Craig Company uses a predetermined overhead rate to assign overhead to jobs. Because Craig's production is machine intensive, overhead is applied on the basis of machine hours. The expected overhead for the year was $5.7 million, and the practical level of activity is 375,000 machine hours. During the year, Craig used 382,500 machine hours and incurred actual overhead costs of $5.73 million. Craig also had the following balances of applied overhead in its accounts:Assuming the overhead variance is material, prepare the journal entry that appropriately disposes of the overhead variance at the end of the year. If an amount box does not require an entry, leave it blank.
Answers
The journal entry that appropriately disposes of the overhead variance at the end of the year is Cr. Cost of goods sold $90,000 and Dr. manufacturing overhead $90,000.
When overhead variance is material, the journal entry that appropriately disposes of the overhead variance at the end of the year is done by adjusting the cost of goods sold. This is because cost of goods sold is an income statement account and as such, is adjusted against the variance account. This leads to the creation of a variance account debit and a cost of goods sold credit.
Hence, the journal entry that appropriately disposes of the overhead variance at the end of the year is shown below:
Account Title Debit Credit
Work-in-process inventory $0
Finished goods inventory $0
Cost of goods sold$ $90,000
Manufacturing overhead $90,000
In the given question, the expected overhead for the year was $5.7 million, and the practical level of activity is 375,000 machine hours. During the year, Craig used 382.500 machine hours and incurred actual overhead costs of $5.73 million. To calculate the overhead variance, we will use the formula:
Overhead variance = Actual overheads – Applied overheads
Here, Actual overheads = $5,730,000
Applied overheads = Predetermined overhead rate × Actual machine hours = $5,700,000 ÷ 375,000 machine hours = $15.2 per machine hour.
Applied overheads = $15.2 × 382,500 machine hours = $5,820,000
Overhead variance = Actual overheads – Applied overheads = $5,730,000 – $5,820,000= ($90,000)
As the variance is a negative amount, it shows that the actual overhead cost was more than the applied overhead cost. So, we will credit the cost of goods sold with $90,000 and debit the manufacturing overhead (variance account) with the same amount i.e $90,000. This will write off the variance account balance.
Note: The question is incomplete. The complete question probably is: Craig Company uses a predetermined overhead rate to assign overhead to jobs. Because Craig's production is machine intensive, overhead is applied on the basis of machine hours. The expected overhead for the year was $5.7 million, and the practical level of activity is 375,000 machine hours. During the year. Craig used 382.500 machine hours and incurred actual overhead costs of $5.73 million. Craig also had the following balances of applied overhead in its accounts:
Work-in-process inventory $576,000
Finished goods inventory $624,000
Cost of goods sold $1,800,000
Assuming the overhead variance is material, prepare the journal entry that appropriately disposes of the overhead variance at the end of the year.
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Related Questions
an employee can be dismissed if their job surplus to requirements' outline why this state ment is false
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Paulette, quentin, and rosie each donated money to a charity. Paulette gave as much money as quentin and rosie gave together. If quentin had given three times more than he gave, he would have given $40 more than paulette. And if rosie had given $20 less, she would have given half as much as paulette. How much did paulette give?.
Answers
Paulette donated $200. The concept of natural numbers is used here.
What are natural numbers?The numbers used for counting and sorting are known as natural numbers in mathematics. Counting and ordering are done with the help of ordinal and cardinal numbers, respectively.In contrast, whole numbers are all natural numbers, including zero, as in 0, 1, 2, 3, 4, and so forth. All whole numbers and their negative equivalent are considered integers.Let p,q, and r are the amount donated by Paulette, Quentin, and Rosie respectively.
P = q+r ...(1)
3q = p+40
q=p+40/3 ....(2)
r-20 = p/2
r=p/2 + 20 .....(3)
Replacing (2) and (3) in (1). we get
p=p+40/3 + p/2 + 20
p = 2p + 80 +3p +120/6
6p = 5p +200
p= 200
Hence, Paulette donated $200.
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THE WINNER IS cssa06160! She/he answerd the most questions with all accuracy : )!!! She will get brainliest
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Answer:
^--^
Explanation:
Answer:
yey :)
Explanation:
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Based on the information given, which site does not appear credible? A. The information given on the site is in line with information you learned in your health class. B. The research given is cited by a reliable organization. C. The site focuses on testimonials from people who recommend the product. D. The information given is based on facts and does not seem biased.
