Answer:
cost of goods manufactured= $150,500
Explanation:
Giving the following information:
Purchases $92,000
Materials inventory, March 1 6,000
Materials inventory, March 31 8,000
Direct labor 25,000
Factory overhead 37,000
Work in process inventory, March 1 22,000
Work in process inventory, March 31 23,500
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 22,000 + (6,000 + 92,000 - 8,000) + 25,000 + 37,000 - 23,500
cost of goods manufactured= $150,500
Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for October:
a. All materials are added at the beginning of the process.
b. Beginning work in process had 81,200 units, 20 percent complete with respect to conversion costs.
c. Ending work in process had 16,100 units, 20 percent complete with respect to conversion costs.
d. Started in process, 104,500 units.
Required:
Prepare a physical flow schedule.
Answer:
Middelton Company
Physical flow schedule:
Units
Beginning work in process 81,200
Started in process 104,500
Units in process 185,700
Ending work in process 16,100
Units completed 169,600
Explanation:
a) Physical flow schedule:
Degree of Completion
Units Materials Conversion
Beginning work in process 81,200 100% 20%
Started in process 104,500
Units in process 185,700
Ending work in process 16,100 100% 20%
Units completed 169,600 100% 100%
The Smelting Department of Kiner Company has the following production and cost data for November. Production: Beginning work in process 2,100 units that are 100% complete as to materials and 20% complete as to conversion costs; units transferred out 9,100 units; and ending work in process 7,100 units that are 100% complete as to materials and 40% complete as to conversion costs. Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November.
Answer:
A. 16,200
B. 11,940
Explanation:
Computation for the equivalent units of production for (a) materials and (b) conversion costs for the month of November.
A. Equivalent units of production for materials Materials
Total equivalent units= 9100 + (7100*100%)
Total equivalent units= 9100+7100
Total equivalent units= 16,200
B.Equivalent units of production for conversion costs
Total equivalent units= 9100+ (7100*40%)
Total equivalent units=9100+2840
Total equivalent units= 11,940
Therefore the equivalent units of production for (a) materials is 16,200 and (b) conversion costs for the month of November is 11,940
Which of the following sentences apply correct number style?
a. More than $5,000,000.00 has been allocated to technology infrastructure upgrades.
b. Twenty-seven percent of our entry-level employees have majored in accounting.
c. Dan Yannotti, Director of Health Initiatives, turns 32 this year.
Answer:
The sentence that applies the correct number style is:
c. Dan Yannotti, Director of Health Initiatives, turns 32 this year.
Explanation:
Sentence A's number style should have been formatted like: "More than $5 million ..." Alternatively, it could be formatted as "Five Million Dollars."
Sentence B's number style should have been formatted like: "27% of our ...."
This leaves sentence C as the sentence that applies the correct number style.
A company had inventory on November 1, of 5 units at a cost of $24 each. On November 2, they purchased 14 units at $26 each. On November 6 they purchased 10 units at $29 each. On November 8, 11 units were sold for $59 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
a) $460
b) $471
c) $482
d) $472
e) $458
Answer:
e
Explanation:
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.
If 11 inventories were sold, the inventory left would consist of 13 units purchased on the 2nd and 5 units the company had on the 1st
Inventory value = (13x 26) + (5 x 24) = 458
Suppose that the equilibrium exchange rate (Euro/$) is .90 and the The Federal Reserve decides to fix the exchange rate at .70. What will the Federal Reserve have to do in order to maintain this fixed exchange rate
Answer:
C. The Federal Reserve will need to have official reserves of euros to purchase dollars in the foreign exchange market.
Explanation:
Federal Reserve required to have a euros reserves as it can applied it also at the case when the exchange rate is move upward or downward
For the other things, the fed could restrict the supply with respect to the dollar in the foreign exchange market in order to get it stable that opposed with euro
Therefore the option c is correct
ABC company manufactures two products in one process. Joint processing costs up to the split-off point total $33,600 a year. The company allocates these costs to the joint products on the basis of their total sales values at the split-off point. Each product may be sold at the split-off point or processed further. Data concerning these products appear below:
Product X Product Y Total
Allocated joint processing costs $16,800 $16,800 $33,600
Sales value at split-off point $24,000 $24,000 $48,000
Costs of further processing $15,000 $18,700 $33,700
Sales value after further processing $35,500 $45,100 $80,600
What is the financial advantage (disadvantage) for the company of processing Product X beyond the split-off point?
a. ($3,500)
b. $27,700
c. $20,500
d. $3,700
Answer:
a. ($3,500)
Explanation:
Particulars for Product X Amount
Sales value after further processing $35,500
Less: Sales value at split-off point $24,000
Total incremental revenue $11,500
Less: Total incremental processing costs $15,000
Financial (disadvantage) of further processing ($3,500)
So, the financial disadvantage for the company of processing Product X beyond the split-off point is $3,500.
