BUSINESS COLLEGE

Layla Company began making mascara in November 2018 using a single-step process. Layla incurred $42,000 for materials and $48,640 for conversion during the month. There were 21,000 cases of mascara started in November and 3,000 cases unfinished (40 percent complete) at the end of the period. All materials were added at the beginning of the production process. What is the unit cost for materials for Layla using the FIFO method?

Answers

Answer 1
Answer:

Answer:

The unit cost for materials for Layla using the FIFO method is $2.

Explanation:

                                                            Physical unit % EUP-material

Units started and completed              18000      100%     18000

Ending work in process                       3000       100%      3000

Total                                                       21000       21000

Unit cost = 42000/21000

               = $2 per unit

Therefore, The unit cost for materials for Layla using the FIFO method is $2.

Related Questions

Crane Company Income Statement For the Year Ended December 31, 2022 Sales revenue $ 145,200Cost of goods sold 105,000Gross profit 40,200Selling expenses $10,800 Administrative expenses 3,600 14,400Income from operations 25,800Interest expense 1,800Income before income taxes 24,000Income tax expense 4,800Net income $ 19,200 Additional data:1. Depreciation expense was $10,500. 2. Dividends declared and paid were $12,000. 3. During the year equipment was sold for $5,100 cash. This equipment cost $10,800 originally and had accumulated depreciation of $5,700 at the time of sale.Prepare a statement of cash flows using the indirect method.
Assume that a hypothetical economy with an MPC of 0.8 is experiencing severe recession.Instructions: In part a, round your answers to 2 decimal places. Enter your answers as positive numbers. In part b, enter your answers as whole numbers. a. By how much would government spending have to rise to shift the aggregate demand curve rightward by $30 billion? How large a tax cut would be needed to achieve the same increase in aggregate demand? b. Determine one possible combination of government spending increases and tax increases that would accomplish the same goal without changing the amount of outstanding debt. Increase spending Increase taxes by
Barnett Industries, Inc., issued $600,000 of 8% bonds on January 1, 2019. The bonds pay interest semiannually on July 1 and January 1. The maturity date on these bonds is December 31, 2028. The firm uses the effective interest method of amortizing discounts and premiums. The bonds were sold to yield an effective interest rate of 9%. Barnett incurred legal and investment banking fees of $22,000 in issuing the bonds and amortizes these costs annually on a straight-line basis.Required:1. Calculate the selling price of the bonds.2. Prepare journal entry for the issuance of the bonds and bond issue costs.3. Assume that Barnett uses IFRS. Prepare the journal entry for the issuance of the bonds.
Parr Hardware Store had net credit sales of $6.5mil and cost of goods sold of $5mil for the year. The Accounts Receivable balances at the beginning and end of the year were $600k and $700k, respectively. The receivables turnover was
During 2016, Ayayai Corporation spent $144,000 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2016, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $17,400 related to the patent were incurred as of October 1, 2016. Prepare all journal entries required in 2016 and 2017 as a result of the transactions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

The Manufacturing Overhead account shows debits of $30,000, $24,000, and $28,000 and one credit for $86,000. Based on this information, manufacturing overhead: not been applied.
shows a zero balance.
has been underapplied.
has been overapplied.

Answers

Answer:

has been overapplied.

Explanation:

The net balance of debit and credit of manufacturing overhead account is under or over applied overhead. On debit sides the Actual costs incurred is recorded and overhead applied is recorded in credit side of manufacturing overhead account. Total actual costs are $82,000 ( $30,000 + $24,000 + $28,000 ) and overhead applied is $86,000. Net balance of account is overapplied overhead of $4,000 ( $86,000 - $82,000 ).

Supply and demand for a product are both a linear function of price. Suppose that if a price of $8 is charged, 8 units will be demanded; that if a price of $5 is charged, 20 units will be demanded; that if a price of $3 is charged, 38 units will be supplied; and that if a price of $1 is charged, 26 units will be supplied. For what price will supply equal demand?

