Chicotti Company has 6,000 units in beginning work in process, 30% complete as to conversion costs, 75,000 units transferred out to finished goods, and 2,000 units in ending work in process 20% complete as to conversion costs. The beginning and ending inventory is fully complete as to materials costs. How much are equivalent units for materials if the FIFO method is used

Answers

Answer 1

Answer:

71,000

Explanation:

Calculation to determine How much are equivalent units for materials if the FIFO method is used

Using this formula

Equivalent units for materials=(Units transferred out to Finished goods + Units in ending work in process – Units in beginning work in process)

Let plug in the formula

Equivalent units for materials=75,000 + 2,000 – 6,000

Equivalent units for materials= 71,000

Therefore the equivalent units for materials if the FIFO method is used will be 71,000


Related Questions

A manager of a company is facing an ethical problem. He uses the formal process for ethical decision making to resolve the problem. Which of the following steps will they begin with

Answers

Answer: Understanding all the moral standards and recognizing all moral impacts.

Explanation:

Ethics is the standards and the moral principles which guide the behavior of an individual or group of people. Ethical decision making reefers to the assessment of the moral implications of a course of action.

Since the manager uses the the formal process for ethical decision making to resolve the problem, the first step to begin with is to understand the moral standards and recognizing all moral impacts. The manager needs to be aware of the moral standards and be sure if he or she is following the normal process and doing the right thing.

Jamon is a manager in a human resources organization. He has a message for Bob who works on the assembly line. What channel is he likely to use get the message to Bob

Answers

Answer: All of the above

Explanation:

The options include:

a. Face-to-face

b. Telephone

c. Electronic mail

d. All of the above

Since the manager manager has a message for Bob, any of the communication channels given here can be used.

There is no preferred communication channel here. The manager may decided to tell Bob the message face to face when he sees him. Also, he can call him on the telephone or send an email to him.

Therefore, the correct option is All of the above.

What expenses typically come first in the "Expenses" section of an income statement? a. Non-operating expenses b. Irregular expenses c. Selling, general and administrative expenses d. Tax expenses

Answers

Answer:

c. Selling, general and administrative expenses

Explanation:

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.

The expense recognition principle is an accounting principle which is typically used on accrual basis accounts and it states that expenses incurred by an individual or business entity should be recognized and matched in the same period with respect to the revenues they are related to.

Selling, general and administrative expenses typically come first in the "Expenses" section of an income statement.

The section of the demand curve from A to B represents the a. inelastic section of the demand curve. b. unit elastic section of the demand curve. c. perfectly elastic section of the demand curve. d. elastic section of the demand curve. g

Answers

Answer: d. elastic section of the demand curve.

Explanation:

When using a linear demand curve, it has been found that the top half of the curve represents the elastic section which is where the section A to B cover so this is the elastic section.

The mid point which is B here is the unitary elastic portion of the curve and the bottom half of point B to C is the inelastic section.

In the elastic section, increasing the price by a certain percentage would cause the quantity demanded to fall by a higher percentage than the percentage increase in price.

3. Which of the following is NOT a factor of production?
a. land
d. entrepreneurship
b. output
e. capital
c. inputs

Answers

Answer:

Output.

Explanation:

because it is an effect of production but not a factor.

Output in I think this is right

You expect to receive $5,400 two years from now, $6,300 three years from now, and $10,900 six years from now. What is the future value of these cash flows seven years from now if the interest rate is 7.4 percent, compounded annually

Answers

Answer:

Total FV= $27,805.2

Explanation:

Giving the following information:

You expect to receive $5,400 two years from now, $6,300 three years from now, and $10,900 six years from now.

Interest rate= 7.4%

To calculate the Future Value, we need to use the following formula:

FV= Cf*(1 + i)^n

Cf1= 5,400*(1.074^5)= 7,716.41

Cf2= 6,300*(1.074^4)= 8,382.19

Cf3= 10,900*1.074= 11,706.6

Total FV= $27,805.2

MC Qu. 135 Front Company had net income of... Front Company had net income of $86,500 based on variable costing. Beginning and ending inventories were 2,200 units and 4,000 units, respectively. Assume the fixed overhead per unit was $8.60 for both the beginning and ending inventory. What is net income under absorption costing

Answers

Answer:

Net income under absorption costing = $101980

Explanation:

Below is the following calculation:

Net income based on variable costing = $86500

Rise in inventory = (4000 - 2200) x 8.60 = $15480

Now find the net income under absorption costing by adding the rise in inventory in the net income based on variable costing.