Answers
Answer:
C. The site focuses on testimonials from people who recommend the product.
Answer:
The correct answers is (C)
Explanation:
Marketing to consumers based on research of the entire process consumers go through when making a purchase is known as _____
Answers
12. Food banks, food stamps, and unemployment insurance
represent responses to the destructive side of capitalism. T or
F
Answers
Food banks, food stamps, and unemployment insurance represent responses to the destructive side of capitalism is True.
Determining whether food banks, food stamps, and unemployment insurance represent responses to the destructive side of capitalism is a subjective judgment and can vary depending on individual perspectives. However, in general, it can be argued that food banks, food stamps, and unemployment insurance are social safety net programs that aim to mitigate the negative impacts of economic inequality and provide assistance to those facing financial hardships.
Food banks, which are nonprofit organizations that distribute food to individuals in need, can be seen as a response to the destructive side of capitalism by addressing food insecurity and hunger, which can result from income inequality and economic disparities.
Similarly, food stamps, officially known as the Supplemental Nutrition Assistance Program (SNAP), provide eligible individuals and families with electronic benefit transfer cards to purchase food. These programs help ensure access to food for vulnerable populations and can be viewed as a way to counteract the negative consequences of economic disparities.
Unemployment insurance, on the other hand, provides financial assistance to individuals who have lost their jobs and are actively seeking employment. It serves as a safety net during periods of unemployment and can help alleviate financial strain and prevent individuals from falling into poverty. While unemployment insurance primarily focuses on supporting individuals during job transitions, it can be seen as a response to the challenges and instability that can arise in a capitalist economy.
In summary, food banks, food stamps, and unemployment insurance can be considered responses to the destructive side of capitalism as they aim to address the economic inequalities and hardships that individuals may face due to the inherent nature of the economic system.
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I need Welp Help help Help help
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I am 2 weeks late do you still need help with this assignment?
Answer:
Hello do you still need help with this?
Explanation:
what is the difference between simple interest and compound interest why do you end up with more money with compound interest
Answers
The difference between simple interest and compound interest lies in how the interest is calculated and added to the principal amount.
Simple interest is calculated only on the principal amount of money borrowed or invested. It means that the interest is not added to the principal amount. On the other hand, compound interest is calculated on both the principal amount and the accumulated interest. This means that the interest earned on the investment is added to the principal amount, and the new total amount earns interest. The main reason why you end up with more money with compound interest is that the interest earned is reinvested back into the investment, and over time, it increases the overall value of the investment.
For example, let's say you invest $1000 at a 10% simple interest rate for 5 years. At the end of five years, you will earn $500 in interest, and your total amount will be $1500. However, if you invest the same $1000 at a 10% compound interest rate for five years, your total amount will be $1610.51 at the end of five years.
In conclusion, compound interest is more advantageous because it allows for more significant returns over time due to the reinvestment of the earned interest.
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does anyone know any good spells
Answers
Answer:
abra cadabra
Explanation:
If the reserve ratio is 5 percent, banks do not hold excess reserves, and people do not hold currency, then when the Fed sells $20 million worth of government bonds, bank reserves
decrease by $20 million and the money supply eventually decreases by $100 million.
increase by $20 million and the money supply eventually increases by $400 million.
decrease by $20 million and the money supply eventually decreases by $400 million.
increase by $20 million and the money supply eventually increases by $100 million.
decrease by $20 million and the money supply eventually decreases by $400 million.
Answers
The correct option is: decrease by $20 million and the money supply eventually decreases by $400 million.; if the reserve ratio is 5 percent, banks do not hold excess reserves.
Define the term reserve ratio?The amount of reservable liabilities than commercial reserve requirement onto rather than lend off and invest is known as the reserve ratio.
The central bank of the nation, in this case the Federal Reserve in the United States, sets this criterion. It is often referred to as the ratio of cash reserves.
The amount of money that banks are required to hold with the Reserve Bank of India as a percentage of their Net Time and Demand Liabilities is known as the Cash Reserve Ratio (NDTL).
The goal of CRR is to guarantee the banks' solvency and liquidity.
Thus, if a reserve ratio is 5%, banks do not store extra reserves, and people must not hold currency, the money supply will eventually fall by $400 million and by $20 million.