The Marketing Dept. needs to maximize consumer interest in the company's new financial services by sending marketing emails, targeted ads, and texts at prescribed intervals throughout the initial process of attracting and building a relationship with a customer. Riad's team has a large amount of data from previous marketing campaigns that they can analyze to develop a recommended schedule, taking into account a large variety of factors about different types of customers. What kind of technique will this task force need to employ in order to make these recommendations?
Answer:
Simulation
Explanation:
From the question we are informed about The Marketing Dept. Which needs to maximize consumer interest in the company's new financial services by sending marketing emails, targeted ads, and texts at prescribed intervals throughout the initial process of attracting and building a relationship with a customer. Riad's team has a large amount of data from previous marketing campaigns that they can analyze to develop a recommended schedule, taking into account a large variety of factors about different types of customers. In this case, the kind of technique this task force will need to employ in order to make these recommendations is Simulation.
Simulation can be regarded as imitation of particular operation of a real-world process, real world system within some specific period of time. Most times computers can be used in Execution of the simulation. Simulation can be used in different aspects such as in marketing, education, performance tuning.
Explain how an employee stock ownership plan (ESOP) can be used to fund the sale of a company to employees. Research and explain the process that enabled the employees to be the majority owners of Publix Super Markets to enrich the discussion about employee stock ownership plans.
Answer:look just bee the boss
Explanation:cause thats all ik
YZ Manufacturing uses a normal costing system and had the following data available for 2018: Direct materials purchased on account $116,000 Direct materials requisitioned 65,000 Direct labor cost incurred 102,000 Factory overhead incurred 112,000 Cost of goods manufactured 230,000 Cost of goods sold 198,000 Beginning direct materials inventory 20,000 Beginning WIP inventory 50,000 Beginning finished goods inventory 43,000 Overhead application rate, as a percent of direct-labor costs 116 percent The ending balance of finished goods inventory is ________.
Answer:
the ending balance of the finished goods inventory is $75,000
Explanation:
The computation of the ending balance of the finished goods inventory is shown below:
Beginning finished goods $43,000
Add: Cost of goods manufactured $230,000
Less: Cost of goods sold -$198,000
Ending finished goods inventory $75,000
hence, the ending balance of the finished goods inventory is $75,000
Complete each sentence by selecting the correct term using the drop-down list.
Abbey Company completed the annual count of its inventory. During the count, certain items were identified as requiring special attention. Decide how each item would be handled for Abbey Company's inventory.
items Activities
Goods transit shipped to Abbey (purchaser) FOB Destination
Goods in transit shipped to Abbey (purchaser) FOB Shipping Pont
Goods transit shipped by Abbey (seller) FOU Destination
Goods in transit shipped by Abbey (seller) FOB Shipping Pont
Answer:
FOB destination means "Free on Board Destination.
1. Goods transit shipped to Abbey (purchaser) FOB Destination
Answer: Exclude from inventory
2. Goods in transit shipped to Abbey (purchaser) FOB Shipping Point
Answer: Include in inventory count
3. Goods transit shipped by Abbey (seller) FOB Destination
Answer: Include in inventory
4. Goods in transit shipped by Abbey (seller) FOB Shipping Point
Answer: Exclude from inventory
Eve's Apples opened for business on January 1, 2021, and paid for two insurance policies effective that date. The liability policy was $52,200 for 18 months, and the crop damage policy was $26,400 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2021
Answer:
$20,600
Explanation:
Computation of prepaid insurance
Insurance 1 ($52,200 * 6/18) $17,400
Insurance 2 ($26,400 * 12/24) $13,200
Total Prepaid Insurance $20,600
The Wisconsin Lottery will pay a lottery winner a lump sum payment of $19,046,180 as the final payment of her winnings in four years. If the appropriate discount rate for the payment is 8.6% what is the present value of the payment?
a. $5,191,977.
b. $5,408,309.
c. $116,741.
d. $17,899,197.
e. $17,899,197.
