Answer:
$23.47
Explanation:
Given that,
Beginning Work in Process inventory = 1,200 units
Units started = 3,300 units
Ending Work in Process = 1,500 units
Total dollar cost = $88,000
Finished units:
= Beginning Work in Process inventory + Units started - Ending Work in Process
= 1,200 units + 3,300 units - 1,500 units
= 3,000 units
Equivalent units:
= (Finished units × 100%) + (Ending Work in Process × 50%)
= (3,000 × 100%) + (1,500 × 50%)
= 3,000 units + 750 units
= 3,750 units
Cost per equivalent whole unit:
= Total dollar cost ÷ Equivalent units
= $88,000 ÷ 3,750
= $23.47
2. Issued $1,050 of supplies from the materials inventory.
3. Purchased $25,100 of materials on account.
4. Paid for the materials purchased in the transaction (1) using cash.
5. Issued $30,100 in direct materials to the production department.
6. Incurred direct labor costs of $25,500, which were credited to Wages Payable.
7. Paid $21,600 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop.
8. Applied overhead on the basis of 110 percent of direct labor costs.
9. Recognized depreciation on manufacturing property, plant, and equipment of $5,100.
The following balances appeared in the accounts of Sunset
Products for March:
Beginning Ending
Materials Inventory $9,150 _____
Work-in-Process Inventory $16,600 _____
Finished Goods Inventory $65,100 $36,600
cost of goods sold $73,100
Prepare T-Accounts to show the flow of costs during the period from materials inventory through the cost of goods sold.
Sunset products
Journal entry
1. Dr Material 20500
Cr Account payable 20500
(Material purchased on account)
2. Dr work in process 1050
Cr Material 1050
(material issued)
3. Dr Material 25100
Cr Accounts payable 25100
( Material purchased on account )
4. Dr Accounts payable 20500
Cr Cash 20500
(Paid for material purchased on account)
5. Dr Work in process 30100
Cr Material 30100
( Direct material issued to production department)
6. Dr Work in process 25500
Cr Wages payable 25500
( Direct labor cost incurred)
7. Dr Factory overhead 21600
Cr Cash 21600
( Paid cash for utilities)
8. Dr Work in process (25500*110%) 28050
Cr Applied overhead 28050
(Applied overhead)
9. Dr Factory overhead 5100
Cr Accumulated depreciation 5100
(To record depreciation)
T-account
Work in process Material
Dr___________Cr____ DR ___________CR
16600------ 9150 -----
1050 ----- 20500 ---- 1050
30100 ----- 25100--- 30100
25500---
28050---
Accounts payable Cash
Dr____________Cr_ DR ___________Cr
--- 20500 ---- 20500
----- 25100 ----21600
20500-----
Factory overhead Wages payable
Dr ____________Cr Dr _____________Cr
21600---
-----25500
5100---
Applied factory overhead Accumulated depreciation
Dr_____________Cr Dr ___________Cr_
----28050 ---5100
Cost of goods sold Finished goods
Dr_____________Cr Dr ______________Cr
( open) 65100 ---
101300 --- 36600 (end)
Dr Finished goods 101300
Cr Work in process 101300
(move work in process to finished goods)
Dr Cost of goods sold 129800
Finishd goods 129800
(move finished goods to cost of goods sold)
B) Google and Apple are showing corporate social responsibility because they demonstrate concern for their investors,which is exactly where their focus should be.
C) Blackberry is acting philanthropically toward government.
D) Google and Apple are showing their distrust for big government,and their avoidance of contributing toward philanthropic causes.
Answer:
A) Laws represent the minimum guidelines that companies must follow,whereas a firm's ethical stance may venture beyond the minimum level of compliance.
Explanation:
In the given scenario there are laws that allows community and state police to set up sobriety check points that discourages drunk drivers and saves lives.
The inclusion or removal of applications that helps drunk drivers avoid these checkpoints is not covered by the law. So if a company decides to include such applications it is at their discretion.
Blackberry have chosen to remove applications that helps drunk drivers avoid checkpoints. This is an example of when a company has ventured beyond the minimum level of compliance because of their ethical stance.
Google and Apple however have only ventured beyond the minimum compliance level because they have refused to honour requests by legislators to remove apps that permit smartphone users to navigate around the checkpoints.
The statement that applies to this situation is : "Laws represent the minimum guidelines that companies must follow, whereas a firm's ethical stance may venture beyond the minimum level of compliance."
The correct answer is option A
In the scenario described, the companies are facing a situation where lawmakers have requested the removal of apps that allow users to navigate around sobriety checkpoints.
Option A is the most suitable because it reflects the fundamental distinction between legal compliance (following the law) and ethical behavior (going beyond what the law mandates). Let's break it down further:
Laws represent the minimum guidelines that companies must follow: This statement acknowledges that companies are legally obligated to comply with the laws and regulations of the jurisdictions in which they operate. In this case, lawmakers have made a request, but it's not legally mandated to remove these apps.
