BUSINESS COLLEGE

During March, the production department of a process operations system completed and transferred to finished goods 17,000 units that were in process at the beginning of March and 150,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 59% complete with respect to conversion. At the end of March, 34,000 additional units were in process in the production department and were 100% complete with respect to materials and 24% complete with respect to conversion. Compute the number of equivalent units with respect to both materials and conversion respectively for March using the weighted-average method.

Answers

Answer 1

Answer:

Answer:

a)201,000 units

b) 175,167 units

Explanation:

As per the data given in the question,

Details Materials Conversion

Calculation Units Calculation Units

Units completed

and transferred (150,000+17,000)×100% 167,000 (150,000+17,000)×100% 167,000

Ending WIP 34,000×100% 34,000 34,000×24% 8,160

Total units (167,000+34,000) 201000 (167,000+8,167) 175,167

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ak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 7,500 Job 34 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,500 $ 6,500 Completed and sold Job 34 6,000 7,800 Completed, but not sold Job 35 4,200 3,250 In process Indirect 1,300 2,140 $ 15,000 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end.
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A buyer who has accepted goods may later revoke the acceptance if the buyer can show that the defects _____________ the value of the goods and the buyer had a legitimate reason for the initial acceptance.
Muddy Meadows Earthmoving can purchase a bulldozer for $147,000. After 7 years of use, the bulldozer should have a salvage value of $50,000. What depreciation is allowed for this asset in Year 4 for.(a) Straight-line depreciation?(b) 150% declining balance depreciation?(c) 40% bonus depreciation with the balance using 5-year MACRS?PLEASE DO NOT USE EXCEL AND SHOW CALCULATIONS1.) a) $13,857; b) $15,676; c) $10,1612.) $13,857; b) $15,676; c) $44663.) $21,000; b) $15,676; c) $10,1614.) $13,857; b) $12,437; c) $10,161

An income statement for Sam's Bookstore for the first quarter of the year is presented below:Sam's BookstoreIncome StatementFor Quarter Ended March 31Sales $ 910,000Cost of goods sold 560,000Gross margin 350,000Selling and administrative expensesSelling $ 119,000Administration 142,000 261,000Net operating income $ 89,000On average, a book sells for $65. Variable selling expenses are $4 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed.The contribution margin for Sam's Bookstore for the first quarter is:____________

Answers

Answer:

$252,000

Explanation:

The question is to determine the contribution of Sam's Bookstore for the first quarter

Contribution Margin represents the profit an organisation can generate from the sale of a product. in order to calculate, the variable costs are deducted from the revenue from sale.

The formula for Contribution margin = Sales- the cost of goods sold - variable selling expense.

Selling Price = $65

Reported ales = $910,000

First, we determine the number of books sold in the first quarter

= $910 000/ $65 = 14 000 books

Second, since the store sold 14,000 books in the first quarter, the total variable selling cost for the books sold

= total books sold x the variable selling expense per book

= 14,000 x $4 = $56,000= total variable selling expense

Third, since the store sold 14,000 books in the first quarter, the total variable administrative cost for the books sold

= total books sold x the variable administrative expense per book

= 14,000 x $3 = $42,000= total variable Administrative expense

Four, determine the contribution margin as follows:

Sales - cost of goods sold - variable selling expense - variable administrative expense

= $910,000-$560,000- $56,000-$42,000= $252,000

When projecting future cash flows of an investment ________. A. the initial investment is a significant cash outflow that is treated separately from all other cash flows B. cash flows include depreciation C. cash inflows and outflows are treated separately, rather than being netted together D. cash flows are projected by accounting personnel without considering input from other departments

Answers

A. The initial investment is a significant cash outflow that is treated separately from all other cash flows

The net income reported on the income statement of Whispering Winds Corp. for the current year was $1251000. Depreciation recorded on plant assets was $236000. Accounts receivable and inventories increased by $66000 and $44000, respectively. Prepaid expenses and accounts payable decreased by $6000 and $61000, respectively. How much cash was provided by operating activities during the year

Answers

Answer:

$1,454,000

Explanation:

Calculation to determine How much cash was provided by operating activities during the year

Using this formula

Operating activities=Net income+Depreciation+ Increased in Accounts receivable -Increased in inventories + Decreased in Prepaid expenses - Decreased in accounts payable

Let plug in the formula

Operating activities=$1251000 + $236000 -$66000 - $44000 +$6000 - $61000

Operating activities=$1,454,000

Therefore the amount of cash was provided by operating activities during the year is $1,454,000

Dimitry formats his memo so the four heading elements are positioned to the left of the page. This is an example of the design principle of_________-

Answers

Dimitry formats his memo so the four heading elements are positioned to the left of the page. This is an example of the design principle of alignment

Explanation:

The principle called alignment in designing refers to the way the elements are arranged relative to each other and to the page. There are different kinds of alignments used such as edge alignment,center, horizontal, vertical alignment and mixed alignment.

In the example given, Dimitry is formatting the memo in which the heading elements are positioned to the left of the page. Hence the design principle used by Dimitry will be the principle of alignment. This helps in creating a balance of elements and helpful of readers.

Job Costing Budgeted Manufacturing Overhead Rate, Allocated Manufacturing Overhead Taylor Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2017: Budgeted manufacturing overhead costs $3,800,000 Budgeted machine-hours 200,000 Actual manufacturing overhead costs $3,660,000 Actual machine-hours 196,000 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Requirements 1 Calculate the budgeted manufacturing overhead rate. 2 Calculate the manufacturing overhead allocated during 2017. 3 Calculate the amount of under- or overallocated manufacturing overhead. a. Enter your answer as a positive value.

Answers

Answer:

1. Budgeted manufacturing overhead rate = Budgeted manufacturing overhead costs / Budgeted machine-hours

Budgeted manufacturing overhead rate = $3,800,000 / 200,000

Budgeted manufacturing overhead rate = $19

2. The manufacturing overhead allocated during 2017 = Actual machine-hours * Budgeted manufacturing overhead rate

Manufacturing overhead allocated = 196,000 * $19

Manufacturing overhead allocated =$3,724,000

3. Manufacturing overhead costs over-allocated = Manufacturing overhead allocated during 2017 - Actual manufacturing overhead costs

Manufacturing overhead costs over-allocated = $3,724,000 - $3,660,000

Manufacturing overhead costs over-allocated = $64,000

A firm in a purely competitive industry has a typical cost structure. The normal rate of profit in the economy is 8 percent. This firm is earning $15 on every $150 invested by its founders.Instructions: Enter your answers as whole numbers.
a. What is its percentage rate of return? percent.
b. Is the firm earning an economic profit? .
If so, how large? percent.
c. Will this industry see entry or exit? .
d. What will be the rate of return earned by firms in this industry once the industry reaches long-run equilibrium? percent.

Answers

Answer:

10%

yes

enter

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.

In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.

Rate of return = (earnings of firms / amount invested) x 100

(15/150) x 100 = 10%

The firm is earning an economic profit because the rate of return is higher than the normal profit by 2%.

In the long run, firms would enter into the industry. This would reduce economic profit to zero and the firm would be earning only normal profit once long run equilibrium has been reached

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