Cullumber Company has the following production data for March 2022: no beginning work in process, units started and completed 38,400, and ending work in process 6,400 units that are 100% complete for materials and 40% complete for conversion costs. Cullumber uses the FIFO method to compute equivalent units. If unit materials cost is $6 and unit conversion cost is $10, determine the costs to be assigned to the units completed and transferred out and the units in ending work in process. The total costs to be assigned are $678,400.
Completed and transferred out
$

Ending work in process
$

Answers

Answer 1

The costs to be assigned are:

1. Completed and transferred out = $1,218,720

2. Ending work in process = $139,366.40

To determine the costs to be assigned to the units completed and transferred out and the units in ending work in process, we need to calculate the equivalent units of production for both materials and conversion costs.

Equivalent Units of Materials:

Units started and completed = 38,400

Ending work in process (100% complete for materials) = 6,400 units

Total equivalent units of materials = Units started and completed + Ending work in process

= 38,400 + 6,400

= 44,800 units

Equivalent Units of Conversion Costs:

Units started and completed = 38,400

Ending work in process (40% complete for conversion costs) = 6,400 units * 40% = 2,560 units

Total equivalent units of conversion costs = Units started and completed + Ending work in process

= 38,400 + 2,560

= 40,960 units

Now, we can calculate the cost per equivalent unit for both materials and conversion costs:

Cost per equivalent unit of materials = Total materials cost / Total equivalent units of materials

= $678,400 / 44,800 units

= $15.14 per unit

Cost per equivalent unit of conversion costs = Total conversion costs / Total equivalent units of conversion costs

= $678,400 / 40,960 units

= $16.56 per unit

Next, we can determine the costs to be assigned to the units completed and transferred out:

Cost of units completed and transferred out = Units started and completed * (Cost per equivalent unit of materials + Cost per equivalent unit of conversion costs)

= 38,400 * ($15.14 + $16.56)

= 38,400 * $31.70

= $1,218,720

Finally, we can determine the costs to be assigned to the units in ending work in process:

Cost of ending work in process (materials) = Ending work in process (100% complete for materials) * Cost per equivalent unit of materials

= 6,400 units * $15.14

= $96,896

Cost of ending work in process (conversion costs) = Ending work in process (40% complete for conversion costs) * Cost per equivalent unit of conversion costs

= 6,400 units * 40% * $16.56

= $42,470.40

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Related Questions

Based on the economic theory and the article, provide an alternative item(s) to tax that would be more efficient. Explain why taxing that item would be more efficient.

Answers

One alternative item to tax that would be more efficient based on economic theory and the article are Pigouvian taxes, which are taxes on goods that have a negative externality. This tax would be more efficient because it would reduce the negative externality of pollution and provide an incentive for people to use less gasoline.

A negative externality is a cost imposed on society that is not factored into the market price. For example, pollution from cars imposes costs on society in the form of health problems and environmental damage. A Pigouvian tax on gasoline would increase the price of gasoline to account for these costs and encourage people to drive less or use more fuel-efficient cars.

In contrast, a tax on soda would not address a negative externality and would likely be regressive, meaning it would disproportionately affect low-income individuals who spend a higher percentage of their income on soda. Additionally, the article mentioned that there are already many taxes on soda, and further taxing it may not significantly reduce consumption.

In contrast, a Pigouvian tax on gasoline would be a new tax that would effectively address a negative externality. Overall, Pigouvian taxes are a more efficient way to tax because they internalize the costs of negative externalities and encourage individuals to make more socially optimal choices.

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If interest is 5% compounded annually, calculate the future value of five year cash flows of $1,000 in year 1; $2,000 in year 2; $3,000 in year 3; $4,000 in year 4 and $5,000 in year 5.

Multiple Choice

$16,238.26

$16,638.26

$16,438.26

$16,838.26

$16,038.26

Answers

Option A. $16,238.26 is the closest approximation of the calculated future value.

To calculate the future value of the cash flows, we need to apply the compound interest formula:

Future Value = Present Value * [tex](1 + Interest Rate)^{Number of Periods}[/tex]

In this case, we have five cash flows over five years, and the interest rate is 5% compounded annually. Let's calculate the future value step by step:

Year 1: Future Value = $1,000 * [tex](1 + 0.05)^{1}[/tex] = $1,050

Year 2: Future Value = $2,000 * [tex](1 + 0.05)^{2}[/tex] = $2,205

Year 3: Future Value = $3,000 * [tex](1 + 0.05)^{3}[/tex] = $3,152.25

Year 4: Future Value = $4,000 * [tex](1 + 0.05)^{4}[/tex] = $4,310.06

Year 5: Future Value = $5,000 * [tex](1 + 0.05)^{5}[/tex] = $5,525.63

Now, we sum up all the future values:

Total Future Value = $1,050 + $2,205 + $3,152.25 + $4,310.06 + $5,525.63

Total Future Value = $16,243.94

Therefore, the closest option is A. $16,238.26.

It's important to note that the answer might differ slightly depending on the rounding method used at each step of the calculations. However, based on the given options, A. $16,238.26 is the closest approximation of the calculated future value. Therefore, the correct option is A.

The question was incomplete, Find the full content below:

If interest is 5% compounded annually, calculate the future value of five-year cash flows of $1,000 in year 1; $2,000 in year 2; $3,000 in year 3; $4,000 in year 4, and $5,000 in year 5.

Multiple Choice

A. $16,238.26

B. $16,638.26

C. $16,438.26

D. $16,838.26

E. $16,038.26

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Suppose you have the opportunity to invest in a project that provides you with $4,000 every year forever. If you require an 8% return on investments with similar risk, what is the most you would be willing to pay for this project?

Answers

To determine the maximum amount you would be willing to pay for the project, we can use the concept of the present value of perpetuity. The present value is the current worth of future cash flows discounted at a specified rate of return. In this case, the perpetuity provides a constant cash flow of $4,000 every year indefinitely.

The formula for the present value of perpetuity is:

Present Value = Cash Flow / Discount Rate

Given that the cash flow is $4,000 and the required return or discount rate is 8% (0.08 as a decimal), we can calculate the present value as follows:

Present Value = $4,000 / 0.08 = $50,000

Therefore, the most you would be willing to pay for this project is $50,000. This amount ensures that the annual cash flow of $4,000 is equivalent to an 8% return on your investment, considering the risk and time value of money.

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