Answer:
1. Schedule of Cash Collection:
Particulars: January February March Quarter
Cash Sales $77,400 $77,400 $118,200 $273,000
Credit Sales $201,600 $201,600 $472,800 $876,000
Total Collections $279,000 $279,000 $591,000 $1,149,000
Explanation:
Cash sales are 20% of total sales where as remaining 80% sales are credit sales. Cash collection schedule prepared will display the actual cash collected from sales. The sales made on credit are collected in the following month.
what is a fixed income
Each of Professor A and Professor B at UTD has a private secretary, who can type four letters per hour. The letters are generated at a rate of three per hour by each of the two professors, who have been wondering if they would benefit from pooling the two secretaries. Perform a queuing analysis. What is the average waiting time of a letter in the system.
Answer:
Average waiting time = 7.5 minutes
Explanation:
UTD private secretary can type the number of letters = 4 per hour by each.
By professor, the letter generated = 3 per hour by each
Thus by pooling the average time will be the time that comes by dividing the one hour with total letters in an hour.
Use the below formula:
Average waiting time = Minutes in one hour / total letters
Average waiting time = 60 / 8
Average waiting time = 7.5 minutes
In markets where the government imposes an excise tax on unit sales, it also has a tendency to dabble with restrictions on advertising (for example, cigarettes and hard liquor). Do potential (or actual) restrictions on advertising in these markets serve the interest of a government that is interested in maximizing its tax revenue from the sale of these products? Explain your answer
Answer:
I am sorry I don't know sorry again
Suppose a stock had an initial price of $72 per share, paid a dividend of $2.60 per share during the year, and had an ending share price of $59. Compute the percentage total return. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) What was the dividend yield and the capital gains yield
Answer:
a. −14.44%
b.Dividend yield 3.61%
Capital gains yield −18.06%
Explanation:
a.Computation for the percentage total return
R = ($59 - 72 + 2.60) / $72
R = −.1444*100
R= −14.44%
Therefore the percentage total return is −14.44%
b. Calculation to determine the dividend yield and the capital gains yield
Dividend yield = $2.60 / $72
Dividend yield = .0361*100
Dividend yield =3.61%
Capital gains yield = ($59 - 72) / $72
Capital gains yield = −.1806*100
Capital gains yield =−18.06%
Therefore the dividend yield and the capital gains yield are :
Dividend yield 3.61%
Capital gains yield −18.06%
Country A has a GDP of $4,600 in Country A dollars, and Country B has a GDP of $2,400 in Country B dollars. If the exchange rate is 1.5 Country B dollars to 1 Country A dollar, what is Country B's GDP in Country A dollars
Answer: Country A $1,600
Explanation:
Country A's currency is stronger than Country B's which is why Country B needs more of its currency to buy a single unit of Currency A.
You can use direct proportion to find out Country B's GDP in Country A dollars
Country B currency to Country A
1.5 : 1
2,400 : x
1.5x = 2,400
x = 2,400 / 1.5
= Country A $1,600
You're trying to save to buy a new $207,000 Ferrari. You have $57,000 today that can be invested at your bank. The bank pays 6.5 percent annual interest on its accounts. How long will it be before you have enough to buy the car?
Answer:
19.84 years
Explanation:
Number of years = in ( fv / pv) / r
FV = future value
PV = present value
r = interest rate
IN(207000 / 57000) / 0.065
IN (3.631579) / 0.065 = 19.84
Profit Center Responsibility Reporting for a Service Company
Thomas Railroad Company organizes its three divisions, the North (N), South (S), and West (W) regions, as profit centers. The chief executive officer (CEO) evaluates divisional performance, using income from operations as a percent of revenues. The following quarterly income and expense accounts were provided from the trial balance as of December 31:
Revenues—N Region $1,039,000
Revenues—S Region 1,281,400
Revenues—W Region 2,205,700
Operating Expenses—N Region 658,400
Operating Expenses—S Region 762,600
Operating Expenses—W Region 1,333,900
Corporate Expenses—Dispatching 518,400
Corporate Expenses—Equipment Management 259,700
Corporate Expenses—Treasurer’s 158,000
General Corporate Officers’ Salaries 349,000
The company operates three service departments: the Dispatching Department, the Equipment Management Department, and the Treasurer’s Department. The Dispatching Department manages the scheduling and releasing of completed trains. The Equipment Management Department manages the railroad cars inventories. It makes sure the right freight cars are at the right place at the right time. The Treasurer’s Department conducts a variety of services for the company as a whole. The following additional information has been gathered:
North South West
Number of scheduled trains 5,400 6,500 9,700
Number of railroad cars in inventory 1,200 2,000 1,700
Question Completion:
1. Prepare quarterly income statements showing income from operations for the three regions. Use three column headings: North, South, and West. Do not round your interim calculations Thomas Railroad Company Divisional Income Statements For the Quarter Ended December 3:1 North South West Revenues Operating expenses Income from operations before service department charges Service department charges: Dispatching Equipment Management Total service department charges Income from operations
2. What is the profit margin of each division? Round to one decimal place Region North Region South Region West Region Identify the most successful region according to the profit margin Profit Margin 0%6
3. What would you include in a recommendation to the CEO for a better method for evaluating the performance of the divisions?
