Answer:
1. Cost of goods manufactured =437,000.00
2. cost per hockey stick= $230
Explanation:
Total product cost: The sum of direct material cost, direct labour cost and overhead.
Direct material cost is the costs of all specific materials required to product a product. For example, cost of the flour, sugar used to produce cakes. Where there exist inventory of materials at the beginning and end of a period, the cost of material used is calculated as follows:
Cost of material used is calculated as = Opening stock + Purchases - closing stock
Direct labour cost : the cost of the man hours used directly for the purpose of production. The cost of hours paid to the tailors for making garments in a clothing factory . It is arrived as the active hours used for production × wage rate per hour.
Overhead : Sum of the indirect costs. These include expenditutures on materials , labour and expenses incurred not specifically for a particular product. Example are cost of toiletries used in a bakery, salaries of the security guard , rent of the bakery, e.t.c.
Opening working in progress represents accumulated production cost incurred on goods for which production commenced in a prior period but was not concluded. These items will need to be continued in the following period, hence further production costs would be incurred.
Closing working in progress this represents the cost production work for which work is yet to be completed as the end of the current period.
Working in Progress is adjusted on the production cost in the current period as follows to determine the production cost of the completed units as thus:
Cost of the goods manufactured =
opening WIP + production cost incurred in the period - closing W.I.P.
So we are not set to apply these explanation
Direct materials (132000+48,000-45,000) 135,000.00
Direct labour 113,000.00
Manufacturing Overhead 187,000.00
Add opening W.I.P 65,000.00
less closing W.I.P (63,000.00)
Cost of goods manufactured 437,000.00
Cost of one hockey stick = cost of good manufactured / Hocky sticks produced
=$ 437,000/1900 sticks
Cost per hockey stick= $230
The cost of goods manufactured for Slapshot Company in June is $429,000. The cost of one hockey stick, given that 1,900 hockey sticks were produced in June, is approximately $225.79.
To determine the cost of goods manufactured, we need to add purchases, direct labor costs, and manufacturing overheads then subtract the change in materials inventory. Here, the purchases are $132,000, direct labor cost of $113,000, and manufacturing overhead is $187,000. The materials inventory decreased by $3,000 ($48,000 - $45,000). So, the total cost of goods manufactured is $429,000 ($132,000+$113,000+$187,000-$3,000).
To find the cost of one hockey stick, we just need to divide the cost of goods manufactured by the number of items produced. Therefore, if 1,900 hockey sticks were completed during June, each hockey stick costs $225.79 ($429,000 / 1,900).
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Answer: The stated purpose of the food administration during the great war was to reduce food consumption by civilians (B)
Explanation:
The U. S. Food Administration was the department responsible for the administration of the United States army abroad and food reserves of its allies during the World War 1. An important role of the United States Food Administration was the regulation of the price of wheat in the market.
During the war, the United States was short of commodities because the commodities were sold to their allies hence, every citizen were asked to donate horses, weapons and ammunition they had to help supply the army. It was done so that food for soldiers wouldn't be an issue.
Answer: D
It collected food donations to be sent to soldiers in Europe
Explanation:
On August, 1917 almost immediately after US joined the World War I, the US food administration was set up to manage wartime supply of food. A voluntary program was set up where Americans were encouraged to donate foods to US troops and its allies by modifying their eating habits and also reducing their consumption levels.
Answer:Bad debts expense = $3,450
Explanation:Bad debt expense is the expense of account receivable that a business understands will not be paid due to the inability of a customer to pay its outstanding debt. Bad debt can be calculated using the direct write off method and the allowance method.
Here Abbot company uses the allowance method by taking into consideration a reserve which is an estimated percentage of the sales known as an adjusted risk for its customers who may not pay.
Credit sales revenue 115, 000
Estimated Bad debt 3%
Bad debts expense 3% x 115,000 = $3,450
Answer:
Procedural
Explanation:
-Procedural justice refers to having a fair and transparent process that is used to make decisions.
-Interpersonal justice refers to treating people affected by a procedure in a respectful way.
-informational justice refers to letting people know why certain decisions were made.
-Distributive justice refers to a fair distribution of resources among people.
According to this, the answer is that their complaints were related to procedural justice because when they complaint about the form used for evaluating employee effectiveness they are talking about the process that is used to make the evaluations.
The other options are not right because the situation doesn't refer to how people is treated, the information of the process or the distribution of resources.
Answer:
Total= 36,800 pounds
Explanation:
Giving the following information:
Sales (units ) - Production (units):
May: 20,000 - 19,000
June: 18,000 - 16,000
Two pounds of material is required for each finished unit. The inventory of materials at the end of each month should equal 20% of the following month's production needs.
Purchases for May= production for the month + desired ending inventory - beginning inventory
Production= 19,000*2 pounds= 38,000 pounds
Desired ending inventory= (16,000*2)*0.2= 6,400 pounds
Beginning inventory= (38,000*0.2)= (7,600)
Total= 36,800 pounds
Answer:
The Schedule of Cash Collections is below:
Cash Collection from Sales JULY AUGUST SEPTEMBER
50% from month $80,000 $75,000 $65,000
30% from previous month $42,000 $48,000 $45,000
15% from two previous months$18,000 $21,000 $24,000
$140,000 $144,000 $134,000
Explanation:
The schedule of cash collection is attached herein.
July collections are as follows:
50% of $160,000 July + 30% of $140,000 June + 15% of $120, 000 May Sales
August collections are as follows:
50% of $150,000 August + 30% of $160,000 July + 15% of $140,000 June Sales
September collections are as follows:
50% of $130,000 September + 30% of $150,000 August + 15% of $160,000 July Sales
The answers for the subdivisions are given below and are explained. Explanation:
1)
it consists of a table refer the attachment
it has the list of asserts, liabilities and common stock
2)
(i) 32000
(ii) 11000
(iii) 38000
3)
The table in attached, it explains the prepaid expenses , common stock , dividends , insurance expenses , Insurance expenses, Accounts payable, service revenue.
4)
Refer the tables are attached it explains the Accounts receivable, common stock, rent payable. insurance expense , interest revenue and dividends.
5)
1.Equity at the beginning of the year = 27000 - 15000 = 8000
2. Equity at the end of the year 60,000 - 27,000 = 33000
3. Increase in equity = 33000 - 8000 = 25000
Net Income = 25000 + 37300 - 6300 = 56000
4. Common stock = 25000 + 6000 - 1100 = 29900
5. Dividends = 19600 + 19100 - 25000 = 13700
6. Net Income = 25000 + 42900 - 3400 = 64500