Answer:
thats a scam ^
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The manager of the Quick Stop Corner convenience store (which is open 360 days per year) sells four cases of Stein soda each day (1440 cases per year). Order costs are $8.00 per order. The lead time for an order is three days. Annual holding costs are equal to $57.60 per case. If the manager orders 16 cases each time she places an order, how many orders would she place in a year
Answer:
90 orders she would place in a year
Explanation:
The total annual cases of Stein soda that the manager buys are 1,440 cases. If she were to place 16 cases in a single order then we would divide the total cases bought in a year by the cases bought in a single order to determine the number of orders the manager would place in a year. As shown below:
No. of orders placed in a year = Annual Total Cases bought / Cases purchased in single order
No. of orders placed in a year = 1,440 / 16
No. of orders placed in a year = 90 orders
Batista Company management wants to maintain a minimum monthly cash balance of $19,900. At the beginning of April, the cash balance is $19,900, expected cash receipts for April are $244,400, and cash disbursements are expected to be $253,300. How much cash, if any, must be borrowed to maintain the desired minimum monthly balance
Answer:
the amount must be borrowed is $8,900
Explanation:
The computation of the amount must be borrowed is shown below:
Opening cash balance $19,900
Add: cash receipts $244,400
Less: cash disbursements -$253,300
Cash balance after disbursements $11,000
Minimum monthly cash balance $19,900
Amount to be borrowed $8,900
hence, the amount must be borrowed is $8,900
True or false? Content marketing is a relatively new practice that became popular in the 1950’s with the boom of advertising firms.
Answer:
true
Explanation:
You manage a cable company that offers 2 channels - NBC and Fox. You face 2 types of customers (type A and type B) and there are 100 customers of each type. Their respective values for each channel are:
Type A Type B
NBC $10 $15
Fox $3 $7
Suppose that you sell each channel separately. You should set a price of $__________ for NBC and a price of $_________ for Fox.
Answer:
You should set a price of $___15_____ for NBC and a price of $___7___ for Fox.
Explanation:
a) Data and Calculations:
Customer Type A Type B Maximum Price
NBC $10 $15 $15
Fox $3 $7 $7
Combined value $13 $22
b) The cost of each channel would have enabled a better decision outcome to be reached. However, it is better to set the maximum prices since individual values can change based on the forces of demand and supply.
A proposed new project has projected sales of $219,000, costs of $96,000, and depreciation of $26,000. The tax rate is 23 percent. Calculate operating cash flow using the four different approaches. (Do not round intermediate calculations.) Top-down
Answer and Explanation:
The computation of the operating cash flow using the four different approaches is shown below:
1. EBIT + depreciation - taxes approach
But before that the net income would be
Sales $219,000
Less cost -$96,000
Less depreciation -$26,000
EBT $97,000
Less tax at 23% -$22,310
Net income $74,690
Now the operating cash flow is
= EBIT + depreciation - taxes
= $97,000 $26,000 - $22,310
= $100,690
2. top down approach
= Sales - cost - taxes
= $219,000 - $96,000 - $22,310
= $100,690
3. Tax shield approach
= (Sales - cost) × (1 - tax rate) + tax rate × depreciation expense
= ($219,000 - $96,000) × 0.23 + 0.23 × $26,000
= $94,710 + $5,980
= $100,690
4. Bottom up approach
= Net income + depreciation
= $74,690 + $26,000
= $100,690
Arendelle Enterprises has inventory of $667,000 in its stores as of December 31. It also has two shipments in-transit that left the suppliers' warehouses by December 28. Both shipments are expected to arrive on January 5. The first shipment of $128,000 was sold f.o.b. destination and the second shipment of $80,000 was sold f.o.b. shipping point. What amount of inventory should Arendelle report on its balance sheet as of December 31
Answer:
$747,000
Explanation:
Calculation to determine What amount of inventory should Arendelle report on its balance sheet as of December 31
December 31 Inventory $667,000
Add Second shipment f.o.b. shipping point of $80,000
December 31 Inventory $747,000
($667,000+$80,000)
Therefore What amount of inventory should Arendelle report on its balance sheet as of December 31 is $747,000
Explain the effects of low price-guarantee on the price.