Net income under absorption costing = $86500 + $15480

Net income under absorption costing = $101980

22.On January 1, 2021, Amazon purchased a $64,000 office equipment and expected its useful economic life of 5 years. At the end of year 5th, the company expected to sell the equipment for $4,000. It is now December 31, 2021. Which of the following entries are needed to be made before preparing financial statements?
a. Debit Office equipment $64,000; Credit Cash $64,000
b. Debit Depreciation expense - Office equipment $64,000; Credit Cash $64,000
c. Debit Depreciation expense - Office equipment $12,000; Credit Accumulated depreciation – Office equipment $12,000
d. Debit Accumulated depreciation – Office equipment $12,000; Credit Depreciation expense - Office equipment $12,000

Answers

Answer:

C.

Explanation:

64000-4000 (salvage value)=60000

60000/5=12000 (annual depreciation)

depreciation expense.        12000

   Accumulated depreciation.     12000

When the interest rate in an economy decreases, it is likely the result of either a/an ________ or a/an ________.

Answers

Answer:

expansionary practice; open market purchase of securities by the Fed.

Explanation:

Fiscal policy in economics refers to the use of government expenditures (spending) and revenues (taxation) in order to influence macroeconomic conditions such as Aggregate Demand (AD), inflation, and employment within a country. Fiscal policy is in relation to the Keynesian macroeconomic theory by John Maynard Keynes.

A fiscal policy affects combined demand through changes in government policies, spending and taxation which eventually impacts employment and standard of living plus consumer spending and investment.

Basically, an expansionary fiscal policy will cause the total increase in aggregate demand to be greater than the initial increase in aggregate demand due to the multiplier process.

Hence, when the interest rate in an economy decreases, it is likely the result of either an expansionary practice or an open market purchase of securities by the Federal Reserve System (Fed).

According to the Keynesian theory, government spending or expenditures should be increased and taxes should be lowered when faced with a recession, in order to create employment and boost the buying power of consumers

Synovec Company is growing quickly. Dividends are expected to grow at a rate of 30 percent for the next three years, with the growth rate falling off to a constant 4 percent thereafter. If the required return is 10 percent, and the company just paid a dividend of $2.65, what is the current share price

Answers

Answer:

$87.03

Explanation:

Calculation to determine the current share price

First step is to calculate p1

p1= $2.65(1+.30)^3(1+.04) / (.10 - .04)

p1= $2.65(1.30)^3(1.04) / (.10 - .04)

p1=6.054932/.06

p1=100.92

Now let calculate the Current price

p0= [$2.65(1.30) / 1.10] +[$2.65(1.30)^2 / 1.10^2] + [$2.65(1.30)^3 / 1.10^3] + [$100.92/ 1.10^3]

p0=3.1318+4.4782/1.21+5.82205/1.331+$100.92/1.331+

p0=3.1318+3.700992+4.37419+75.82

p0=$87.03

Therefore the current share price is $87.03

Discuss the six HRM practices from which companies can choose for implementing their strategy. Illustrate by specific examples.

Answers

Answer:

Explanation:

Bạn ơi có câu trả lời ko cho mình xin với

Tariffs are a tax placed on ✔ imported goods.
Tariffs are used to give domestically produced goods ✔ an advantage in the market.
As a result of tariffs, imported goods become ✔ more expensive for consumers

Answers

Answer:

Imported, an advantage, more.

Explanation:

This is done to discourage the use of foreign items and use of domestically made products. This helps the domestic companies to get their advantage in profit and sales. Thereby making the imported goods more expensive and discourages their use.

Answer:

Tariffs are a tax placed on  

✔ imported

goods.

Tariffs are used to give domestically produced goods  

✔ an advantage

in the market.

