TryFit Co. uses process costing to account for the production of energy food bars. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning inventory consisted of $13,000 in materials and $10,000 in conversion costs. April costs were $42,000 for materials and $46,000 for conversion costs. During April 14,000 units were completed. Ending work in process inventory was 10,000 units (100% complete for materials, 50% for conversion). The value of ending inventory using the weighted average method would be closest to: (Round your intermediate calculations to four decimal places.) Multiple Choice $30,487.40 $37,654.00 $79,520.80 $46,454.00
Answers
Answer:
$37,654.00
Explanation:
beginning WIP = $13,000 + $10,000 = $23,000
costs added during the month = $42,000 + $46,000 = $88,000
total materials costs = $55,000
materials cost per EUP = $55,000 / 24,000 units = $2.29
total conversion costs = $56,000
conversion cost per EUP = $56,000 / 19,000 = $2.95
ending inventory = (10,000 x $2.29) + (10,000 x $2.95 x 50%) = $37,650
Related Questions
Derek Davis, the sole proprietor of DD's Jam Shoppe, started trading on 1 January 2015 and provides you with the following list of balances which was extracted from his books on 31 March 2015. §. Inventory on 31 March 2015 was valued at · . ● Bank . Cash Accounts Receivable Accounts Payable Fixtures, Fittings and Equipment Premises Capital Transportation Out Discounts Wages and Salaries Utilities (including water rates) Rent Revenue Loan 1 Gross Income 1 654 6 875 9020/JANUARY/F 2016 699 450 7 780 25 000 396 160 4 750 1 180 1922 32 484 Additional information at 31 March 2015: Fixtures, Fittings and Equipment is to be depreciated at 20% per annum, using the straight line method. 185 3 000 2 560 8 793 One employee has not yet been paid his wages of $900. The Water Company has a credit of $160 for payment received in advance. 4 Mr Davis rents part of his shop premises to a tenant, who owes $1 500 in rent for the month of March. Interest is to be calculated on the Loan at the rate of 15% per annum.
Answers
Here is the financial statement for Derek Davis's sole proprietorship:
The financial statementDerek Davis, sole proprietor of DD's Jam Shoppe, had the following balances as of March 31, 2015:
Cash: $1,654
Accounts receivable: $6,875
Inventory: $9,020
Accounts payable: $4,500
Fixtures, fittings, and equipment: $7,780
Premises: $25,000
Capital: $39,616
Transportation out: $160
Discounts: $4,750
Wages and salaries: $1,180
Utilities (including water rates): $1,922
Rent revenue: $32,484
Loan: $185
Gross income: $8,793
Additional information:
Fixtures, fittings, and equipment are to be depreciated at 20% per annum, using the straight line method.
One employee has not yet been paid his wages of $900.
The Water Company has a credit of $160 for payment received in advance.
Mr. Davis rents part of his shop premises to a tenant, who owes $1,500 in rent for the month of March.
Interest is to be calculated on the Loan at the rate of 15% per annum.
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how many cowboy hats can you fit on your head
Answers
Answer:
7
Explanation:
PLEASE HELP!!!! WILL GIVE BRAINLIEST!!!
Is the second one correct (the answer I chose is in blue)
Answers
Someone is retiring next year.What would be an appropriate amount of risk to take with their investments?
Answers
what does a hanging indent look like?
Answers
The journal entry to write-off a significant underapplied overhead balance at the end of an accounting period is:
A. Applied Manufacturing Overhead xxx
Cost of Goods Sold xxx
Manufacturing Overhead Control xxx
B. Applied Manufacturing Overhead xxx
Cost of Goods Sold xxx
Manufacturing Overhead Control xxx
C. Applied Manufacturing Overhead xxx
Work-In-Process Inventory xxx
Finished Goods Inventory xxx
Cost of Goods Sold xxx
Manufacturing Overhead Control xxx
D. Applied Manufacturing Overhead xxx
Work-In-Process Inventory xxx
Finished Goods Inventory xxx
Cost of Goods Sold xxx
Manufacturing Overhead Control xxx
Option A
Option B
Option C
Option D
Answers
Answer:
Option C
Explanation:
The journal entry to write-off underapplied overhead is shown below:
Applied Manufacturing Overhead xxx
To Work-In-Process Inventory xxx
To Finished Goods Inventory xxx
To Cost of Goods Sold xxx
To Manufacturing Overhead Control xxx
(Being the underapplied overhead written off is recorded)
The work in process inventory, finished goods inventory, and the cost of goods sold would be written off based on the overhead applied.
