Chapter 1, Problem 17DQ

If sales revenue is $220 million and accounts receivable decreased by $30 million, the amount of cash received from customers:

Watson Advisors is a consulting firm. The firm expects to have $75,000 in indirect costs during the year and bill customers for 6,000 hours. The cost of direct labor is $95 per hour. Calculate the predetermined overhead allocation rate for Watson Advisors.

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A company purchased equipment for $85,000 on January 1, 2024. The equipment has an estimated useful life of 8 years and a salvage value of $5,000. Calculate the annual depreciation expense using the straight-line method.

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The Converting Department of Felton Industries had 1,500 units in work in process at the beginning of the period, which were 25% complete. During the period, 18,000 units were completed and transferred to the Packaging Department. There were 1,200 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs.

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Isabella Manufacturing computes its plantwide predetermined overhead rate annually based on direct labor hours. At the beginning of the year, it was estimated that 45,000 direct labor hours would be required for the period's estimated level of production. The company also estimated $540,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.25 per direct labor hour. Isabella's actual manufacturing overhead cost for the year was $725,500, and its actual total direct labor hours were 46,200. Compute the company's plant-wide predetermined overhead rate for the year.