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- A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000Q1 Irfan Corporation contribution margin ratio is 22% and its fixed monthly expenses are Rs. 54,000. If the company's sales for a month are Rs. 425,000, what is the best estimate of the company's net operating income? Assume that the fixed monthly expenses do not change. Q2Anwer Manufacturing had the following information in its records at the end of the year: Predetermined overhead rate 140% of direct labor costs Estimated direct labor costs 87,500 Actual direct labor costs 84,000 Manufacturing Overhead 15,000 17,000 80,000 What was the balance in Manufacturing Overhead?2. Burnham Industries incurs the following costs for the month: Direct materials $2,000 Direct labor 3,000 Factory depreciation expense 3,500 Factory utilities expense 750 CEO's salary 4,000 How much is the prime cost? How much is the conversion cost? PLEASE NOTE: All amounts rounded to whole dollar and shown with "$" and commas as needed (i.e. $12,345).
- 1. An industry employees 450 workers during the month of Decemcber 2019.The following arethe details of Expenditure as follows .Cost of material=$ 86000, Rate of wages for each employee =$ 3 per hour of normal duty and $ 6per hour of overtime duty. Man hours per day of normal duty= 8 hours. Number of holidays per month (with out wages)=6 days. Total over head expenses = $23000.The workers were paid overtime for 375 hours. Calculate (i) Total cost/month (ii) Man hour rate on costs …..The accounting clerk at Tenity Enterprises is paid $10.40 per hour. During a week’s pay period, the employee worked 38 hours and 40 minutes. Based on a hundredth-hour pay method, what is the gross pay for the period? A. $402.54B. $401.81C. $402.13D. $401.754. Selected account balances for the year ended December 31 are provided below for MelodyCompany:Selling and Administrative salaries . . . . . . . . . . . . . . . . . . . . P110,000Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . P290,000Direct Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P80,000Manufacturing overhead . . . . . . . . . . . . . . . . . . .. . . . . . . . . . P270,000Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P50,000 Inventory balances at the beginning and end of the year were as follow:Beginning of the year End of the yearRaw materials . . . . . . . . . . . . . . P40,000 P10,000Work in process . .. . . . . . . .. . . ? P35,000Finished goods . . . . . . . . . . . . . P50,000 ? The total manufacturing costs for the were P683,000; the goods available for sale totaledP740,000; and the…
- JOURNAL ENTRIES - ACTUAL COST SYSTEM The following transactions of Lakay Manufacturers were incurred during the month of May. a. Materials purchases on account, P750,000. b. Purchase returns and allowances, P50,000. c. Payment of payroll: Total Earnings P655,000 Less: SSS premiums P17,500 Philhealth premiums 8,000 Pag-IBIG premiums 2,500 Withholding taxes 12,000 Advances to employees 65,000 Union dues 30,000 135,000 Net amount P520,000 d. Breakdown of the payroll: factory, 60% (Direct labor - 50%, Superintendence - 40%; Indirect labor - 10%); sales, 25%; and, office, 15%. e. Disbursements are made for the following: Insurance premiums - factory building and contents P2,500 Lubricants, rags, brooms and insecticide 800 Electricity bill 4,100 Water bill 900 f. Sales on account, P2,200,000. g. Sales returns and allowances, P60,000. h. The following are paid: Bond paper, pencils and other office supplies P1,500 TV and radio advertisements 6,000 Plastic bags, masking tapes and…Q1. After selection of an Employee, the Human Resource Department decide the following salary breakup. Employee Base pay = Rs.17 (Per Regular hrs.) + Rs.50 (Per Week Bonus) Employee working hrs. Per Week = 60hrs (40 regular hrs. 20 overtime hrs.) Case # 01 So: Calculate the actual regular pay rate per hour. Calculate the overtime rate per hour. Calculate the Total pay for a month. Q2. If the Basic Salary of the employee is Rs.12000 Calculate the Total Gross Remuneration of that particular employee.Q1. After selection of an Employee, the Human Resource Department decide the following salary breakup. Employee Base pay = Rs.17 (Per Regular hrs.) + Rs.50 (Per Week Bonus) Employee working hrs. Per Week = 60hrs (40 regular hrs. 20 overtime hrs.) Case # 01 So: Calculate the actual regular pay rate per hour. Calculate the overtime rate per hour. Calculate the Total pay for a month.
- calculating gross earnings THe lw pay its employees on a hourly wage. Fing gross earings for each employee. Hours worked hours wage gross earnings pat 38 5.96 steve 23 5.50 mary 32 6.19Assuming only Job# 2 and 3 were completed and sold, what is the cost of goods sold at year-end? a.) 523,700 b.) 468,075 c.) 484,700 d.) 394,700Use the following data to found total wages by using ( Halsy method ). 1- Saved time ( 2.5) hour every one . 2- Actual time ( 12 ) hour . 3- Standard time ?. 4- Rate per hour ( 15500 ) D. 5- The number of worker ( 20 ) worker .
