Answer:
b. $17,500 underapplied
Explanation:
Calculation to Determine the over- or underapplied amount for the year
First step is to find the Pre determined overhead rate using this formula
Pre determined overhead rate = Estimated factory overheads / Estimated machine hours
Pre determined overhead rate = $1,250,000 / 50000
Pre determined overhead rate = $25 per machine hour.
Second step is to find the Factory overhead amount applied using this formula
Factory overhead amount applied = Pre determined overhead rate * Actual machine hours
Factory overhead amount applied = $25 * 54,300
Factory overhead amount applied = $1,357,500
The last step is to calculate for the over- or underapplied amount for the year
Using this formula
Under applied overhead = Applied overhead - Actual overhead
Let plug in the formula
Under applied overhead = $1,357,500 - $1,375,000
Under applied overhead= $17,500
Therefore the underapplied amount for the year is $17,500
Cost data for D5-6b Company for the most recent year appears below: Direct labor ....................................... $138,000 Insurance on the factory building .................. $ 22,000 Indirect materials ................................. $ 53,000 Sales commissions .................................. $ 80,000 Factory supervisor's salary ........................ $ 64,000 Depreciation on copier in the sales office ......... $ 21,000 Property tax on the factory building ............... $ 13,000 Wages paid to factory janitors ..................... $ 40,000 Advertising ........................................ $ 46,000 CEO's Salary ....................................... $149,000 Utilities on the factory ........................... $ 37,000 D5-6b Company reported the following inventory balances during the most recent year: January 1 December 31 Direct materials $82,000 $68,000 Work in process $27,000 $44,000 Finished goods $91,000 $51,000 During the most recent year, D5-6b Company purchased direct materials totaling $148,000 and reported sales revenue of $500,000. Calculate D5-6b Company's cost of goods manufactured for the most recent year.
Answer:
cost of goods manufactured= $512,000
Explanation:
First, we need to calculate the direct materials used, direct labor, and manufacturing overhead:
Direct material= 82,000 + 148,000 - 68,000= $162,000
Direct labor= 138,000
Overhead= Insurance on the factory building + Indirect materials + Factory supervisor's salary + Property tax on the factory building + Wages paid to factory janitors + Utilities on the factory
Overhead= 22,000 + 53,000 + 64,000 + 13,000 + 40,000 + 37,000
Overhead= $229,000
Now, to calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 27,000 + 162,000 + 138,000 + 229,000 - 44,000
cost of goods manufactured= $512,000
The following information is available for Trailblazer, a manufacturer of four-wheel all-terrain vehicles for its first two years of operation: 2020 2021 Vehicles produced 1,000 1,400 Vehicles sold 900 1,200 Selling price per unit $1,200 $1,200 Direct material per unit $350 $350 Direct labor per unit $220 $220 Variable manufacturing overhead per unit $40 $40 Fixed manufacturing overhead per year $112,000 $112,000 Variable selling and administrative expense per unit $20 $20 Fixed selling and administrative expense per year $35,000 $35,000 Calculate net income for 2021 using full costing. Net income $enter a net income in dollars 523000
Answer:
$537,000
Explanation:
The computation of net income for 2021 using full costing is shown below:-
Net income = Sales - Cost of goods sold - Selling and administrative expenses
= (1,200 × 1,200) - (((1,200 × (350 + 220 + 20)) + 112,000) - ((1,200 × 20) + 35,000)
= $1,440,000 - $844,000 - $59,000
= $537,000
So, for computing the net income we simply applied the above formula.
By observing an individual’s behavior in the situations outlined below, determine therelevant income elasticities of demand for each good (i.e., whether the good is normal orinferior). If you cannot determine the income elasticity, what additional informationmight you need?
a. Bill spends all his income on books and coffee. He finds $20 while rummagingthrough a used paperback bin at the bookstore. He immediately buys a newhardcover book of poetry.
b. Bill loses $10 he was going to use to buy a double espresso. He decides to sell hisnew book at a discount to his friend and use the money to buy coffee.
c. Being bohemian becomes the latest teen fad. As a result, coffee and book pricesrise by 25 percent. Bill lowers his consumption of both goods by the same percentage.
d. Bill drops out of art school and gets an M.B.A. instead. He stops reading books anddrinking coffee. Now he reads The Wall Street Journal and drinks bottled mineralwater
Answer:
Normal goods are those goods which see their demand rise when income rises and fall when income falls. Inferior goods on the other hand will see their demand fall when income rises and vice versa.
a. Book = Normal Good
Coffee = Neutral good
The demand for Books increased when Bill had more money which makes it a normal good.
