Answer:
$693.16
Explanation:
Calculation to determine How much less than your brother will you have to deposit today
Using this formula
FV= Present value × (1 + interest rate)^number of years
Let plug in the formula
First step
$28,000 = Present value × (1 + 0.112)^13
PV= $28,000 ÷ 1.112^13
PV= $28,000 ÷ 3.97522975235
PV= $7,043.618
Second step
$28,000 = Present value × (1 + 0.104)^13
PV= $28,000 ÷ 1.104^13
PV= $28,000 ÷ 3.61907808993
PV= $7,736.777
Now let calculate how much less than your brother will you have to deposit today
Deposit today= $7,736.777-$7,043.618
Deposit today= $693.159
Deposit today=$693.16 (Approximately)
Therefore How much less than your brother will you have to deposit today will be $693.16
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs.
Job 102 Job 103 Job 104
Direct materials $ 37,000 $ 48,000 $ 57,000
Direct labor 20,000 28,700 43,000
Overhead 8,200 11,767 17,630
Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, $9,000; direct labor, $3,500; and overhead, $1,505. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were used indirectly in June. Using this information, answer the following questions. (Assume this company’s predetermined overhead rate did not change across these months.)
Question Completion:
1. What is the cost of the raw materials requisitioned in June for each of the three jobs?
2. How much direct labor cost is incurred during June for each of the three jobs?
3. What predetermined overhead rate is used during June?
4. How much total cost is transferred to finished goods during June?
Answer:
Racing Wheels, Inc.
Job 102 Job 103 Job 104
1. Direct materials $ 37,000 $ 48,000 $ 57,000
2. Direct labor 20,000 28,700 43,000
3. The predetermined overhead rate = $0.41 per direct labor cost.
4. The total cost transferred to Finished Goods Inventory in June
= $167,672
Explanation:
a) Data and Calculations:
The total costs accumulated on three custom jobs.
Job 102 Job 103 Job 104 Total
Beginning WIP: $14,005
Direct materials $9,000
Direct labor 3,500
Overhead 1,505
Direct materials $ 37,000 $ 48,000 $ 57,000 $ 142,000
Direct labor 20,000 28,700 43,000 91,700
Overhead 8,200 11,767 17,630 37,597
Total costs $ 79,205 $ 88,467 $ 117,630 $285,302
Predetermined overhead rate = total overhead/total direct labor
= $37,597/$91,700
= $0.41
Finished goods in June:
Job 102 $ 79,205
Job 103 $ 88,467
Total cost $167,672
According to the rule of 70, if a country's real GDP per capita grows at a rate of 2% instead of at a rate of 3%, it would take _____ for that country to double its level of real GDP per capita. a. 35 additional years b. 11.67 additional years c. 23.3 additional years d. 30 additional years e. 15 additional years.
Answer:
b. 11.67 additional years
Explanation:
A guidance counselor at a high school is working on a project to get more girls interested in the Science, Technology, Engineering, and Mathematics career cluster, which students would be best prepared to enter this career cluster?
A)Those who are strong in art and creative writing.
B)Those who are strong in algebra and computer design.
C) Those who are strong in leadership and communication,
D) Those who are strong in foreign language and history
Answer:
its either b or c, im more confident about b though
Explanation
Answer:
b
Explanation:
According to O*NET, what is the projected growth for this career between 2019–2029?
Answer:
Average
Explanation:
Use Annual Cost Analysis to determine whether Alternative A or B should be chosen. The analysis period is 5 years. Assume an interest rate of 6% per year, compounded annually Alternative A Alternative B Initial Cost 2800 6580 Annual Benefit 450 940 Salvage Value 500 1375 Useful Life (yrs) 5 5 Group of answer choices Alternative A should be chosen, because its initial cost is lower than Alternative B's Alternative A should be chosen, because its equivalent annual cost is $252.15 lower than Alternative B's Alternative B should be chosen, because its annual benefit is higher than Alternative A's Alternative B should be chosen, because its equivalent annual cost is $252.15 higher than Alternative A's
Answer:
A should be chosen, because its equivalent annual cost is $252.15 lower than Alternative B's.