As a result of tariffs, imported goods become  

✔ more

expensive for consumers

Explanation:

Paper Company receives a $4,598, three-month, 3% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note

Answers

Answer and Explanation:

The journal entry that should be recorded at the time of receiving the note is given below:

Notes Receivable - Dame Company $3,164  

      To Accounts Receivable - Dame Company  $3,164

(Being the receiving of the note is recorded)

Here the note receivable is debited as it increased the assets and credited the account receivable as it decreased the assets

Single Plantwide Factory Overhead Rate Kennedy Appliance Inc.’s Machining Department incurred $159,500 of factory overhead cost in producing hoses and valves. The two products consumed a total of 5,500 direct machine hours. Of that amount, hoses consumed 2,800 direct machine hours. Determine the total amount of factory overhead that should be allocated to hoses using machine hours as the allocation base. $fill in the blank 1

Answers

Answer:

the total amount of factory overhead that should be allocated to hoses using machine hours is $81,200

Explanation:

The calculation of the total amount of factory overhead that should be allocated to hoses using machine hours is given below:

= $159,500 × 2,800 ÷ 5,500

= $81,200

Hence, the total amount of factory overhead that should be allocated to hoses using machine hours is $81,200

the same is relevant

The accountant for Sysco Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year $ 819,000 Net income for the year 230,000 Cash dividends declared for the year 42,000 Retained earnings balance at the end of the year 1,007,000 Cash dividends payable at the beginning of the year 10,000 Cash dividends payable at the end of the year 11,000 What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows

Answers

Answer: $41000

Explanation:

The amount of cash dividends paid that should be reported in the financing section of the statement of cash flows will be calculated thus:

Beginning dividend = $10000

Add: Dividend declared = $42000

Less: Ending dividend payable = $11000

Cash dividend paid = $41000

Use the following selected information from Wheeler, LLC to determine the 2017 and 2016 common size percentages for cost of goods sold using Net sales as the base.
2017 2016
Net sales $522,200 $423,400
Cost of goods sold 219,400 135,440
Operating expenses 79,990 $77,090
Net earnings 40,420 28,670
a. 42.0% for 2017 and 32.0% for 2016.
b. 7.7% for 2017 and 6.8% for 2016.
c. 123.3% for 2017 and 100.0% for 2016.
d. 57.3% for 2017 and 50.2% for 2016.
e. 174.4% for 2017 and 199.2% for 2016.

Answers

Answer:

a. 42.0% for 2017 and 32.0% for 2016

Explanation:

Common size % for cost of goods sold = Cost of goods sold/Net sales

For 2017

= $219,400 / $522,200

= 0.4201456

= 42%

For 2016

= $135,440 / $423,400

= 0.31988663

= 31.99%

Your home insurance provides for replacement value for personal property losses. A microwave is stolen. It cost $258 two years ago and has an expected life of six years. A comparable microwave costs $366 today. What amount will the insurance company pay

Answers

Answer: $366

Explanation:

Replacement Cost Coverage refers to the valuation methods for the establishment of the value of an insured property which is used in knowing the amount that an insurer will

have to pay in case there is a loss and in such case, the insurance company will have to pay the costs at the present price to replace the damaged product.

Since the comparable microwave costs $366 today, therefore the insurance company will pay $366.

The University Store, Incorporated is the major bookseller for four nearby colleges. An income statement for the first quarter of the year is presented below: University Store, Incorporated Income Statement For the Quarter Ended March 31 Sales $ 800,000 Cost of goods sold 560,000 Gross margin 240,000 Selling and administrative expenses: Selling $ 100,000 Administrative 110,000 210,000 Net operating income $ 30,000 On average, a book sells for $40.00. Variable selling expenses are $3.00 per book; the remaining selling expenses are fixed. The variable administrative expenses are 5% of sales; the remainder of the administrative expenses are fixed.The contribution margin for the University Store for the first quarter is: A) $660,000 B) $700,000 C) $180,000 D) $140,000

Answers

Answer:

The University Store

The contribution margin for the University Store for the first quarter is:

= D) $140,000

Explanation:

a) Data and Calculations:

