The Cutting Department of Cassel Company has the following production and cost data for July. Production Costs 1. Transferred out 14,100 units. Beginning work in process $0 2. Started 5,100 units that are 60% Materials 73,920 complete as to conversion Labor 30,180 costs and 100% complete as Manufacturing overhead 21,300 to materials at July 31. Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process. Determine the equivalent units of production for (1) materials and (2) conversion costs.
Answers
Answer:
Equivalent units of production for
1. Materials = 19,200
2. Conversion costs = 17,160
Explanation:
Please find attached solution to the above question.
The equivalent units of material and conversion costs are 19,200 and 17,160 respectively.
The equivalent units of material and conversion costs are 19,200 and 17,160 respectively.
Direct labor and overhead costs that are spent as a result of converting raw materials into finished goods are included in conversion costs. According to the definition of overhead costs, these are outlaid that cannot be directly linked to the production process but are nonetheless necessary for operations, such as the power or other services needed to keep a manufacturing facility open all day. The expenses of direct labor employed in determining prime costs are the same.
The efficiency of manufacturing processes may also be measured using conversion costs, which include overhead expenditures that are not included in prime cost estimates. Conversion costs are another tool operations managers employ to identify potential waste points in the production process.
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Related Questions
Seeking to obtain as high a financial return on their investments (ROI) as possible, firms will often set __________ goals
Answers
Answer:
Profit
Explanation:
Profit goals is very essential in business in order to meet the set target. It is important to set a profit goals under to have a good returns for the business as well as the investors involved, it gives an insight to device the best strategy for great returns financially. theoretically, profit goals= summation of all sales / Units of sales
It should be noted that Seeking to obtain as high a financial return on their investments (ROI) as possible, firms will often set profit goals.
Rodarta Corporation applies manufacturing overhead to products on the basis of standard machine-hours. The company's predetermined overhead rate for fixed manufacturing overhead is $5.10 per machine-hour and the denominator level of activity is 5,300 machine-hours. In the most recent month, the total actual fixed manufacturing overhead was $27,230 and the company actually worked 5,230 machine-hours during the month. The standard hours allowed for the actual output of the month totaled 5,250 machine-hours. What was the overall fixed manufacturing overhead volume variance for the mon
Answers
Answer:
$357 Unfavorable
Explanation:
Fixed manufacturing overhead volume variance identifies the amount by which actual production differs from budgeted production.
Fixed manufacturing overhead volume variance = Actual Output at Budgeted rate - Budgeted Fixed Overheads
= (5,230 × $5.10) - ($5.10 × 5,300)
= $26,673 - $27,030
= $357 Unfavorable
What documents provided by the seller describes the condition of the property?
A. Home inspection report
B. Loan estimate
C. Comparative market analysis
D. Property disclosure
Answers
Answer: A. Home inspection report
Explanation:
The seller of the property is to hire a home inspector to inspect the house and make a report about the condition that the house is in.
This report is rightfully called a Home Inspection report and is then presented to the buyer for them to see if it is a house that they will still consider buying.
Answer:
D. Property disclosure
Explanation:
Sellers provide property disclosures where they should inform about any defects or problems that the house, condo, or other type of real estate has at the moment. If properly elaborated, property disclosures can prevent any future legal disputes regarding the property's conditions. Of course you do not always know what might be wrong with your house, but if major issues exist and you try to hide them, you might be sued in the future.
McQuilkin and Copan adopt different positions toward capitalism and socialism. Which author is more favorable to free market capitalism
Answers
Answer:
Paul Copan
Explanation:
Dr. Robertson McQuilkin can be considered a very biblical man, and as such, would always favor socialism more than free market capitalism. His phrase "Capitalism is for freedom, socialism is for equality" and the fact that he believed in a strict following of the Bible, you make him a more socialist person.
Dr. Paul Copan is also a very religious man, but his views are less extreme than Dr. McQuilkin's. He is more pragmatic and argues in favor of religion from a more neutral or agnostic point of view. He even argues that religious beliefs and economics are not mutually exclusive.
When the decisions of a company are very risky and low-level managers lack decision-making skills, the company will tend to
Answers
Answer: centralization
Explanation:
When the decisions of a company are very risky and low-level managers lack decision-making skills, the company will tend to centralize.
Centralization is simply when an organizational activities especially those that has to do with decision making, planning, framing policies and strategies are all concentrated in a particular location group.
