On January 15, $168,000 of direct materials were requisitioned for production of
ID: 2550921 • Letter: O
Question
On January 15, $168,000 of direct materials were requisitioned for production of Job 350. From the following, select the correct journal entry to record the transaction on the day the materials were requisitioned by the production department.
Question 12 options:
Jan 15 Work in Process 168,000
Factory Overhead 168,000
Jan 15 Work in Process 168,000
Cash 168,000
Jan 15 Materials 168,000
Work in Process 168,000
Jan 15 Work in Process 168,000
Materials 168,000
ABC Company sells 25,000 units at $25 per unit. Variable costs are $15 per unit, and fixed costs are $75,000. The contribution margin ratio and the unit contribution margin are:
40% and $10 per unit
40% and $15 per unit
60% and $15 per unit
60% and $10 per unit
Bobby Co. sells two products, X and Y. Last year, Bobby sold 18,000 units of X's and 12,000 units of Y's. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s two products are provided below.
Product selling price variable cost per unit contribution margin
X 180 100 80
Y 100 60 40
Assuming that last year’s fixed costs totaled $160,000. What was Bobby Co's break-even point in units of enterprise product "E"?
2,000 units
2,857 units
2,500 units
6,000 units
ABC Company sells 25,000 units at $25 per unit. Variable costs are $15 per unit, and fixed costs are $75,000. The contribution margin ratio and the unit contribution margin are:
40% and $10 per unit
40% and $15 per unit
60% and $15 per unit
60% and $10 per unit
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $675,000 and direct labor hours would be 45,000. Actual factory overhead costs incurred were $725,000, and actual direct labor hours were 48,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year?
$5,000 underapplied
$45,000 overapplied
$45,000 underapplied
$5,000 overpplied
Jan 15 Work in Process 168,000
Factory Overhead 168,000
Jan 15 Work in Process 168,000
Cash 168,000
Jan 15 Materials 168,000
Work in Process 168,000
Jan 15 Work in Process 168,000
Materials 168,000
ABC Company sells 25,000 units at $25 per unit. Variable costs are $15 per unit, and fixed costs are $75,000. The contribution margin ratio and the unit contribution margin are:
40% and $10 per unit
40% and $15 per unit
60% and $15 per unit
60% and $10 per unit
Bobby Co. sells two products, X and Y. Last year, Bobby sold 18,000 units of X's and 12,000 units of Y's. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s two products are provided below.
Product selling price variable cost per unit contribution margin
X 180 100 80
Y 100 60 40
Assuming that last year’s fixed costs totaled $160,000. What was Bobby Co's break-even point in units of enterprise product "E"?
2,000 units
2,857 units
2,500 units
6,000 units
ABC Company sells 25,000 units at $25 per unit. Variable costs are $15 per unit, and fixed costs are $75,000. The contribution margin ratio and the unit contribution margin are:
40% and $10 per unit
40% and $15 per unit
60% and $15 per unit
60% and $10 per unit
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $675,000 and direct labor hours would be 45,000. Actual factory overhead costs incurred were $725,000, and actual direct labor hours were 48,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year?
$5,000 underapplied
$45,000 overapplied
$45,000 underapplied
$5,000 overpplied
Explanation / Answer
a) Journal entry :
so answer is d)
2) Contribution margin per unit = 25-15 = 10 per unit
Contribution margin ratio = 10*100/25 = 40%
so answer is a) 40% and $10 per unit
3) Weighted average contribution margin per unit = (80*60%+40*40%) = 64 per unit
Break even point units = 160000/64 = 2500 units
so answer is c) 2500 units
4) Contribution margin per unit = 25-15 = 10 per unit
Contribution margin ratio = 10*100/25 = 40%
so answer is a) 40% and $10 per unit
5) Predetermine overhead rate = 675000/45000 = 15 per hour
Applied overhead = 15*48000 = 720000
Actual overhad = 7250000
Under applied overhead = 5000
so answer is a) $5,000 underapplied
Date accounts & explanation debit credit Jan 15 Work in process 168000 Material 168000