The demand for coffee did not change when new income came thereby making it a neutral good.
b. Book = Normal Good
Coffee = Inferior good
The demand for Books decreased when Bill had less money which makes it a normal good.
The demand for coffee increased when Bill's income reduced thereby making it an inferior good.
c. Book = Normal Good = Coffee
Both coffee and books are normal goods because Bill is buying less of them when their prices increase because it means that Bill has less income to spend on them.
d. More information needed.
We are unable to tell which goods are normal or inferior as we are not given information on the relative changes in demand as a result of income changing.
Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies. Company Cars (1,000s) Revenue ($ millions) Company A 11.5 118 Company B 10.0 137 Company C 9.0 100 Company D 5.5 37 Company E 4.2 42 Company F 3.3 34
Answer:
The question does not include any requirements, so I looked for similar questions:
Use the least squares method to develop the estimated regression equation. For every additional car placed in service, estimate how much annual revenue will change.1) Y = -14.95 + 12.82X
2) for every 1 thousand cars put into service, revenue should increase by $12.82 million.
See attached PDF for calculations
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 38,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 123,000. Units completed and transferred out: 161,000. Ending Inventory: 36,500 units, 100% complete as to materials and 25% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $56,000. Costs in beginning Work in Process - Conversion: $61,850. Costs incurred in February - Direct Materials: $375,730. Costs incurred in February - Conversion: $612,150. Calculate the cost per equivalent unit of conversion.
Answer:
cost per equivalent unit of conversion = $4.10
Explanation:
beginning WIP = 38,000
100% complete for materials
55% complete for conversion, 45% remaining to be completed
units started and completed = 123,000
units completed and transferred out = 161,000 (including 38,000 of beginning WIP)
ending WIP = 36,500
100% complete for materials
25% complete for conversion
equivalent units processed during this period:
materials = 123,000 + 36,500 = 159,500 EUP
conversion costs = (38,000 x 0.45) + 123,000 + (36,500 x 025%) = 149,225 EUP
cost per equivalent unit of conversion = $612,150 / 149,225 EUP = $4.102194672 ≈ $4.10
Wally Company makes dog beds. Last year Wally incurred the following costs related to quality control. What is Wally Company's cost of quality for internal failures? 1. Repairs for dog beds under warranty 2,127 2. Seamstress training 822 3. Wages of part-time inspector of products 1,314 4. Cost of replacements given to customers for defective dog beds 1,460 5. Product liability insurance 3,931 6. Inspection of sewing machines as part of routine maintenance 3,295 7. Inspection of fabric and thread for defects 1,661 8. Repairing defective dog beds prior to sale 1,651
Answer: $1,651
Explanation:
The only cost for Internal failure is Repairing the dog beds prior to sale which is $1,651.
The other costs are classified as;
Repairs for dog beds under warranty - External failure cost Seamstress training. - Prevention cost Wages of part-time inspector of products - Appraisal costCost of replacements given to customers for defective dog beds - External failure cost Product liability insurance - External failure costInspection of sewing machines as part of routine maintenance -Appraisal costInspection of fabric and thread for defects - Appraisal costWally Company's cost of quality for internal failures is $1,651
Calculation of the cost of quality for internal failure:= repairing defective dog
= $1,651
We know that
Repairs for dog beds under warranty - External failure cost
Seamstress training. - Prevention cost
Wages of part-time inspector of products - Appraisal cost
Cost of replacements given to customers for defective dog beds - External failure cost
Product liability insurance - External failure cost
Inspection of sewing machines as part of routine maintenance -Appraisal cost
Inspection of fabric and thread for defects - Appraisal cost
learn more about the cost here: https://brainly.com/question/19817278
The following book and fair values were available for Westmont Company as of March 1.