a. The method used to evaluate the performance of the divisions should be reevaluated
b. A better divisional performance measure would be the rate of return on investment (income from operations divided by divisional assets).
c. A better divisional performance measure would be the residual income (income from operations less a minimal return on divisional assets).
d. None of these choices would be Included
e. All of these choices (a, b & c) would be included.
Answer:
Thomas Railroad Company
1. Thomas Railroad Company
Divisional Income Statements
For the Quarter Ended December 3:
Divisions North (N) South (S) West (W)
Revenues $1,039,000 $1,281,400 $2,205,700
Operating expenses 658,400 762,600 1,333,900
Income from operations
before service
department charges $380,600 $518,800 $871,800
Service department charges:
Dispatching $63,600 $106,000 $90,100
Equipment management 39,500 47,550 70,950
Total service
department charges $103,100 $153,548 $161,050
Income from operations 277,500 $365,252 $710,750
2. Profit margin ratio 26.7% 28.5% 32.2%
West's performance is above all the rest, with a profit margin of 32.2%.
3. e. All of these choices (a, b & c) would be included.
Explanation:
Divisions North (N) South (S) West (W)
Revenues $1,039,000 $1,281,400 $2,205,700
Operating expenses 658,400 762,600 1,333,900
Corporate Expenses—Equipment Management 259,700
Corporate Expenses—Treasurer’s 158,000
General Corporate Officers’ Salaries 349,000
Additional data:
Divisions North (N) South (S) West (W) Total
Number of scheduled trains 5,400 6,500 9,700 21,600
Number of railroad cars in inventory 1,200 2,000 1,700 4,900
Corporate Expenses—Equipment Management 259,700/4,900 = $53
Corporate Expenses—Treasurer’s 158,000/21,600 = $7.315
North (N) South (S) West (W) Total
Service departments costs:
Dispatching $63,600 $106,000 $90,100 $259,700
Equipment management 39,500 47,550 70,950 158,000
General Corporate Officers’ Salaries 349,000
Check My Work Which of the following moves the pizza market up along a given supply curve? a. a decrease in the price of cheese, an input to pizza b. a kitchen fire that destroys a popular pizza joint c. an increase in the price of pizza d. an increase in the price of root beer, a complement to pizza
Answer: c. an increase in the price of pizza
Explanation:
When there is a movement along the supply curve of a given commodity, it means that the commodity simply went through a price change because the supply curve is meant to depict the quantity supplied at various prices.
If there is an increase in the price of pizza therefore, the pizza market would be moved along the given supply curve.
The other options would cause a shift in the supply and demand curves instead of a movement along.
Jack is a married male, while John is single. Your company has an assignment in a branch in Mexico that would last a couple of years. Management feels that John would be better for this assignment because he is single and is free to move. Is this decision fair?
No, It is an unfair decision by an employer to discriminate based on an applicant's marital status or perceived marital status. Although in contradict to this situation there is evidence that employers prefer and promote men who are married with children, especially compared to their childless male peers and to mothers as married men are often seen as more responsible and dedicated workers.
