Answer:
Explanation:
5 characteristics of project:
change - projects are used to change an existing process. For example, project to improve the performance of existing software will bring change in working of software
temporary - project is temporary, it is held to achieve some results or bring change and has a completion time
cross-functional - it involves people from various departments and backgrounds
uncertainty - every project has an element of uncertainty. There are no guarantees
unique - there are no absolutely similar projects
Gourmet Shop purchased cash registers on April 1 for $12,000. If this asset has an estimated useful life of four years, what is the book value of the cash registers on May 31?a.$250.b.$3,000.c.$9,000.d.$11,500.
Answer:
d.$11,500.
Explanation:
The cash register was bought for 12,000 and it has a useful life of 4 years which is equal to 48 months. So to calculate how much it would depreciate each month we would divide 12,000 by 48. 12,000/48= 250.
So in this case from April 1 to May 31 is 2 months which means that the cash register was used for 2 months and would be depreciated over the use of 2 months.
1 month deprecation = 250
2 month deprecation = 250*2= 500
The depreciation for 2 months is 500 and in order to find the book value at May 31 we will subtract the depreciation over 2 months from the original price.
12,000-500=11,500
Final answer:
The book value of the cash registers on May 31 after accounting for two months of straight-line depreciation is $11,500.
Explanation:
The calculation of the book value for Gourmet Shop's cash registers involves applying the concept of straight-line depreciation. With a purchase cost of $12,000 and an estimated useful life of four years, the annual depreciation expense is calculated as $12,000 divided by 4 = $3,000. Since the cash registers were purchased on April 1 and the book value is needed for May 31, we need to account for two months of depreciation. Therefore, the monthly depreciation expense is $3,000 divided by 12 = $250. Over two months, this totals $250 × 2 = $500. Subtracting this from the original cost gives us the book value: $12,000 - $500 = $11,500. Hence, the book value of the cash registers on May 31 is $11,500.
An economy is operating at full employment, and then workers in the bread industry are laid off, but not hired by the wine industry. This change is portrayed in the movement from:
Answer:
D) C to F
Explanation:
In points A, B, C and D, the economy is at full employment. Some workers produce wine, others bread. Points F and G represent a situation where the economy has different unemployment levels. While point E shows an economy producing over its full employment potential. Full employment in an economy is reached when the unemployment level is between 4-5% approximately, frictional unemployment always exists.
Since the question states that the economy was at full employment, but then unemployment increased, the initial point must be A, B, C or D, and the ending point must be F or G. The only option that fits is D, point C to F.
A fixture is an object that formerly was personal property but has become real property. Of the following four rules for determining whether an object has become a fixture, which is the most dominant (i.e. if there is a conflict, which rule prevails)?
A) Intention of the parities
B) Manner of the attachment
C) Relation of the parties
D) Character of the article and manner of adaptation
Answer:
Explanation: b
Ruby Corporation, a calendar year, accrual method C corporation, has two cash method, calendar year shareholders who are unrelated to each other. Cole owns 55% of the stock, and Martin owns the remaining 45%. During 2016, Ruby paid a salary of $200,000 to each shareholder. On December 31, 2016, Ruby accrued a bonus of $50,000 to each shareholder. Assuming that the bonuses are paid to the shareholders on February 1, 2017, compute Ruby Corporation's 2016 deduction for the above amounts.$450,000$400,000$250,000$500,000
Answer:
Explanation:
Answer:
$200000 + $200000 +$50000(to COLE's bonus)
= $450000
Ruby corporation uses accrual method.
A corporation that is using accrual method, cannot claim a deduction for an accrual with respect to a related party until the recipient reports that amount as income.
Here, Cole owns more than 50% (55%) so its a related party and it will report bonus on february 1,2017
Therefore, Ruby can not deduct bonus payable to oliver in 2016
Hence total deductible in 2017 would be $450000.
Amy is analyzing a job offer. Amy’s Salary Analysis Annual Salary Benefits Average Monthly Rent Average Monthly Utility Costs $48,500 401K matched up to $2,500/year, $5,000 in bonuses $1,100 $200 How much income with benefits can she expect?
a. $43,500
b. $48,500
c. $53,500
d. $56,000
Answer:
D) $56,000
Explanation:
Amy's annual salary + benefits = annual salary + bonuses + 401K employer matched up contributions = $48,500 + $5,000 + $2,500 = $56,000
The 401K matched up contributions are considered a benefit because the employer has no legal obligation to pay them.