Book Value Fair Value
Inventory $ 231,000 $191,750
Land 822,000 1,119,750
Buildings 2,130,000 2,447,250
Customer relationships 0 867,750
Accounts payable(104,000) (104,000)
Common stock (2,000,000)
Additional paid-in capital (500,000 )
Retained earnings 1/1 (417,500)
Revenues (464,500)
Expenses 303,000
Note: Parentheses indicate a credit balance.
Arturo Company pays $3,780,000 cash and issues 28,700 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmont%u2019s common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $32,800 and Arturo pays $47,500 for legal fees to complete the transaction.
Prepare Arturo%u2019s journal entry to record its acquisition of Westmont.
Answer:
1. Debit Inventory for $191,750; Debit Land for $119,750; Debit Buildings for $2,447,250; Debit Customer Relationships for $867,750; and Debit Goodwill for $1,692,500. But Credit Accounts payable for $104,000; Credit Common Stock (28,700 shares * $2) for $57,400; Credit Additional Paid-In Capital [28,700 shares * ($50-$2)] for $1,377,600; and Credit Cash for 3,780,000.
2. Debit Professional Services Expense for $47,500; and Credit Cash for $47,500.
3. Debi Additional Paid-In Capital for $32,800; and Credit Cash for 32,800.
Explanation:
Note: The data in this question are merged together. They are therefore sorted before answering the question. Please, see the attached pdf file for the represented question with the sorted data.
Also note: See the attached excel file to see how the prepared Arturo’s journal entry look like.
Note that the Goodwill is calculated as follows:
Goodwill = Inventory + Land + Buildings + Customer Relationships - Accounts payable - Common Stock (28,700 shares * $2) - Additional Paid-In Capital [28,700 shares * ($50-$2)] - Cash = $191,750 + $119,750 + $2,447,250 + $867,750 - $104,000 - $57,400 - $1,377,600 - $3,780,000 = $1,692,500
A cost-benefit analysis is a way
Answer:
Cost Benefit Analysis
Way of thinking that compares the cost of an action to its benefits.
Explanation:
I hope it helps.
Assume that the following events occurred at a division of Generic Electric for March of the current year:
1. Purchased $100 million in direct materials.
2. Incurred direct labor costs of $46 million.
3. Determined that manufacturing overhead was $76 million.
4. Transferred 90 percent of the materials purchased to work-in-process.
5. Completed work on 75 percent of the work-in-process. Costs are assigned equally across all work-in-process.
6. The inventory accounts have no beginning balances. All costs incurred were debited to the appropriate account and credited to Accounts Payable.
Required:
Give the amounts for the following items in the Work-in-process account: (Do not round your intermediate calculations. Enter your final answers in millions rounded to 2 decimal places.)
Transfers-In ____ Million
Transfers-Out ______ Million
Ending Balance _____ Million
Answer:
Transfers-In
= Direct materials + Direct labor costs + Manufacturing overhead
= (90% * 100) + 46 + 76
= $212 million
Transfer-Out
= Cost transferred in * work completed
= 212 * 75%
= $159 million
Ending Balance
= Cost transferred in - Cost transferred out
= 212 - 159
= $53 million
Live Forever Life Insurance Co. is selling a perpetuity contract that pays $1,450 monthly. The contract currently sells for $114,000. a. What is the monthly return on this investment vehicle? (Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the APR? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the effective annual return? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Answer:
a. 1.27%
b. 15.24%
c. 16.35%
Explanation:
a. What is the monthly return on this investment vehicle?
The formula for the value of a Perpetuity is;
Value = Payment/ rate
Rate = Payment/ Value
Rate = 1,450/114,000
= 0.0127
= 1.27%
b. What is the APR?
APR is the annual rate. The above figure is the monthly rate.
APR = Monthly rate * 12
= 1.27 * 12
= 15.24%
c. What is the effective annual return?
Effective annual return = [1 + (APR/n)]^n – 1
n is the number of compounding periods which is 12 here for monthly compounding.