What is a marital status?Civil status, or marital status, are the distinct options that describe a person's relationship with a significant other. Married, single, divorced, and widowed are examples of civil status. Whether or not marital status discrimination is illegal depends on the laws of your state. Federal law doesn't prohibit discrimination on the basis of an employee's or applicant's marital status. However, almost half of the states and the District of Columbia have outlawed this type of discrimination Employers in California are prohibited from asking certain types of questions during a job interview. This includes questions about an applicant's race, religion, or marital status.
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On June 30, 2021, Moran Corporation issued $9.0 million of its 8% bonds for $8.1 million. The bonds were priced to yield 10%. The bonds are dated June 30, 2021. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the six months ended December 31, 202
Answer:
$45,000
Explanation:
Calculation to determine by how much should the bond discount be reduced for the six months ended December 31, 202
First step
Semiannual interest paid on 31.12.2021 = $9,000,000*8%*6/12
Semiannual interest paid on 31.12.2021= $360,000
Second step
Effective interest expense on 31.12.2021 = $8,100,000 * 10% * 6/12
Effective interest expense on 31.12.2021= $405,000
Last step
Bond discount to be reduced for 6 months ended 31.12.2021 = $405,000 - $360,000
Bond discount to be reduced for 6 months ended 31.12.2021=$45,000
Therefore by how much should the bond discount be reduced for the six months ended December 31, 202 will be $45,000
Retained earnings, December 31, 2013 $342,700
Cost of buildings purchased during 2014 44,100
Net income for the year ended December 31, 2014 56,200
Dividends declared and paid in 2014 32,800
Increase in cash balance from January 1, 2014, to December 31, 2014 22,700
Increase in long-term debt in 2014 45,300
Required:
Calculate the Retained Earnings balance as of December 31, 2014.
Answer:
the ending retained earning balance is $366,100
Explanation:
The computation of the ending retained earning balance is given below:
= Opening balance of retained earnings + net income - dividend paid
= $342,700 + $56,200 - $32,800
= $366,100
Hence, the ending retained earning balance is $366,100
The same should be considered and relevant
team skills do not require the ability to communicate effectively.
true or false
Answer:
I think false .
Explanation:
I think so because while working in a team the most important thing that we need is communication skill.
At the end of the previous year, a customer owed Days Company $400. On February 1 of the current year, the customer paid $600 total, which included the $400 owed plus $200 owed through February 1st. The journal entry on February 1 is? (Check all that apply.)
Answer:
The relevant journal entry would be:
Date Account Title Debit Credit
February 1 Cash $600
Accounts Receivable $400
Revenue $200
The entire $600 will be debited to cash to show that $600 was received in cash.
$400 will go to Accounts Receivable to cancel out the debt owed by the customer.
Revenue will be credited $200 for the amount owed through February 1st. Revenue is credited when it increases.
Answer: Cash will debited for $600
Accounts receivable will be credited for $400
Service revenue would be credited for $200
Explanation: it’s was the correct answer on the homework
Department G had 2,280 units 25% completed at the beginning of the period, 13,200 units were completed during the period, 1,900 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $29,400 Costs added during period: Direct materials (12,820 units at $9) 115,380 Direct labor 77,400 Factory overhead 25,800 All direct materials are placed in process at the beginning of production, and the first-in, first-out method of inventory costing is used. What is the total cost of the units started and completed during the period (round unit cost calculations to whole dollars and round your final answer to the nearest dollar)?
Answer:
Department G
The total cost of the units started and completed during the period is:
= $184,717.
Explanation:
a) Data and Calculations:
FIFO Inventory costing method is used
Units Materials Conversion
Beginning inventory 2,280 100% 25%
Cost of beginning inventory = $29,400
Units started 12,820
Total units available 15,100
Units completed 13,200
Ending inventory 1,900 100% 20%
Started and completed 10,920 (13,200 - 2,280)
Equivalent units of production
Units Materials Conversion
Units in Beginning inventory 2,280 0 (0%) 1,710 (75%)
Units started and completed 10,920 10,920 (100%) 10,920 (100%)
Ending inventory 1,900 1,900 (100%) 380 (20%)
Equivalent units 12,820 13,010
Costs added during the period $115,380 $103,200
Equivalent units 12,820 13,010
Cost per equivalent unit $9.00 $7.93
Costs assigned to:
Beginning inventory $0 $13,603 $13,603
Cost of units started and completed 98,280 86,437 184,717
Ending inventory 17,100 3,013 20,113
Suppose during 2014, Cypress Semiconductor Corporation reported net cash provided by operating activities of $89,063,000, cash used in investing of $43,133,000, and cash used in financing of $7,359,000. In addition, cash spent for fixed assets during the period was $25,900,000. Average current liabilities were $257,933,000, and average total liabilities were $280,651,000. No dividends were paid.