"A bond that was originally sold at par is now trading in the market at a premium. The bond is called at par. This action will benefit the:"
Answers
Answer: a. Issuer
Explanation:
When bonds trade at a premium, it means that the yield has fallen below the coupon rate which means that interest rates have dropped. Companies can take advantage of this to reissue new bonds at the lower interest rate so that they can save on costs.
Bonds usually have a call provision which would enable the issuer to call the bond in and pay the holder at the par value plus interest repayments at the lower yield which they will do in this case. They will then reissue new bonds at a lower rate.
"When does an investor receive payment of interest and principal on a Capital Appreciation Bond (CAB)?"
Answers
Answer:
at maturity date
Explanation:
Capital Appreciation Bonds are a type of municipal securities since they are backed by local governments. They work in a similarly to zero coupon bonds that accumulate compound interests until maturity date. The difference is that CAB are generally issued at face value, e.g. $1,000, and start accumulating interests. This $1,000 bond that yields 6% and has a maturity date of 10 years, will pay you $1,791 in 10 years.
The financial reporting (disclosure) system is based on the electronic data tagging language called
Answers
Answer: eXtensible business reporting language (XBRL)
Explanation:
The financial reporting (disclosure) system that is based on the electronic data tagging language is referred to as the eXtensible business reporting language (XBRL).
XBRL is freely available and a global framework that is used for the exchange of business information and it also allows expression of semantics which is required in reporting of business.
Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002 and $1.50 in 2009. If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges were produced in 2002 and 4 in 2009, then real GDP (in 2002 prices) in 2009 was: Group of answer choices
Answers
Answer:
$6.50
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year.
Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.
Real GDP in 2009 = ($0.50 x 5) + ($1 x 4) = $6.50
After California became a state, the legislature redefined what was necessary to evidence transfer of California land. The modern evidence of transfer of ownership is _____________.
Answers
Answer: A deed that is filed in the county recorder's office to show transfer of ownership.
Explanation:
The modern way to transfer land Ownership in California was made very simplified after California became a state.
It involves selecting an appropriate deed for your property, filling it out and signing it and then filing it at the County Recorder' office where it can then be referenced as proof of or transfer of ownership.
Under MSRB rules, any claim, dispute, or controversy shall be submitted to arbitration at the instance of a:______.
1. broker-dealer against another broker-dealer.
2. customer against a broker-dealer.
3. broker-dealer against a customer who has previously signed an arbitration agreement.
4. broker-dealer against a customer who has not previously signed an arbitration agreement.
a. 2 only.
b. 3 and 4.
c. 1, 2, 3.
d. 1, 2, 3, 4.
Answers
Answer: C. 1,2,3
Explanation:
Under MSRB rules, any claim, dispute, or controversy shall be submitted to arbitration at the instance of a:
• broker-dealer against another broker-dealer.
• customer against a broker-dealer.
• broker-dealer against a customer who has previously signed an arbitration agreement.
Therefore, based on the above scenario, the correct option is C.
A bond has a par value of $1,000, a current yield of 6.84 percent, and semiannual coupon payments. The bond is quoted at 100.39. What is the amount of each coupon payment?
Answers
Answer: $34.33
Explanation:
From the question, we are informed that bond has a par value of $1,000, a current yield of 6.84 percent, and semiannual coupon payments and that the bond is quoted at 100.39.
Thee amount of each coupon payment goes thus:
We have to calculate the bond price which will be:
= $1000 × 100.39%
= $1000 × 1.39
= $1003.9
It should be noted that the current yield is calculated as the annual coupon amount divided by the bond price. This will be:
6.84% = annual coupon amount ÷ $1003.9
Annual coupon amount = $1003.9 × 6.84%
= $1003.9 × 0.0684
= $68.67
Each coupon amount will now be:
= $68.67/2
= $34.33
If a company receives $12,000 from the stockholders to establish a corporation, the effect on the accounting equation would be:__________
A. Assets increase $12,000 and equity increases $12,000.
B. Liabilities increase $12,000 and equity decreases $12,000.
C. Assets increase $12,000 and liabilities increase $12,000.
D. Assets increase $12,000 and liabilities decrease $12,000.
E. Assets decrease $12,000 and equity decreases $12,000.
Answers
Answer:
The correct answer is option A
Explanation:
A receipt of cash indicates an increase in cash which is an asset. When an asset increases, it is represented by a debit to that asset's account and the asset side of the accounting equation is also debited. Thus, a receipt of $12000 cash from stockholders will be represented by a debit or an increase to the asset account for $12000.