______ has raised the question of whether bigger really is better by becoming smaller and more profitable spinning off its major online service and its residential cable television provider division.
Answer:
Time Warner
Explanation:
Based on the information provided within the question it can be said that the company that raised this question was Time Warner. Which was formed in 1990 when it merged it's two companies ( Time Inc. and Warner communications) together and became formally known as Warner Media LLC located in New York City.
If Toyota (headquarters in Japan) sells a $1,000 bond in the United States, the bond is a: A) Tokyo bond. B) Eurobond. C) currency bond. D) foreign bond.
Answer:
(B) Eurobond
Explanation:
Eurobond is a type of bond that is issued by a corporate outside of its country of incorporation. Thus, when a company headquartered in Japan issued bond in the United States, the bond is considered a Eurobond.
On the other hand, when the country issues the bond in its country of incorporation, it is a local currency bond.
If Toyota sells a $1,000 bond in the United States, it is considered a foreign bond, as it is issued by a foreign company and denominated in the local currency (U.S. dollars).
If Toyota, which is headquartered in Japan, sells a $1,000 bond in the United States, the bond is a foreign bond. This type of bond is called a foreign bond because it is issued by a foreign entity, in this case, Toyota, and it is sold in the host country, which is the United States, denominated in the host country's currency, U.S. dollars.
Other types of bonds, like Eurobonds, are issued in foreign countries but denominated in the issuer's currency, and the term 'Euro' simply indicates that the bond is issued outside the home country, not necessarily in Europe or in euros. In contrast, a Tokyo bond would refer to a bond issued in Tokyo and a currency bond is not a recognized term in this context.
________ is a shorter, more informal development process for building e-commerce and e-business applications.
Answer:
Digital firm environment
Explanation:
Digital firm environment is the one which is used by the firms in the need to retire, add and change the technical capabilities very fastly.
Companies or the business are adopting the shorter, more informal process of development for the applications of the e - business and for e- commerce as this process provide or offer the fast solutions which do not disrupt the core transaction system and the database of the organization or firm.
Agile methodology is a shorter, more informal development process for building e-commerce and e-business applications. It focuses on quick and continuous delivery of working software, allowing for adaptation and improvements throughout the process.
Explanation:The shorter, more informal development process for building e-commerce and e-business applications is called Agile methodology. Agile methodology is a flexible and iterative approach to software development, which focuses on quick and continuous delivery of working software. This allows developers to adapt to changing requirements, gather feedback, and make improvements throughout the development process.
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How do unseen costs make it difficult to decide if it is better for government or private companies/people to spend our money? Provide an example using a ""seen"" and ""unseen"" cost to prove your answer.
Answer:
Unseen costs might affect government or private companies/ people because these costs are difficult to identify and might be under your budget.
Explanation:
Unseen costs may affect your business company or even governments because they hidden. Seen costs are the ones you take into account in your badger and you are able to plan, include and easily detect. One example of an unseen cost can be the maintenance of an specific equipment or device which you were not expecting. There is complicated to foresee these costs so you can add an extra percentage to your original budget.
Lucia, an electronics assembler at Universal Industries Factory, is sexually propositioned by Mark, who is the head of the quality control department. Upon Lucia's refusal, Mark starts finding fault with the quality of her work, and she is eventually demoted. Lucia believes that if she complains against Mark to the company's management, no action will be taken against him because of his reputation with senior management. Though Universal Industries has a sexual harassment policy in place, Lucia does not use it. Instead, she files a complaint with the Equal Employment Opportunity Commission (EEOC). Which of the following holds true inthis case?A. Universal Industries will be liable to Lucia for quid pro quo sexual harassment for theacts of its supervisor Mark.B. Universal Industries will not be liable to Lucia for quid pro quo sexual harassment because Mark is only a supervisor and not the owner.C. Universal Industries will be liable to Lucia for quid pro quo sexual harassment only if it knew about Mark's actions and failed to take any action against him.D. Universal Industries will not be liable to Lucia because she failed to use the company's sexual harassment policy.
Answer:
A) Universal Industries will be liable to Lucia for quid pro quo sexual harassment for the acts of its supervisor Mark.
Explanation:
The Equal Employment Opportunity Commission (EEOC) states that there are two types of workplace sexual harassment:
Quid pro quo sexual harassment happens when a manager or supervisor explicitly requires some type of sexual contact from an employee or applicant. Hostile work environment sexual harassment refers to unwelcome advances, gender-related language or jokes, sexual innuendos, etc., not explicit sexual solicitations.Eugene and Velma are married. For 2019 Eugene earned $25,000 and Velma earned $10,000. What are Eugene's and Velma's taxable income for 2019?