= [1 + (15.24%/12)]^12– 1
= 16.35%
At peak times, your restaurant serves 50 meals per hour that require a grill. Two meals can be on the grill at once and the average meal requires 6 minutes on the grill. How many grills do you need? ANSWER 3
Answer:3 grills
Explanation: Each grill can cook 20 meals in an hour so 3 grills is needed, the restaurant could cook 60 meals in one hour
What is the foundation of a career strategy?
Explanation:
i think its self-assessment
Answer:
The correct answer is C. A career goal
Explanation:
For all Plato users
The adjusted trial balance of Gary Cooper Co. as of December 31, 2014, contains the following.
GARY COOPER CO.
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2020
Debit Credit
Cash $20,892
Accounts Receivable 8,340
Prepaid Rent 3,700
Equipment 19,470
Accumulated Depreciation-
Equipment $6,315
Notes Payable 7,120
Accounts Payable 6,892
Common Stock 21,420
Retained Earnings 12,730
Dividends 4,420
Service Revenue 13,010
Salaries and Wages Expense 8,260
Rent Expense 2,154
Depreciation Expense 251
Interest Expense 189
Interest Payable 189
$67,676 $67,676
Instructions:
(a) Prepare an income statement.
(b) Prepare a statement of retained earnings.
(c) Prepare a classified balance sheet.
Answer and Explanation:
The presentation of each of the financial statement is presented below:
1.
GARY COOPER CO.
Income Statement
For the Year Ended December 31, 2020
Particulars Amount
Revenues:
Service revenue $13,010
Total revenue (a) $13,010
Less: Expenses:
Salaries and wages expense $8,260
Rent expense $2,154
Depreciation expense $251
Interest expense $189
Total expenses (b) $10,854
Net Income (a - b) $2,156
2.
GARY COOPER CO.
Retained Earnings Statement
For the Year Ended December 31, 2020
Particulars Amount
Beginning balance of Retained earnings $12,730
Add: Net income $2,156
Less: Dividends -$4,420
Ending balance of Retained earnings $10,466
3.
GARY COOPER CO.
Balance Sheet
For the Year Ended December 31, 2020
Assets:
Cash $20,892
Accounts receivables $8,340
Prepaid rent $3,700
Equipment 19470
Less: Accumulated depreciation
on equipment ($6,315) $13,155
Total Assets $46,087
Liabilities and Stockholder's Equity:
Current Liabilities:
Accounts payable $6,892
Notes payable $7,120
Interest payable $189
Total Current liabilities $14,201
Stockholder's equity:
Common stock $21,420
Retained earnings $10,466
Total Stockholder's Equity $31,886
Total Liabilities and Stockholder's Equity $46,087
What is database fraud?
Answer:
The National Fraud Database hold records of first and third party fraud risk, such as account takeover, identity fraud, false insurance claims, application fraud and more. It also holds data on individuals who have been, or are at risk of becoming, victims of fraud.
What is the meaning
economics
Answer:
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
2.
the condition of a region or group as regards material prosperity.
On July 1, 2018, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $140 million cash. At the date of acquisition of the stock, VB net assets had a total fair value of $480 million and a book value of $280 million. Of the $200 million difference, $44 million was attributable to the appreciated value of inventory that was sold during the last half of 2018, $128 million was attributable to buildings that had a remaining depreciable life of 10 years, and $28 million related to equipment that had a remaining depreciable life of 5 years. Between July 1, 2018, and December 31, 2018, VB earned net income of $60 million and declared and paid cash dividends of $52 million.
Required:
1. Prepare all appropriate journal entries related to the investment in 2016, assuming equity method.
2. Determine the amounts to be reported by Gupta
a. As an investment in Gupta's 2016 balance sheet.
b. As investment revenue or loss on Gupta's 2016 income statement
c. Among investing activities in Gupta's statement of cash flows.
Answer:
Please below and attached detailed solution.