The other side of the transaction would be a credit to the equity for $12000 because the stockholders are the owners of the company and any capital invested by the owners in the company is represented by a credit to the equity account as the capital is credited when it increases. Thus, the effect on accounting equation will be an increase in the equity of $12000.
Bennett Co. has a potential new project that is expected to generate annual revenues of $262,100, with variable costs of $144,000, and fixed costs of $61,300. To finance the new project, the company will need to issue new debt that will have an annual interest expense of $24,500. The annual depreciation is $25,200 and the tax rate is 34 percent. What is the annual operating cash flow?
Answers
Answer:
Operating cash flow= $29,886
Explanation:
Giving the following information:
Sales= $262,100
Total variable cost= $144,000
Total fixed costs= $61,300.
Annual interest expense of $24,500. The annual depreciation is $25,200 and the tax rate is 34 percent.
We need to determine the operating cash flow:
Sales= 262,100
Total variable cost= (144,000)
Contribution margin= 118,100
Total fixed costs= (61,300)
Depreciation= (25,200)
Interest= (24,500)
EBIT= 7,100
Tax= (7,100*0.34)= (2,414)
Depreciation= 25,200
Operating cash flow= 29,886
What should be included in a resignation letter? "A discussion of the company’s strengths and weaknesses"
Answers
Answer: an offer of assistance to prepare for your resignation
Explanation:
A resignation letter is a formal letter that is written by someone so as to announce the intention to leave a particular position that the person is currently holding.
The thing that can be included on the resignation letter is an offer of assistance to prepare for your resignation. This is vital in order to help the company prepare.
Publishing the priority of every project and ensuring the process is open and free of power politics. Communicating which projects are approved. Deciding how organizational resources are allocated among the different types of projects. Constant scanning of the external environment to determine if organizational selection criteria need to be changed. Evaluating the progress of the projects in the portfolio.
Answers
Answer:
Deciding how organisational resources are allocated among the different types of projects.
Explanation:
All other stated are the responsibilities of the governance team while managing the portfolio system.
The governance team ensures that the best projects are chosen, further when they are chosen how they are implemented or how the other teams work on such projects is not the duty of governance team.
Basically governance team assures that best suitable projects are chosen.
They are chosen in the correct order, but do not ensure how shall the company invest in that project.
You are writing the financial analysis for a snowboarding apparel business you are hoping to open in Topeka. Which tips should you follow?
a. Discuss market characteristics.
b. Describe how your service will benefit customers.
c. Outline a realistic start-up budget.
d. Present an operating budget that projects costs.
Answers
Answer:
The correct answer are the option C and D: Outline a realistic start-up budget and Present an operating budget that project costs.
Explanation:
To begin with, due to the fact that the principal matter is a financial analysis then the person must focus on a realistic start up budget and also in projecting costs in an operating budget because those will be the most important matters when it comes to financial terms, the costs and all that they represent at the time of starting the business and the production. Therefore that in terms of finances, the costs of the future business is the matter that the person will have to have in mind at first.
Hare, Inc., had a cost of goods sold of $45,021. At the end of the year, the accounts payable balance was $8,583. How long on average did it take the company to pay off its suppliers during the year
Answers
Answer:
70 days
Explanation:
For computing the number of days first we have to determine the credit turnover ratio which is shown below:
Credit turnover ratio is
= (Cost of Goods Sold ÷ Average accounts payable)
= ($45,021 ÷ $8,583)
= 5.245 times
Now the number of days is
= Total number of days in a year ÷ credit turnover ratio
= 365 ÷ 5.245
= 70 days
Strategic Investments completed the following investment transactions during 2018: Read the requirements
Requirement 1. Joumalize Strategic's investment transactions. Explanations are not required.
Requirement 2. Classify and prepare a partial balance sheet for Strategic's Phyflexon investment as of December 31. 2018.
Jan. 14: Purchased 800 shares of Phyflexon stock, paying $50 per share. The investment represents 4% ownership in Phyflexon's voting stock. Strategic does not have significant influence over Phyflexon.
