Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory 2,200 940 Cost per equivalent unit $ 15.26 $ 6.13 A total of 20,200 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (Round your final answers to the nearest whole dollar amount.)
Answers
Answer:
total ending WIP value 39,334.20
transferred-out 432.078.00
Explanation:
Ending work in proces inventory
we multiply the equivalent units by the cost per equivlent unit
materials 2,200 x 15.26 = 33,572
converion 940 x 6.13 = 5,762.2
then, we add them to get thetotal value of the ending WIP
total ending WIP value 39,334,2
for the transferred out, we add both equivalent cost as this are complete.
And multiply by the whole amount 20,200
trasnferred out: 20,200 x (15.26 + 6.13) = 432.078
Related Questions
In the EOQ model, the average inventory per cycle over many cycles is Q/2. A. True B. False
Medicaplus, a pharmaceutical company, is finding it difficult to track and locate slow moving medicines. pharmaceutical distributors have been complaining about the time it takes for their orders to arrive. one technology that can be used effectively to shorten this waiting period, locate, and track items easily is:
An company buys a color printer that will cost $18,000 to buy, and last 5 years. It is assumed that it will require servicing costing $500 each year. What is the equivalent annual annuity of this deal, given a cost of capital of 12%? A. -$3983 B. -$4002 C. -$4957 D. -$5493
Assume that product Alpha and product Beta are both priced at $1 per unit and that Ellie has $20 to spend on Alpha and Beta. She buys 8 units of Alpha and 12 units of Beta. The marginal utility of Alpha is 40 and the marginal utility of Beta is 20. This indicates that: A.Ellie should make no change in consumption B.Given another dollar, Ellie should buy an additional unit of Beta C.In order to maximize utility, Ellie should buy more of Beta and less of Alpha D.In order to maximize utility, Ellie should buy more of Alpha and less of Beta
Prepare entries to record the following:_______.
(a)To record the purchase of the land.
(b)To record the cost and installation of machinery.
(c) To record the first five months' depletion assuming the land has a net salvage value of zero after the ore is mined.
(d)To record the first five months' depreciation on the machinery.
Answers
Answer:
a) July 23, 202x, purchase of land parcel (for mining purposes)
Dr Land and ore deposits 6,165,600
Cr Cash 6,165,600
b) July 25, 202x, purchase and installation of mining machinery
Dr Machinery 1,849,680
Cr Cash 1,849,680
c) December 31, 202x, depleting expense of ore deposits
Dr Depleting expense 341,917
Cr Accumulated depletion: land and ore deposits 341,917
depleting expense = ($6,165,600 / 8,808,000 tons) x 488,500 tons = $341,917
d) December 31, 202x, depreciation expense of machinery
Dr Depreciation expense 102,585
Cr Accumulated depreciation: machinery 102,585
depreciation expense = ($1,849,680 / 8,808,000 tons) x 488,500 tons = $102,585
Answers
Answer:
The amount that Matsui would report in its year-end 2018 balance sheet for its investment in Yankee is $804992.
Explanation:
Year end balance = Beginning balance + Net income - Dividend
= $809,600 + (35,200*36%) - ($ 48,000*36%)
= $809,600 + $12672 - $17280
= $804992
Therefore, The amount that Matsui would report in its year-end 2018 balance sheet for its investment in Yankee is $804992.
Answers
Answer:
The workers at State Hospital, a public sector employer, and Acme Inc, a private employer, are subject to speech censorship and arbitrary job termination. Constitutional issues are present only for the State Hospital workers is a TRUE statement.
Explanation:
- The State Hospital is owned and supervised directly by the state government, whereas, the organization named Acme Inc, is privately owned.
- In a state-owned entity, the state government is the authority that has the final say which is based on the Constitution.
- Hence, the arbitration done in the state hospital issues would also include Constitutional issues.
- Whereas, the same would not be the case with the privately owned organization.
Answers
Answer:
19.27%
Explanation:
Internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested
IRR can be calculated with a financial calculator
Cash flow in year 0 = $-51,400
Cash flow each year from year 1 to 5 = $16,910
IRR = 19.27%
To find the IRR using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the IRR button and then press the compute button.
Answers
Answer:
Debit Salaries Expense $400 and Credit Salaries payable $400.
Explanation:
Consider, we are told the company pays each of its two office employees, meaning, the 2 employees combine will earn $200 a day.
Furthermore, we are told that even though the monthly accounting period ends on Tuesday the two employees work on Monday and Tuesday, meaning, the adjusting entry to record at the month-end will be a summation of the amount earned by the two employees on the two days. That is, = $200 × 2 days = $400 (which is a salaryexpense).
Therefore, going by the rule of double-entry, we are obliged to debit salaries expense account and credit salaries payable account.
Answers
Answer:
Explanation:
a. The computation of the economic order quantity is shown below:
=
where,
Carrying cost = $20 × 15% = 3
And, the annual demand = 450 bicycles × 12 months × 2 tyres = 10,800
And, the ordering cost is $50
Now put these values to the above formula
So, the value would equal to
=
= 600 tires
b. The number of orders would be equal to
= Annual demand ÷ economic order quantity
= $10,800 ÷ 600 tires
= 18 orders
c. The average annual ordering cost would equal to
= Number of orders × ordering cost
= 18 orders × $50
= $900
Final answer:
The Economic Order Quantity for the company is around 240 units. This leads to an estimated 23 orders per year with an average annual ordering cost of $1150.
Explanation:
The Economic Order Quantity (EOQ) is calculated using the equation √((2DS)/H). In this example, D represents the demand rate which is the number of bicycles produced a year (450 per month times 12, totaling 5400). S represents the ordering cost ($50) and H represents the holding cost which is 15% of the tire cost ($20) per unit, totaling $3 per unit.
So if you substitute these values into the formula, the EOQ equals √((2 * 5400 * 50)/3), which results in approximately 240 units. From this solution, the number of orders per year would be the annual demand divided by the EOQ, i.e., 5400 / 240 giving approximately 22.5 orders (rounded upwards it means 23 orders per year). The average annual ordering cost would be the cost per order times the number of orders per year (23 * $50), resulting in $1150.
Learn more about Economic Order Quantity here:
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