Explanation:
1. Prepare all appropriate journal entries related to the investment in 2016, assuming equity method - Please see attached detailed solution
2. Determine the amounts to be reported by Gupta;
a. As an investment in Gupta's 2016 balance sheet = $126.4 million
b. As an investment revenue or loss on Gupta's 2016 income statement = $0.6 million
c. Among investing activities in Gupta's statement of cash flow = $140 million.
Please find attached solution to the questions and answers above.
Explain the following statement and answer to corresponding question. It is worth 15 points. "In a competitive model without consideration of space (distance) we would expect competition to lead to identical prices but when we include spatial elements we expect competition to lead to different delivered prices." If individuals have to pay a different price for products because they live a different distance from the factory do you think this is an example of discrimination of prices? Why or why not?
Answer:
In marketing, price discrimination refers to selling the same product to different buyers at different prices depending on each buyer's purchasing power or preferences which result in them being able and willing to pay different prices. E.g. a movie theater that charges different prices depending on the age of the movie goers.
In this case, the fact that a factory is located far away from your house might result in a higher price due to delivery costs, but that doesn't meant that it is using price discrimination. E.g. I just purchased a new refrigerator online and I had to pay a delivery fee that increased its price because the seller is from another state. I purchased the refrigerator from that retailer because it lower prices including delivery costs, but someone that purchased it from the same city will probably pay even less than me. But it is just logistics, since I live far away I have to wait 3 days for delivery and pay for it.
Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred:
Apr. 1 Stockholders invested $21,341 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $445 per week, payable monthly.
2 Paid office rent for the month $1,067.
3 Purchased architectural supplies on account from Burlington Company $1,541.
10 Completed blueprints on a carport and billed client $2,253 for services.
11 Received $830 cash advance from J. Madison to design a new home.
20 Received $3,320 cash for services completed and delivered to M. Svetlana.
30 Paid secretary-receptionist for the month $1,780.
30 Paid $356 to Burlington Company for accounts payable due.
1.) Journalize the transactions. (If no entry is required, indicate "No entry". Record journal entries in the order presented in the problem.)
2.) Post to the ledger T-accounts. (Post entries in the order of journal entries presented in the question.)
3.) Prepare a trial balance on April 30, 201
Answer:
1)
April 1 Stockholders invested $21,341 cash in exchange for common stock of the corporation.
Dr cash 21,341
Cr common stock 21,341
April 1 Hired a secretary-receptionist at a salary of $445 per week, payable monthly.
no journal entry required
April 2 Paid office rent for the month $1,067.
Dr rent expense 1,067
Cr cash 1.067
April 3 Purchased architectural supplies on account from Burlington Company $1,541.
Dr supplies 1,541
Cr accounts payable 1,541
April 10 Completed blueprints on a carport and billed client $2,253 for services.
Dr accounts receivable 2,253
Cr service revenue 2,253
April 11 Received $830 cash advance from J. Madison to design a new home.
Dr cash 830
Cr unearned revenue 830
April 20 Received $3,320 cash for services completed and delivered to M. Svetlana.
Dr cash 3,320
Cr service revenue 3,320
April 30 Paid secretary-receptionist for the month $1,780.
Dr wages expense 1,780
Cr cash 1,780
April 30 Paid $356 to Burlington Company for accounts payable due.
Dr accounts payable 356
Cr cash 356
2)
Cash
debit credit
21,341
1.067
830
3,320
1,780
356
22,288
accounts receivable
debit credit
2,253
supplies
debit credit
1,541
accounts payable
debit credit
1,541
356
1,185
unearned revenue
debit credit
830
common stock
debit credit
21,341
service revenue
debit credit
2,253
3,320
5,573
rent expense
debit credit
1,067
wages expense
debit credit
1,780
3) debit credit
cash $22,288
accounts receivable $2,253
supplies $1,541
accounts payable $1,185
unearned revenue $830
common stock $21,341
service revenue $5,573
rent expense $1,067
wages expense $1,780
totals $28,929 $28,929
The following information is available for Trinkle Company for the month of June:1. The unadjusted balance per the bank statement on June 30 was $81,5002. Deposits in transit on June 30 were $3,1503. A debit memo was included with the bank statement for a service charge of $404. A $5,611 check written in June had not been paid by the bank5. The bank statement included a $950 credit memo for the collection of a note. The principal of the note was $900, and the interest collected amounted to $50RequiredDetermine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
Answer:
$79,039
Explanation:
The computation of the true cash balance is shown below:
Particulars Amount
Unadjusted Balance
as Per Bank Statement on Jun 30 $81,500
Add: Deposit in Transit Jun $3,150
Les : Outstanding Check Jun30 -$5,611
True Cash Balance As on Jun 30 $79,039
We simply applied the above format so that the correct value could come
The equity is owned by LP investors and MP in a ratio of 5 to 1. The total invested equity is $120. The outstanding mortgage balance at the end of 2019 is $240. The property sells for $400 net of all expenses at the end of 2019. The rules established for sales proceeds are, first pay the mortgage off, next return capital to equity partners and finally split all remaining proceeds 70 LP/30 MP. How much cash flow will the MP get from the sales transaction (do not put the $ sign in the answer)
Answer:
MP will get a cash flow of:
$128
Explanation:
a) Data and Calculations:
Equity shares
LP = 5
MP = 1
Ratio of equity = 5 : 1
Invested equity = $120
Share of invested equity:
LP = 5/6 * $120 = $100
MP = 1/6 * $120 = $20
Mortgage = $240
Property Sales = $400
Sales Proceeds Rules:
Property Sales = $400
Mortgage 240
Remaining 160
Equity share:
LP (100)
MP (20)
Balance 40
Sharing Ratio:
LP = 70% * $40 = $28
MP = 30% * $40 = $12
MP's cash flow:
Equity = $100
Balance Shared = $28
Total = $128
The controller of Fortnight Co. has requested a quick estimate of the manufacturing supplies needed for the Cleveland Plant for the month of July, when production is expected to be 470,000 units to meet the ending inventory requirements and sales of 475,000 units. Fortnight Co.'s budget analyst has the following actual data for the last three months. Month Production in Units Manufacturing Supplies March 450,000 $723,060 April 540,000 853,560 May 480,000 766,560Using the high-low method to develop a cost estimating equation, the estimate of needed manufacturing supplies for July would be: (CMA adapted)
Answer:
Total cost= $752,060
Explanation:
To calculate the fixed and variable cost under the high-low method, we need to use the following formulas:
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (853,560 - 723,060) / (540,000 - 450,000)
Variable cost per unit= $1.45
Fixed costs= Highest activity cost - (Variable cost per unit * HAU)
Fixed costs= 853,560 - (1.45*540,000)
Fixed costs= $70,560
Fixed costs= LAC - (Variable cost per unit* LAU)
Fixed costs= 723,060 - (1.45*450,000)
Fixed costs= $70,560
Now, the total cost for 470,000 units:
Total cost= 70,560 + 1.45*470,000
Total cost= $752,060
A business has fixed costs of $45,000 per month and a variable costs of $32,000 per month . What is the average total cost of 7,700 units
Answer:
$10 per unit
Explanation:
The average total cost (AC) is the estimated per-unit cost in a given output. The formula for calculating the average cost
=(Total fixed costs + total variable costs) / number of units produced = average total cost.
Adding Total fixed cost to total variable cost equal to Total cost (TC)
For this business, the average total costs
=$45,000 + $32,000 /7,700
=$77,000/7700
=$10
AC= $10 per unit
Azule Co. manufactures in two sequential processes, cutting and binding. The two departments report the information below for a recent month. Cutting Binding Beginning work in process Transferred in from cutting dept. $ 1,250 Direct materials $ 1,070 2,766 Conversion 3,400 3,350 Costs added during March Direct materials $ 10,140 $ 9,456 Conversion 11,100 18,725 Transferred in from cutting dept. 17,110 Transferred to finished goods 33,000 Determine the ending balances in the Work in Process Inventory accounts of each department.
Answer:
Cutting $8,600
Binding $19,657
Explanation:
Calculation to Determine the ending balances in the Work in Process Inventory accounts of each department
Ending work in process:
Cutting = $1,070 + $3,400+ $10,140 + $11,100- $17,110
Cutting = $8,600
Binding = $1,250 + $2,766 + $3,350+ $9,456+ $18,725 + $17,110 - $33,000
Binding= $19,657
Therefore the ending balances in the Work in Process Inventory accounts of each department is:
Cutting $8,600
Binding $19,657
Gordon, an employee, is provided group term life insurance coverage equal to twice his annual salary of $125,000 per year. According to the IRS Uniform Premium Table (based on Gordon's age), the amount is $12 per year for $1,000 of protection. The cost of an individual policy would be $15 per year for $1,000 of protection. Since Gordon paid nothing towards the cost of the $250,000 protection, he must include in his 2019 gross income which of the following amounts?
Answer:
1
Explanation:
1+1=2
You would like to combine a risky stock with a beta of 1.5 with U.S. Treasury bills in such a way that the risk level of the portfolio is equivalent to the risk level of the overall market. What percentage of the portfolio should be invested in Treasury bills? (Formula: Portfolio beta = w1 * beta 1 + w2 *beta 2; w1+w2 = 1) Round your answer to the integer. Note that the answer needs to be in PERCENTAGE. Weight in stock = Blank 1. Fill in the blank, read surrounding text. 67 % Weight in T-Bill = Blank 2. Fill in the blank, read surrounding text. 33 %
Answer:
33.33%
Explanation:
Let weight of T-bill be x, therefore weight of stock will be 1-x
Portfolio = Weight of stock*Beta of stock + Weight of T-bills*Beta of T-bills
1 = (1-x)*1.5 + x*0
1 = 1.5 - 1.5x
x = 0.5/1.5
x = 0.3333
x = 33.33%
Therefore, the percentage of the portfolio invested in treasury bills is 33.33%.
Select each concept with its best description by selecting its letter in the dropdowns.
Flexible product designs can be modified to accommodate customer choices.
Focuses on quality throughout the production process.
Reports on financial, social, and environmental performance.
Inventory is acquired or produced only as needed.
Every manager and employee constantly looks for ways to improve company operations.
Answer:
This question is incomplete, the concepts are missing. Those concepts are the following:
1) Just in time manufacturing
2) Continuous improvement
3) Customer orientation
4) Total quality management
5) Triple bottom line
And the matches are the following:
1 - D ; 2 - E ; 3 - A ; 4 - B ; 5 - C
Explanation:
Just in time manufacturing is a concept known in the business field that refers to the method used by the companies who believe that having every little detail in time would improve the production process of the company and that is to have great agreements with the suppliers as well. That is why that inventory is acquired or produced only as needed.
Continuous improvement is the concept that refers to the state where the managers and employees of the company are always looking for new ways to improve the operations of the company itself.
Costumer orientation is the concept known as the flexible product design that the company chooses to use in order to adjust their products in order to what the customers really need or want.
Total quality management is the concept that refers to the situation where all the company is completely focused in the quality throughout the production process.
Triple bottom line is refered to the corporation social responsibility and that is why that this method is related to the financial, social and environmental performance of the company as a whole to the society where it resides.
Which is not a part of the definition of economics?
A consumption
B production
C evaluation
D Distribution
Answer:
a
Explanation:
Alameda Tile sells products to many people remodeling their homes and thinks that it could profitably offer courses on tile installation, which might also increase the demand for its products. The basic installation course has the following (tentative) price and cost characteristics. Tuition $ 800 per student Variable costs (tiles, supplies, and so on) 480 per student Fixed costs (advertising, salaries, and so on) 160,000 per year Required: a. What enrollment will enable Alameda Tile to break even? b. How many students will enable Alameda Tile to make an operating profit of $80,000 for the year? c. Assume that the projected enrollment for the year is 800 students for each of the following (considered independently): 1. What will be the operating profit (for 800 students)? 2. What would be the operating profit if the tuition per student (that is, sales price) decreased by 10 percent? Increased by 20 percent? 3. What would be the operating profit if variable costs per student decreased by 10 percent? Increased by 20 percent? 4. Suppose that fixed costs for the year are 10 percent lower than projected, whereas variable costs per student are 10 percent higher than projected. What would be the operating profit for the year?