Jan. 14. Purchased 800 shares of Phyflexon stock, paying $50 per share.
Aug 22: Received a cash dividend of $0.24 per share on the Phyflexon stock.
Dec. 31. Adjusted the investment to its current market value of $45 per share.
Dec. 31: Phyflexon reported net income of $330,000 for the year ended 2018.
Answers
Answer:
Strategic Investments Company
1. Journal Entries:
Jan. 14:
Debit Investment in Phyflexon $40,000
Credit Cash Account $40,000
Aug 22:
Debit Cash Account $192
Credit Dividends Received $192
Dec. 31:
Debit Loss on Investment $4,000
Credit Investment in Phyflexon $4,000
Dec. 31:
Debit Investment in Phyflexon $13,360
Credit Net Income Share $13,360
2. Partial Balance Sheet
Investment in Phyflexon $49,168
Explanation:
a) Data:
No. of shares of Phyflexon Stock = 800
Value of Stock investment = $40,000 ($50 x 800)
Ownership strength = 4%
b) Investment in Phyflexon:
Initial investment = $40,000
Loss on fair value = (4,000)
Net income 13,360
Dividend received (192)
Worth of investments $49,168
This step requires senior management to develop an image of a desired future state. It acts as an easy slogan to guide stakeholders' actions and decision making. Which of the following steps of Kotter's change model is best described by the given statement?a. Creating a visionb. Consolidating improvement and producing more changec. Communicating the visiond. Establishing a sense of urgencyself-directedunrealisticrealistic
Answers
Answer:
The statement to develop an image of a desired future state is Kotter's:
a. Creating a vision
Explanation:
Ordinarily, there are many change models. But for John Kotter, he has an integrated 8-step Change Model which details the series of steps one can take in order to alter the narrative in a company. The steps he enumerated are as follows:
"One: Create a sense of Urgency.
Two: Form a Powerful Coalition to support your change efforts.
Three: Create a Vision for Change, which defines the future destination.
Four: Communicate the Vision, without which, no lasting success can be achieved.
Five: Remove Obstacles on the way.
Six: Create Short-Term Wins. They are important for encouragement and sustainability of the moment.
Step Seven: Build on the Change. Do not allow slack to prevail.
Eight: Anchor the Changes in Corporate Culture and they will become entrenched and indispensable."
An investment company that issues a fixed number of shares which can only be resold in the open stock market is called a(n) _____ fund.
Answers
Answer:
closed-end
Explanation:
In a closed end fund, no new investment money is accepted into the fund. New investors have to buy existing shares from investors who are willing to sell their hares. One disadvantage of the closed-end fund is that it has a limited ability to expand.
A closed-end fund is in contrast to an open - end fund where new investment are accepted
Accountants are the only people in business that really use accounting information.
A. True
B. False
Answers
Answer:
false
Explanation:
because some accounts could have the right answer while others can not just like websites
During its first year of operations, the McCormick Company incurred the following manufacturing costs:_______. Direct materials, $4 per unit, Direct labor, $2 per unit, Variable overhead, $3 per unit, and Fixed overhead, $224,000. The company produced 28,000 units, and sold 19,000 units, leaving 9,000 units in inventory at year-end. Income calculated under variable costing is determined to be $360,000. How much income is reported under absorption costing? a. $432,000 b. $360,000 c. $584,000 d. $288,000
Answers
Answer:
Net income= $432,000
Explanation:
Giving the following information:
Fixed overhead, $224,000.
The company produced 28,000 units, and sold 19,000 units, leaving 9,000 units in inventory at year-end.
Income calculated under variable costing is determined to be $360,000.
The difference between absorption costing and variable costing method is that the first one includes the fixed manufacturing cost in the unitary production cost. Some of the fixed overhead is allocated into ending inventory increasing the net income for the period.
Unitary fixed overhead= 224,000/28,000= $8
Fixed overhead in ending inventory= 8*9,000= $72,000
Net income= 360,000 + 72,000= $432,000
At a volume of 20,000 units, Almount Industries reported sales revenues of $1,000,000, variable costs of $300,000, and fixed costs of $260,000. The company's contribution margin per unit is:
Answers
Answer:
Contribution margin per unit = $35 per unit
Explanation:
The contribution margin per unit is the contribution or amount provided by the sale of each unit towards covering the fixed costs of the business. The total contribution margin is calculated by subtracting the total variable costs by the sales revenue. The contribution margin per unit can be calculated by dividing the total contribution by the number of units.