Explanation:
a) Data and Calculations:
Interest rate = 6% per year
Alternative A Alternative B
Initial Cost 2800 6580
Annual Benefit 450 940
Salvage Value 500 1375
Useful Life (yrs) 5 5
Annuity factor = 4.212 for 5 years at 6%.
Present value factor = 0.747 for 5 years at 6%.
Alternative A Alternative B
Present value of
annual benefits $1,895.40 $3,959.28
PV of salvage value 373.50 1,027.12
Total present value
of benefits $2,268.90 $4,986.40
Initial Cost 2,800 6,580
Net present value $531.10 $1,593.60
The equivalent annual cost
= NPV/PV annuity factor
($531.10/4.212) ($1,593.60/4.212)
Equivalent annual cost $126.09 $378.35
Difference:
Alternative B = $378.35
Alternative A = $126.09
Difference = $252.26
American Chemical Company manufactures a chemical compound that is sold for $57 per gallon. A new variant of the chemical has been discovered, and if the basic compound were processed into the new variant, the selling price would be $81 per gallon. American expects the market for the new compound variant to be 8,100 gallons initially and determines that processing costs to refine the basic compound into the new variant would be $162,000. Required: a. What would be the effect on total profit if American produces the new compound variant
Answer:
Effect on income= $32,400 increase
Explanation:
Giving the following information:
Difference in selling price= 81 - 57= $24
Number of units= 8,100
Increase in costs= $162,000
To calculate the effect on income, we need to use the following formula:
Effect on income= Increase in revenue - increase in costs
Effect on income= 24*8,100 - 162,000
Effect on income= $32,400 increase
eight business functions
Reid Company is budgeting production of 100,000 units of product R for the month of September this year. Production of one unit of product R requires three units of material B. For material B, the actual inventory units at September 1 were 22,000 units and budgeted inventory units at September 30 are 24,000. How many units of material B is Reid planning to purchase during September?
Answer:
Purchases= 302,000 units
Explanation:
Giving the following information:
Production= 100,000 units
Production of one unit of product R requires three units of material B.
For material B:
Beginning inventory= 22,000
Desired inventory= 24,000
To calculate the purchases, we need to use the following formula:
Purchases= production + desired ending inventory - beginning inventory
Purchases= 100,000*3 + 24,000 - 22,000
Purchases= 302,000 units
Lindsey Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A is 5,000 units and of Product B is 2,000 units. There are three activity cost pools, with estimated total cost and expected activity as follows: Estimated Expected Activity Activity Cost Pools Overhead Cost Product A Product B Total Activity 1 $ 24,000 200 800 1,000 Activity 2 $ 36,900 750 150 900 Activity 3 $ 63,000 1,000 800 1,800 The overhead cost per unit of Product A under activity-based costing is closest to: (Round your intermediate calculations to 2 decimal places.)
Answer:
Results are below.
Explanation:
First, we need to calculate the activities rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Activity 1= 24,000 / 1,000= $24 per activity unit
Activity 2= 36,900 / 900= $41 per activity unit
Activity 3= 63,000 / 1,800= $35 per activity unit
Now, we can allocate costs to product A:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Activity 1= 24*200= $4,800
Activity 2= 41*750= $30,750
Activity 3= 35*1,000= $35,000
Total allocated costs= $70,550
Finally, the unitary cost:
Unitary cost= 70,550 / 5,000= $14.11
If a company was trying to find the best production strategy which maximized their total profits using an optimization model, the amount of time used in the Fabrication department is an example of Group of answer choices Parameter Objective function Decision variable Constraint
Answer: Constraint
Explanation:
The company data is not attached but this should be correct.
Constraints enable companies and entities to engage in sensitivity analysis which would enable them find out optimal quantities of production and production strategy.
Constraints show how much of something is needed to get something done so in making time the constraint, the company is trying to find out how much time is needed in the fabrication department for goods in order for profits to be maximized.