Answer:
$0
Explanation:
Velma's standard deduction for 2019 is $12,200, since it is higher than her actual income ($12,000 ≥ $10,000), Velma will not pay any income taxes. If Velma made the mistake of making an itemized deduction, she would end up paying taxes, but no one would make that type of mistakes.
In 2019, Eugene and Velma's combined income was $35,000 (without considering any deductions or credits), which would be their taxable income.
Explanation:Eugene and Velma's taxable income for 2019 is determined by adding their individual earnings. So, if Eugene earned $25,000 and Velma earned $10,000, their 'combined income' is $35,000.
However, the 'taxable income' may be different depending on allowable deductions and tax credits. But without these extra details, their 'combined taxable income' would be $35,000, assuming no deductions or credits.
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A smaller business with variable cash flow is looking to establish a pension plan for its 50 employees. It wants a plan that allows it to contribute the largest possible amount for its employees, but wants the flexibility to reduce contributions in lean years. The BEST recommendation is a:________
A. 401(k) plan
B. 403(b) plan
C. SEP IRA
D. SIMPLE IRA
Answer:
C. SEP IRA
Explanation:
Simplified Employee Pension (SEP) Individual Retirement Account (IRA) is a pension plan that has the advantages of easy set up and administration in comparison to other plans. The SEP IRA most crucially allows an employer to contribute a larger amount for its employees than the SIMPLE IRA. A key feature of SEP IRA over other plans which is the flexibility needed by the employer is that it allows the varying of the percentage an employer wants to contribute on a yearly basis
SIMPLE IRA is simple to start but it won't allow the employer contribute a large amount compared to the SEP IRA
401(k) contribution allowance for employers is also limited and the 403 (b) plan is not available to profit making businesses.
A SIMPLE IRA is the best pension plan for a smaller business with variable cash flow as it provides the flexibility to adjust employer contribution levels annually.
The best recommendation for a smaller business with variable cash flow that wishes to establish a pension plan for its employees while maintaining the flexibility to reduce contributions in lean years would be a SIMPLE IRA. This plan offers employers the ability to match employee contributions up to 3% of their gross wages, and this percentage can be adjusted annually, offering the needed flexibility. It allows the business to contribute a significant amount when cash flow allows, but also to reduce contributions when profits are lower. Unlike the more rigid 401(k) plans and 403(b) plans, the SIMPLE IRA enables smaller businesses to offer a retirement benefit without the commitment to a fixed contribution amount.
Gaggle, Inc., and Chirp Chirp, Inc., have their dispute resolved in arbitration. The arbitrator makes an erroneous finding of fact. This is a ground for a court to review the merits of the award.
a. True.
b. False.
Answer:
the following situation is "FALSE".
Explanation:
The arbitration decision or unfair award is a substantive finding reached by an arbitration panel in an appeal and is equivalent to a court judgment. It is alluded to as an' reward' even if all arguments of the defendant fall and therefore no money is owed by either side, or the award is of a semi-monetary type.
Therefore the following statement is "FALSE"
A college student purchased a car priced at $10,000. She paid $1,000 down and agreed to a monthly payment of $200 per month for 48 months. Including the down payment, what is the total amount of money the student will have paid for her car by the end of the 48 months?
Answer:
$10,600
Explanation:
The total amount that the students will pay will be the total of monthly installments plus the deposit
Deposit =$1000
total monthly installments = $200 x 48 = $9600
The total amount he will pay = $ 9600 +$1000
=$10,600
A client asks his accountant to ignore a mistake which overstated the accounts receivable account. The accountant decides that the accounts receivable account has to be corrected to state the correct amount. The accountant makes his decision based on his duty to society, respect for authority, and maintaining the social order. Which stage of Kohlberg’ Stages of Moral Development is the accounting reasoning?
a.Stage 2
b.Stage 3
c.Stage 4
d.Stage 5
Answer:Egosim
Explanation:
Egosim
An investor who purchases stock in a closely held corporation with a small number of outstanding shares should be MOST concerned about which of the following types of risks?A. ReinvestmentB. RegulatoryC. Interest-rateD. Liquidity
Answer:
D) Liquidity
Explanation:
A closely held corporation has a limited number of stockholders, that is why their shares are not frequently traded. An advantage of purchasing shares from a publicly traded corporation is that they are traded on a daily basis, and if the investor needs to sell his/her shares, it can be done fairly quickly (they are a fairly liquid investment). On the other hand, since the shares of a closely held corporation are not frequently traded, even though they might be listed on a stock exchange, it may take much longer to sell them which makes them an illiquid investment.