Free cash flow equals?
As part of a strategic planning process, Midwest Power's senior executives determined positive findings from their SWOT analysis: (1) New regulations will
provide tax credits for renewable ("green") power sources. (2) Their customers will pay higher prices for green power. (3) A competing power utility that
owns renewable power sources is struggling and might be a target to be acquired by Midwest Power. (4) As compared to their competitors, Midwest
Power's management team is one of the best in the industry. A strength of Midwest Power, per the SWOT analysis, is that
Answer:
4) As compared to their competitors, Midwest Power's management team is one of the best in the industry.
Explanation:
The strategic planning process is a documentation that establishes a direction for the small business by assenting where you are asserts the mission and mission along with the long term goals.Which of the following is not a component of internal control?
A
Integration
B
Control activities
С
Control environment.
D
Risk assessment
Answer:
D is not component of internal control
Internal control is implemented to improve the integrity of economic and accounting information within the organization. Risk assessment is not a component of internal control. Therefore, D is the correct option.
What is risk assessment?Risk assessment is a method to identify the risks and challenges which can hamper the project or goal of the organization. The process includes some steps, such as identifying the risk, evaluating it, managing it, recording the findings, and reviewing the controls. There are many types of risk assessment. They are qualitative, quantitative, generic, site-specific, and dynamic risk assessments.
The purpose of risk assessment is to create and maintain health and safety conditions within the organization.
Internal control is implemented to improve the integrity of economic and accounting information within the organization. Risk assessment is not a component of internal control. Therefore, D is the correct option.
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Coronado Industries can produce 100 units of a component part with the following costs: Direct Materials $24000 Direct Labor 8500 Variable Overhead 22000 Fixed Overhead 11000 If Coronado Industries can purchase the units externally for $60000, by what amount will its total costs change
Answer:
Increase of $5,500
Explanation:
The computation of the change in the total cost is given below:
Total cost at the time of producing is
= Direct material + direct labor + variable overhead
= $24,000 + $8,500 + $22,000
= $54,500
And, the cost of purchasing the unit is $60,000
So, there is an increase of
= $60,000 - $54,500
= $5,500
The same should be relevant
Arndt, Inc. reported the following for 2021 and 2022 ($ in millions):
2021 2022
Revenues 888 980
Expenses 760 800
Pretax accounting income (income statement) 128 180
Taxable income (tax return) 116 200
Tax rate: 25%
a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2021 for $60 million. The cost is tax deductible in 2021.
b. Expenses include $2 million insurance premiums each year for life insurance on key executives.
c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $33 million and $35 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $25 million ($10 million collected in 2020 but not recognized as revenue until 2021) and $33 million, respectively. Hint. View this as two temporary differences-one reversing in 2021; one originating in 2021.
d. 2021 expenses included a $14 million unrealized loss from reducing investments (classified as trading securities) to fair value. The investments were sold and the loss realized in 2022.
e. During 2020, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss was paid in 2021, at which time it is tax deductible.
f. At January 1, 2021, Arndt had a deferred tax asset of $4 million and no deferred tax liability.
Required:
1. Which of the five differences described in items a-e are temporary and which are permanent differences?
2. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. Using the schedule, prepare the necessary journal entry to record income taxes for 2022.
3. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. (Amounts to be deducted should be indicated with a minus sign.
iequie nswer:q
Explanation:
traduce soloo se me tosquiero pun
When a company records depreciation it debits:_____.
A. Depreciation Expense and credits a contra-asset account.
B. Depreciation Expense and credits Cash.
C. a long-lived tangible asset account and credits Depreciation Expense.
D. a liability account and credits Depreciation Expense.
Answer: A. Depreciation Expense and credits a contra-asset account.
Explanation:
Depreciation is an expense which means that when it is incurred, it will be debited because expenses are debited to show that they have increased.