Answer:
Low price guarantees have adverse effects on consumer behavior. These strategies can cause consumers to become suspicious of the offer and may avoid making the purchase all together.
Low price guarantee is a policy where the seller offer a price is guaranteed to match or beat any other lower price in the market.
Usually, the low price guarantees does persuade the consumers to make purchase, but, it can also have adverse effects on consumer behavior at times.
The strategy of low price-guarantee on the price of the product can cause the consumers to become suspicious and thus, may lead to a decision to avoid making the purchase.
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Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $9,381.58. On that date, the bank statement indicated a balance of $11,828.12. A comparison of returned checks and bank advices revealed the following: Deposits in transit July 31 amounted to $4,650.03. Outstanding checks July 31 totaled $1,908.27. The bank erroneously charged a $422.50 check of Solomon Company against the Sullivan bank account. A bank service charge has not yet been recorded by Sullivan Company of $32.50. Sullivan neglected to record $5,200.00 borrowed from the bank on a ten percent six-month note. The bank statement shows the $5,200.00 as a deposit. Included with the returned checks is a memo indicating that J. Martin's check for $832.00 had been returned NSF. Martin, a customer, had sent the check to pay an account of $858.00 less a $26 discount. Sullivan Company recorded a $141.70 payment for repairs as $1,417.00 Required a. Prepare a bank reconciliation for Sullivan Company at July 31. b. Prepare the journal entry (or entries) necessary to bring the Cash in Bank account into agreement with the reconciled cash balance on the bank reconciliation. Note: Do not round answers - enter using two decimal places, when needed.
Solution :
Sullivan's Company
Bank Reconciliation Statement, July 31
BANK BOOK
Ending balance from $11,828.12 Balance from the ledger $9,381.58
bank statement.
Add : Add :
Deposit in transit $4,650.03 Note payable borrowed $5,200
from bank
Error by bank $422.50 Error in recording payment $1275.3
$ 16,900.65 $15,856.88
Less: Less :
Outstanding checks $1,908.27 Service charge $32.50
NSF Check $832
Reconciled cash balance $ 14992.38 Reconciled cash balance $14992.38
b).
Date Accounts titles and explanations Debit($) Credit($)
July 31 Cash 5,200.00
Notes payable 5,200.00
July 31 Cash 1275.3
Repair expenses 1275.3
July 31 bank charges 32.50
Cash 32.50
July 31 Accounts receivable 832
cash 832
The cashew industry is perfectly competitive and until now each of the identical firms in the industry have been earning zero economic profits while selling ay units of output each (for a combined industry-wide total of qy units) at a market equilibrium price of P1 per unit. An unexpected increase in the demand for cashews raises the market equilibrium price to P2, which creates a situation in which P2 exceeds MC at 91 units of output.
a. If the firms continued producing 91 units each, would their combined output of cashews be too little, too much, or just right to achieve allocative efficiency?
i. Just right
ii. Too much
iii. Too little
b. In the long run, what will happen to the supply of cashews and the price of cashews?
i. The industry's supply of cashews will exceed Q1 and the price of cashews will equal P1.
ii. The industry's supply of cashews will be less than Q1 and the price of cashews will be less than P1.
iii. The industry's supply of cashews will equal Q1 and the price of cashews will equal P2.
iv. The industry's supply of cashews will exceed Q1 and the price of cashews will equal P2.
Answer:
a. iii. Too little
b. i. The industry's supply of cashews will exceed Q1 and the price of cashews will equal P1.
Explanation:
Allocative efficiency refers to the point in production where Marginal Revenue equals Marginal cost. As this is a perfectly competitive market, marginal revenue is the same as price which as shown in the question, exceeds Marginal cost. The firms are therefore producing too little to achieve allocative efficiency and need to produce more to make price and marginal cost equal.
In the long run, the firms will produce more such that supply would exceed the original quantity supplied of Q1. This will lead to the price falling back to P1 as there is now less scarcity.
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand. Not included in the physical count were $25,000 of goods purchased from Pelzer Corporation, FOB, shipping point, and $22,000 of goods sold to Alvarez Company for $30,000, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.
What amount should Stallman report as its December 31 inventory?
In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $8. Assuming there are 360 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Bethke uses a periodic inventory system.
A) Cost of the ending inventory LIFO.
B) Cost of the ending inventory.