A company's ______ tax rate is its tax bill divided by its total taxable income, and its ______ tax rate is the tax rate it pays on the next dollar of income.
Answer:
Average; Marginal
Explanation:
The average tax rate is the tax bill divided by the total taxable income.
Average tax rate= tax bill/ total taxable income
The marginal tax rate is the tax rate the company will pay on the extra dollar of income.
Marginal is the extra dollar or the extra unit. The average is the sum of the bill divided by the total income.
During a team meeting, the team manager expresses disappointment in his team's productivity rate. Svetalana, a team member, speaks up and says that their current project is particularly taxing on the team members and they have not compromised on the quality of their work. Which of the following qualities of a good follower is Svetlana displaying in this scenario?
a. Courage
b. Competence
c. Committment
d. Self-management
Answer: (A) Courage
Explanation:
Courage is the term which refers to the ability or the good quality of the individual person where they have courage stand up against the negative risks or the impacts.
The main benefit of the courage is that it helps in developing the confidence and also refers to the bravery as it is highly admired value.
According to the given question, the courage is the one of the qualities of the good follower that the Svetlana is trying to displaying in the above given scenario.
Therefore, Option (A) is correct answer.
Svetlana is displaying the quality of courage by openly addressing the team's productivity issues and defending the quality of their work, which demonstrates her ability to convey honest feedback and challenge difficult situations.
In the given scenario, where Svetlana speaks up during a team meeting to explain that the current project has been particularly taxing but the team has not compromised on quality, Svetlana is displaying the quality of courage. This is evident from her willingness to speak up in defense of her team's effort and dedication despite the manager's criticism, illustrating her ability to confront challenging situations and stand up for her beliefs.
Courage is a key quality of a good follower, as it encompasses the ability to express one's convictions, provide honest feedback, and address concerns directly with superiors. It also involves embracing responsibility for both successes and mistakes. By voicing her perspective, Svetlana showcases this attribute and contributes to a healthy team dynamic where open communication is valued.
The qualities of a good follower such as commitment, competence, self-management, and particularly courage, are critical for maintaining a productive team environment and ensuring that individual members feel empowered to contribute meaningfully.
Which of the following is not a decision that you would probably encounter in managing your budget?
A. What expenses should you anticipate?
B. How much money you should attempt to save each month?
C. How will you allocate your estate among your heirs?
D. How long will you take to pay off a specific loan?
Answer:
C. How will you allocate your estate among your heirs?
Explanation:
How will you allocate your estate among your heirs? is a question that is encountered in anticipation of dividing inheritance among dependents and not in budgets.
Budgets typically deal with issues of monthly or annual expenses being fully covered and where they are not, arrange for overdraft or loans. It also deals with how to avoid overspending and investing cash surpluses in the months or periods which they occur.
In a minimum 200 words explain the idea behind the balance of power. How did this concept play itself out in Europe? How was this balance of power different from the political patterns in the rest of the world?
Answer:
Hi
It meant a political situation among the states in which none of them achieved a power superior to the others. It is an idea of the late Middle Ages, applied to major or minor geographic regions that comprise the plurality of sovereign territories. Throughout Europe there is a legitimate feeling, always subject to interpretation, whereby any action required the confirmation of the rest of the States, the most significant case being the invasion of a territory. In this way the doctrine of just war was reached, to the problem of to what extent and to what extent the actual or imminent engraving of a State could mean a warlike justification. Transactions between contestants, neutral or rival, never ended, hence the relevance of diplomacy, as the concepts of balance, neutrality, freedom of Europe or sovereignty are interpreted continuously, while being used in conversations. Some thought of equilibrium as a natural system, because it was a consequence of international relations, and when a great power had too much force it threatened the others, and therefore, had to counteract the disproportion. Others considered it a desired goal for which he had fought.
In the rest of the world this balance of powers is characterized by the profusion of dictatorial or authoritarian regimes that have dominated the political scene and that have influenced the future of their peoples. A second point is the emergence of serious and bloody war conflicts, by territorial issues, which is not explained very well both in its unleashing and in its results, as consequences of the mere quantification of the powers faced. In all these, both in its gestation and its consequences, the role it plays in the character, personal ambitions and strategic conceptions of the leaders or rulers who govern the destinies of the countries involved appears with particular relevance.
