Calculation process of cost of idle time
Describe the calculation process of cost of idle time?
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- If the idle time payment is controllable and normal: it must be categories as overheads - If the idle time payment is uncontrollable and normal: the labor rates must be suitably modified - If the idle time payment is uncontrollable and abnormal: it must be considered as a part of manufacturing cost however must be written off to loss account and costing profit.
The following information is taken from the financial statements of an entity: 20x6 20x5 Property, plant and equipment $4,100,000 $3,600,000 Accumulated depreciation (1,400,000) (1,050,000) Depreciation expense 650,000 Gain on disposal of PPE 35,000 The asset disposed of had a cost of $400,000
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