Seaside Company's manufacturing overhead is overallocated by $16,000. The following inventory account detail is provided Account Balance Allocated Manufacturing Overhead
(before proration) in Each Account Balance(before proration)
Work-in-process $25 750 S11,400
Finished goods 53 225 26,600
Cost of goods sold 75,650 38.000
Total $154,625 $76,000
Direct materials inventory has a balance of S15,000. If Seaside uses the proration approach (based on the amount of manufacturing overhead in ending balances), what will be the final balance in fatal work-in-process inventory?
a $9.000
b. 523 350
c. $23,085
d. 58 735

Answers

Answer 1

Answer:

Answer:

b. $23,350

Explanation:

The computation of final balance in fatal work-in-process inventory is presented with the help of spreadsheet as attached below:-

The formula is presented below:-

Amount of Over-allocated Overheads = Percentage of overhead applied × Over-allocated Overheads

Account Balance after = Account Balance before - Amount of Over-allocated Overheads

Therefore the correct answer is b. that is $23,350

Related Questions

Klean Fiber Company is the creator of Y-Go, a technology that weaves silver into its fabrics to kill bacteria and odor on clothing while managing heat. Y-Go has become very popular in undergarments for sports activities. Operating at capacity, the company can produce 1,031,000 Y-Go undergarments a year. The per unit and the total costs for an individual garment when the company operates at full capacity are as follows. Per Undergarment Total Direct materials $2.04 $2,103,240 Direct labor 0.40 412,400 Variable manufacturing overhead 1.04 1,072,240 Fixed manufacturing overhead 1.44 1,484,640 Variable selling expenses 0.34 350,540 Totals $5.26 $5,423,060The U.S. Army has approached Klean Fiber and expressed an interest in purchasing 250,500 Y-Go undergarments for soldiers in extremely warm climates. The Army would pay the unit cost for direct materials, direct labor, and variable manufacturing overhead costs. In addition, the Army has agreed to pay an additional $1.02 per undergarment to cover all other costs and provide a profit. Presently, Klean Fiber is operating at 70% capacity and does not have any other potential buyers for Y-Go. If Klean Fiber accepts the Army's offer, it will not incur any variable selling expenses related to this order.Required:Prepare an incremental analysis for the Klean Fiber.
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What relationship exists between financial institutions and financial markets? g

Answers

Answer:

Access and price relationships

Explanation:

Financial institutions - organizations operating in the financial and credit system. In the interpretation of the Western economic tradition, financial institutions are intermediaries between investors (households) and entrepreneurs (consumers of investments).

Financial markets are mechanisms that enable funds to be transferred from those with excess funds to those with few funds. Financial markets are divided into two as money markets and capital markets in terms of maturity. Money markets are markets where short-term funding supply and demand meet. Here, a short term is a year and a shorter term. Capital markets are the markets where long-term fund supply and demand are encountered. Here, long term is meant for over a year. Financial markets also provide low transaction cost value and prices that reflect the effective-market hypothesis.

We can think of basic relationships. The first concerns about the access. Financial institutions provide access to financial markets on behalf of investors seeking financial assets, such as institutional investors. The second relationship can often be claimed as "price." Financial asset prices (traded in financial markets), research and trading activities in financial assets, the actual cost or price of a particular asset affect the performance of financial institutions that affect the market outlook. For example, if a financial institution holds a significant stake in a particular company, it is a sign of markets (good or bad) and ultimately affects the price that a company is willing to pay for a financial asset. (e.g. stocks, bonds, etc.).

The members of a wedding party have approached Imperial Jewelers about buying 26 of these gold bracelets for the discounted price of $367.00 each. The members of the wedding party would like special filigree applied to the bracelets that would require Imperial Jewelers to buy a special tool for $457 and that would increase the direct materials cost per bracelet by $7. The special tool would have no other use once the special order is completed. To analyze this special order opportunity, Imperial Jewelers has determined that most of its manufacturing overhead is fixed and unaffected by variations in how much jewelry is produced in any given period. However, $8.00 of the overhead is variable with respect to the number of bracelets produced. The company also believes that accepting this order would have no effect on its ability to produce and sell jewelry to other customers. Furthermore, the company could fulfill the wedding party’s order using its existing manufacturing capacity.

Answers

Answer:

this special order will result in a $2,637 profit, so the company should accept it

Explanation:

special order for 26 gold bracelets

discounted price of $367 per unit

normal production costs:

direct materials $143
direct labor $90
manufacturing overhead $31
total $264

costs related to the special order

increase in direct materials = $7 per unit, total of $150 per unit

direct labor $90 per unit

variable overhead = $8 per unit

machine used for this project only $457

revenue generated by special order:

total revenue $9,542

- variable costs ($6,448)

direct materials $3,900
direct labor $2,340
variable overhead $208

- special machine ($457)

profit from special order $2,637

A company has the following balances on December 31, 2021, after year-end adjustments: Accounts Receivable = $62,300; Allowance for Uncollectible Accounts = $6,500.Calculate the net realizable value of accounts receivable t realizable

Answers

Answer:

$55,800

Explanation:

The computation of the net realizable value of accounts receivable is shown below:

Net realizable value of account receivable = Account receivable - Allowance for Uncollectible Accounts

= $62,300 - $6,500

= $55,800

By deducting the allowance for uncollectible accounts from the account receivable so that the net realizable value of the account receivable

A local bank advertises the following deal: "Pay us $100 at the end of each year for 12 years and then we will pay you (or your beneficiaries) $100 at the end of each year forever." a. Calculate the present value of your payments to the bank if the interest rate is 4.00%.

Answers

Answer:

Present value of payments to the bank=938.51

Explanation:

The present value of the payment to the bank are an ordinary annuity i.e equal payments made at the end of each year for 16 years.

The Present value of an ordinary annuity is calculated as follows:

$Present value =PMT*([1-(1+i)^-^n])/(i)$

where PMT is the annual payment made at the end of each year=$100;

i is the interest rate or discount rate = 4%,

n=the number of years the periodic payment of 100 is to be made=12

Present value of payments to the bank = $100*([1-(1+0.04)^-^1^2])/(0.04)$ = 938.51

Job Costing Budgeted Manufacturing Overhead Rate, Allocated Manufacturing Overhead Taylor Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2017: Budgeted manufacturing overhead costs $3,800,000 Budgeted machine-hours 200,000 Actual manufacturing overhead costs $3,660,000 Actual machine-hours 196,000 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Requirements 1 Calculate the budgeted manufacturing overhead rate. 2 Calculate the manufacturing overhead allocated during 2017. 3 Calculate the amount of under- or overallocated manufacturing overhead. a. Enter your answer as a positive value.

Answers

Answer:

1. Budgeted manufacturing overhead rate = Budgeted manufacturing overhead costs / Budgeted machine-hours

Budgeted manufacturing overhead rate = $3,800,000 / 200,000

Budgeted manufacturing overhead rate = $19

2. The manufacturing overhead allocated during 2017 = Actual machine-hours * Budgeted manufacturing overhead rate

Manufacturing overhead allocated = 196,000 * $19

Manufacturing overhead allocated =$3,724,000

3. Manufacturing overhead costs over-allocated = Manufacturing overhead allocated during 2017 - Actual manufacturing overhead costs

Manufacturing overhead costs over-allocated = $3,724,000 - $3,660,000

Manufacturing overhead costs over-allocated = $64,000

Marion Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2018. There were no dividends declared in 2017. The board of directors declares and pays a $65,000 dividend in 2018. What is the amount of dividends received by the common stockholders in 2018