Elizabeth reports the following items for the current year: Nonbusiness capital gains $ 5,000 Nonbusiness capital losses (3,000) Interest income 3,000 Itemized deductions (including a $20,000 casualty loss in a Federal disaster area) (27,000) In calculating Elizabeth's net operating loss and with respect to these amounts only, what amount must be added back to taxable income (loss)
Answer: $2000
Explanation:
In calculating Elizabeth's net operating loss and with respect to these amounts only, the amount that must be added back to taxable income (loss) will be the difference between the nonbusiness capital gains and the nonbusiness capital losses. This will be:
= $5000 - $3000
= $2000
Provide an example of two companies that have built in effective co-opetition. Briefly explain the benefit of the relationship describe one job that once existed but today is obsolete or slowly becoming obsolete because of technology provide an exampled of two companies that have built a strategic alliance. Briefly explain the benefits of the relationship.
Answer:
Microsoft and Apple, Samsung and sony.
Explanation:
Samsung electronics and sony formed an agreement in 2004 for use of shared knowledge and resources in designing flat television screens. A strategic alliance is a collaboration or a synergy where each partner gets the benefits of the alliance. Jobs such as travel agencies, cashiers, textile workers. A strategic alliance consists of healthy behavior, long terms goals, and better customer satisfaction.a company acquired a truck for 130,000 residual value was estimated to be $20,000 the truck can be driven for 50,000 miles or a useful life of four years. Actual usage of the truck was recorded as 10,000 miles for the first year. What is the amount of depreciation expesne for the first year calculated by the double
Answer:
$65,000
Explanation:
Depreciation Expense = 2 x SLDP x BVSLDP
where,
SLDP = 100 ÷ 4 = 25 %
BVSLDP = $130,000 (FIRST YEAR)
therefore,
Depreciation Expense = 2 x 25 % x $130,000 = $65,000
On April 1, Townsley Company sold merchandise with a selling price of $10,000 on account to Trout Company, with terms 3/10, n/30. On April 5, Trout Company returned merchandise with a selling price of $1,000. Trout Company paid the amount due on April 9. What journal entry did Townsley Company prepare on April 9 assuming the gross method is used
Answer and Explanation:
The journal entry is shown below:
Cash $8,730
Sales Discount ($9,000 × 3%) $270
To Accounts receivable $9,000 ($10,000 - $1,000)
Here cash and sales discount is debited as it increased the assets and discount while on the other hand the account receivable should be credited as it reduced the assets
Reynolds Manufacturers Inc. has estimated total factory overhead costs of $104,000 and expected direct labor hours of 13,000 for the current fiscal year. If job number 117 incurs 1,720 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for a.$104,000 b.$52,000 c.$1,720 d.$13,760
Answer:
Work in Process 13.760
Manufacturing Overhead 13,760
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 104,000 / 13,000
Predetermined manufacturing overhead rate= $8 per direct labor hour
Now, we can allocate overhead to Job 117:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 8*1,720
Allocated MOH= $13,760
Work in Process 13.760
Manufacturing Overhead 13,760
Company A Company B Market Value of Equity $400,000 $600,000 Market Value of Debt $100,000 $800,000 Cost of Equity 9% 9% Cost of Debt 3% 4% Tax Rate 35% 35% Based solely on their current weighted average cost of capital, which company should pursue an investment opportunity with an expected return of 6.5%
Answer:
Company B should pursue the investment
Explanation:
To determine a profitable investment opportunity to pursue, we would compare the weighted average cost of capital WACC to the expected return on the investment opportunity. An investment return greater than the cost of capital implies a profitable investment and vice versa
The weighted average cost of capital (WAAC) is the average cost of all the various sources of long-term finance used by a business weighted according to the proportion which each source of finance bears to the the entire pool of fund.
Lets first work the after tax cost of debt for the companies:
After tax- cost of debt = cost of debt × (1-tax rate)
Company A= 3%× (1-35%) = 1.95%
Company B = 4%× (1-35%)= 2.6%
WACC coy A= 9%× (4/4+1) + 1.95% × 1/(4+1) = 7.6%
WACC coy B= 9%× (6/6+8) + 2.6% × 8/(6+8) = 5.3%
Company B has a cost of capital of 5.3% which represents the minimum
return required by by the providers of capital. An investment an expected return of 6.% appears profitable as it is greater than the company's cost of fund of 5.3%
Company B should pursue the investment
The multiplier effect occurs when an initial increase (or decrease) in autonomous expenditure produces a greater increase (or decrease) in real GDP than the initial change. In which type of discretionary fiscal policy does the multiplier play a role? tax changes only neither government spending changes nor tax changes government spending changes only both government spending changes and tax changes Assume a marginal propensity to consume (MPC) of 0.5. Which discretionary fiscal policy would have a more pronounced impact on the economy? A 800 billion dollar increase in government spending, or a 800 billion dollar tax cut, would both have an equal impact on the economy. A 800 billion dollar increase in government spending would have a more pronounced impact on the economy. A 800 billion dollar tax cut would have a more pronounced impact on the economy.
Answer:
The answer is "Choice d and Choice b".
Explanation:
In question 1:
The multiplier effect is produced whenever an initial rise (or decrease) of self-employed market capitalization (or decreases) GDP Growth higher than the original change. Where both increases in public spending or adjustments in taxes are produced by a budgetary monetary strategy, a multiplier mostly on the economy plays a major role in public spending and new taxes.
In question 2:
This marginal demand risk of 0.5 would have a more noticeable influence on financial spending, via an 800 billion dollar increase in government expenditure. This will have more major economic effects on fiscal policy. More noticeable effects of increased spending will have on the aggregate throughout the economy.
The use of government budget funding policies to impact economic factors, particularly macroeconomic variables such as aggregate consumer spending, employment, inflation, and economic growth, is referred to as fiscal policy.
How is a fiscal policy that is discretionarily chosen?The multiplier impact occurs anytime an initial increase (or drop) in self-employed market capitalization (or reduces) GDP Growth that is greater than the original change.
When a fiscal monetary strategy produces both increases in public expenditure and tax adjustments, a multiplier based primarily on the economy plays a significant role in both public spending and new taxes.
This marginal demand risk of 0.5 would have a greater impact on financial expenditures, resulting in an 800 billion dollar rise in government spending.
This will have a greater impact on budgetary policy. The aggregate consequences of higher expenditure will be more visible throughout the economy.
Thus, Options B and D are correct.
For more information about discretionary fiscal policy refer to the link:
https://brainly.com/question/1114207
Portfolio Returns i. stock has mean of 8% and stdev of 20%; ii bond has mean of 6% and stdev of 15%; iii correlation b/w stock and bond of -0.3; iv. Risk free rate for cash lending and borrowing is at 1%. a. What is the mean and stdev of a portfolio of that is 60% in stock and 40% in bond (3 points)
Answer:
Portfolio Mean = 7.2%
Portfolio Stdev = 0.1169615 or 11.69615% rounded off to 11.70%
Explanation:
The mean return of a portfolio consisting of two securities can be calculated by multiplying the weight of each security in the portfolio by the mean return of that security and adding the products for each security. The formula for two asset or security portfolio return (mean) can be written as follows,
Portfolio Mean = wA * rA + wB * rB
Where,
w represents the weight of each securityr represents the mean return of each securityPortfolio Mean = 60% * 8% + 40% * 6%
Portfolio Mean = 7.2%
The standard deviation is a measure of the total risk. The standard deviation of a portfolio consisting of two securities can be calculated using the attached formula.
Portfolio Stdev = √(0.6)² (0.2)² + (0.4)² (0.15)² + 2(0.6) (0.4) (-0.3) (0.2) (0.15)
Portfolio Stdev = 0.1169615 or 11.69615% rounded off to 11.70%
Two-Stage ABC for Manufacturing: Reassigning Costs to Cost Objectives National Technology, LTD. has developed the following activity cost information for its manufacturing activities:
Activity Activity Cost
Machine setup $75.00 per batch
Movement 22.00 per batch
0.10 per pound
Drilling 3.00 per hole
Welding 6.00 per inch
Shaping 32.00 per hour
Assembly 18.00 per hour
Inspection 2.00 per unit
Filling an order for a batch of 50 fireplace inserts that weighed 150 pounds each required the following:
Three batch moves .
Two sets of inspections .
Drilling five holes in each unit
Completing 80 inches of welds on each unit .
Thirty minutes of shaping for each unit .
One hour of assembly per unit
Determine the activity cost of converting the raw materials into 50 fireplace inserts
Fireplace Inserts
Activity Cost
Set-up $
Movement
Batch 60V
Weight
Inspection
Drilling
Welding
Shaping
Assembly
Total
Answer:
$27,541
Explanation:
Calculation to Determine the activity cost
Activity Cost
Set-up $75.00
Movement:
Batch 60V $66
(Three batch moves *22.00 per batch)
Weight $750
(150 pounds*0.10 per pound*50)
Inspection $200
(Two sets of inspections*50*2.00 per unit)
Drilling $750
(3.00 per hole*five holes in each unit*50)
Welding $24,000
(6.00 per inch*80*50)
Shaping $800
(32.00 per hour*(30 minutes/60)*50)
Assembly $900
(18.00 per hour*1*50)
Total $27,541
Therefore the activity cost is $27,541
Presented below is information for Cullumber Co. for the month of January 2022.
Cost of goods sold $201,500
Rent expense $33,900
Sales discounts 10,000
Freight-out 6,300
Insurance expense 13,400
Sales returns and allowances 17,000
Salaries and wages expense 61,200
Sales revenue 400,000
Income tax expense 5,300
Other comprehensive income (net of $400 tax) 2,000
Prepare a comprehensive income statement.
Answer:
Cullumber Co.
Comprehensive income statement for the month ended January 2022.
$
Sales revenue 400,000
Less Sales returns and allowances (17,000)
Net Sales 383,100
Less Cost of goods sold (201,500)
Gross Profit 181,500
Less Expenses
Rent expense 33,900
Sales discounts 10,000
Freight-out 6,300
Insurance expense 13,400
Salaries and wages expense 61,200
Income tax expense 5,300 (130,100)
Profit for the Year 51,400
Other comprehensive income 2,000
Total Comprehensive income 53,400
Explanation:
The Comprehensive income statement for the month ended January 2022 has been prepared above.
On January 1, 2021, Tru Fashions Corporation awarded restricted stock units (RSUs) representing 22 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUs satisfy the vesting requirement, the company will distribute the shares. On the grant date, the shares had a market price of $4.20 per share. Required: 1. Determine the total compensation cost pertaining to the RSUs. 2. Prepare the appropriate journal entry to record the award of RSUs on January 1, 2021. 3. Prepare the appropriate journal entry to record compensation expense on December 31, 2021. 4. Prepare the appropriate journal entry to record compensation expense on December 31, 2022. 5. Prepare the appropriate journal entry to record compensation expense on December 31, 2023. 6. Prepare the appropriate journal entry to record the lifting of restrictions on the RSUs and issuing shares at December 31, 2023.
Answer:
1.$92.4million
2. January 1, 2021
No journal entry
3. December 31, 2021
December 31, 2022
Dr Compensation expense $30.8million
Cr Paid in capital -restricted stock $30.8million
4. December 31, 2022
Dr Compensation expense $30.8million
Cr Paid in capital -restricted stock $30.8million
5. December 31, 2023
Dr Compensation expense $30.8million
Cr Paid in capital -restricted stock $30.8million
6. December 31, 2023
Dr Paid in capital -restricted stock $92.4million
Cr Common stock $22 million
Cr Paid in capital-excess of par $70.4 million
Explanation:
1. Calculation to determine the total compensation cost pertaining to the RSUs
Total compensation cost =$4.20 fair value per share × 22 million shares represented by RSUs granted
Total compensation cost=$92.4million
Therefore the total compensation cost pertaining to the RSUs is $92.4million
2. Preparation of the appropriate journal entry to record the award of RSUs on January 1, 2021
January 1, 2021
No journal entry
3.Preparation of the appropriate journal entry to record compensation expense on December 31, 2021
December 31, 2021
Dr Compensation expense $30.8million
Cr Paid in capital -restricted stock $30.8million
($92.4million/3 years)
4. Preparation of the appropriate journal entry to record compensation expense on December 31, 2022
December 31, 2022
Dr Compensation expense $30.8million
Cr Paid in capital -restricted stock $30.8million
($92.4million/3 years)