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Activity-Based Costing is appropriate for which of the following organizations?
(a) One that produces and sells a wide variety of products.
(b) One that customizes products to customer specifications.
(c) One that uses a wide diversity of techniques to manufacture its products.
(d) All of the above.
Answers
d) All of the above
organizations with different product lines, customization requirements, and manufacturing techniques can benefit from implementing activity-based costing.
What is Activity based costing?
Activity-Based Costing (ABC) is a costing method that assigns costs to specific activities or processes based on their actual resource consumption. It provides a more accurate way of allocating costs compared to traditional costing methods, especially in situations where there is a high degree of product or process diversity.
Based on this understanding, the answer to question (d) is All of the above.
Activity-Based Costing is suitable for organizations that manufacture and sell a wide variety of products (variant a), customize products to customer specifications (variant b), and use a wide variety of techniques to manufacture their products (variant c).
These characteristics usually lead to changes in resource consumption and cost allocation complexity. ABC helps in identifying the activities that increase costs and assigning them more accurately to the products or services produced.
Using ABC, organizations can better understand the costs associated with various activities and products, allowing them to make more informed decisions regarding pricing, product mix, process improvement, and resource allocation.
It enables a more detailed analysis of cost factors and provides insight into the profitability of individual products or customer segments.
Therefore, organizations with different product lines, customization requirements, and manufacturing techniques can benefit from implementing activity-based costing.
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Which of the following does NOT belong on the asset side of a balance sheet?
a) Accounts receivable
b) Expense
c) Cash
d) Inventory
Answers
The item that does NOT belong on the asset side of a balance sheet is Expense. The following explanation will provide more insights.
The balance sheet is one of the financial statements of a company that represents its financial condition at a particular point in time. The asset side of the balance sheet is the left side, and it shows what the company owns, whereas the liability and equity side is the right side, and it shows what the company owes to others.Accounts receivable, cash, and inventory are all asset accounts, whereas expense is not. Instead, it is a cost that a company incurs in operating its business. It is not an asset that the company owns or holds. Therefore, the item that does NOT belong on the asset side of a balance sheet is Expense.
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planning your future unit test miguel wants to work for a non profit that helps homeless people find jobs and housing what is guiding miguel's career decision
Answers
I would claim that he made this business decision based on his beliefs and values.People that help the homeless do so out of the goodness of their hearts. Moreover, he was under no obligation to perform that task
Benefits of Working for a Nonprofit organizationYour north star when working for a for-profit company is increasing its profits in order to improve its bottom line. Although this type of job can be demanding, fascinating, and beneficial to your career, it is unlikely to solve societal issues, have a positive influence on the environment, or enhance the lives of others. On the other side, nonprofit positions frequently let you work toward a particular goal that has a tangible, good impact on people's lives. Therefore, nonprofit work has a meaningful social influence, whether it's assisting marginalised communities, fighting for improved mental health, or advancing environmental issues.
You may have heard that nonprofit organisations don't often offer high salaries. While this is frequently the case, it is also true that nonprofit organisations typically provide excellent benefits and greater freedom than for-profit businesses. Nonprofit organisations frequently permit extensive remote work and offer generous healthcare and child care perks.some of the otherr benefits are,
Making a difference in other people’s livesWorking more creativelyGaining new skillsGetting better benefitsWorking with like-minded peopleTo know more about Benefits of Working for a Nonprofit organization,refer to:
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Khi nào bán hết 1 tỷ gói mè
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in order to regulate the monopoly to produce the largest possible output without a loss, government regulators would establish a price of
Answers
In order to regulate the monopoly to produce the largest possible output without a loss, government regulators would establish a price where it equals the average total cost, therefore no subsidy is needed.
What is average total cost?The average total cost is calculated as the overall production costs divided by the total output. To put it another way, the average cost is the sum of all fixed and variable costs divided by the total number of units produced by the company.
How businesses decide to price their commodities is strongly influenced by the average cost. It is used to calculate the breakeven price, which is the lowest price at which the company will be profitable and profitable. The corporation or business organization will experience losses if the price is set below the average total cost.
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The amount transferred from work in process to finished goods is ______.