Answer: $13,692,683.93
Explanation:
Present value = Amount / (1 + rate) ^ number of periods
= 19,046,180 / (1 + 8.6%)⁴
= $13,692,683.93
Options are most probably for a variant of this question.
Coachlight Inc. has a periodic inventory system. The company purchased 290 units of inventory at $18.00 per unit and 480 units at $19.00 per unit. What is the weighted average unit cost for these purchases of inventory? (Round your final answer to two decimal places.) a) $18.62 b) $19.00 c) $18.50 d) $18.00
20Y9
2018
Sales
$8,375,000 $7,078,500
Accounts receivable:
Beginning of year
630,000 580,000
End of year
620,000 630,000
a. Determine the accounts receivable turnover for 2049 and 2048. Round answers to one decimal place.
2048:
20Y9:
b. Determine the days' sales in receivables for 2049 and 20Y8. Use 365 days and round all calculations to one decimal place.
20Y8:
days
2019:
days
c. Are the changes in the accounts receivable turnover and days' sales in receivables from 2018 to 2049 favorable or unfavorable?
Answer:
20Y9 20Y8
a. Accounts receivable turnover = 13.4x 11.7x
b. Days' sales in receivable = 27.2 days 31.2 days
c. The changes in the accounts receivable turnover and days' sales in receivables from 20Y8 to 20Y9 are favorable.
Explanation:
a) Data and Calculations:
20Y9 20Y8
Sales $8,375,000 $7,078,500
Accounts receivable:
Beginning of year 630,000 580,000 $1,210,000
End of year 620,000 630,000 $1,250,000
Average accounts
receivable = $625,000 $605,000
($1,250,000/2) ($1,210,000/2)
a. Accounts receivable turnover = Sales/Average accounts receivable
= 13.4x 11.7x
= ($8,375,000/$625,000) ($7,078,500/$605,000)
b. Days' sales in receivable = 365/Accounts receivable turnover
= 27.2 days 31.2 days
= (365/13.4) (365/11.7)
c. The changes in the accounts receivable turnover and days' sales in receivables from 20Y8 to 20Y9 are favorable.
The treasurer of a large corporation wants to invest $43 million in excess short-term cash in a particular money market investment. The prospectus quotes the instrument at a true yield of 3.47 percent; that is, the EAR for this investment is 3.47 percent. However, the treasurer wants to know the money market yield on this instrument to make it comparable to the T-bills and CDs she has already bought. If the term of the instrument is 77 days, what are the bond equivalent and discount yields on this investment? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)
Bond equivalent yield %
Discount yield %
Answer and Explanation:
The computation is shown below:
Given that,
EAR = 3.47%
1.0347 = (1+R ×77 ÷ 365)^365 ÷ 77
Now Take 365/77th root both sides
So,
1+R × 77 ÷ 365 = 1.00722
1+R × 0.2109 = 1.00722
R × 0.2109 =0.00722
R = 0.03423
Thus, Bond Equivalent Yield = 3.423%
Now
Discount Yield = (360 × 0.03423) ÷ (365+77 × 0.03423)
= 12.3244 ÷ 367.6361
= 0.03352
Thus, Discount Yield = 3.352%
A construction company entered into a fixed-price contract to build an office building for $28 million. Construction costs incurred during the first year were $8 million and estimated costs to complete at the end of the year were $12 million.
How much revenue will appear in the company's income statement in the first year using the percentage-of-completion method? (Enter your answer in whole dollars.)
How much gross profit or loss will the company recognize in the first year using the percentage-of-completion method? (Enter your answer in whole dollars.)
Answer:
Total costs = Incurred costs + Estimated costs to complete
Total costs = $8 million + $12 million
Total costs = $20 million
a. How much revenue will appear in the company's income statement in the first year using the percentage-of-completion method?
Revenue to recognize = Incurred costs/Total costs * Contract price
Revenue to recognize = $8 million / $20 million * $28 million
Revenue to recognize = $11.2 million
b. How much gross profit or loss will the company recognize in the first year using the percentage-of-completion method?
