Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Management Expert

Simple Plant manufactures DNA test strips. Manufacturing overhead is applied to units produced using direct labor dollars as the allocation base. The overhead rate is find outd prior to the beginning of the fiscal year that runs January 1 to December 31. Simple Plant has one manufacturing employee, J. Kusic, and one overhead expense besides indirect labor, property taxes. J. Kusic's salary and fringe benefits for next year are forecast to be $50,000> Kusc is expected to work 2,000 hours at a cost of $25 per hour (50,000/2,000). Eighty percent of Kusic's time is budgeted to be direct labor, and the remainder is budgeted to be indirect labor. Property taxes are projected to be $110,000. There was no beginning balance of work in process on January 1.

a) find out Simple Pant's overhead rate for next year.
b) On January 2, the first working day of the new fiscal year, Kusic works eight hours (five hours on mnufacturing test strips and three hours waiting for raw materials to arrive). Each day Simple Plant posts all entries (transactions ) to the accounts. What are the balances in the Overhead account and the Work-in-Process account at the close of business on January 2?
c) At the end of the year, Kusic's salary and benefits are &50,000, with $44,000 of the total charged to test strips manufactured. Kusic worded 2,000 hours during the year. Property taxes paid during the year amounted to $103,000. What, if any, is the balance in the overhead account before an adjusting entry is made to transfer the balance to other accounts?

Business Management, Management Studies

  • Category:- Business Management
  • Reference No.:- M928648

Have any Question? 


Related Questions in Business Management

Assignmenthow can working out at work improve better work

Assignment How can working out at work improve better work productivity • define the problem persuasively and accurately • propose a solution or solutions to the problem or issue • present that solution to a decision-mak ...

Organizational design and culturemany companies find they

Organizational Design and Culture Many companies find they are forced to remodel their traditional hierarchical structures, which were originally built around functional specialization and centralized authority, to compe ...

Suppose your friend is thinking of opening a new restaurant

Suppose your friend is thinking of opening a new restaurant, and she hopes that she will have around 20 groups of (on average) 4 customers on a typical busy evening. Each meal will take around 1.2 hours and it is expecte ...

Microsoft word - case study project two instructionsf16oil

Microsoft Word - Case Study Project Two Instructions_f16 Oil and Gas Field Machinery and Equipment Industry of U.S.A. (SIC code: 3533; equivalent NAICS code: 333132) Industry Description1: "Establishments primarily engag ...

Please give an example of a company overstepping ethical

Please give an example of a company overstepping ethical boundaries for stakeholder agendas, and identify what types of preventative measures could be taken to avoid this type of situation. Please provide a Reference as ...

The annual rate of growth of real gdp in a developing

The annual rate of growth of real GDP in a developing nation is 0.2percent. Initially, the country's population was stable from year to year. Recently, however, a significant increase in the nation's birthrate has raised ...

The following data are the distances between 20 retail

The following data are the distances between 20 retail stores and a large distribution center. The distances are in miles. 29; 37; 38; 40; 58; 67; 68; 69; 76; 86; 87; 95; 96; 99; 106; 112; 127; 145; 150. Find the varianc ...

Assignmentoutcomes addressed in this activitybull appraise

Assignment Outcomes addressed in this activity: • Appraise a business scenario and recommend a course of action • Measure the financial viability of a business case • Demonstrate the thorough understanding of an I.T. sce ...

Prepare a 3-4 pages personal leadership development

Prepare a 3-4 pages Personal Leadership Development Plan (times new roman, 12 pts, single spaced), in which you'll address the following questions: In your opinion, what are the qualities of an ideal leader. Describe the ...

Term paper crowdsourcingcrowdsourcing in the field of

Term Paper: Crowdsourcing Crowdsourcing in the field of interface design takes tasks traditionally performed by specific individuals and spreads them out among a group of people or a community. These assignments are usua ...

  • 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