Answer:
Alameda Tile
a. The enrollment to enable Alameda Tile to break even = 500 students.
b. To make an operating profit of $80,000, number of students
= 750 students
c. With projected enrollment for the year of 800 students:
1. Operating profit = Total Contribution - Fixed Costs
= ($320 * 800) - $160,000
= $96,000
2. a) Operating Profit, if the tuition per student decreased by 10%.
New selling price = $720 which is $800 * (1 - 10%)
Variable cost 480
Contribution $240
Operating profit = Total Contribution - Fixed Costs
= ($240 * 800) - $160,000
= $32,000
2. b) Operating Profit, if the tuition per student increased by 20%.
New selling price = $960 which is $800 * (1 + 20%)
Variable cost 480
Contribution $480
Operating profit = Total Contribution - Fixed Costs
= ($480 * 800) - $160,000
= $224,000
3. a) Operating Profit, if variable costs per student decreased by 10%.
Selling price = $800
Variable cost 432 $480 * (1 - 10%)
Contribution $368
Operating profit = Total Contribution - Fixed Costs
= ($368 * 800) - $160,000
= $134,400
3. b) Operating Profit, if variable costs per student increased by 20%.
Selling price = $800
Variable cost 576 $480 * (1 + 20%)
Contribution $224
Operating profit = Total Contribution - Fixed Costs
= ($224 * 800) - $160,000
= $19,200
4. Operating profit, if fixed costs reduced by 10% and variable cost increased by 10%:
Selling price = $800
Variable cost 528 $480 * (1 + 10%)
Contribution $272
Operating profit = Total Contribution - Fixed Costs
= ($272 * 800) - $144,000 ($160,000 * (1 - 10%)
= $73,600
Explanation:
a) Data and Calculations:
Tentative Price and Cost Characteristics:
Tuition $ 800 per student
Variable costs (tiles, supplies, and so on) 480 per student
Fixed costs (advertising, salaries, and so on) 160,000 per year
Per unit Tentative
Selling price = $800
Variable cost 480
Contribution $320
b) Computation of break-even point:
To break-even with fixed cost of $160,000, sales unit will be equal to:
Fixed cost/Contribution per unit = $160,000/$320 = 500 students
c) Fixed cost + Target Profit /Contribution per unit:
= ($160,000 + $80,000)/$320
= $240,000/320
= 750 students
E4-2 (Static) Assigning Costs to Activity Cost Pools, Identifying a Cost Driver [LO 4-2, 4-3] Name of Budgeted CostBudgeted Cost Plant insurance$86,100 Testing raw materials 45,000 Manufacturing equipment setup 7,200 Quality inspections 57,000 Property taxes 23,000 Electricity, plant 14,000 Electricity, manufacturing equipment 51,250 Depreciation, plant 18,800 Depreciation, manufacturing equipment 36,700 Maintenance worker (manufacturing equipment) 22,500 Indirect labor (manufacturing equipment setup) 8,300 Design engineering 220,000 Required: 1. Assign each of the budgeted costs above to one of the following activity cost pools: Engineering Equipment setup Quality control Factory facilities Manufacturing equipment 2. Compute the total cost of each pool. 3. Indicate whether the activities in each
Answer:
Find attached the answer and format.
Linden, Inc. uses a 6,900 square foot factory space that it rents for $3,500 a month for all its manufacturing activities. Linden has decided to switch to an activity-based costing system, and has identified its activities as follows: Preparation and Setup, Machining, Finishing, and Quality Control. 3,100 square feet of the factory are used for machining, while 1,400 square feet (each) are used for Preparation and Setup and Quality Control. Finishing uses 1,000 square feet. When assigning indirect costs to each activity, how much factory rent should be assigned to the Preparation and Setup cost pool
Answer: $710.14
Explanation:
Out of the total space of 6,900 square foot, Preparation and Setup uses 1,400 out of this.
Rent is $3,500
The total rent to be apportioned to it will therefore be;
= 1,400/6,900 * 3,500
= $710.14