5. Preparation of the appropriate journal entry to record compensation expense on December 31, 2023.
December 31, 2023
Dr Compensation expense $30.8million
Cr Paid in capital -restricted stock $30.8million
($92.4million/3 years)
6. Preparation of the appropriate journal entry to record the lifting of restrictions on the RSUs and issuing shares at December 31, 2023.
December 31, 2023
Dr Paid in capital -restricted stock $92.4million
Cr Common stock $22 million
Cr Paid in capital-excess of par $70.4 million
($92.4million-$22 million)
Suppose you are the money manager of a $5.21 million investment fund. The fund consists of four stocks with the following investments and betas: Stock Investment Beta A $ 320,000 1.50 B 780,000 (0.50) C 1,260,000 1.25 D 2,850,000 0.75 If the market's required rate of return is 10% and the risk-free rate is 5%, what is the fund's required rate of return
Answer: 8.65%
Explanation:
First find the weights of the stocks:
Total = 320,000 + 780,000 + 1,260,000 + 2,850,000
= $5,210,000
Stock A:
= 320,000 / 5,210,000
= 6.14%
Stock B:
= 780,000 / 5,210,000
= 14.97%
Stock C:
= 1,260,000 / 5,210,000
= 24.18%
Stock D:
= 2,850,000 / 5,210,000
= 54.70%
Then calculate Portfolio Beta.
Portfolio beta = (6.14% * 1.50) + (14.97% * - 0.5) + (24.18% * 1.25) + (54.72% * 0.75)
= 0.7299
Required rate of return using Capital Asset Pricing Model (CAPM)
= Risk free rate + Beta * (Market return - risk free rate)
= 5% + 0.7299 * (10% - 5%)
= 8.65%
People come to different decisions using cost-benefit analysis even under the
same conditions because costs and benefits are both what?
A. Subjective
B. Non-monetary
C. Utilities
D. Absolute
The prepaid insurance account had a balance of $11,300 at the beginning of the year. The account was debited for $12,500 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
a. The amount of unexpired insurance applicable to future periods is $2,100.
b. The amount of insurance expired during the year is $14,400
Answer:
A. Dr Insurance expense $21,700
Cr Prepaid insurance $21,700
B. Dr Insurance expense $14,400
Cr Prepaid insurance $14,400
Explanation:
A. Preparation of the adjusting entry if the
amount of unexpired insurance applicable to future periods is $2,100.
Dr Insurance expense $21,700
Cr Prepaid insurance $21,700
($11,300 + $12,500 - $2,100 = $21,700)
B. Preparation of the adjusting entry if The amount of insurance expired during the year is $14,400
Dr Insurance expense $14,400
Cr Prepaid insurance $14,400
Please Help~!!!!
Name one thing you're afraid of when you think of college and career.
Sunland purchased the license for distribution of a popular consumer product on January 1, 2020, for $158,000. It is expected that this product will generate cash flows for an indefinite period of time. The license has an initial term of 5 years but by paying a nominal fee, Sunland can renew the license indefinitely for successive 5-year terms. What amount should be amortized for the year ended December 31, 2020
Answer:
No amount should be amortized since the license can be renewed indefinitely for successive 5-year terms.
Instead, the license should be tested for impairment annually to determine impairment loss.
