The Work-in-Process inventory account of a manufacturing firm shows a balance of $3,250 at the end of an accounting period. The job cost sheets of two uncompleted jobs show charges of $510 and $310 for materials, and charges of $410 and $670 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of:

$1.25

Explanation:

With regards to the above and given that;

Direct material = $510 310

Direct labor = $410 $670

Manufacturing overhead?

Work in process = Direct material + Direct labor + manufacturing overhead

$3,250 = $820 + $1,080 + MOH

$3,250 - $1,900 = MOH

MOH = $1,350

Overhead rate = MOH/Direct labor hour

= $1,350/1080

= $1.25

YES

Inflation is a persistent rise in the general price levels

Types of inflation

1.demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise

2.cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect  

PRINTING MORE MONEY WOULD INCREASE THE MONEY SUPPLY. If money supply increases faster than increase in real output, inflation occurs and money becomes worthless

Hyperinflation is usually caused by increases in money supply.

the hyperinflation experienced in  Venezuela was as a result of increase in money supply

Explanation: