Answer:
1. Angèle ⇒ Make everyday count
She tries to get as much done as possible in the day.
2. Darnell ⇒ Promote yourself
Darnell promotes the work that he and his team has done to a higher ranking person, his CEO.
3. Wesley ⇒ Roll with change and disruption
Wesley is fine with being in his current job or going to another one (change).
4. Esteban ⇒ Promote yourself
He wants everyone to think highly of him and so is promoting himself.
5. Teresa ⇒ Stay informed
Teresa is keeping abreast of information in marijuana legislation.
6. Luke ⇒ Stay informed
Luke is trying to stay informed with technological innovation.
7. Reena ⇒ Promote yourself.
Reena is promoting herself and her achievements on social media.
8. Brandy ⇒ Small things matter during interviews
Her respect for professional etiquette in responding to the interview assistant was a small thing that is likely to go a long way to helping her pass the interview.
9. Monique ⇒ Roll with change and disruption
Her life has been changed and disrupted by this move yet she is excited and looking forward to it. She is rolling with change.
10. Khalil ⇒ Small things matter during interviews
Khalil is trying to dress appropriately for the interview. He is taking an interest in the company's aesthetic values which shows he is paying attention to detail - the smaller things.
Dos Amugus Company has income from continuing operations of $621,000 (after tax) for the year ended December 31, 2020. It also has the following items (before considering income taxes): (1) An unrealized loss of $120,000 available-for-sale-securities. (2) A gain of $60,000 on the discontinuance of a major component. (3) A cumulative effect of a change in accounting principle that resulted in an increase in prior years' depreciation of $50,000. Assume all items are subject to income taxes at a 30% tax rate. Prepare an income statement, beginning with income from continuing operations. DOS AMUGUS COMPANY Partial Statement of Comprehensive Income For the Year Ended December 31, 2020
Answer:
Dos Amugus company
Partial Statement of Comprehensive Income
Particulars Amount
Income from continuing operations $621,000
Discontinued operations. Gain on discontinued $42,000
segment net of tax (60,000 * 30% of 60,000)
Net income $663,000
Other comprehensive income ($84,000)
Unrealized holding loss, on available for sale
securities net of income tax (120,000-30%*120,000)
Comprehensive income $579,000
Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 20Y2, Missouri River Supply incorrectly counted its inventory as $233,400 instead of the correct amount of $238,600. Enter all amounts as positive numbers. a. State the effect of the error on the December 31, 20Y2, balance sheet of Missouri River Supply. Balance Sheet Items Understated/Overstated Amount Merchandise Inventory $fill in the blank 2 Current Assets fill in the blank 4 Total Assets fill in the blank 6 Owner's Equity fill in the blank 8 b. State the effect of the error on the income statement of Missouri River Supply for the year ended December 31, 20Y2. Income Statement Items Overstated/Understated Amount Cost of Merchandise Sold $fill in the blank 10 Gross Profit fill in the blank 12 Net Income fill in the blank 14 c. If uncorrected, what would be the effect of the error on the 20Y3 income statement
Answer:
A. Balance Sheet
Merchandise Inventory $5,200 Understated
Current Asset $5,200 Understated
Total Assets $5,200 Understated
Owner's equity $5,200 Understated
B. Income Statement
Cost of merchandise sold $5,200 Overstated
Gross profit $5,200 Understated
Net income $5,200 Understated
C. Income Statement
Cost of merchandise sold $5,200 Understated
Gross profit $5,200 Overstated
Net income $5,200 Overstated
Explanation:
A. Calculation to State the effect of the error on the December 31, 20Y2, balance sheet of Missouri River Supply
BALANCE SHEET
Merchandise Inventory $5,200 Understated
Current Asset $5,200 Understated
Total Assets $5,200 Understated
Owner's equity $5,200 Understated
($238,600-$233,400)
B. Calculation to State the effect of the error on the income statement of Missouri River Supply for the year ended December 31, 20Y2.
INCOME STATEMENT
Cost of merchandise sold $5,200 Overstated
Gross profit $5,200 Understated
Net income $5,200 Understated
($238,600-$233,400)
C. Calculation to determine what would be the effect of the error on the 20Y3 income statement If uncorrected
INCOME STATEMENT
Cost of merchandise sold $5,200 Understated
Gross profit $5,200 Overstated
Net income $5,200 Overstated
($238,600-$233,400)
A company's Cash account shows an ending balance of $4,600. Reconciling items included a bookkeeper error of $105 (a $525 check recorded as $630), two outstanding checks totaling $830, a service charge of $20, a deposit in transit of $260, and interest revenue of $33. What is the adjusted book balance
Answer:
$5,275
Explanation:
Bank Reconciliation Statement
Balance as per Cash Book $4,600
Add check error $105
Add unpresented checks $830
Less Lodgments not yet credited ($260)
Balance as per Bank Statement $5,275
therefore,
The adjusted Cash book balance is $5,275
An ______ in the interest rate (r), ceteris paribus, will cause planned investment to ______.
Answer:
An increase in the interest rate (r), ceteris paribus, will cause planned investment to decrease.
Explanation:
An increase in the interest rates determined by the Federal Reserve would imply that the American financial system would pay larger sums of money for direct investments in banks or bonds, which would stop capital investment outside the public financial system, that is, in stocks. private, real estate investments, etc., since money would be invested at a higher profit in safer sectors of the market.
One way to support the domestic marketing campaign is through industry participation. List three other pillars of this campaign.
Answer: strategic pillars: content, data, and execution
Explanation:
Reform Traders current net operating income is $16,800 and its average operating assets are $90,000. The company's required rate of return is 15%. A new project being considered would require an investment of $28,000 and would generate annual net operating income of $3,100. What is the residual income of the new project
Answer:
- $4,200
Explanation:
residual income = net operating income - cost of investment
therefore
residual income = $3,100 - $28,000 x 15%
= - $4,200
The residual income of the new project is - $4,200
PLEASE QUICK HELP 35 POINTS!!!!!!!!!!!!! MC
Answer:
A.) Paying taxes
Explanation:
People pay taxes and that's what the city they live uses to make new projects like a building or new roads etc.
Answer:
Spending
Explanation:
got a 100 on this
Waldo Company has been approached about providing a new service to its clients. The company will bill clients $160 per hour; the related hourly variable and fixed operating costs will be $70 and $24, respectively. If all employees are currently working at full capacity on other client matters, the per-hour opportunity cost of being unable to provide this new service is:
Answer:
$90 per hour
Explanation:
Opportunity cost means the benefit one have forgone, for choosing another alternative. Opportunity cost of being unable to provide new service = Billing price - Variable cost per hour. Here, fixed cost is not considered because it will be incurred irrespective of the capacity of working.
So, Opportunity cost = $160 - $70 = $90 per hour
A manager has up to $190,000 available to invest in new construction equipment for the company. The manager must purchase a new dump truck and does not have a need for a second dump truck. The dumping trailer can only be purchased along with a dump truck. From the following list of possible equipment, identify all of the mutually exclusive alternatives and identify which of the alternatives are not acceptable.
No. Description Cost ($)
1 Loader 125,000
2 Dump Truck 170,000
3 Dump Truck 265,000
4 Dumping Trailer for the Dump Truck 25,000
Answer:
a. Mutually exclusive alternatives are
No. Description Cost ($)
2 Dump Truck 170,000
3 Dump Truck 265,000
b. The alternatives that are not acceptable are:
No. Description Cost ($)
1 Loader 125,000
4 Dumping Trailer for the Dump Truck 25,000
Explanation:
a. Mutually exclusive alternatives imply alternatives that cannot occur together. In relation to this question, since the manager must purchase a new dump truck and does not have a need for a second dump truck, that means that two trucks are mutually exclusive. Therefore, mutually exclusive alternatives are
No. Description Cost ($)
2 Dump Truck 170,000
3 Dump Truck 265,000
b. Alternative are not acceptable if they do not meet the conditioned specified. In relation to this question, since the dumping trailer can only be purchased along with a dump truck it means that Dumping Trailer for the Dump Truck is not acceptable. Also, since Loader is not a trcuk, that means it is not also acceptable. Therefore, the alternatives that are not acceptable are:
No. Description Cost ($)
1 Loader 125,000
4 Dumping Trailer for the Dump Truck 25,000
Metlock Mining Company purchased land on February 1, 2020, at a cost of $1,101,100. It estimated that a total of 58,200 tons of mineral was available for mining. After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws. It estimates the fair value of this restoration obligation at $112,500. It believes it will be able to sell the property afterwards for $125,000. It incurred developmental costs of $250,000 before it was able to do any mining. In 2020, resources removed totaled 29,100 tons. The company sold 21,340 tons.
Compute the following information for 2020.
(a) Per unit mineral cost: _______
(b) Total material cost of December 31, 2020, inventory:_______
(c) Total material cost in cost of goods sold at December 31, 2020:_______
Answer and Explanation:
The computation is shown below;
(a)
Purchase price of Land $1,101,100
Add: Fair value of restoration $112,500
Less: residual value -$125,000
Developmental costs $250,000
Total $1,388,600
Divided by Tons available for mining 58,200
Per unit Material cost $23.00
(b) Inventory $178,480 (29100 - 21340) × $23
(c ) Cost of goods sold $490,820 (21340 × $23)
Huron has provided the following year-end balances: Cash, $29,000 Patents, $7,400 Accounts receivable, $9,400 Property, plant, and equipment, $98,400 Prepaid insurance, $4,100 Accumulated depreciation, $15,000 Inventory, $39,000 Retained earnings, 15,500 Trademarks, $13,100 Accounts payable, $8,000 Goodwill, $16,000 How much are Huron's current assets
Answer:
$81,500
Explanation:
Given the information above, Hurron's current asset will be computed using the formula below.
= Cash + Accounts receivables + Prepaid insurance + Inventory
= $29,000 + $9,400 + $4,100 + $39,000
= $81,500
Therefore, Hurron's current assets is $81,500.
Metlock Windows manufactures and sells custom storm windows for three-season porches. Metlock also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Metlock enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,280 and chooses Metlock to do the installation. Metlock charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $630. The customer pays Metlock $1,980 (which equals the standalone selling price of the windows, which have a cost of $1,140) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Metlock completes installation on October 15, 2020, and the customer pays the balance due.
Required:
Prepare the journal entries for Geraths in 2020.
Answer:
June 1 2020
No entry
September 1, 2020
Dr Cash $1,980
Dr Accounts receivable $300
Cr Sales revenue $1,730
Cr Unearned sales revenue $550
September 1, 2020
Dr Cost of goods sold $1,140
Cr Inventory $1,140
October 15 2020
Dr Cash $300
Dr Unearned service revenue $550
Cr Accounts receivable $300
Cr Service Revenue $550
Explanation:
Preparation of the journal entries for Geraths in 2020
June 1 2020
No entry
September 1, 2020
Dr Cash $1,980
Dr Accounts receivable $300
($1,730+$550+$1,980)
Cr Sales revenue $1,730
($1,980/$2,610*$2,280)
($1,980+$630=$2,610)
Cr Unearned sales revenue $550 ($630/$2,610*$2,280)
September 1, 2020
Dr Cost of goods sold $1,140
Cr Inventory $1,140
October 15 2020
Dr Cash $300
Dr Unearned service revenue $550
Cr Accounts receivable $300
Cr Service Revenue $550
Using property she inherited, Lei makes a 2020 gift of $16,200,000 to her adult daughter, Doris. Neither Lei nor her husband, Greg, has made any prior taxable gifts. Assuming that a flat 40% tax rate applies, determine the Federal gift tax liability if (a) the election to split gifts is not made and (b) the election to split gifts is made. (c) What are the tax savings from making the election
Answer:
a)$1,842,000
b) $808,500 each
c) $$1,842,000
Explanation:
Worth of Gift made = $16200000
Assuming a Flat rate of 40%
Determine federal gift tax liability
a) When Election to split gift is not made
Taxable gift = $162,000,000 - annual exclusion
= 162,000,000 - 15,000
= $16,185,000
Determine the Gift tax = [ 345800 + ( 16,185,000 - 1,000,000 ) 40% ]
= $6419800
applying values gotten from computing tax table ( Appendix A )
Given that the max credit allowed for 2020 = $4577800
hence Gift tax due = $1,842,000 ( 6419800 - 4577800 )
b) If election to split is made i.e. section 25I3 is elected
Gift tax due = $8,100,000 - $15,000 = $808,500 each ( Greg and Lei
i.e. For Greg and Lei
c) Tax savings made
Tax savings =$1,842,000 ($1,842,000 -$0)
Qu. 10-150 (Algo) Majer Corporation makes a product with ... Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.4 ounces $ 2.00 per ounce $ 12.80 Direct labor 0.5 hours $ 15.00 per hour $ 7.50 Variable overhead 0.5 hours $ 2.00 per hour $ 1.00 The company reported the following results concerning this product in February. Originally budgeted output 5,100 units Actual output 6,000 units Raw materials used in production 33,400 ounces Actual direct labor-hours 1,860 hours Purchases of raw materials 35,800 ounces Actual price of raw materials $ 47.10 per ounce Actual direct labor rate $ 37.60 per hour Actual variable overhead rate $ 5.60 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for February is:
Answer:
Direct material quantity variance= $10,000 favorable
Explanation:
Giving the following information:
Standard Direct materials 6.4 ounces $ 2.00 per ounce.
Actual output 6,000 units
Raw materials used in production 33,400 ounces
To calculate the direct material quantity variance, we need to use the following formula:
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (6.4*6,000 - 33,400)*2
Direct material quantity variance= (38,400 - 33,400)*2
Direct material quantity variance= $10,000 favorable
The sales volume variance is the difference between the: A. static budget (based on planned volume) and actual revenue or cost. B. flexible budget (based on actual volume) and actual revenue or cost. C. static budget (based on actual volume) and the flexible budget (based on planned volume). D. static budget (based on planned volume) and the flexible budget (based on actual volume).
Answer:
The correct answer is the option A: static budget (based on planned volume) and actual revenue or cost.
Explanation:
To begin with, the name of "Sales volume variance" refers to a method used in the business and accounting field with the main purpose of obtaining the comparison between the planned sales and the actual sales. It does it by stating that the difference between those two multiply by the budget price of the product will result in the variance itself. The goal of this method is to measure the sales performance and to see if there are no mathces with the expected revenues then the company has to take a lead and do something about it.
QUICK IM BEING TIMED!! AND PLS NO LINKS!!
Using the MyFico.com website (learn about scores), research what is in My Score and produce a poster or presentation on how a FICO score breaks down and what that means to the consumer.
Answer:
What? i dont understand
Explanation:
Midwest Mfg. uses a balanced scorecard as part of its performance evaluation. The company wants to include information on its sustainability efforts in its balanced scorecard. For each of the sustainability items below, indicate the most likely balanced scorecard perspective it relates to. Label your answers using C (customer), P (internal process), I (innovation and learning), or F (financial). ____________
1. CO2 emissions ____________
2. Number of solar panels installed ____________
3. Gallons of water used ____________
4. Customer surveys of company s sustainability reputation ____________
5. Pounds of recyclable packaging used ____________
6. Pounds of trash diverted from landfill ____________
7. Dollar sales of green products ____________
8. Number of sustainability training workshops held ____________
9. Cubic feet of natural gas used ____________
10. Patents for green products applied for
Answer:
1. CO2 emissions. P (internal process)
Internal processes relate to those sustainability actions that relate to the internal workings and processes of the company such as the technologies and plans they initiate to be more sustainable. Managing CO2 emissions is one of them.
2. Number of solar panels installed P (internal process)
This falls under internal processes as well.
3. Gallons of water used. P (internal process).
Relates to the plans to be more sustainable so is internal process.
4. Customer surveys of company's sustainability reputation. C (Customer)
Customer perspective attempts to find out what the customer thinks about the company and this is very important because it tells the company what to offer customers in order to gain larger market share. Customer surveys fall here.
5. Pounds of recyclable packaging used. P (internal process)
Plans to be more sustainable so internal process.
6. Pounds of trash diverted from landfill. P (internal process)
Company plans to be more sustainable so internal.
7. Dollar sales of green products. F (financial)
Financial perspective deals with everything money. How much is saved and how much is spent and most importantly, what is the profit. This will therefore fall here.
8. Number of sustainability training workshops held. I (innovation and learning).
Innovation and learning focuses on developing the components of a company that drives its growth such as human capital. Training employees ensures that they gain more skills and become more sustainable.
9. Cubic feet of natural gas used. P (internal process)
10. Patents for green products applied for. I (innovation and learning).
This falls under the innovation perspective as it deals with actions taken to improve the capability of the company.
On May 3, 2020, Cheyenne Company consigned 90 freezers, costing $480 each, to Remmers Company. The cost of shipping the freezers amounted to $850 and was paid by Cheyenne Company. On December 30, 2020, a report was received from the consignee, indicating that 45 freezers had been sold for $780 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $210, and total installation costs of $330 on the freezers sold.
(Round answers to 0 decimal places, e.g. 5,275.)
(a) Compute the inventory value of the units unsold in the hands of the consignee.
Inventory value
$enter the inventory value in dollars
(b) Compute the profit for the consignor for the units sold.
Profit on consignment sales
$enter the profit on consignment sales in dollars
(c) Compute the amount of cash that will be remitted by the consignee.
Remittance from consignee
Answer and Explanation:
The computation is shown below;
a.
Inventory Unsold in Hand (90-45) 45
Unit cost Unsold (45 × 480) $21,600.00
Shipping cost on Unit Unsold (850 ÷ 90 × 45) $425.00
Value of Inventory (21600 + 425) $22,025.00
b.
Sale value (45 × 780) $35,100.00
Less: Cost
Unit cost Sold (21600+425) -$22,025.00
Comission of Consignee (35,100 × 6%) -$2,106.00
Advertising cost -$210.00
Installation cost -$330.00
Net Profit $10,429.00
c.
Sale value (45 × 780) $35,100.00
Less: deduction made by consignee
Comission of Consignee (35100 × 6%) -$2,106.00
Advertising cost -$210.00
Installation cost -$330.00
Net Remittance made by consignee $32,454.00
The following information relating to a company's overhead costs is available. Actual total variable overhead $ 75,000 Actual total fixed overhead $ 14,000 Budgeted variable overhead rate per machine hour $ 2.50 Budgeted total fixed overhead $ 15,000 Budgeted machine hours allowed for actual output 32,000 Based on this information, the total variable overhead variance is:
Answer:
$5,000 favorable
Explanation:
The computation of the total variable overhead variance is given below:
= Budgeted machine hours allowed for actual output × Budgeted variable overhead rate per machine hour - Actual total variable overhead
= 32,000 hours × $2.50 - $75,000
= $80,000 - $75,000
= $5,000 favorable
Since the favorable is more than the actual so it should be favorable
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O///O
Answer:
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The following credit sales are budgeted by Sunland Company: January $274000 February 350000 March 470000 April 360000 The company's past experience indicates that 70% of the accounts receivable are collected in the month of sale, 20% in the month following the sale, and 8% in the second month following the sale. The anticipated cash inflow for the month of April is
Answer:
$374,000
Explanation:
April Collection = $360000 x 70 % + $ 470000 x 20 % + $ 350000 x 8 %
= $374,000
The anticipated cash inflow for the month of April is $374,000
A company started the year with the following: Assets $104,000; Liabilities $34,000; Common Stock $64,000; Retained Earnings $6,000. During the year, the company earned revenue of $5,400, all of which was received in cash, and incurred expenses of $3,200, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,400 to owners. Assume no other activities occurred during the year. What was the amount of net income for the year?
a. $3,200.
b. $2,200.
c. $1,400.
d. $5,400.
Answer:
b. $2,200.
Explanation:
Net income = Revenue - Expenses
Net income = $5,400 - $3,200
Net income = $2,200
Therefore, the amount of net income for the year is $2,200
Flax Co. acquired 80% percent of the voting common stock of Levinson Corp. on January 1, 2021. During the year, Flax made sales of inventory to Levinson. The inventory cost Flax $275,000 and was sold to Levinson for $420,000. Levinson held $84,000 of the goods in its inventory at the end of the year. The amount of intra-entity gross profit for which recognition is deferred, and should therefore be eliminated in the consolidation process at the end of 2021, is: Multiple Choice $23,200. $67,200. $145,000. $116,000. $29,000.
Answer:
$29,000
Explanation:
Calculation to determine what The amount of intra-entity gross profit for which recognition is deferred, and should therefore be eliminated in the consolidation process at the end of 2021, is:
Intra-Entity Gross Profit= ($84,000 ÷ $420,000) *20%
Intra-Entity Gross Profit= ($84,000 ÷ $420,000) *20%
Intra-Entity Gross Profit = $29,000
Please select the proper term in each of the descriptions. Because of the existence of certain types of market failure, employers can still engage in and not necessarily lose profits. As an individual allocates their time, they face a trade-off between and work. Employers have some control over and adjust them in order to compensate for the danger or unpleasantness of a job and help contribute to certain types of market failure. Not all markets are perfectly competitive, due to the presence of , which advocates for better salaries and working conditions on behalf of their members.
Answer:
Because of the existence of certain types of market failure, employers can still engage in DISCRIMINATION and not necessarily lose profits.
Due to the existence of market failures like asymmetric information held by the employers, they can be able to discriminate in the wages they pay to employees such that they do not lose profit.
As an individual allocates their time, they face a trade-off between LEISURE and work.
An individual spends their time between leisure and work and they need to find a trade-off between the two that they are comfortable with because more hours allocated to one means less hours to the other.
Employers have some control over WAGES and adjust them in order to compensate for the danger or unpleasantness of a job and help contribute to certain types of market failure.
As a result of employers adjusting wages to suit the job characteristics or to entice employees, the job can contribute to market failure if the wages being paid are simply too high for that position.
Not all markets are perfectly competitive, due to the presence of UNIONS, which advocates for better salaries and working conditions on behalf of their members.
Unions campaign for their members to get better salaries and working conditions which might not be representative of the contribution of the job which leads to a situation where the market is no longer competitive because the tradeoff is not balanced.
What is the present value of 4360 to be received at the beginning of each of 30 periods discounted at 5% compound interest
Answer:
The right solution is "70375.08".
Explanation:
Given that,
Present value,
= 4360
Interest rate,
= 5%
Time period,
= 30
Now,
The present value of inflows will be:
= [tex](1+rate)\times \frac{Present \ value[1-(1+Interest \ rate)^{-time \ period}]}{rate}[/tex]
= [tex]1.05\times 4360\times \frac{[1-(1.05)^{-30}]}{0.05}[/tex]
= [tex]4360\times 16.1410736[/tex]
= [tex]70375.08[/tex]
FIFO Method, Equivalent Units, Unit Cost, Multiple Departments
Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December:
Units to account for:
Units, beginning work in process 4,000 (40% complete)
Units started ?
Total units to account for: ?
Units accounted for:
Units, ending work in process 8,000 (50% complete)
Units completed ?
Units accounted for ?
1-a. Prepare a schedule of equivalent units.
1-b.Compute the unit cost for the month of December.
Question Completion:
Costs in beginning work in process for the Polishing Department were direct materials, $5,000; conversion costs, $6,000; and transferred in, $8,000. Costs added during the month: direct materials, $32,000; conversion costs, $50,000; and transferred in, $40,000.
Answer:
Fordman Company
1-a. A Schedule of Equivalent Units:
Direct materials Conversion Transferred in
Beginning work in process 2,400 (60%) 2,400 (60%) 2,400 (60%)
Units transferred out 16,000 (100%) 16,000 (100%) 16,000 (100%)
Ending work in process 4,000 (50%) 4,000 (50%) 4,000 (50%)
Equivalent units 22,400 22,400 22,400
1-b. Cost per unit for the month of December = $5.45
Explanation:
a) Data and Calculations:
Beginning work in process:
Direct materials costs = $5,000
Conversion costs = $6,000
Transferred-in costs = $8,000
Units transferred from the Grinding Department = 20,000
Direct materials Conversion Transferred in
Cost added during the month $32,000 $50,000 $40,000
Equivalent units of production:
Direct materials Conversion Transferred in
Beginning work in process 2,400 (60%) 2,400 (60%) 2,400 (60%)
Units transferred out 16,000 (100%) 16,000 (100%) 16,000 (100%)
Ending work in process 4,000 (50%) 4,000 (50%) 4,000 (50%)
Equivalent units 22,400 22,400 22,400
Cost per equivalent unit:
Direct materials Conversion Transferred in
Cost added during the month $32,000 $50,000 $40,000
Equivalent units 22,400 22,400 22,400
Cost per equivalent unit $1.43 $2.23 $1.79
Cost per unit for the month of December = $5.45 ($1.43 + $2.23 + $1.79)
Physical Flow Schedule for December:
Units to account for:
Units, beginning work in process 4,000 (40% complete) 60% in the month
Units started 20,000
Total units to account for: 24,000
Units accounted for:
Units, ending work in process 8,000 (50% complete)
Units completed 16,000
Units accounted for 24,000
The Tree Company provides the following standard cost data per unit of product: Variable overhead $ 8.00 Tree Co. anticipated that they would produce and sell 24,000 units. During the period, the company produced and sold 25,000 units, incurring $210,000 of variable overhead costs. The variable overhead flexible budget variance was: A. $8,000 unfavorable. B. $10,000 unfavorable. C. $8,000 favorable. D. $10,000 favorable.
Answer:
Flexible budget variance= $10,000 unfavorable
Explanation:
Giving the following information:
Standard Variable overhead= $8.00 per unit
During the period, the company produced and sold 25,000 units, incurring $210,000 of variable overhead costs.
First, we need to calculate the standard variable overhead cost:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 8*25,000
Allocated MOH= $200,000
Now, the flexible budget variance:
Flexible budget variance= allocated overhead - actual overhead
Flexible budget variance= 200,000 - 210,000
Flexible budget variance= $10,000 unfavorable
Pension Plan Entries Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $157,100 for the quarter ended December 31.
Journalize the entry to record the accrued pension liability on December 31.
Answer and Explanation:
The journal entry is shown below:
On Dec 31
Pension expense $157,100
To Unfunded pension liability $157,100
(Being the quarterly pension cost is recorded)
here the pension expense is debited as it increased the expense and credited the unfunded pension liability as it also increased the liabilities
So, the above journal entry should be recorded
Project Droid has a net present value of $45,000 and has an initial investment of $180,000. Project Clone has a net present value of $8,000 and has an initial investment of $30,000. The projects are proposals for increasing revenue and are mutually exclusive. The firm should accept... Only Project Clone should be accepted Only Project Droid should be accepted Neither Project should be accepted Both Project Clone and Project Droid should be accepted
Answer:
Neither Project should be accepted
Explanation:
Given that
The net present value and the initial investment of the project droid is $45,000 and $180,000 respectively
And, the net present value and the initial investment of the project clone is $8,000 and $30,000 respectively
Since the net present value of both the projects are less than their initial investment so both the projects should not be accepted as the net present value is in negative
Clark's Chemical Company received refundable deposits on returnable containers in the amount of $102,000 during 2021. Thirteen percent of the containers were not returned. The deposits are based on the container cost marked up 35%. What is cost of goods sold relative to this forfeiture
Answer:
$9,822
Explanation:
Calculation to determine the cost of goods sold relative to this forfeiture
Cost of goods sold=($102,000 x 13%) ÷(100+35%)
Cost of goods sold=($102,000 x 13%) ÷ 135% =
Cost of goods sold=$13,260÷135%
Cost of goods sold=$9,822
Therefore the cost of goods sold relative to this forfeiture is $9,822