Depreciation reduces the value of an asset so the asset needs to be credited which is what is done when an asset reduces. The full entry would therefore involved a debit to the Depreciation account and a credit to the asset account that is being depreciated.
Explain the importance of technical education providing organization in nepal. plz say simple and correct answer.
Most important education systems for employment generation. With vocational and soft skills, people can enhance their competency, thereby increasing their chances of securing a job.
Which of the following is not an appropriate member of an audit committee?
A А.
An academic specializing in business administration
B
The organization's vice president of operations.
С.
A retired executive of a firm that had been associated with the organization
D
The vice president of the local bank used by the organization
On November 1, 2021, Vinfast Co. receives $3,600 cash from FPT Co. for consulting services to be provided evenly over the period November 1, 2021, to April 30, 2022—at which time Vinfast credited $3,600 to Unearned Consulting Fees. The adjusting entry on December 31, 2021 would include a
a. Debit to Unearned Consulting Fees for $1,200
b. Debit to Unearned Consulting Fees for $2,400.
c. Credit to Consulting Fees Earned for $2,400.
d. Debit to Consulting Fees Earned for $1,200.
Answer: A. Debit to Unearned Consulting Fees for $1,200
Explanation:
Following the information given in the question, Vinfast Co. receives $3,600 cash from FPT Co. for consulting services to be provided evenly over the period November 1, 2021, to April 30, 2022.
Since we want to know the adjusting entry on December 31, 2021, a period form November 1, 2021 to December 31, 2021 is a period of two months out of the 6 months period. Therefore, the unearned consultancy fee will be:
= $3600 × 2/6
= $1200
Therefore, there'll be a debit to the unearned consulting Fees for $1,200. Also, there'll be a credit to the consulting fees earned account by $1200.
A firm has net working capital of $560, net fixed assets of $2,306, sales of $6,700, and current liabilities of $870. How many dollars worth of sales are generated from every $1 in total assets?
a. $1.70.
b. $2.52.
c. $1.63.
d. $1.87.
e. $2.09.
Answer:
1.79
Explanation:
Net working capital is $560
Net fixed assets is $2,306
Sales is $6,700
Liabilities is $870
Therefore the amount of dollar wort sales generated in every $1 can be calculated as follows
= 560+870
= 1,430
6700/1430+2,306
= 6700/3736
= 1.79×1
= 1.79
The managerial accountant at Fast and Mean Manufacturing reported that the organization contains an automated production line to manufacture and produce its products for consumers to enjoy in the marketplace. The managerial accountant reported that the company uses the high-low method to estimate the costs in the new budget. The managerial accountant reported the following information: Month Total Machine-Hours Total Costs January 250,000 $5,500,000 February 248,000 $5,260,000 March 249,000 $5,400,000 April 248,000 $5,220,000 May 238,000 $5,180,000 June 230,000 $5,130,000 Compute the slope of the mixed cost, or the variable cost per unit of activity. Compute the vertical intercept, or the fixed cost component of the mixed cost. What is the mixed cost equation
Answer: See explanation
Explanation:
1. Compute the slope of the mixed cost, or the variable cost per unit of activity.
Variable cost per unit will be:
= (Total Cost at the highest level-l - total cost at the lowest level) / (Highest activity level - lowest activity level)
= (5500000 - 5130000)/(250000 - 230000)
= 370000/20000
= $18.50
2. Compute the vertical intercept, or the fixed cost component of the mixed cost.
The fixed cost will be:
= Total cost - Variable cost
= $5,500,000 - (25,000 × $18.50)
= $5,500,000 - $4,625,000
= $875,000
3. What is the mixed cost equation
Mixed Cost equation will be:
= Fixed Cost + (Variable cost per unit × Total Units of activity )
= 875000 + (18.75 × x)
Y = 875000 + 18.75x
Bolka Corporation, a merchandising company, reported the following results for October: Sales $ 407,000 Cost of goods sold (all variable) $ 173,400 Total variable selling expense $ 20,400 Total fixed selling expense $ 22,200 Total variable administrative expense $ 14,800 Total fixed administrative expense $ 39,700 The contribution margin for October is: Multiple Choice $198,400 $233,600 $136,500 $345,100
Answer:
the contribution margin for October is $198,400
Explanation:
The computation of the contribution margin for October is given below:
= Sales - Cost of goods sold (all variable) - Total variable selling expense - Total variable administrative expense
= $407,000 - $173,400 - $20,400 - $14,800
= $198,400
Hence, the contribution margin for October is $198,400
Therefore the first option is correct
And, the same should be considered
M. Poirot wishes to sell a bond that has a face value of $1,000. The bond bears an interest rate of 11.28% with bond interest payable semiannually. Six years ago, $979 was paid for the bond. At least a 12% return (yield) on the investment is desired. The minimum selling price must be: Enter your answer as follow: 1234.56
Answer:
M. Poirot
The minimum selling price must be:
= $2,065.09.
