GHI Company constructed an equipment for its own use. The following was extracted from by the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
GHI Company constructed an equipment for its own use. The following was extracted from by the chief accountant of the company: Materials Labor Total Factory Overhead Products manufactured 6,000,000 1,500,000 4,000,000 Equipment construction 1,875,000 375,000 14. Assuming the products manufactured were charged with an overhead of 200% of direct labor cost and any excess to the equipment, how much is the total cost of the equipment? 15. Assuming the factory overhead was allocated between products manufactured and equipment based on direct labor cost, how much is the total cost of the equipment? GHI Company constructed an equipment for its own use. The following was extracted from by the chief accountant of the company: Materials Labor Total Factory Overhead Products manufactured 6,000,000 1,500,000 4,000,000 Equipment construction 1,875,000 375,000 14. Assuming the products manufactured were charged with an overhead of 200% of direct labor cost and any excess to the equipment, how much is the total cost of the equipment? 15. Assuming the factory overhead was allocated between products manufactured and equipment based on direct labor cost, how much is the total cost of the equipment?
Expert Answer:
Answer rating: 100% (QA)
Cost of Equipment Calculation Scenario 1 Overhead 200 of Direct Labor to Products Direct Labor Cost ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these finance questions
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
Read the case study and answer the question below with a one page response. What does a SWOT analysis reveal about the overall attractiveness of Under Armours situation? Founded in 1996 by former...
-
Perform the indicated operations and simplify the result. Leave your answer in factored form. X x - 3 x + 1 x2 + 5x 24
-
In a study of the gasoline mileage of model year 2011 automobiles, the mean miles per gallon was 27.5 and the median was 26.8. The smallest value in the study was 12.70 miles per gallon, and the...
-
Which of the following options requires a user to change his or her password at the next login? a. CREATE USER b. ALTER USER c. IDENTIFIED BY d. PASSWORD EXPIRE
-
What major, different market-entry strategies exist for companies that engage in international marketing, and what are the benefits and disadvantages of each method?
-
Sue Jantz started a business in August 20-- called Jantz Plumbing Service. Jantz hired a part-time college student as an administrative assistant. Jantz has decided to use the following accounts:...
-
Buffalo Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $761,910...
-
On August 31,2017 the account balances of Pitre Equipment Repair were as follows: During September, the following transactions were completed: Ref 1 Sept. 1 Borrowed $10,000 from the bank and signed...
-
Two ways in which Enron used SPEs to overstate earnings were the abuse of mark-to-market accounting and contrived related party sales. Choose one asset that Enron used to employ both of these methods...
-
Ruby Company manages the daily operations for the human resources department of Jade Company. In terms of the contract, Ruby receives a fee of \($100\) per year for each employee on Jades payroll,...
-
Rhodes Co. manages a school for the Old England School District. In year 1, Rhodes Co.s first year of operating the school, the school earned per pupil fees of \($100,000.\) Rhodes is responsible for...
-
Greasy Patties Corporation, a hamburger chain, has 100 stores. In its tenth year of operating, its total sales for year 10 amounted to \($100\) million. During year 11, Greasy Patties Corporation...
-
In the ____________case, the issue was that it did not accurately and completely describe the realities of its operations in its MD & A.
-
The International Manufacturing Company produces only one product. The firm purchases a key input at a price of $5 per unit of production. The firm then pays a wage rate of $4 per unit for the time...
-
Before the 1973 oil embargo and subsequent increases in the price of crude oil, gasoline usage in the United States had grown at a seasonally adjusted rate of 0.57 percent per month, with a standard...
-
In November 2011, the Brunswick Company signed two purchase commitments. The first commitment requires Brunswick to purchase 10,000 units of inventory at $10 per unit by December 15, 2011. The second...
-
EDGAR, the Electronic Data Gathering. Analysis, and Retrieval system, performs automated collection, validation, indexing, acceptance and forwarding of submissions by companies and others who are...
-
Refer to the situation described inBE 18-13, but assume a 2-for-1 stock split instead of the 5% stock dividend. Prepare the journal entry to record the stock split if it is to be effected in the form...
-
A plane gate of uniform thickness holds back a depth of water as shown. Find the minimum weight needed to keep the gate closed. 0=30 L=3m Water w=2m P3.45
-
Obtain an expression for the kinetic energy flux, \(\int\left(V^{2} / 2 ight)\) \(ho \vec{V} \cdot d \vec{A}\), through cross section (1) of the control volume shown. x CV Width = w P4.12 h V
-
The velocity distribution for laminar flow in a long circular tube of radius \(R\) is given by the one-dimensional expression, \[\vec{V}=u \hat{i}=u_{\max }\left[1-\left(\frac{r}{R} ight)^{2} ight]...
Study smarter with the SolutionInn App