The Brass Works Is in the Process of Determining Manufacturing

question 194

Essay

The Brass Works is in the process of determining manufacturing overhead. Journalize events (a) through (d) to Factory Overhead, Administrative Expenses, or Selling Expenses, or allocate between the three as appropriate. All items were paid in cash at the time of acquisition. Next, calculate the overhead application rate and apply overhead to Work in Process.

(a)Brass Works purchases an insurance policy for $4,000. It has been determined that 80% of the value of the policy protects production, and the balance protects the administrative offices. Brass Works charges insurance initially to expense.
(b)The electric bill shows an amount due of $1,200. This meter is utilized only by production, as the office spaces have their own meter.
(c)Payroll reports that the sales manager's salary for the period is $3,500 and that production supervisors' wages for the period are $5,500.
(d)The stockroom reports that $2,575 in materials were purchased for the Maintenance Department.
(e)If the driver for the application of overhead is drop-forge strokes and there are expected to be 1,000 strokes in this period, what is the rate per stroke? Do not round your answer.
(f)Assuming that there are 1,150 drop-forge strokes in this period, apply factory overhead to Work in Process. Round your answers to the nearest dollar.?Round overhead rate to three decimal places and total cost to the nearest dollar.

Recognize the role of government restrictions, patents, and control over resources in creating monopolies.

Explain the impact of monopolistic decisions on economic efficiency and consumer prices.

Understand the concept of marginal revenue and its significance for monopolists.

Understand the applications and outcomes of couple therapy versus individual therapy.

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Definitions:

Forms of Communication

Various methods or modalities used to convey messages and information, including verbal, non-verbal, written, and digital.

Benefit

An advantage or profit gained from something.

Passive Activity

An activity in which the person involved does not actively participate or exert control, often used in reference to certain types of income for tax purposes.

Sensing

A process of receiving and responding to stimuli or input from the environment, often involving the detection of physical changes.