The Smelting Department of Polzin Company has the following production and cost data for September. Production Beginning work in process 2,000 units that are 100% complete as to ma- terials and 20% complete as to conversion costs; units started and finished 9,000 units; and ending work in process 1,000 units that are 100% complete as to materials and 40% complete as to conversion costs.
Manufacturing costs Work in process, September 1, $15,200 materials added $60,000; labor and overhead $132,000. Polzin uses the FIFO method to compute equivalent units. Instructions (a) Compute the equivalent units of production for (1) materials and (2) conversion costs for the month of September. (b) Compute the unit costs for the month. (c) Determine the costs to be assigned to the units transferred out and in process.

Answers

Answer 1

Answer:

Hope this helps and have a nice day

Explanation:

(a) To compute the equivalent units of production for materials and conversion costs for the month of September, we need to consider the percentage of completion for each unit.

Equivalent units of production for materials:

Beginning work in process: 2,000 units * 100% complete = 2,000 units

Units started and finished: 9,000 units * 100% complete = 9,000 units

Ending work in process: 1,000 units * 100% complete = 1,000 units

Total equivalent units of production for materials: 2,000 units + 9,000 units + 1,000 units = 12,000 units

Equivalent units of production for conversion costs:

Beginning work in process: 2,000 units * 20% complete = 400 units

Units started and finished: 9,000 units * 100% complete = 9,000 units

Ending work in process: 1,000 units * 40% complete = 400 units

Total equivalent units of production for conversion costs: 400 units + 9,000 units + 400 units = 9,800 units

(b) To compute the unit costs for the month, we need to divide the total manufacturing costs by the equivalent units of production.

Unit cost for materials: $60,000 / 12,000 units = $5 per unit

Unit cost for conversion costs: $132,000 / 9,800 units = $13.47 per unit

(c) To determine the costs to be assigned to the units transferred out and in process, we multiply the unit costs by the equivalent units of production.

Costs assigned to units transferred out:

Materials: $5 per unit * 9,000 units = $45,000

Conversion costs: $13.47 per unit * 9,000 units = $121,230

Costs assigned to units in ending work in process:

Materials: $5 per unit * 1,000 units = $5,000

Conversion costs: $13.47 per unit * 400 units = $5,388

Therefore, the costs to be assigned to the units transferred out and in process are as follows:

- Units transferred out: $45,000 for materials and $121,230 for conversion costs

- Units in ending work in process: $5,000 for materials and $5,388 for conversion costs.

Related Questions

Which of the following is NOT a push factor? O a. Saturation of domestic demand O b. O C. o d. O e. Growth of regional trading blocks Improving image of the companies Domestic recession Strategic vision

Answers

The option that best fits here is

c. Improving image of the companies.

Why is the option is the best choice

Improving image of the companies is not considered a push factor. Push factors typically refer to aspects or conditions that compel individuals or companies to leave a particular location or market.

The options provided include a mix of push factors and other factors, but improving company image is more related to internal factors or business strategies rather than being a push factor that drives companies to move or expand into new markets.

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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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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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