Gross Profit to Recognized = Revenue recognized - Costs incurred
Gross Profit to Recognized = $11.2 million - $8 million
Gross Profit to Recognized = $3.2 million
For any positive interest rate the present value of a given annuity will be less than the sum of the cash flows, and the future value of the same annuity will be greater than the sum of the cash flows.
a. True
b. False
In the value chain, what is the term of the activities that are required but not directly add value to the company's products or services sold to the customers
Answer:
In the value chain analysis, the term of the activities that are required but not directly add value to the company's products or services sold to the customers is:
Support or Secondary Activities.
Explanation:
Support or secondary activities are the indirect services that improve the primary activities of the value chain. The secondary or support activities include procurement of input resources, human resources management, infrastructure (accounting, legal, and administrative), and research and development (technology). These support the primary value chain activities, according to Porter's Value Chain, including In-bound logistics, Operations, Outbound logistics, Marketing and Sales, and Customer Services.
Thomas is concerned about his company's ability to pay off its short-term debts. If he wants to know more about his company's liquidity, what should he do?
Calculate his debt to equity ratio
Calculate his net working capital
Calculate his total assets
Calculate his total liabilities
Answer: Calculate his net working capital
Explanation:
The net working capital shows a company's ability to pay off its short term obligations using its current assets.
It is calculated by subtracting the current liabilities of a company from its current assets. When net working capital is high, a company has enough to ensure that it can grow in the short run but when the net working capital is little or negative, the company will have a hard time paying off short term obligations which will affect its financial health.
"How would you need to shift the supply and demand curves in a market to result in a situation where equilibrium quantity increases while the equilibrium price change is indeterminate?"
Answer:
the demand and supply curve shift outward / to the right
Explanation:
Only a change in the price of a good leads to a movement along the demand curve of that good. Also, only a change in the price of the good would lead to an increase or decrease in the quantity demanded of that good.
Other factors other than the change in the price of the good would lead to a shift of the demand curve. Some of those factors include :
1. a change in consumers' expectation
2. a change in the taste of consumers
3. a change in income
A change in price of a good leads to a movement along the supply curve and not a shift of the supply curve.
Other factors other than a change in the price of the good would lead to a shift of the supply curve. Such factors include :
1. A change in the price of input
2. A change in the number of suppliers
3. Government regulations
If the demand curve for a good shifts outward as a result of an increase in demand. Equilibrium price and quantity would increase.
If the supply curve for a good shifts outward as a result of an increase in supply, equilibrium price decreases and quantity increases.
Taking these two effects together, there would be an increase in equilibrium quantity while the equilibrium price change is indeterminate
The following firms in the widget industry have the following market shares:
Spacely Sprocket Widgets 12 %,
Cogswell Cog Widgets 13 %,
Intel Widgets 14 %,
Compaq Widgets 15 %,
IBM Widgets 16%,
Apple Widgets 17 %, &
Microsoft Widgets 13 %.
Required:
Based on this information, what is the Herfindahl Hirschmann Index (HHI) for the Widget Industry ?
Answer: 1,448
Explanation:
The Herfindahl Hirschman Index (HHI) is used to show how concentrated an industry is. A lower score indicates that the industry is not very concentrated because there are multiple firms involved.
A higher score shows that the industry is concentrated and controlled by a few firms.
HHI = ∑ square of every firm market share
= 12² + 13² + 14² + 15² + 16² + 17² + 13²
= 1,448
This industry is relatively competitive.
Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $143,495. Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $6,934 before adjustment on August 31. Required: Journalize the adjusting entry for uncollectible accounts as of August 31. Refer to the chart of accounts for the exact wording of the account titles. KNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. KNOW journals will automatically indent a credit entry when a credit amount is entered.
Answer:
Date Account titles and Explanation Debit Credit
31 Aug. Bad debt expense $136,561
($143,495 - $6,934)
Allowance for doubtful accounts $136,561
(To record computed allowance)
George Johnson recently inherited a large sum of money; he wants to use a portion of this money to set up a trust fund for his two children. The trust fund has two investment options: (1) a bond fund and (2) a stock fund. The projected returns over the life of the investments are 9% for the bond fund and 11% for the stock fund. Whatever portion of the inheritance he finally decides to commit to the trust fund, he wants to invest at least 40% of that amount in the bond fund. In addition, he wants to select a mix that will enable him to obtain a total return of at least 9.5%.
