Renaissance Gallery converts photographs to portraits via a tedious hand painting process. Costs are tracked for each painting, with gallery overhead being applied at 130% of direct labor cost.
Renaissance Gallery began June with one job in process. This job related to the Price Wedding photo, and beginning work in process included total costs of $15,500 (direct labor, direct material, and applied overhead).
During June, four new jobs were begun. These consisted of the Ramirez family portrait, the Oberweiss farm photo, the Ravenwood big fish picture, and the Zhang baby picture. The only job remaining in process at the end of June was the Ravenwood big fish picture.
To date, $14,000 in direct labor and $4,400 of direct materials had been committed to the Ravenwood job.
Total direct labor incurred on all jobs during June was $70,100 Total direct material incurred on all jobs during June was $12,700.
(a) Compute the ending work in process inventory balance and the total cost assigned to finished jobs.
A. Ending work in process 36,820
Total costs assigned to finished goods 152,960
B. Ending work in process 36,580
Total costs assigned to finished goods 152,760
C. Ending work in process 46,600
Total costs assigned to finished goods 172,830
D. Ending work in process 36,600
Total costs assigned to finished goods 152,830
E. Ending work in process 36,420
Total costs assigned to finished goods 152,940
F. None of the above
Answer:
Renaissance Gallery
The ending work in process inventory balance and the total cost assigned to finished jobs:
F. None of the above
Explanation:
a) Data and Calculations:
Overhead application rate = 130%
Beginning work in process
(Price Wedding Photo) = $15,500
Direct labor costs incurred on
all jobs during June 70,100
Direct materials costs in June 12,700
Total cost incurred to date = $98,300
Ending work in process:
Direct labor $14,000
Direct materials 4,400 $18,400
Cost assigned to finished $79,900
jobs
what is a bond? in your own words. economics.
Answer:
A bond is a fixed income instrument that represents a loan made by an investor to a borrower bond could be thought of as an I.O.U. between the lender and borrower that includes the details of the loan and its payments.
Explanation:
what are the consequences of unemployment
Answer:
The personal and social costs of unemployment include severe financial hardship and poverty, debt, homelessness and housing stress, family tensions and breakdown, boredom, alienation, shame and stigma, increased social isolation, crime, erosion of confidence and self-esteem, the atrophying of work skills and ill-health ...
Explanation:
unemployment has cost to a society that are more than just Financial unemployed individuals not only lose income but also faced challenges to their physical and mental health
define capital economics.
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Answer:
In economics, capital consists of human-created assets that can enhance one's power to perform economically useful work. ... Capital goods, real capital, or capital assets are already-produced, durable goods or any non-financial asset that is used in production of goods or services
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Answer:
In economics, capital consists of human-created assets that can enhance one's power to perform economically useful work. Capital goods, real capital, or capital assets are already-produced, durable goods, or any non-financial asset that is used in the production of goods or services.
Explanation:
hope this helps...
have a great day...
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Which tax withholding is required by the federal government?
What is product positioning?
Answer:
Positioning refers to the place that a brand occupies in the minds of the customers and how it is distinguished from the products of the competitors and different from the concept of brand awareness
Explanation:
Make me brainliest
what is a bond? in your own words. financially.
Answer: to me a bond is a very close friendship that is official and that is well known to the world
Explanation:
Multiple Select Question
Select all that apply
The parts of the process cost summary include: (Check all that apply.)
cost assignment and reconciliation.
equivalent units of production.
cost charged to each job.
costs charged to departments.
Need help? Review these concept resources.
Answer:
Cost assignment and reconciliation
Physical flow of units
Equivalent units of production
The parts of the cost summary include the cost assignment and reconciliation. The cost charged to each job and the equivalent units of production. Hence the option A, B, and C are correct.
What is a cost summary ?The cost summary is one that is used to estimate the cost and is based on the cost-benefit analysis. The summary tells us about the assignment and reconciliation of the costs and costs that are charged for each job. It also tells us about the equal units of production.
Find out more information about the cost summary.
brainly.com/question/1788884.
Jonas has been assigned to work with a team at Falk Enterprises, Inc. Jonas has supervised this team in the past, and they have always failed to produce results on time. One of the difficulties previously cited by the team was confusion over the roles each team member played. Discuss some the possible roles each of these team members could play and some steps Jonas could take to avoid frustration and delay with this project.
Answer:
There should be defined roles of all the team members and they should know their responsibilities.
Explanation:
Jonas should clearly assign tasks of the project to his team members and each member should be accountable for his task. Jonas should teach his team about the significance of time management and therefore task must be completed before deadlines. Each member of the team must have defined responsibilities and roles.
define default economics.
Answer:
Default is the failure to repay a debt, including interest or principal, on a loan or security. A default can occur when a borrower is unable to make timely payments, misses payments, or avoids or stops making payments.
Explanation:
Answer:
the failure to repay a debt
Explanation:
the failure to repay a debt
Al is a medical doctor who conducts his practice as a sole proprietor. During 2013, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2012. At the end of 2013, Al had accounts receivable of $60,000, all for services rendered in 2013. In addition, at the end of the year, Al received $12,000 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2014.
Compute Al's gross income for 2013:
a. Using the cash basis of accounting.
b. Using the accrual basis of accounting.
c. Advise Al on which method of accounting he should use?
Answer:
a. Cash basis
This recognizes revenue and expenses only when cash been received or spent.
Gross income for 2013 = Cash received for medical services + Advance payment
= 280,000 + 12,000
= $292,000
b. Accrual basis
This recognizes only revenue and expenses incurred in a period, regardless of if cash is paid or not.
Gross income for 2013 = Cash received for medical services - Cash received for medical services provided in previous periods + Accounts receivable
= 280,000 - 40,000 + 60,000
= $300,000
c. Use CASH BASIS OF ACCOUNTING
From a taxation point of view, using the cash basis would be more beneficial as Al will pay a less amount of tax as it is a lower income.
He will also be sure of the cash received unlike Accrual that recognizes Accounts receivable which have a chance of not being collected.
What are some potential positive outcomes of filing for bankruptcy?
Answer:
An automatic stay against creditors. Once you file, the court automatically issues this stay against any and all debt collection activity.
Dischargeable debts.
Bankruptcy exemptions might allow you to maintain ownership of your property after bankruptcy.
Credit Score.
what is commercial bank? in your own words.
Answer:
a commercial Bank is a type of banks that provide services such as accepting deposits making business loan etc
Explanation:
differentiate between Central Banks and other banks
Commercial banks serve individuals and businesses, while central banks serve the country's banking system. They provide money transfers back and forth between banks and governmental institutions both domestically and in cases of transactions with foreign entities.
what is commercial bank? in your own words.