Answer:
1. $247,00
A. $2,720
B.$2,220
Explanation:
1. Calculation to determine What amount should Stallman report as its December 31 inventory
Using this formula
December 31 Ending inventory = Inventory count as per physical count + Inventory in transit FOB Shipping point + Inventory in transit FOB destination
Let plug in the formula
December 31 Ending inventory= $200,000 + $25,000+ $22,000
December 31 Ending inventory= $247,000
Therefore What amount should Stallman report as its December 31 inventory is $247,000
A) Calculation to determine the Cost of the ending inventory FIFO.
Cost of ending inventory = (200 units * $8) +(360 units- 200 units * $7)
Cost of ending inventory = (200 units * $8) + (160 units * $7)
Cost of ending inventory= $1,600 + $1,120
Cost of ending inventory= $2,720
Therefore The Cost of ending inventory is $2,720
(b) Calculation to determine The cost of ending inventory under the LIFO method
Cost of ending inventory = (300 units * $6) +(360 units -300 units* $ 7)
Cost of ending inventory = (300 units * $6) + (60 units * $ 7)
Cost of ending inventory = $1,800 + $420
Cost of ending inventory = $2,220
Therefore The cost of ending inventory under the LIFO method will be $2,220
National Dog Week is a dog food manufacturing factory. Suppose the theoretical capacity for the factory is 25,000 pounds/month. A consultant was brought in to determine their average monthly resource utilization. After extensive analysis, the effective capacity averages 20,000 pounds/month. Therefore, the average safety capacity of the factory is _______ pounds/month.
Answer:
National Dog Week
herefore, the average safety capacity of the factory is __5,000__ pounds/month.
Explanation:
a) Data and Calculation:
Theoretical capacity for the factory = 25,000
Effective capacity for the factory = 20,000
Safety capacity for the factory = 5,000
b) The safety capacity of National Dog Week describes the factory's capacity that is not being put to use currently but can be called to use when demand requires it. It is the difference between the factory total usable capacity and the effective currently being used capacity.
Question II - Tina Technology is looking to raise $85,000 worth of capital, and she is looking to raise that money through the internet and still fall under an SEC exemption. How should Tina go about raising that money? Due to the amount of capital she is looking to raise, will Tina be subject to any other special requirements?
Answer and Explanation:
In the given case Tina Technology could use the funding as crowd funding and also can claim exemption from SEC
The provisions are shown below:
The Guideline Crowdfunding could empowered the organizations that should be qualified can offer and sell the protections via crownfunding
The principles are
1. It needs all exchanges that are under Regulation Crowdfunding to arise occur via SEC i.e. enrolled delegation it should be merchant vendor or a financing entrance
2. Permission made to organization for raising a highest measure of $1,070,000 via contributions related to the crownfunding
3. Control the sum of individual specialist that can put total contributions related to the crownfunding
4. It needs the data exposure in order to file with the commission, financial specialist & the middle person for motivating the contribution
The protection that could be purchased in the crowdfunding exchange could not be exchange also the guidelines related to Crowdfunding contributions are based upon the troublemaker that have exclusion arrangement
Vaughn, Inc. had net sales in 2020 of $1,410,300. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $348,200 debit, and Allowance for Doubtful Accounts $2,940 credit. If Vaughn estimates that 10% of its receivables will prove to be uncollectible. Prepare the December 31, 2020, journal entry to record bad debt expense.
Answer:
Date Account Title Debit Credit
Dec. 31 2020 Bad Debt expense $31,880
Allowance for Doubtful Accounts $31,880
Explanation:
Bad debt expense for the period:
= (Estimate of uncollectible receivables) - Allowance for Doubtful accounts credit balance
= (348,200 * 10%) - 2,940
= $31,880
Thermopolis, Inc. reported retained earnings of $490,953 on December 31, 2017. During the year, Thermopolis recorded net income of $135,075 and paid dividends of $57,762. The company had no other transactions that affected retained earnings. What must retained earnings have been on December 31, 2016
Answer:
the Opening retained earning balance is $413,640
Explanation:
The computation of the retained earnings have been on December 31, 2016 is shown below:
As we know that
Ending retained earning balance = Opening retained earning balance + net income - dividend paid
$490,953 = Opening retained earning balance + $135,075 - $57,762
$490,953 = Opening retained earning balance + $77,313
So, the Opening retained earning balance is $413,640
During 2018, Jacobsen wrote off $18,000 in receivables and recovered $6,000 that had been written off in prior years. Jacobsen's December 31, 2017, allowance for doutbful accounts was $40,000. What is the appropriate year-end adjusting entry Jacobson must use to record bad debts expense and update the allowance for doubtful accounts on December 31, 2018
Answer: Debit: Bad debt expense $21400
Credit: Allowance for doubtful debt $21400
Explanation:
Based on the information given, the bad debt expense will be:
= 49400- (40000-18000+6000)]
= 49400 - 28000
= 21,400
The bad debt expenses of $21400 will be debited
The Allowance for doubtful Accounts of $21400 will be credited.