Required:
a. Formulate a linear programming model that can be used to determine the percentage that should be allocated to each of the possible investment alternatives.
b. Solve the problem using the graphical solution procedure.
yo what sup bro I have no idea on what to say so just pray to God and he will give it to you
An aging of a company's accounts receivable indicates that $8400 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $4820 credit balance, the adjustment to record bad debts for the period will require a
Answer: Debit to bad debt expense for $3580.
Explanation:
Based on the information given, the bad debt expense will be:
= Desired balance - Actual balance before adjustment
= $8400 - $4820
= $3580
Based on the above, the journal entry will be:
Debit Bad debt expense $3580
Credit Allowance for uncollectible $3580
The entry to record the amortization of a patent would include a debit to __________ and a credit to __________. Amortization Expense; Patents Amortization Expense; Accumulated Amortization Patents; Accumulated Amortization Patents Expense; Accumulated Amortization
Answer: Amortization Expense; Patents
Explanation:
The entry to record the amortization of a patent would include a debit to the amortization expense and a credit to the patents.
The journal entry will be:
Debit Amortization expenses XX
Credit Patents XX
Therefore, the correct option is A.
On January 2, 2016, Rafa Company purchased a franchise with a useful life of 10 years for $50,000. An additional franchise fee of 3% of franchise operating revenues also must be paid each year to the franchisor. Revenues during 2016 totaled $400,000. In its December 31, 2016, balance sheet, what net amount should Rafa report as an intangible asset-franchise
Answer:
$45,000
Explanation:
Calculation to determine the net amount should Rafa report as an intangible asset-franchise
Acquisition Cost P $50,000
Less: Franchise Amortization $5,000
(P$50,000/10)
Intangible asset-franchise - December 31, 2016 P$45,000
($50,000-$5,000)
Therefore the net amount should Rafa report as an intangible asset-franchise is $45,000
Chun-Li is evaluating an investment that will provide the following returns at the end of each of the following years: year 1, $12,500; year 2, $10,000; year 3, $7,500; year 4, $5,000; year 5, $2,500; year 6, $0; and year 7, $12,500. Chun-Li believes that she should earn an annual rate of 7.5 percent on this investment. How much should Chun-Li pay for this investment
Answer:
39,338.27
Explanation:
The amount he would be willing to pay can be determined by calculating the present value of the cash flows
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow in year 1 = 12,500
Cash flow in year 2 = 10,000
Cash flow in year 3 = 7500
Cash flow in year 4 = 5000
Cash flow in year 5 = 2500
Cash flow in year 6 = 0
Cash flow in year 7 = 12500
I = 7.5
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
Carpenter Inc. had a balance of $89,000 in its quality-assurance warranty liability account as of December 31, 2020. In 2021, Carpenter's warranty expenditures paid were $454,000. Its warranty expense is calculated as 1% of sales. Sales in 2021 were $40.9 million. What was the balance in the warranty liability account as of December 31, 2021
Answer:
$44
Explanation:
Calculation to determine what
was the balance in the warranty liability account as of December 31, 2021
Warranty liability account as of December 31, 2021=(1%*89,000)+(40,900,000*.01)-(1%*$454,000)
Warranty liability account as of December 31, 2021=89+(40,900,000*.01)-454
Warranty liability account as of December 31, 2021=$44
Therefore the balance in the warranty liability account as of December 31, 2021 was $44
Barney Company makes and sells stuffed animals. One product, Michael Bears, sells for $28 per bear. Michael Bears have fixed costs of $100,000 per month and a variable cost of $12 per bear. How many Michael Bears must be produced and sold each month to break even
Answer:
6,250 units
Explanation:
The computation of the number of units that should be sold and produced in order to break even is shown below:
as we know that
Break even point = Fixed cost ÷Contribution margin per unit
Here
Contribution margin per unit = Selling price - Variable costs
= $28 - $12
= $16
So, the breakeven is
= $100,000 ÷ $16
= 6,250 units
Assuming no crowding-out, investment-accelerator, or multiplier effects, a $100 billion increase in government expenditures shifts aggregate demand a. left by $100 billion. b. right by $100 billion. c. left by more than $100 billion. d. right by more than $100 billion.
Answer:
d. right by more than $100 billion.
Explanation:
In the case when the component of an aggregate demand changed because of the presence that means there is a multiplier so there is an increase in the output that should be more than the starting changes in the aggregate demand
So this is because when the aggregate demand curve shift righwards by having more than $100 billion
Therefore the option d is correct