A firm's ethical stance may venture beyond the minimum level of compliance: This part of the statement highlights that ethical behavior goes beyond what is legally required.
Therefore, option A is correct.
Learn more about ethical behavior here:
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Answer:
L. Lyons Company
Correct Journal Entry
Debit L.Lyons, Drawings $100
Credit Cash $100
To record the cash withdrawn by L. Lyons for personal use.
Explanation:
When the owner, L. Lyons, withdraws cash for personal use, it reduces the owner's equity interest in the business. Cash as an asset is also reduced by the same amount. Therefore, the double entry should be a debit to the Owner's Capital account (here represented by Drawings) and a credit to the Cash account.
L. Lyons withdrawal of $100 would be treated as an owner's draw, reflecting a decrease in the company's assets. A journal entry would debit the owner's draw account and credit the cash/bank account.
When L. Lyons withdrew $100 for personal use, this would have been treated as an owner's draw and should be reflected in the financial records of the business. A correct journal entry would involve debiting the owner's draw account and crediting the cash or bank account. Why? The money is going out of the business (hence a decrease in the company's assets), and it's going towards the owner, so it's an owner's draw. So, the journal entry would look as follows:
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Answer:
insiders can cheat the market.
Explanation:
They can do things on the inside to make a stock go up or down. this can be an advantage to buying in low and selling high. Elon Musk did something similar, (put this in your answer for a kick) as he used his social influence to lower his stock, by saying its "overpriced" making people sell it. when the stock fell, more investors used the buying in low strategy, and he split the stock to allow smaller investors to buy into the stock, giving him 8 BILLION dollars in one market day. (I LOVE THE STOCK MARKET, IF YOU WANT TO LEARN POST A COMMENT AND I WILL TEACH YOU A LOT!!)
Insider trading is a threat to financial markets because it disrupts the fairness and transparency necessary in these markets. It involves using confidential info to make advantageous trades, giving some an unfair advantage and undermining trust in the market.
Insider trading is indeed considered a threat to the functionality of financial markets. This is primarily due to the nature of insider trading, where confidential, non-public information about a company is used to make advantageous trades. This information imbalance disrupts the fairness and transparency that the financial markets rely on to operate efficiently. For instance, if a company's internal member knows something crucial that could significantly impact the company's stock price and trades based on this information before it is publicly released, then they have an unfair advantage over other market participants. This can lead to a lack of confidence and trust in the market, which is detrimental to the smooth functioning of financial markets.
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Answer:
Patrick Inc.
Sales Budget
For the First Quarter
January February March Total Quarter 1
Sale Units 41,000 38,000 50,000 129,000
Average Selling Price per Unit $35.00 $35.00 $35.00
Sales Value $1,435,000 $1,330,000 $1,750,000 $4,515,000
Explanation:
The Sales unit for each month is multiplied by its average sales price for e.g for January (41,000 units × by $35 = $ 1,435,000)
The Quarter totals (Units and sales Values in $) are added up to give the answer under the heading of Total Quarter 1.
The working is also attached with the answer.
For Patrick Inc., the sales budget for the first quarter is calculated by multiplying the expected units sold each month by the average price per unit. The total sales for the first quarter amount to $4,515,000.
Preparing a sales budget for Patrick Inc. involves multiplying the units sold each month by the price per unit. The average price for a 5-gallon drum of industrial solvent is $35.
For January: 41,000 units * $35/unit = $1,435,000.
For February: 38,000 units * $35/unit = $1,330,000.
For March: 50,000 units * $35/unit = $1,750,000.
Adding these amounts will give the total revenue for the 1st Quarter: $1,435,000 (January) + $1,330,000 (February) + $1,750,000 (March) = $4,515,000.
So, the sales budget for the first quarter would be as follows:
January: $1,435,000
February: $1,330,000
March: $1,750,000
Total first Quarter: $4,515,000.
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Answer: The answer is ($76,280,000)
Explanation:
POAR = Budgeted Overhead / Budgeted labour cost
Total direct labour cost = hours worked × wage rate per hour
Hours worked = 2,500 hours , wage rate per hour = $20
= 2,500 × 20
= $50,000
Budgeted Overhead = $1,500,000, Budgeted labour cost = $50,000
= 1,500,000 / 50,000
= 30 × actual activity
Actual activity direct labour = 618,000 +577,000 + 310,000 + 730,000 + 328,000 + 31,000 = 2,596,000
Overhead absorbed = 30 × 2,596,000
= 77,880,000
Actual Overhead = 1,600,000
Actual Overhead - Overhead absorbed
= 1,600,000 - 77,880,000
= ($76,280,000)
Since the overhead absorbed is greater than actual overhead, this is known as over absorption.