Use the Following Information for the Questions

question 70

Essay

Use the following information for the questions:
Davit Boat Building has three jobs in process in November of the current year, A1-13, R18-4, and B2-19. All three were begun on November 1. Job A1-13 was completed on November 21 with total labor costs of $8,750 and total material costs of $7,725 (details of the individual direct material and direct labor costs charged to job A1-13 are given on the Job Order Cost Sheet provided). No other jobs were completed in November. The total balance in Job R18-4 is $3,275 ($675 in materials and $2,600 in labor) and in Job B2-19 is $6,782 ($1,240 in materials and $5,542 in labor) before overhead is applied. Overhead is applied based on total direct labor dollars. Estimated total direct labor dollars for the year is $245,000 and total estimated manufacturing overhead is $367,500.
-Based on the information given:
1. Determine the overhead rate for Davit Boat Building;
2. Prepare the journal entry to apply manufacturing overhead to manufacturing process for the month of November;
3. Determine the balance in the Work in Process account.

Identify and distinguish between different types of taxes, such as sales, excise, and income taxes.

Calculate and understand the significance of average tax rates.

Analyze the impact of taxation on income distribution.

Understand the principles underlying taxation, including the ability-to-pay and benefits-received principles.

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Definitions:

Budding

A form of asexual reproduction seen in some plants, yeast, and certain animals, where a new individual grows from a certain point of the parent organism.

Yeast

A fungus that grows mainly as a single-celled organism and reproduces by budding.

Centrifuge

A machine that uses centrifugal force to separate substances of different densities or liquids from solids.

Glucometer

A medical device used for estimating the concentration of glucose in the blood, important for diabetes management.