(To record bad debts expense)
University Printers has two service departments (Maintenance and Personnel) and two operating departments (Printing and Developing). Management has decided to allocate maintenance costs on the basis of machine-hours in each department and personnel costs on the basis of labor-hours worked by the employees in each. The following data appear in the company records for the current period:
Maintenance Personnel Printing Developing
Machine-hours — 1,800 1,800 5,400
Labor-hours 650 — 650 2,600
Department direct costs $4,000 $14,000 $15,900 $12,600
Required:
Use the direct method to allocate these service department costs to the operating departments. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations.)
Maintenance Personnel Printing Developing
service dept. costs
maintenance allocation
personnel allocation
total cost allocation
Answer:
Maintenance $0
Personnel $0
Printing $19,700
Developing $26,800
Explanation:
Calculation to allocate these service department costs to the operating departments Using the direct method
Particulars Allocation Basis Maintenance Personnel Printing Developing
Cost as per primary data
$4,000 $14,000 $15,900 $12,600
SERVICE DEPARTMENT COSTS:
Maintenance allocation (S)
$0 $0 $1,000 $3,000
Personnel allocation (S)
$0 $0 $2,800 $11,200
Total Costs Allocated
$0 $0 $19,700 $26,800
Computation for the allocation of costs:
Maintenance = $4,000 *1,800/(1,800+5,400)
Maintenance = $4,000 *1,800/7,200
Maintenance =$1,000
Personnel = $14,000 *650/650+2,600
Personnel=$14,000 *650/3,250
Personnel=$2,800
Maintenance = $4,000 *5,400/(1,800+5,400)
Maintenance = $4,000 *5,400/7,200
Maintenance = $3,000
Personnel = $14,000 *2,600/650+2,600
Personnel = $14,000 *2,600/3,250
Personnel = $11,200
Therefore allocation of these service department costs to the operating departments Using the direct method will be :
Maintenance $0
Personnel $0
Printing $19,700
Developing $26,800
What two factors are necessary for demand?
good or service and its availability in the market.
Answer:
Desire for a good or service and its availability in the market.
Grand River Corporation reported taxable income of $400,000 in year 1 and paid federal income taxes of $160,000. Not included in the computation was a disallowed meals expense of $3,100, tax-exempt income of $2,100, and deferred gain on an installment sale from a prior year of $36,000. The corporation's current earnings and profits for year 1 would be:
Answer: $275,000
Explanation:
Earnings and Profit for the year:
= Taxable income - Federal income taxes - Disallowed meals expense + Tax exempt income + Deferred gain
= 400,000 - 160,000 - 3,100 + 2,100 + 36,000
= $275,000
If Morgan Industries issued a Credit Memorandum on January 20 for a return of $1,100 of merchandise purchased on account by Doug Bowen, plus 6 percent sales tax, the credit memorandum total would be:
Answer:
1166
Explanation:
Morgan industries issued a credit
memorandum of $1100 on January 20th
They also have 6% tax sales
= 6/100 × 1100
= 0.06×1100
= 66
Therefore the total credit memorandum can be calculated as follows
= 1100+66
= 1,166
Hence the credit memorandum total is $1166
Which career would be most interesting to someone with a keen eye for photography and visual design?
A. front-of-the-house restaurant management
B. product sourcing
C. marketing and public relations
D. food styling
Answer:
the career that would be most interesting to some with a keen eye for photography and visual design is food styling.
