total bonus for the existing partners is shown below;

Total capital is

= $210,000 + $123,000 +$86,000

= $419,000

Now

Share of new partner

= $419,000 × 12%

= $50,280

But the actual amount that needs to pay is $86,000

So, the bonus would be

= $86,000 - $50,280

= $35,720

Hence, the total bonus for the existing partners is $35,720

Tri-bikes manufactures two different levels of bicycles: the Standard and the Extreme. The total overhead of $300,000 has traditionally been allocated by direct labor hours, with 150,000 hours for the Standard and 50,000 hours for the Extreme.After analyzing and assigning costs to two cost pools, it was determined that machine hours is estimated to have $200,000 of overhead, with 4,000 hours used on the Standard product and 1,000 hours used on the Extreme product.

It was also estimated that the setup cost pool would have $100,000 of overhead, with 1,000 hours for the Standard and 1,500 hours for the Extreme.

A. What is the overhead rate per product under Traditional costing?

What is the overhead rate under Absorption Costing for:

B. The machine pool overhead rate

C. The setup pool overhead rate

Answers

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Estimated costs and direct labor hours:

The total overhead= $300,000

Standard= 150,000 hours

Extreme= 50,000 hours

1) Under traditional costing, overhead gets allocated using a single plantwide manufacturing overhead rate.

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 300,000/200,000= $1.5 per direct labor hour

Now, we can allocate overhead to each product:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Standard= 1.5*150,000= $225,000

Extreme= 1.5*50,000= $75,000

2) Machine:

Overhead= $200,000

Hours= 4,000 hours used on the Standard product and 1,000 hours used on the Extreme product.

Estimated manufacturing overhead rate= 200,000/5,000= $40 per hour

3)Set up:

Overhead= $100,000

Hours= 1,000 hours for the Standard and 1,500 hours for the Extreme.

Estimated manufacturing overhead rate= 100,000/2,500= $40

Scenario: Kleen Waterproofing Dave Docket, the installation manager at Kleen Waterproofing, receives a high number of customer complaints that several crewmembers either come late to the job or they do not show up at all, without any communication with the customers. The job completion dates keep getting delayed, and customer dissatisfaction rate keeps increasing. Dave hires several new employees who are motivated, able to perform their jobs, and have adequate resources. However, they are not sure what tasks are included in their job. Dave wonders how he can understand what is going on with his crew behavior and what he can do to improve the situation. Dave organizes a training program for his employees to teach them how to operate the machines used for working. Which of the following attributes will show a direct improvement because of this training?
a) motivation.
b) organizational citizenship behaviors (OCB).
c) ethical sensitivity.
d) ability.

Answers

Answer:

d) ability

Explanation:

Based on the information provided regarding the scenario at hand it seems that Dave is trying to improve his employees' abilities and role-perception. Dave wants this training to allow his employees to gain the knowledge of how to operate correctly and efficiently during work-hours in order to increase overall performance and at the same time customer satisfaction.

For each of the following entities, identify if the entity would be governed by GASB standards by selecting a "G", FASB standards by selecting an "F", or FASAB standards by selecting an "FB". (Hint: Search the website of the entity listed if you are unsure.)1. Your university
2. Department of Defense
3. American Institute of Certified Public Accountants
4. The county in which you live
5. Internal Revenue Service
6. Mayo Clinic
7. New York City
8. American Cancer Society
9. Metropolitan Washington Airports Authority (operates the Washingtorn, DC, airports)
10.The Metropolitan Museum of Art, New York City

Answers

Answer:

1. Your university: F

2. Department of Defense: FB

3. American Institute of Certified Public Accountants: F

4. The county in which you live: G

5. Internal Revenue Service: FB

6. Mayo Clinic: F

7. New York City: G

8. American Cancer Society: F

9. Metropolitan Washington Airports Authority (operates the Washingtorn, DC, airports): G

10.The Metropolitan Museum of Art, New York City: F

Explanation:

GASB is an acronym for Government Accounting Standards Board (GASB) and it's mainly a private, non-governmental organization (NGO) that is saddled with the responsibility of developing and creating reporting standards used in accounting such as the Generally Accepted Accounting Principles (GAAP) for local and state government in the United States of America since 1984.

FASB is an acronym for Financial Accounting Standards Board (FASB) and it's an autonomous non-profit agency which through the use of Generally Accepted Accounting Principles (GAAP), is saddled with the responsibility of establishing and maintaining accounting and financial reporting standards for all firms, business enterprises, and as well as nonprofit organizations doing business in the United States of America. It has its headquarter in Norwalk, Connecticut, United States and was founded in 1973.

FASAB is an acronym for Federal Accounting Standards Board (FASAB) and it's a federal advisory committee which is solely responsible for the development of accounting standards for government agencies in the United States of America. It also is responsible for setting the Generally Accepted Accounting Principles (GAAP).

It has its headquarter in Washington DC and was founded in October 1990.

Final answer:

The universities, counties, cities and similar entities follow GASB standards. Nonprofit organizations like the Mayo Clinic and American Cancer Society adhere to FASB standards. Federal entities like the Department of Defense and Internal Revenue Service follow FASAB standards.

Explanation:

The entities will be governed by the following accounting standards:

Your university would be governed by the GASB (GASB for Governmental Accounting Standards Board).
The Department of Defense would follow the FASB (FASB for Federal Accounting Standards Board).
The American Institute of Certified Public Accountants would follow the FASB (F for Financial Accounting Standards Board).
The county in which you live would be governed by the GASB.
The Internal Revenue Service would adhere to the standards of the FASB.
The Mayo Clinic, as a nonprofit hospital, would follow standards set by the FASB.
New York City would follow the rules of the GASB.
The American Cancer Society as a nonprofit organization would follow the FASB.
The Metropolitan Washington Airports Authority would adhere to the rules of the GASB.
The Metropolitan Museum of Art in New York City, a nonprofit organization, would be governed by FASB standards.

Learn more about Accounting Standards here:

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It costs $1,200 to produce 50 pounds of a chemical and it costs $2,200 to produce 150 pounds. The chemical sells for $15 per pound x is the amount of chemical; y is in dollars. a. Find the cost function. b. What is the fixed cost? c. How many pounds must be sold to break even? d. Find the cost and revenue at the break-even point.

Answers

Answer:

C(y) = mx + b

y = cost in dollars

x = amount of chemical

m = per unit variable cost

b = fixed cost

Use High low Method to calculate the Variable cost from the total cost given

Variable Cost = ( Highest activity cost - Lowest activity cost ) / ( Highest Number of Units - Lowest Number of Units )

Variable Cost = ( $2,200 - $1,200 ) / ( 150 - 50 )

Variable Cost = $1,000 / 100

Variable Cost = $10 per unit

Fixed Cost = $2,200 - ( 150 x $10 )

Fixed Cost = $2,200 - $1,500

Fixed Cost = $700

Contribution Per Unit = Price - Variable cost

Contribution Per Unit = $15 - $10

Contribution Per Unit = $5

Break-even point = $700 / $5

Break-even point = 140 Pounds

Revenue = 140 x $15 = $2,100

Cost = 140 x 10 = $1,400

holds huge reserves of oil. Assume that at the end of 2017, Amplify Petroleum's cost of oil reserves totaled $ 80 comma 000 comma 000, representing 100 comma 000 comma 000 barrels of oil. Suppose Amplify Petroleum removed and sold 20 comma 000 comma 000 barrels of oil during 2018. Journalize depletion expense for 2018.

Answers

you could of solved it in the time u typed thai

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