University Store,

Incorporated Income Statement

For the Quarter Ended March 31

Sales $ 800,000

Cost of goods sold 560,000

Gross margin 240,000

Selling and administrative expenses:

Selling $ 100,000

Administrative 110,000 210,000

Net operating income $ 30,000

Selling price per book = $40.00

Variable selling expenses per book = $3.00

Variable administrative expenses = 5% of sales

Sales Revenue        $800,000

Cost of goods sold   560,000

Selling expense          60,000

Admin. expense         40,000

Total variable costs 660,000

Contribution margin 140,000

What will most likely occur if a company eliminates an unprofitable segment when a portion of fixed costs are unavoidable?
a. All expenses of the eliminated segment will be eliminated.
b. Net income will decrease.
c. Net income will increase.
d. The company's variable costs will increase.

Answers

Answer: b. Net income will decrease.

Explanation:

The unavoidable fixed costs were being covered by the unprofitable segment so if the segment is removed, the unavoidable fixed cost will have to be deducted from the profits of the other segment/s.

When this happens their profit will decrease because those segments will now be covering more fixed costs than before. This is why it is usually better to keep an unprofitable segment going if it incurs unavoidable fixed costs.

Assume Sheryl Jenkins wants to accumulate $ 13,241.39 in two years. She currently has $ 10,621.36 to invest. What interest rate must she earn on her investment (that is, if she deposits $ 10,621.36 today) to have $ 13,241.39 exactly two years from today?

Answers

Answer: 11.65%

Explanation:

The $13,241.39 is a future value amount as it is what is to be accumulated in 2 years.

Future value formula therefore applies:

Future value = Current value * ( 1 + interest rate) ^ no. of years

13,241.39 = 10,621.36 * ( 1 + i) ²

(1 + i)² = 13,241.39 / 10,621.36

(1 + i)² = 1.24667556697

1 + i = √1.24667556697

i = 1.116546267 - 1

i = 11.65%

The burden of a tax is shared by producers and consumers. Under what conditions will consumers pay most of the​ tax? Under what conditions will producers pay most of​ it? A. It depends on who is legally obligated to pay the tax. Typically producers are required to pay the tax and therefore bear most of the burden. B. If demand is relatively more elastic than​ supply, producers will pay more of the tax. C. It depends on who is legally obligated to pay the tax. Typically consumers are required to pay the tax and therefore bear most of the burden. D. If demand is relatively less elastic than​ supply, producers will pay more of the tax.

Answers

Answer:

B

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price  

Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price  

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.  

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one

Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.  

Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases  

Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.

If demand is more elastic than supply, if price is increased as a result of tax,  demand would fall more than supply. As a result, producers would bear more tax burden

Hannah, age 70 and single, is claimed as a dependent by her daughter. During 2020, Hannah had interest income of $2,550 and $850 of earned income from babysitting. Hannah's taxable income is:

Answers

Answer: $550

Explanation:

Standard deduction is the greater of $1,050 or the sum of the earned income and $350.

= Earned income + 350 = $1,200

Additional deduction for single seniors in 2020 is $1,650.

Total deduction is:

= 1,200 + 1,650

= $2,850

Hannah's taxable income is:

= 2,550 + 850 - 2,850

= $550

Adams Company recorded the following journal entry on March​ 2, 2018. Cash Unearned Revenue From the journal entry​ above, identify the transaction on March​ 2, 2018. A. Adams paid for services to be received at a later date. B. Adams received for services to be performed in a later period. C. Adams sold goods for cash. D. Adams purchased goods worth and signed a oneyear note for the same amount.

Answers

Answer: B. Adams received for services to be performed in a later period.

Explanation:

Unearned revenue represents cash paid by a customer for services that have not yet been done or goods that have not yet been delivered.

It is credited because it represents a liability as the company owes the customer the services or goods they paid for.

Adams here received cash for services that have not yet been performed which is why it was sent to the unearned revenue account and debited to cash to show that cash was received.

An employee of yours often offers excellent analysis and is able to quote facts and figures from memory during meetings; and they enjoy this aspect of their work. For this employee, analytical thinking might be considered a(n) ______ in CAPP Strengths. realized strength unrealized strength weakness learned behavior none of these innate behavior

Answers

Answer:

Realized strength

Explanation:

CAPP MODEL

This is simply called "Centre of Applied Positive Psychology".

