BUSINESS COLLEGE

In August, one of the processing departments at Tsuzuki Corporation had beginning work in process inventory of $24,000 and ending work in process inventory of $13,000. During the month, $283,000 of costs were added to production. In the department's cost reconciliation report for August, the total cost to be accounted for would be:

Answers

Answer 1

Answer:

Answer:

total cost to be accounted = $294,000

Explanation:

Work in Process

Beginning value of WIP = $24,000

Ending value of WIP = $13,000

Cost added to production = $283,000

Cost to be accounted for = Beginning value of WIP + Cost added to production - Ending value of WIP

Cost to be accounted for = $24,000 + $283,000 - $13,000 = $294,000

Answer 2

Answer:

Final answer:

The total cost to be accounted for in Tsuzuki Corporation's cost reconciliation report for August would be $307,000. This is calculated by adding the beginning work in process inventory ($24,000) to the costs added to production during the month ($283,000). The ending work in process inventory is not included in this calculation.

Explanation:

In the scenario provided, Tsuzuki Corporation's cost reconciliation report for August would be a combination of the beginning work in process inventory, the ending work in process inventory, and the costs added to production for that month. To calculate the total cost to be accounted for, we add the beginning inventory to the costs added during the month. That would be $24,000 (beginning work in process) + $283,000 (costs added to production) = $307,000.

It is important to note that the ending work-in-process inventory of $13,000 is not included in this particular calculation because the question asks for the total cost to be accounted for, not the cost assigned to finished goods or carried forward to the next accounting period. In other words, the total cost to be accounted for represents the money spent within the period, regardless of whether the goods were finished or not.

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As a teenager, Enrique learned a valuable lesson from his dad, who told him to invest $1,000 at 8 percent interest at age 20 and leave the money alone until age 65. Enrique's dad knew that one strategy used by wealthy people is to exercise self-discipline and never touch a long-term savings plan. Enrique is happy to apply his dad's advice. If his savings account earns a more aggressive 14 percent annual rate of return, Enrique's savings will be worth approximately ________ more by age 68.

Answers

Answer: $538,806.50

Explanation:

This question is a compound interest question. If the savings increased at 14% per year then the amount when he is 68 will be;

Future Value = Present Value * ( 1 + Interest Rate ) ^ Years

Years = 68 - 20

= 48

Future Value = 1,000 ( 1 + 14%) ^ 48

= 1,000 * 538.8065

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Mulliner Company showed the following information for the year:Standard variable overhead rate (SVOR) per direct labor hour $3.50
Standard hours (SH) allowed per unit 3
Actual production in units 20,000
Actual variable overhead costs $220,500
Actual direct labor hours 61,200
Required:
1. Calculate the standard direct labor hours for actual production.
2. Calculate the applied variable overhead. $
3. Calculate the total variable overhead variance. Enter amounts as positive numbers and select Favorable or Unfavorable.

Answers

Answer:

1. 60,000 hours

2. $210,000

3. $10,500 Unfavorable

Explanation:

1. Standard Hours = 3 per unit

Actual production units = 20,000

Standard Hours for actual production = Standard Hours × Actual production units

= 3 × 20,000

= 60,000 hours

2. Applied variable overhead = Standard hours × Standard Rate per hour

= 60,000 × $3.50

= $210,000

3. Total Variable overhead variance = Applied variable overhead - Actual variable overhead overhead

= $210,000 - $220,500

= $10,500 Unfavorable

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Answers

Answer: Problem detection

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Suppose the demand equation is: Upper Q equals 120 minus 1.25 p. What is the price elasticity of demand if the price is $60 per unit and output is 45 units? The price elasticity of demand is nothing. (Enter a numeric response using a real number rounded to two decimal places.)

Answers

Answer:

-1.67

Explanation:

Given that,

Q = 120 - 1.25p

Initial price, p = $60 per unit

Initial quantity, q = 45 units

Q = 120 - 1.25p

Now, differentiating Q with respect to price,

dQ/dp = -1.25

Therefore,

Price elasticity of demand:

= (dQ/dp) × (p ÷ q)

= -1.25 × (60 ÷ 45)

= -1.25 × 1.33

= -1.67

This means that the demand is elastic.

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