A discount term of 20/15/5 means: Group of answer choices based on the timing of payment, 1 of the 3 discount options can be applied based on the size of the order, 1 of the 3 options can be applied if all conditions are met, all 3 discounts can be applied to the list price all three discounts are possible but it is rare that all three are able to be applied
Answer: If all conditions are met, all 3 discounts can be applied to the list price
Explanation:
This is a series discount which means the following:
20 is for 20% off the list price which leaves 80%.
15 is for 15% off which leaves 85% and,
5 is for 5% off which leaves 95%.
If all conditions placed by the seller are met, all 3 discounts can be applied to the list price.
They are applied by multiplying the discounted price proportions.
= 0.8 * 0.85 * 0.95
= 0.646 will be the discounted price.
Marshall Motor Homes currently sells 1,160 Class A motor homes, 2,170 Class C motor homes, and 1,600 pop-up trailers each year. It is considering adding a midrange camper and expects that if it does so the firm can sell 800 of them. However, if the new camper is added, the firm expects its Class A sales to decline by 8 percent while the Class C camper sales decline to 1,950 units. The sales of pop-ups will not be affected. Class A motor homes sell for an average of $179,000 each. Class C homes are priced at $64,500, and the pop-ups sell for $5,700 each. The new midrange camper will sell for $26,900. What is the erosion cost of the new camper
Answer:
$30,801,200
Explanation:
Calculation to determine the erosion cost of the new camper
Erosion cost (new camper) = [0.08 × 1,160 × $179,000] + [(2,170 − 1,950) × $64,500]
Erosion cost (new camper)=$16,611,200+$14,190,000
Erosion cost (new camper) = $30,801,200
Therefore the erosion cost of the new camper will be $30,801,200
Pix Company has the following production data for March: no beginning work in process, units started and completed 25,500, and ending work in process 4,400 units that are 100% complete for materials and 40% complete for conversion costs. Pix uses the FIFO method to compute equivalent units. If unit materials cost is $5 and unit conversion cost is $12, determine the costs to be assigned to the units transferred out and the units in ending work in process. The total costs to be assigned are $476,620.
Answer:
Ending Work In Process Cost = $43,120
Units Transferred out Cost = $433,500
Explanation:
Step 1 : Equivalent units calculation
Materials
Ending Work in Process = 4,400 x 100% = 4,400 units
Conversion
Ending Work in Process = 4,400 x 40% = 1,760 units
Step 2 : Total Costs assigned to Ending Work In Process
Ending Work In Process Cost = Materials + Conversion Costs
= 4,400 x $5 + 1,760 x $12
= $43,120
Step 3 : Total Cost of Units Transferred out
Units Transferred out = Total Unit Cost x Units transferred
= $17.00 x 25,500
= $433,500
Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $130,500, allowance for doubtful accounts of $925 (credit) and sales of $1,055,000. If uncollectible accounts are estimated to be 7% of accounts receivable, what is the amount of the bad debts expense adjusting entry
Answer:
the amount of bad debt expense for the adjusting entry is $8,210
Explanation:
The computation of the amount of bad debt expense for the adjusting entry is shown below:
= Unadjusted trial balance × estimated percentage - credit balance of allowance for doubtful accounts
= $130,500 × 7% - $925
= $9,135 - $925
= $8,210
Hence, the amount of bad debt expense for the adjusting entry is $8,210
Ann Jones uses a dry-cleaning machine in her business, and it was partially destroyed by firE. At the time of the fire, the adjusted basis was $20,000 and its fair market value was $18,000. The adjusted basis after the fire is $10,000 and the fair market value after the casualty is $10,000. How much is the casualty loss
Answer:
the casualty loss is $8,000
Explanation:
The computation of the casualty loss is given below:
Lower of
= Adjusted basis or decline in FMV
= $10,000 or ($18,000 - $10,000)
= $10,000 or $8,000
= $8,000
hence, the casualty loss is $8,000
The same would be considered and relevant
The other values would be ignored
Isaiah is a Financial Quantitative Analyst for a major stock investment company. What does Isaiah do on a daily basis as a part of his job?
He researches, analyzes, and summarizes information about fraud.
He assesses financial situations using mathematical models.
He analyzes tax information using mathematical formulas.
He manages the paperwork for buying and selling securities.
Answer:
He researches, analyzes, and summarizes information about fraud.