Answers
Answer:
Cost of goods manufactured
Explanation:
who acted kindly toward john coleman when he went undercover as a homeless person and lived on the street for ten days? a police officer his co-workers
Answers
John Coleman's specific interactions and experiences during his time undercover, it is not possible to determine who specifically acted kindly towards him.
During John Coleman's undercover experience as a homeless person, it is not specified who acted kindly toward him between a police officer and his co-workers. Without additional context or information, it is challenging to determine the specific individuals who showed kindness to John Coleman during his time living on the streets. However, it is not uncommon for individuals in various roles, including police officers and co-workers, to demonstrate acts of kindness and support towards those experiencing homelessness. People from different backgrounds can exhibit compassion, empathy, and assistance to individuals facing difficult circumstances, including homelessness.
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Demand elasticity is the extent to which a change in price causes a change in the quantity demanded
Answers
True, demand elasticity is the extent to which a change in price causes a change in the quantity demanded.
How sensitive the quantity demanded is to a good's price is determined by its price elasticity of demand. Almost all goods see a decrease in quantity demanded as prices rise, but some goods experience this decrease more than others. When a product's price changes, its inelastic quantity remains constant.
When a price increases by 1% while holding all other factors constant, the price elasticity provides the percentage change in quantity demanded. Consumers' purchasing patterns are said to be inelastic if they remain relatively constant when the price of a good or service increases or decreases.
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Note that the full question is:
Demand elasticity is the extent to which a change in price causes a change in the quantity demanded. True or False?
Which resource is focused on preparing students for careers and technical work as well as for community leadership
Answers
The resource that focused on preparing students for careers and technical work as well as for community leadership is: C. CTSO.
What is CTSO?CTSO which meaning is Career and Technical Student Organizations is an organization whose sole roles and responsibilities is to prepare students for their careers as well as technical work.
CTSO is important as it helps students to develop leadership skills.
Therefore The resource that focused on preparing students for careers and technical work as well as for community leadership is C. CTSO.
The complete question is:
Which resource is focused on preparing students for careers and technical work as well as for community leadership?
O BLS
O O*NET
O CTSO
O SBA
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what would happen to a monthly payment if the intrest rate increased
Answers
Answer:Your interest rate and the monthly payment will remain the same
Explanation:If you have a fixed-rate mortgage, the rising rate will have no impact on your loan: Your interest rate and the monthly payment will remain the same.
The monthly payment would increase if the interest rate is increased.
The monthly payment is the amount a person has to pay every month over the time period of the loan to pay off the loan. Interest is the additional amount a lender has to pay along with the principal amount when they avail a loan.
A loan with a higher interest rate means that the person will have to pay back more money and hence higher monthly payments as compared to someone who has a lower rate interest rate for the same amount and for the same time period.
For example, if you borrow $200 with a 5% interest rate you will have to pay back a total of $210 and if this is over 10 months then you will have to pay $21 every month. Now say you borrow the same amount for the same time period but with a 10% interest rate, then you will have to pay back a total of $220 and this means your monthly payment will be $21. Therefore monthly payment increases with the interest rate.
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which is a way to increase your net worth
Answers
Ways to increase your net worth are
Contribute more money to your retirement fund.Reduce your spending.It's time to get rid of high-interest loans.Make a contingency fund. This is further explained below.What is net worth?Generally, taking into consideration all financial assets and obligations of a person/company/household.
In conclusion, Consolidate or renegotiate your debts.
Keep your vehicles for as long as you can.
Boost your wages
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Shemar is a regional sales manager of a popular fortnightly magazine. He sets targets for and reviews the performances of the sales representatives of his region. Changes in marketing strategies mandated by the marketing team at the magazine's headquarters authorized Shemar to be solely responsible to bring about the necessary changes in his region. In the given scenario, Shemar is most likely a _____.
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Shemar is responsible for the sales department of his region and is authorized to make changes in marketing strategies mandated by the marketing team at the magazine's headquarters. Therefore, in the given scenario, Shemar is most likely a regional sales manager.
In the given scenario, Shemar is a regional sales manager of a popular fortnightly magazine. He sets targets for and reviews the performances of the sales representatives of his region. Changes in marketing strategies mandated by the marketing team at the magazine's headquarters authorized Shemar to be solely responsible to bring about the necessary changes in his region.
A regional sales manager is responsible for overseeing and managing the sales department within a defined geographic region. They are responsible for setting sales targets, monitoring and reviewing sales representatives’ performance, and creating and implementing strategies to improve sales.
