Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) In standard cost formula Y = a + bX, what does "b" represent?

i) Total cost
ii) Total fixed cost
iii) Total variable cost
iv) Variable cost per unit

Q2) Milnes Corporation has given the following data concerning its direct labor costs for November:

Standard wage rate $13.40 per DLH
Standard hours 5.0 DLHs per unit
Actual wage rate $14.00 per DLH
Actual hours 20,120 DLHs
Actual output 4,200 units

Journal entry to record incurrence of direct labor costs in November would comprise following for Work in Process:

i) Debit of $281,400
ii) Credit of $281,680
iii) Credit of $281,400
iv) Debit of $281,680

Q3) Company makes a single product. Following volume and average cost data for two accounting periods have been given by management:

Number of units 500 $800
Direct materials $2.00 $2.00
Direct labor $1.50 $1.50
Manufacturing overhead $2.50 $1.75
Other overhead $1.00 $0.625

Best estimate for cost formula for total cost of creating and selling product (where X is number of units produced and sold in period) is:

i) $1,000 + $1.125 X
ii) $1,000 + $3.50 X
iii) $1,500 + $3.50 X
iv) $1,500 + $4.00 X

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916273

Have any Question? 


Related Questions in Accounting Basics

Question 1under the allowance method bad debt expense is

Question 1 Under the allowance method, Bad Debt Expense is recorded A. as an estimate. B. when an individual account is written off. C. several times during the year as needed. D. None of the above Question 2 Which amoun ...

The sanford company had the following balance sheet as of

The Sanford Company had the following balance sheet as of December 31, 20x2. The transactions for the first three months of 20x3 are also presented along with other information about specific accounts. Sanford Company Ba ...

Term paperfirmsteamsanadarko petroleumadams michaelaellis

Term Paper Firms Teams Anadarko Petroleum Adams, Michaela Ellis, Tatiana Jenkins, Jordan Samuel, Brittany Cheniere Energy Amaefule, Frankie Fields, Brittanie Johnson, Brandon Small, Devin Chevron Corporation Brown, Tori ...

Assignemntselect a research issue problem or opportunity

Assignemnt Select a research issue, problem, or opportunity that could benefit from hypothesis testing. It may be an issue related to your work or it may a more global type of problem. Develop a research hypothesis that ...

Reading concept summaryno plagiarism must be original

Reading Concept Summary **NO PLAGIARISM. MUST BE ORIGINAL. PLEASE USE REFERENCES IF NEEDED ** Write a 260- to 350-word summary of this week's readings. Please write about the following: Fixed Assets, Depreciation, and In ...

Part 1royal oak taxation advisory service has the following

PART 1 Royal Oak Taxation Advisory Service has the following transactions for the month of December 2016 : Dec. 1 Commenced business by depositing $50 000 in a bank account in the name of the business 2 Bought a vehicle ...

Problem 1emma and laine form the equal el partnership emma

PROBLEM #1 Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000. A. How much gain. If any, must ...

Question 1bringing account balances up to date before

Question 1 Bringing account balances up to date before preparing financial reports is called A. posting. B. adjusting. C. journalizing. D. analyzing. Question 2 The entry to record the expiration of part of the prepaid r ...

1-15 multiple choice each multiple choice has only one

1-15. Multiple Choice Each multiple choice has only one correct answer. 1. Which of the following aspects of a company could be considered a critical success factor, given the appropriate business environment? A) cutting ...

Finlon upholstery inc uses a job-order costing system to

Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in-process on December 31, 2001, consisted of one job (no. 2077), which was carried on the year-end balance she ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen