Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $680,000 of total manufacturing overhead for an estimated activity level of 85,000 machine-hours.
During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company’s warehouse. The company’s cost records revealed the following actual cost and operating data for the year:
| Machine-hours | 76,000 | |
| Manufacturing overhead cost | $ | 637,000 |
| Inventories at year-end: | ||
| Raw materials | $ | 20,000 |
| Work in process (includes overhead applied of $36,480) | $ | 115,800 |
| Finished goods (includes overhead applied of $91,200) | $ | 289,500 |
| Cost of goods sold (includes overhead applied of $480,320) | $ | 1,524,700 |
Required:
1. Compute the underapplied or overapplied overhead.
2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
3. Assume that the company allocates any underapplied or over appliedoverhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold?
In: Accounting
Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $612,000 of total manufacturing overhead for an estimated activity level of 68,000 machine-hours.
During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company’s warehouse. The company’s cost records revealed the following actual cost and operating data for the year:
| Machine-hours | 50,000 | |
| Manufacturing overhead cost | $ | 570,000 |
| Inventories at year-end: | ||
| Raw materials | $ | 18,000 |
| Work in process (includes overhead applied of $22,500) | $ | 93,500 |
| Finished goods (includes overhead applied of $76,500) | $ | 317,900 |
| Cost of goods sold (includes overhead applied of $351,000) | $ | 1,458,600 |
Required:
1. Compute the underapplied or overapplied overhead.
2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
3. Assume that the company allocates any underapplied or over appliedoverhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold?
In: Accounting
Returns for the Alcoff Company over the last 3 years are shown below. What's the standard deviation of the firm's returns? (Hint: This is a sample, not a complete population, so the sample standard deviation formula should be used.)
| Year | Return |
| 2010 | 21.00% |
| 2009 | −12.50% |
| 2008 | 26.00% |
Select the correct answer.
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In: Finance
Deutsch LA developed a campaign called "Punch Dub" which was launched with a 30-second commercial during the 2010 Super Bowl. The objective of this campaign was to:
Group of answer choices
use a celebrity spokesperson to present the new product line
showcase the Under Armour product line
create awareness of the VW product line
A and C are both correct
None of the above statements is correct.
In: Economics
consult the plot of efficiency of solar cells prepared by the National Renewable Energy Laboratory (NREL). As of 2010, the ______________ cell has the highest efficiency and _____________ cells have the lowest efficiency. (Fill in the blanks.)
Select one:
a. single crystal Si; dye-sensitized
b. two-junction concentrator; inorganic;
c. three-junction concentrator; organic
d. single-junction concentrator; amorphous Si:H
In: Physics
The Arab Spring was a revolutionary wave of demonstrations and protests(both non-violent and violent), riots, and civil wars in the Arab world that began on 18 December 2010 and spread throughout the countries of the Arab League and surroundings. The Arab Spring did not produce major advances towards democracy, but it did play a role in regional destabilization. Discuss the validity of this statement with a focus on three countries in the region.
In: Economics
find both the arithmetic growth rate and the geographic growth rate of the dividends for Custers ice cream shoppes.
year. dividends
2001.
$1.46
2002. $2.37
2003. $3.15
2004. $4.34
2005. $5.05
2006. $6.25
2007. $7.25
2008. $8.14
2009. $7.68
2010. $6.57
what is arithmetic growth rate of the dividends for Custers ice cream shoppes?
In: Finance
Use the data using the Lane and Milesi-Ferrtti index to compare the following countries in their de facto openness for the period 2000-2010. USA, China, Germany, Brazil, India, Russia, Phillipines. The Data is too much for me to be able to paste it here, If you dont have access to it, can you tell me how to get the "De Facto Openness" or how to calculate it?
In: Economics
How much heat is required to change a 49.1 g ice cube from ice at -10.2°C to water at 36°C? (if necessary, use cice=2090 J/kg°C and csteam= 2010 J/kg°C)
How much heat is required to change a 49.1 g ice cube from ice at -10.2°C to steam at 118°C?
In: Physics
Greece emerged from its 8-year bailout, and again gained access to financial markets in August 2018. Greece still faces many problems, including an economy that has shrunk over 25% since 2010. Discuss the level of debt, the unemployment rate and whether austerity measures adb reforms will continue in the future. Also, consider the impact of the coronavirus on the Greek economy.
In: Economics