Question
In: Accounting
Related to equipment Charges , please explain demurrage and detention.
Related to equipment Charges , please explain demurrage and detention.
Solutions
Expert Solution
Demurrage is related to use of equipment only, the merchant pays for carriers equipment kept beyond the free time offered by the carrier for taking delivery of goods in port, terminal or depot.
Detention, the charge the merchant pays for detaining carriers equipment outside port, terminal or depot beyond the free time.
Demurrage and detention don't include storage costs and reefer services which are charged to merchant separately.
SUMMARY:
Demurrage related to cargo(while cargo is in container) and detention relates to equipment(while container is empty after unpacking)
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The charges to Work in Process—Assembly Department for a period,
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All direct materials are placed in process at the beginning of
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Work in Process-Assembly Department
Bal., 3,000 units, 35% completed
9,000
To Finished Goods, 69,000 units
?
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113,600
Direct labor
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Factory overhead
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The charges to Work in Process—Baking Department for a period as
well as information concerning production are as follows. The
Baking Department uses the average cost method, and all direct
materials are placed in process during production.
Work
in Process—Baking Department
Bal., 3,300 units, 70%
completed
4,884
To Finished Goods,
23,700 units
?
Direct materials,
24,100 units
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Direct labor
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Factory overhead
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If required, round...
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All direct materials are placed in process at the beginning of
production.
Work in
Process-Assembly Department
Bal., 3,000 units, 25%
completed
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To Finished Goods,
69,000 units
?
Direct materials,
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Direct labor
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Factory overhead
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To Finished Goods, 15,900 units
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Direct labor
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Factory overhead
22,554
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