Explanation:
An intangible asset that can be used indefinitely is treated like purchased Goodwill. It should never be amortized. Annually, the asset should be tested for impairment. The test is to compare the market value of the license with the book value.
Harrelson Company manufactures pizza sauce through two production departments: Cooking and Canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of April, the work in process accounts show the following debits.
Cooking Canning
Beginning work in process $0 $4,710
Materials 22,030 10,200
Labor 8,740 8,020
Overhead 32,760 28,340
Costs transferred in 55,850
ournalize the April transactions.
Answer and Explanation:
The journal entries are shown below:
On April 30
WIP-cooking Dr $22,030
WIP- Canning $10,200
To Raw material inventory $32,230
(Being material used is recorded)
WIP-cooking Dr $8,740
WIP- Canning $8,020
To Factory labor $16,760
(Being assigned of factory labor to production is recorded)
WIP-cooking Dr $32,760
WIP- Canning $28,340
To Manufacturing overhead $61,100
(Being assigned of overhead to production is recorded)
WIP Canning $55,850
To WIP cooking $55,850
(being cost transferred in recorded)
Compare and contrast the three most common types of healthcare indemnity plans PLEASE I NEED THIS ANSWER BY MIDNIGHT
Answer:
Health maintenance organizations (HMOs)
Exclusive provider organizations (EPOs)
Point-of-service (POS) plans.
Preferred provider organizations (PPOs)
Explanation:
Marigold Corp. incurs the following costs to produce 10100 units of a subcomponent: Direct materials $8484 Direct labor 11413 Variable overhead 12726 Fixed overhead 16200 An outside supplier has offered to sell Marigold the subcomponent for $2.85 a unit. If Marigold could avoid $3000 of fixed overhead by accepting the offer, net income would increase (decrease) by $838. $(3364). $6838. $(5929).
Answer:
The effect on net income is an increase by $6838.
Explanation:
Analysis of Accepting Special Offer
Savings :
Direct materials $8,484
Direct labor $11,413
Variable overhead $12,726
Fixed Overheads $3,000 $35,623
Total Savings
Costs :
Purchase Price ( $2.85 x 10,100 units) ($28,785)
Effect on Net Income $6,838
Note : We have considered the avoidable component of fixed costs in this calculation. Ignore common fixed costs (unavoidable) since they are irrelevant for decision making.
Conclusion :
The effect on net income is an increase by $6838.
Item4 3 points eBookHintPrintReferencesItem 4 Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost Total Cost June 1 Beginning 12 $ 8 $ 96 11 Purchase 38 9 342 24 Purchase 20 11 220 30 Ending 24 Required: Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
Answer:
a. FIFO
cost of ending inventory = $256
cost of goods sold = $402
b. LIFO
cost of ending inventory = $204
cost of goods sold = $454
c. Weighted average cost
cost of ending inventory = $225.60
cost of goods sold = $432.40
Explanation:
Periodic method means cost of sales and inventory balance are determined at the end of the period.
Step 1 : Units Sold
Units Sold = Units available for Sale - Units in Inventory
= (12 + 38 + 20) - 24
= 46
Step 2 : FIFO
FIFO assumes that the units to arrive first, will be sold first.
cost of ending inventory = 20 x $11 + 4 x $9 = $256
cost of goods sold = 12 x $8 x 34 x $9 = $402
Step 3 : LIFO
LIFO assumes that the units to arrive last, will be sold first.
cost of ending inventory = 12 x $9 + 12 x $8 = $204
cost of goods sold = 20 x $11 x 26 x $9 = $454
Step 4 : Weighted average cost
Weighted average cost method calculates a new unit cost with every purchase made. this unit cost is then used to calculated cost of sale and ending inventory.
Unit Cost = Total Costs ÷ Units available for sale
= (12 x $8 + 38 x $9 + 20 x $11 ) ÷ (12 + 38 + 20)
= $9.40
cost of ending inventory = Units in Inventory x Unit Cost
= 24 x $9.40
= $225.60
cost of goods sold = Units Sold x Unit Cost
= 46 x $9.40
= $432.40