Explanation:
An ice cream vendor wants to be located equidistant from the entrances of a zoo and an amusement park. Should he locate his stand on a perpendicular bisector, an angle bisector, a median, or an altitude?
Answer:
Perpendicular bisector
Explanation:
Any point on the perpendicular inspector of a segment would be equidistant from the end points of the segment that is the zoo and amusement park are on the end points.
Based on the information given, the stand should be located at a perpendicular bisector.
Perpendicular bisector simply means a line that is perpendicular to a segment which passes through the midpoint of that particular segment.
In this case, the point on the perpendicular bisecector of a segment would be equidistant from the end points of the segment and therefore be located equidistant from the entrances of a zoo and an amusement park.
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Keniey, a company that manufactures and supplies home appliances, launches a fully automatic advanced food processor that performs the functions of slicing, chopping, grinding, shredding, grating, pureeing, kneading, mixing, and blending. The product is priced lower than semi-automatic food processors sold by other brands. In the context of innovation streams, which of the following concepts does this scenario best illustrate?A) Change intervention
B) Unfreezing
C) Incremental change
D) Refreezing
Answer:
C. Incremental Change
Explanation:
Incremental change is an innovation technique that focuses on making small-scale adjustments or improvements with a specific target or result in mind. The strategy focuses on changes that do not have a very significant effect on existing products, because of this innovation is guaranteed by current production methods are not radically altered and can still be used.
Incremental change based innovation would have more likelihood to succeed and be adopted than a radically new product that is very different from what consumers are used to. Keniey has introduced an innovation but by using incremental change, the users are still familiar with the functions and as such are encouraged to patronise.
As time goes on, Keniey will introduce more changes, one at a time until completely new food processor can be fully put in the market.
A business practice associated with globalization involves business moving manufacturing and service centers to countries where labor is cheap. This practice is commonly known as___________.
Answer:Multi national Trading or Corporation
Explanation:This is situation where business operations are moved to other nations with cheap labour and raw materials.The importance of this practice is to minimize their cost of operation and maxizmize profit.
Answer:
It is known as International outsourcing
Explanation:
International outsourcing is a business practice of engaging a third party outside of the company geographical location , mostly from a country where the labor cost is cheaper as against what is obtainable in the country of operation.
This will obviously result in cutting down on jobs in the country of operation while the company is benefiting from savings gained from the practice.
e AICPA created the Accounting Principles Board for which of the following reasons? A : No such organization had existed in the past. B : The previous standard-setting organization had not provided a structured set of accounting principles. C : The SEC disbanded the previous standard-setting organization. D : None of the choices is correct.
Answer:
The previous standard-setting organization had not provided a structured set of accounting principles (B)
Explanation:
Given wide criticism that the Committee on Accounting Procedure (CAP) did not reduce alternative accounting principles, the AICPA appointed a special committee to recommend “definite steps to lead in the thinking on unsettled and controversial issues.
The committee’s report in September 1958 led to the establishment of the Accounting Principles Board (APB), replacing the CAP one year later.
If the president of a bank told you that the bank was so well run that it has never had to call in loans, sell securities, or borrow as a result of a deposit outflow, would you be willing to buy stock in that bank? Why or why not?
Answer:
No
Explanation:
Investors would not be willing to buy stock in that bank for these reasons:
You should care more about Return on Equity or ROE than Return on Assets(ROA).
ROE=ROA×EM(equity multiplier)
EM=Assets/Equity capital
ROA indicates the well-being of the bank because it shows much profit is generated by every dollar. However, if ROA is high but EM is low investors would not favour such case. For investors it is important to consult both with ROA and EM ratios.
Name the three general methods of title assurance and briefly describe each. Which would you recommend to a friend purchasing a home? Why?
Answer:
The three general methods of title assurance are as follow:
General Warranty Deed: In this method, the grantor warrants that the title he/she conveys to the property is free and clear of all encumbrances, besides those ones which are specifically listed in the deed.Special Warranty Deed: This method makes the same warranties as a general warranty deed except that it limits their application to defects and encumbrances which occurred only while the grantor held title to the property.Quitclaim Deed: This method offers the grantee the least protection in that it simply conveys to the grantee whatever rights, interests, and title that the grantor may have in the property. No warranties are made about the nature of these rights and interests or of the quality of the grantor's title to the property. Recommendation: I'll recommend the General Warranty Deed, because it offers the most comprehensive warranties about the quality of the title.The three general methods of title assurance are title search, title insurance, and attorney's opinion of title. I recommend title insurance because it protects against future legal claims and title issues. This method provides the most comprehensive protection for a homebuyer.