Answer:
A
Explanation:
He researches, analyzes, and summarizes information about fraud.
At a movie theater box office, all tickets are sequentially prenumbered. At the end of each day, the beginning ticket number is subtracted from the ending number to calculate the number of tickets sold. Then, ticket stubs collected at the theater entrance are counted and compared with the number of tickets sold. Which of the following situations does this control detect?
a. Some customers presented tickets purchased on a previous day when there wasn't a ticket taker at the theater entrance (so the tickets didn't get torn.)
b. A group of kids snuck into the theater through a back door when customers left after a show.
c. The box office cashier accidentally gives too much change to a customer.
d. The ticket taker admits his friends without tickets.
In the short run, the quantity of output that firms supply can deviate from the natural level of output if the actual price level in the economy deviates from the expected price level. Several theories explain how this might happen.
For example, the misperceptions theory asserts that changes in the price level can temporarily mislead firms about what is happening to their output prices. Consider a soybean farmer who expects a price level of 100 in the coming year. If the actual price level turns out to be 90, soybean prices will _________, and if the farmer mistakenly assumes that the price of soybeans declined relative to other prices of goods and services, she will respond by ____________the quantity of soybeans supplied. If other producers in this economy mistake changes in the price level for changes in their relative prices, the unexpected decrease in the price level causes the quantity of output supplied to __________ the natural level of output in the short run. Suppose the economy's short-run aggregate supply (AS) curve is given by the following equation:
Answer:
1. A fall in prices of soybean
2. Reduce quantity she supplies
3. Falls below
Explanation:
We are to fill in the blanks here
1. In this question the farmer expected price level of 100 but the actual price realized was 90 so there would be a fall in the price of soybean.
2. If farmer feels that price of other goods caused this fall, she would reduce the quantity of soybean that she supplies
3. The quantity supplied is then going to fall below natural level in the short run
Your losses from a stolen ATM card are unlimited if you fail to report unauthorized use within 30 days after your statement is mailed to you.
a. True
b. False
Bentley Enterprises uses process costing to control costs in the manufacture of Dust Sensors for the mining industry. The following information pertains to operations for November. (CMA Exam adapted) Units Work in process, November 1st 16,300 Started in production during November 100,600 Work in process, November 30th 24,600 The beginning inventory was 60% complete as to materials and 20% complete as to conversion costs. The ending inventory was 90% complete as to materials and 40% complete as to conversion costs. Costs pertaining to November are as follows: Beginning inventory: direct materials, $55,160; direct labor, $20,620; manufacturing overhead, $15,540. Costs incurred during the month: direct materials, $470,970; direct labor, $190,740; manufacturing overhead, $399,080. What are the total costs in the ending Work-in-Process Inventory assuming Bentley uses first-in, first-out (FIFO) process costing
Answer:
$146,443.80
Explanation:
Step 1 : Equivalent Units of Production
FIFO method is interested with Units worked on during the Production Period. Therefore make sure you begin by finishing Opening Work in Process Units.
1. Materials
To Finish Work in Process Inventory (16,300 x 40%) 6,520
Started and Completed (100,600 - 16,300) x 100 % 84,300
Ending Inventory (24,600 x 90%) 22,140
Equivalent units of Production 112,960
2. Conversion Cost
To Finish Work in Process Inventory (16,300 x 80%) 13,040
Started and Completed (100,600 - 16,300) x 100 % 84,300
Ending Inventory (24,600 x 40%) 9,840
Equivalent units of Production 107,180
Step 2 : Cost per equivalent unit
FIFO method is only interested in Costs incurred during the Production Period, therefore Cost in Beginning Inventory must be ignored as these were accounted for in previous year.
Cost per equivalent unit = Total Cost ÷ Total Equivalent Units
Materials = $470,970 ÷ 112,960 = $4.17
Conversion Costs = ($190,740 + $399,080) ÷ 107,180 = $5.50
Step 3 : Cost in the ending Work-in-Process Inventory
Work-in-Process Inventory = Material Cost + Conversion Cost
= 22,140 x $4.17 + 9,840 x $5.50
= $146,443.80
Conclusion :
The total costs in the ending Work-in-Process Inventory assuming Bentley uses first-in, first-out (FIFO) process costing is $146,443.80
