Today\'s Date bSfr No. Question rra Company incurred actual manufacturing overhe
ID: 2410984 • Letter: T
Question
Today's Date bSfr No. Question rra Company incurred actual manufacturing overhead of $300,000 this year; the applied 1 overhead was $298,000. Was Terra over or underapplied and by how much? If a company's income tax rate is 30%, a company earning $140,000 after taxes would have 2 what amount of earnings before taxes? a. 42,000 b. 98,000 c. 200,000 d. none of these Tommie Company's CM ratio is.4 and fixed costs $125,000. What revenue would Tommie 3 need to generate to make a profit of $75,000? 4 Name two capital budgeting techniques that use present value Suppose that cash flows for years 1, 2, and 3 are: $1,000, $3,000, and $2,000. What is the present value of this series of cash flows discounted at 10%? Lemon Company's POR is $30 per direct labor hour. Lemon produced job 101 using direct material of $140, and direct labor consisted of 3 DLH at $20 per hour. Cost of job 101- 6 $ and The journal entry to apply factory overhead consists of a debit to 7 a credit to Jones Co. uses a POR of $16 per DLH. If Job 101 required direct materials of $240 and direct 8 labor cost of 12 hours at $25 per hour, what is the cost of the job? Smith Company will receive a lump sum of $20,000 in 4 years. What is the present value of 9 this cash flow, discounted at 7%? The present value of a lump sum of $1 to be received in 2 years discounted at 12% 10 is Bob computed the net present value of a project and found that the NPV was-2965 when he discounted the future cash flows using a 6% discount rate, was the IRR 6%, less than e Sally pays $2542.07 to receive one lump sum cash flow in 4 years of $4,000. What is Sal John pays $13,248.18 to receive a 10 year annuity of $1800 per year. What is John's inte 11 or greater than 6%? 12 internal rate of return? 13 rate of return? 14 The cost of depreciation on the salesperson's car would be classified as what type of co he inventory formula used in the production budget goes like this: Sales in units + minus - units to produce 15 16 Beginning Raw Materials+Raw Material Purchases-Ending Raw Materials what? 17 considered acceptable? 18 $133.10 d. none of these Zale Corp determined that the NPV of a project was zero. Would the project still be The future value of $100 invested at 10% for three years would be: a 5100 b. S110Explanation / Answer
Answer to Question 1.
Actual Manufacturing Overhead = $300,000
Applied Manufacturing Overhead = $298,000
Since, Actual Manufacturing Overhead is more than the Applied Manufacturing Overhead, the Manufacturing overhead is under-applied by $2,000 ($300,000 - $298,000).
Answer to Question 2.
Earnings after Taxes = $140,000
Tax rate = 30%
Earnings after Taxes = Earnings before Taxes * (1 – Tax Rate)
$140,000 = Earnings before Taxes * (1 – 0.30)
Earnings before Taxes = $200,000
Answer to Question 3.
Profit = Contribution Margin – Fixed Cost
Let the Sales Revenue be “$x”
$75,000 = ($x * 0.40) - $125,000
$200,000 = $x * 0.40
x = $500,000
To achieve a target profit of $75,000, a sales revenue of $500,000 is desired.
Answer to Question 4.
Net Present Value and Profitability Index are the Capital Budgeting techniques that uses Present Value.
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