The three general methods of title assurance are:
Title Search: A thorough search of public records to ensure that the property title is clear of any liens, encumbrances, or legal issues that could affect ownership.Title Insurance: An insurance policy that protects against future claims or legal encumbrances discovered after the property has been purchased.Attorney's Opinion of Title: A legal opinion provided by an attorney confirming the status of the property title based on a review of public records.I would recommend title insurance to a friend purchasing a home because it offers protection against potential future issues and claims related to the property title, ensuring peace of mind.
Because of multiple physical injuries and emotional concerns, a hospitalized client is at high risk to develop a stress ulcer (Curling). Which of these is evidence of a stress ulcer?
Answer:
c. sudden massive hemorrhage
Explanation:
Based on the information provided within the question it can be said that the main evidence of a stress ulcer is sudden massive hemorrhage. This is mainly due to the fact that stress ulcers are asymptomatic, meaning that they do not show any signs or symptoms until they produce massive hematemesis and rectal bleeding.
Researching the demographics of a fan base for a particular sport would be most closely associated with which core standard of marekting?
a. distribution
b. pricing
c. marketing-information management
d. financing
Answer:Marketing Information Management
Explanation:The process of monitoring, organizing and analyzing the results of data collected from the marketplace with an aim of developing strategies for marketing activities is Marketing Information Management.
Demographics relates to statistical data of a given population. Such as the age, gender, race and so on.
As such, a research of demographics of a fan base is closely associated with marketing information management as the information gathered will be relevant for forecasting.
Kelly is an architect, and she is trying to decide whether to hire Mike, a draftsman, to assist with her work. Kelly could hire Mike at $20 per hour, but it would take him three times as long to complete a task as it takes Kelly. Kelly is able to earn S90 per hour and has more architectural jobs than she is able to handle. Which of the following is true?
a. Kelly should not hire Mike because it would be faster for her to do the work herself.
b. Kelly should do the drafting work herself because she has the lower opportunity cost
c. Mike should be hired at the $20 per hour wage rate.
d. Mike should be hired, but only if he is paid more than S30 per hour.
e. Kelly should hire someone who earns minimum wage instead of Mike.
Answer:
The correct option is C
Explanation:
Kelly is the person who is an architect and in her work she wants to a person who could assist her, so she is trying to hire a person named Mike, who will assist her in her work, but the Mike pay price is $20 per hour. Though it take 3 times to complete the task and she could earn $90 per hour.
Therefore, the correct step and the statement which is true is that the she should hire Mike at the rate of $20 per hour wage rate.
Using the concept of opportunity cost, Kelly would be better off doing the work herself due to the greater profit she can earn within the same amount of time compared to hiring Mike.
Explanation:The subject of this question involves a concept of opportunity cost in a business context. It's about decision making in order to maximize profit. In Kelly's case, each hour she spends doing the draft work is an hour she could have earned $90. If Mike completes the task in three hours, Mike's wage will be $60 ($20 x 3). So, by hiring Mike, Kelly would effectively be losing $30 ( $90 - $60) per hour. Therefore, the most accurate statement is: Kelly should not hire Mike because it would be faster for her to do the work herself (option a).
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If overhead is applied to individual jobs at a rate of 60% of direct labor costs incurred per job, and $40,000 in materials were used and $15,000 of direct labor was required - what was the overhead costs charged to the job?
Answer:
Overhead charged = $9,000
Explanation:
Overhead cost = 60% x $15,000
=$9,000
Hence, the overhead costs charged to the job = $9,000.
Overhead costs refer to those expenses associated with running a business that can't be linked directly to a particular product or service.
Hence, this is always apportioned to different products and services using a fair basis that represents how the costs have been consumed or utilized.
Final answer:
The overhead costs charged to the job were $9,000, calculated by applying the 60% overhead rate to the $15,000 direct labor costs.
Explanation:
To calculate the overhead costs that is being charged to the job, you need to apply the given overhead rate to the direct labor costs. The overhead rate is given as 60% of the direct labor costs. Since the direct labor costs for the job were $15,000, you would calculate the overhead as follows:
Overhead costs = Overhead rate x Direct labor costs
Overhead costs = 0.60 x $15,000
Overhead costs = $9,000
Therefore, the overhead costs charged to the job were $9,000.