Explanation:
a) Data and Calculations:
Face value of bond = $1,000
Interest rate = 11.28%
Interest payment = semiannually
Price of bond six years ago = $979
Desired return (yield) rate = 12%
Minimum selling price can be determined as follows:
N (# of periods) 12
I/Y (Interest per year) 12
PV (Present Value) 979
PMT (Periodic Payment) 5.64
Results
FV = $2,065.09
Sum of all periodic payments $67.68
Total Interest $1,018.41
trình bày các vai trò của đạo đức kinh doanh trong phát triển doanh nghiệp
Answer:
Explanation:
Trung thực: Tính trung thực trong đạo đức kinh doanh thể hiện ở chỗ không buôn bán, sản xuất những mặt hàng nhà nước cấm, không dùng các chiêu trò dối trá để đạt được lợi ích của mình, không trốn thuế, làm ăn phi pháp; không tham ô, hối lộ; trung thành chấp hành đúng quy định của pháp luật…
Tôn trọng con người: Tôn trọng con người bao gồm tôn trọng nhân viên, đối tác khách hàng, đối thủ cũng như tất cả những người làm việc cùng với mình
Đạo đức kinh doanh gắn liền lợi ích của công ty doanh nghiệp với lợi ích chung của khách hàng và trách nhiệm đối với xã hội
Should we, as Americans, be concerned with the economies and standard of living of other countries?
Answer: No the economy and standard of living should be american's focus.
Explanation: If we as american's can't find a solution to our own problem's then it's unlikely that we would be able to solve another countries problems.
No, If we as Americans can't find a solution to our own problem because there exist many differences in the levels of living between various countries.
What is the standard of living?
Standards of living can concern multiple aspects of a population, including satisfaction and productivity. This stands significant because the more significant productivity and happiness exist, the more suitable an economy grows to be as a whole.
The real cause for the dissimilarities in the levels of living between various countries exists the dissimilarity in their levels of national income. The group of national income relies upon the entire volume of an exhibition in the country.
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Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information:
Production:
Units in process, July 1, 60% complete 18,000 gallons
Units completed and transferred out 141,000 gallons
Units in process, July 31, 45% complete 16,000 gallons
Costs:
Work in process, July 1 $36,000
Costs added during July 398,460
Required:
Prepare a production report.
Answer:
Aztec Inc.
Mixing Department
Production Report
For the month of July
Equivalent units of production:
Beginning work in process 18,000 7,200 (40%)
Units started and completed 139,000 139,000 (100%)
Ending work in process 16,000 7,200 (45%)
Total equivalent units of production 153,400
Cost per equivalent unit:
Costs added during July $398,460
Equivalent units 153,400
Cost per equivalent unit = $2.60 ($398,460/153,400)
Cost to be accounted for:
Work in process, July 1 $36,000
Costs added during July 398,460
Total costs to be accounted for $434,460
Costs assigned:
Beginning work in process = $18,720 (7,200 * $2.60)
Units started and completed = $361,400 (139,000 * $2.60)
Ending work in process = $18,720 (7,200 * $2.60)
Costs assigned to:
Units completed and transferred out:
Beginning work in process costs:
60% completion = $36,000
40% completion = 18,720
Units started and
completed in July = 361,400
Total costs assigned to
units transferred out = $416,120
Cost of ending work in process = 18,720
Total costs assigned = $434,840
Explanation:
a) Data and Calculations:
FIFO Method
Units Degree of Completion
July 1 work in process 18,000 60%
Units transferred out 141,000
July 31 work in process 16,000 45%
Production units available 157,000
Beginning work in process 18,000 40% to be completed
Units started and completed 139,000 100%