Capp strength

This is are known to be more of fluid than personality traits and can occur over one's lifetime through different situations we experience.

The four quadrants of CAPP's Realise2 strengths model includes

1. Realized strengths

2. Unrealized strengths

3. Learned behaviours

4. Weaknesses.

Strengthss

This is simply known as an important or more so than weaknesses, a number of divisions are used by positive psychologist to help identify and measure your strengths. It is simply known as an attribute or quality of an individual that gives or accounts for successful performance.

The approach to strengths fully realized is simply to identify strengths and weaknesses to improve performance.

Question 2: Global production company wants to collect data from the computer
buyers. AS A business research, explain which survey method of data collection would
be more appropriate. Justify your answer.

Answers

Answer:

ANswer to the following question is as follows;

Explanation:

Companies aim to acquire data from computer customers by surveying their business in the worldwide production market. This kind of data collecting delivers a more comprehensive survey than individual data gathering, is less costly, and saves time, and has a high response rate.

According to the present market circumstances, I recommended utilising a postal survey and in-person interviews study as a company researcher.

In the United States, if the price of imported oil rises so that the prices of gasoline and heating oil rise, then the a. consumer price index rises much more than does the GDP deflator. b. consumer price index rises slightly more than does the GDP deflator. c. GDP deflator rises much more than does the consumer price index. d. GDP deflator and the consumer price index rise by about the same amount.

Answers

Answer: a. consumer price index rises much more than does the GDP deflator.

Explanation:

The Consumer Price Index is a measure of inflation. It shows the change in the prices of a basket of goods over a period of time. If the prices of gasoline and heating oil rise, this basket will be affected and so Consumer Price Index (CPI) will increase.

GDP deflator on the other hand, adjusts the nominal GDP to a Real GDP measure. Not everything will increase in price in the country as a result of oil going up so GDP will not change by much which would limit the increase in the GDP deflator.

The CPI will therefore rise more than the GDP deflator.

You own a stock portfolio invested 30 percent in Stock Q, 25 percent in Stock R, 25 percent in Stock S, and 20 percent in Stock T. The betas for these four stocks are .80, 1.18, 1.19, and 1.36, respectively. What is the portfolio beta

Answers

Answer:

The Portfolio beta is 1.1045

Explanation:

The computation of the portfolio beta is given below:

Stock          Beta       Investment (Weight)       Weighted Beta

Stock Q      0.8         0.3                                   0.2400

Stock R       1.18       0.25                                  0.2950

Stock S       1.19       0.25                                  0.2975

Stock T        1.36      0.2                                    0.2720

Portfolio beta                                                  1.1045

A company just paid a dividend of $1.75, and those dividends are expected to grow at a constant rate of 5.5% forever. The stock price of this company is $74.58, what is the stock's expected dividend yield?​

Answers

Answer:

2.48%

Explanation:

Dividend yield = Expected annual dividend / Price today

Dividend yield = $1.75 * 105.5% / $74.58

Dividend yield = $1.84625 / $74.58

Dividend yield = 0.0247553

Dividend yield = 2.48%

So, the stock's expected dividend yield is 2.48%.

What is Interpersonal skill in business
management ?

Answers

are the behaviors and tactics a person uses to interact with others effectively in the business world the team refers to an employees ability to work well with others Explanation:

Equivalent Units of Materials Cost The Filling Department of Eve Cosmetics Company had 4,500 ounces in beginning work in process inventory (90% complete). During the period, 74,900 ounces were completed. The ending work in process inventory was 3,700 ounces (40% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? fill in the blank 1 units

Answers

Answer: 74,100 units

Explanation:

If the materials are added at the beginning of the process then the opening work in process inventory would need to be deducted from the completed inventory for the period. Also there would be no need to multiply the units by their completion level because they are assumed to be at 100% completion because materials were added at the very beginning.

Total equivalent units for direct materials is:

= (Completed units - Opening inventory) + Closing work in process

= (74,900 - 4,500) + 3,700

= 74,100 units

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