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Scenario 3: Your first semester of college, you take out a small loan to help pay for books. Despite being busy, you get a part time job. Although you don't have to pay your loan back until you graduate, you've saved enough by the end of the semester and you will pay off the loan in full. Does your credit score go up or down? Why does it go up or down? If your score goes down, how can you fix it?
Answers
A credit score rating is based on a credit score report, statistics usually sourced from credit score bureaus.
What is a credit score?A credit score rating is a numerical expression primarily based totally on a degree evaluation of a person's credit score files, to symbolize the creditworthiness of an individual.
As per the information,
1. The loan taken here is an unsecured loan, therefore, the early payment of the loan will increase the credit card score.
2. In this case, the credit card score will go up as pre-payment of small and unsecured will have a positive impact on the credit card score. The score goes up and down based on your credit card purchase behavior.
3. If the credit card score goes down, it can be fixed by maintaining a healthy credit card utilization ratio.
hence, in this way, the credit card score issues can be resolved.
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Drag each label to the correct location
PLEASE HELP
Answers
Answer:
put master budget for sources of cash and put cash budget for cost of finished goods
The interest rate banks charge their customers is known as the
rate.
A. discount
B. securities
C. prime
D. mortgage
Answers
Answer:
Prime
Explanation:
Took the quiz
Which type of people should be chosen to form the project team?
Answers
Answer:
which tipe of team...............
FILL IN THE BLANK. one of the most fundamental principles in the field of finance is that money has __________ value.
Answers
In the field of finance, one of the most fundamental principles is that money has time value.
This principle recognizes that money available today is worth more than the same amount of money available in the future. The reason for this is that money can earn interest or be invested to generate returns, which means that the same amount of money will be worth more in the future than it is today.
Additionally, factors such as inflation and changes in market conditions can affect the value of money over time. Understanding the time value of money is essential in making sound financial decisions, such as investments, loans, and budgeting, as it allows individuals and organizations to consider the potential future value of money in their decision-making.
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If correct will mark brainliest :)
The Federal Reserve has recently added new rules pertaining to Debit Cards. One of the new rules is that:
A. you need to be 21 to have a debit card.
B. overdraft protection is now mandatory for consumers.
C. overdraft protection is now the consumer's choice.
D. banks can no longer charge late fees on debit card accounts.
Answers
The Federal Reserve has recently added new rules pertaining to Debit Cards. One of the new rules is overdraft protection is now the consumer's choice.
Not all checking bills price a rate for overdraft safety transfers. But after they do, the price is normally considerably much less than paying an overdraft rate. It may also permit tests to clear, which in flip will let you keep away from lower back take a look at charges from merchants. It can offer get entry to finances in instances of emergency.
If a renter with overdraft safety writes an $800 take a look at on an account with a stability of $650, the overdraft safety from their related account kicks in as quickly because the take a look at is cashed—and the take a look at clears as opposed to bouncing because of inadequate finances.
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The product life cycle refers to the stages a product moves through from the time it enters the market until the time
Answers
It's the stage by which a product move through from the time it enters the market until the time it is cleared. My own definition states that it's the length of time by which a product is introduced to consumers in the market until it has been removed
What is true of a flexible spending account but not a health saving account?
Answers
Flexible spending accounts (FSAs) are held by employers and are less flexible than health savings accounts (HSAs).
This is further explained below.
What is a Flexible spending account?Generally, In other words, FSA funds must be used up before they may be rolled over to the next year, and any unused money that is carried over from the previous year is forfeited.
Unused funds are turned over to your employer, who has the option of either distributing them among the participants in the FSA plan or using them to reduce the expenses of managing the benefits program.
A Flexible Spending Account, also known as a flexible spending arrangement, is a specialized account into which money may be deposited and then used to pay for certain out-of-pocket medical expenses. You can also refer to this kind of account as a flexible spending arrangement.
You are exempt from paying taxes on this sum of money. This indicates that you will be able to save a sum that is equivalent to the taxes that you would have been required to pay on the money that you have put aside.
In conclusion, The most important distinction between health savings accounts (HSA) and flexible spending accounts (FSA) is that HSAs are in the authority of the person and enable contributions to be carried over into subsequent years, while FSAs are held by the employer and have fewer options for spending.
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