Answers

Answer:

At $2 supply and demand are in equilibrium for 32 quantity

Explanation:

We have to solve for the linear equation first, and then calcualte the equilibrium price and quantity

m = (y_1- y_2)/(x_1-x_2)

Demand

\left[\begin{array}{cc}x&y&5&20&8&8\end{array}\right]

m = (20- 8)/(5-8) = 12/ -3 = -4

Then we solve for h

20 = -4*5 + h \n 20+20 = h \nh = 40

Demand would be y = -4x +40

We repeat the process with supply

\left[\begin{array}{cc}x&y&1&26&3&38\end{array}\right]

m = (38- 26)/(3-1) = 12/ 2 = 6

38 = 6*3 + h \n 38 -18 = h \nh = 20

Supply is y = 6x + 20

Now we can solve for equilibrium price

\left \{ {{y = -4x +40} \atop {y = 6x + 20}} \right.

-4x + 40 = 6x + 20

20 = 10x

x = 20/ 10 = 2 price

And quantity

6 x 2 + 20 = 32

-4x2 + 40 =  32

Why is that 0.8 in fractional form is 8/10​

Answers

Answer:

Decimal placement

Explanation:

It is 8/10 because, in the decimal 0.8 , the 8 is in the tenths place. If it was 0.08 the fraction would be 8/100 and so on and so forth.

The Kilp Sisters Trust is required to distribute $60,000 annually equally to its two income beneficiaries, Clare and Renee. If trust income is not sufficient to pay these amounts, the trustee can invade corpus to the extent necessary. During the current year, the trust generates only taxable interest income and records DNI of $160,000; the trustee distributes $30,000 to Clare and $150,000 to Renee. a. How much of the $150,000 distributed to Renee is included in her gross income? $.
b. How much of the $30,000 distributed to Clare is included in her gross income? $ is included in her gross income.
c. The distributions which are composed of trust accounting income that is required to be distributed currently come under .

Answers

Answer:

a)

Results for Renee are as follows:

After the first tier distributions ($60000/2 = $30000 to each income beneficiaries) are accounted for, $100000 DNI remains to be assigned to the beneficiaries on the second tier ($160000 DNI - $60000 DNI used for first tier distribution).

                 Amount received          DNI received = Gross income,

                                                                          portfolio income

First tier             $30,000.00                       $30,000.00                                                                            

Second tier     $1,20,000.00                        $ 1,00,000.00                                                                      

Total            $1,50,000.00                           $ 1,30,000.00                                                                      

b)

Results for Clare are as follows:

                          Amount received       DNI received = Gross income,

                                                                          portfolio income

First tier                $30,000.00                         $ 30,000.00                                                                      

Second tier            $ -                                              $ -                                                                                            

Total                 $30,000.00                           $ 30,000.00    

       

c)

The distributions which are composed of trust accounting income that is required to be distributed currently come under First Tier Distribution.                                              

With an inflation rate of 9 percent, prices would double in how many years?

Answers

Answer:

8 years

Explanation:

the rule of 72 calculates how long it takes for an amount to double given interest rate

72 / 9% = 8 years

Final answer:

The 'Rule of 72' can be used to estimate how long it would take for prices to double with an inflation rate of 9 percent. According to this rule, it would take approximately 8 years.

Explanation:

In order to calculate how long it would take for prices to double with an inflation rate of 9 percent, you can use the 'Rule of 72'.

The Rule of 72 is a simplified way to estimate the number of years required to double the money at a given annual rate of return or inflation. According to this rule, you simply divide 72 by the annual rate of return or inflation. Therefore, using the Rule of 72, it would take approximately 8 years (72 divided by 9) for prices to double with an inflation rate of 9 percent.

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During January, Luxury Cruise Lines incurs employee salaries of $2.9 million. Withholdings in January are $221,850 for the employee portion of FICA, $435,000 for federal income tax, $181,250 for state income tax, and $29,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $179,800 for federal and state unemployment tax and $87,000 for the employer portion of health insurance.Required:
A) Record the employee salary expense, withholdings, and salaries payable.
B) Record the employer-provided fringe benefits.
C) Record the employer payroll taxes.

Answers

Explanation:

The journal entries are shown below:

a. Salaries expense $2,900,000

             To Income tax payable $616,250  ($435,000 + $181,250)

             To FICA tax payable  $221,850

             To Account payable $29,000

             To Salaries payable $2,032,900

(Being the employee salary expense, withholdings, and salaries payable is recorded)

b. Salaries expense $87,000

                 To Account payable $87,000

(Being the employer-provided fringe benefits is recorded)

c. Payroll tax expense $179,800

   FICA tax expense $221,850

              To Unemployment tax payable $401,650

(being the employer payroll taxes is recorded)
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