Total Contribution = Sales Revenue - Variable costs
Contribution margin per unit = Total Contribution / Number of units
Total Contribution = 1000000 - 300000
Total Contribution = $700000
Contribution margin per unit = 700000 / 20000
Contribution margin per unit = $35 per unit
Based on the following information from Scranton Company's balance sheet, calculate the current ratio. Current assets $ 126,000 Investments 57,800 Plant assets 380,000 Current liabilities 52,000 Long-term liabilities 103,000 Retained earnings 408,800
Answers
Answer:
2.42
Explanation:
The current ratio is a type of liquidity ratio. Liquidity ratios calculate the ability of a firm to meet its short term obligations
Current ratio = current assets / current liabilities = $ 126,000 / $52,000 = 2.42
ABC Corp. has just paid a quarterly dividend of $0.35. ABC's dividends will grow by 5% for the next 4 quarters, and then grow by 0.4% thereafter. ABC has a quarterly required return of 4%.What is the intrinsic value of ABC stock?
Answers
Answer:
$11.58
Explanation:
Given data :
quarterly dividend paid = $0.35
dividend growth for next 4 quarters = 5% = 0.05
dividend growth after 4 quarters = 0.4% = 0.004
quarterly return = 4%
calculate the intrinsic value of ABC stock
first we calculate the quarterly growth of the dividend
1st quarter = 0.35 * ( 1.05 ) = $0.3675
2nd quarter = 0.3675 * 1.05 = $0.3859
3rd quarter = 0.3859 * 1.05 = $0.4052
4th quarter = 0.4052 * 1.05 = $0.4255
fifth quarter = 0.4255 * 1.004 =$0.4272
value price after 4 quarter ( P4 ) = fifth quarter / ( quarterly return - growth after 4th quarter)
hence P4 = 0.4272 / ( 0.04 - 0.004 )
= 0.4272 / 0.036 = $11.87
intrinsic value = 0.3675 / 1.04 + 0.3859/1.04^2 + 0.4052/1.04^3 + 0.4255/1.04^4 + 11.87 / 1.04^4
intrinsic value = 0.3534 + 0.3568 + 0.3602 + 0.3637 + 10.15 = $11.58
A 90 day, 12% note for $20,000 dated July 1 is received from a customer. What is the maturity value of the note
Answers
Answer:maturity value of the note= $20,600
Explanation:
Interest = Principal x Rate x period /time
Assuming 360 days = 1 year
Interest = 20000 x 12% x 90/360
Interest = $600
Maturity value = Principal amount + interest accrued on due date
$20000 + $600 = $20,600.
Tell me about a time when you decided to sacrifice short-term gain for long term-success for your company?
Answers
Answer:
a good example of this is when we declined an equity investment offer.
Explanation:
In the short-term one may see an investment offer as a never to be missed opportunity. However, certain investments lead to loss of control, this was true in our own case. Thankfully, we avoided the short-term gain in other to realize a long-term gain.
A time I had to sacrifice a short term for a long term is when I had to buy a house I thought it was going to be a quick process but no it takes forever
Please reward me brainlist please
You purchased stock for $18,000 ten years ago. Now the stock is worth $25,000. What was your annual rate of return?
Answers
Answer:
3.3%
Explanation:
The yearly rate of return is calculated by taking the amount of money gained or lost at the end of the year and dividing it by the initial investment at the beginning of the year.
DATA
Future value = $25,000
Present value = $18,000
Time = 10 years
Formula:
Annual return = [tex](\frac{futurevalue}{presentvalue}) ^{1/time} -1[/tex]
Annual return = [tex](\frac{25000}{18000}) ^{1/10} -1[/tex]
Annal return = 3.3%
Generally, international trade laws in the last 60 years have served to:______.
Answers
Answer: lower barriers to trade
Explanation:
Barriers to trade are usually used by countries to protect their infant industries, prevent dumping and consumption of harmful goods.
Despite all the controversies with international trade, the trend for the last 60 years has been toward a lower barrier to trade and there has been tremendous improvement with regards to that as the average level of tariffs that were charged by the industrialized countries was about forty percent in 1946 but reduced to about five percent in 1990. Also several countries have minimized their trade barriers.