FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
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Chapter 9, Problem 22Q
To determine

Return on assets: It is used to measure the overall earning ability of the company. Thus, it shows the relationship between the net income and the average total assets. The following is the formula to calculate the return on assets ratio:

Rate of retun on assets = Net incomeAverage total assets×100

To discuss: the potential effect of the product on return of assets.

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Parker Manufacturing calculates its predetermined overhead rate annually based on direct labor-hours. At the beginning of the year, the company estimated that 40,000 direct labor-hours would be required for production. The estimated fixed manufacturing overhead was $720,000, and the estimated variable manufacturing overhead was $4.50 per direct labor- hour. What is the predetermined overhead rate per direct labor-hour? (Round your answer to two decimal places.)
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