XYZ company's prime costs total OMR 3,000,000 and its conversion costs
total OMR 7,000,000. If direct materials are OMR 2,000,000 and factory
overhead is OMR 6,000,000, then direct laboris
OMR 2,000,000 a
OMR 1,000,000 b
X
OMR 4,000,000
.c
OMR 3,000,000 d
OMR 3,500,000 e
Answers
Answer:
ok
Explanation:
critcism of modern management theory
Answers
Critics argue modern management theory is rigid, short-sighted, lacks inclusivity, and limits employee empowerment and engagement.
Modern management theory has received its fair share of criticism. One critique is its overemphasis on rigid hierarchical structures, which can stifle creativity and hinder employee autonomy. Another criticism is the focus on short-term financial gains, often at the expense of long-term sustainability and employee well-being. Critics argue that this approach neglects the importance of social and environmental factors in organizational success. Additionally, modern management theory is often criticized for its lack of inclusivity and failure to address issues of diversity and equity. Furthermore, some argue that the reliance on top-down decision-making and command-and-control structures limits employee engagement and empowerment. These criticisms highlight the need for a more flexible, holistic, and human-centered approach to management that takes into account the complex dynamics of organizations and their impact on individuals and society.For more such questions on Modern management theory:
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Which of the following survey response methods is the most difficult for researchers to code for evaluation:
Answers
Answer:
No options are given, but the most commonly used survey response methods are:
Multiple choice questions = generally easy to codeRating scale questions = also easy to code, since response scales have a finite number of choices, e.g. 2 true/false, 3 agree/disagree/undecided, 5 very bad/bad/fair/good/excellent Matrix questions. = are a little bit more complex since they involve several rating scale questions, but it is not something difficult eitherDropdown questions. = similar to multiple choice questionsOpen-ended questions. = this are hard to code since each subject can respond different things, e.g. the thing that I like the most about this project is bla, bla, bla. There are no pre-set answers given to the subjects. THIS TYPE IS THE MOST DIFFICULT TO CODE.Demographic questions = similar to multiple choiceRanking questions = similar to scaled questionsQUESTION 1 Explain to the owners of Miss K the concepts of the product line depth and product line breadth using practical examples relating to the 40Foods Distributors case study (2 marks will be awarded for the theoretical discussion and 2 marks for the practical examples relating to the case study
Answers
The concepts of the product line depth and product line breadth using practical examples relating to the 40Foods Distributors.
The product line refers to the number of products that a company offers within a particular product line
The product line depth and product line breadth are two important concepts in product management.
In the case of 40Foods Distributors, product line depth can be in the variety of products offered within each product line.
In the 40 Foods distributors, the product lines for dairy, bakery, meat, frozen foods, and other grocery items.
Therefore, the product line depth and product line breadth are two important concepts in product management.
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Which of the following might be part of a business case in favor of the mount lemmon fire district hiring employees with a broader range of ages
Answers
The option that demonstrates a business case in favor of the Mount Lemmon fire district hiring employees with a broader range of ages is: Firefighters who are older might also have more valuable experience.
A business case that favors an entity is one that is beneficial to the growth of the business.
When a business decides to hire individuals from a younger age bracket to an older age bracket, they are doing this not just to suit the law but to also benefit themselves. If the older firefighters have more experience on the job, then they have more capable hands to help their business.So, hiring older firefighters with more experience might be a purpose of hiring employees with a broader age range.
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The purpose of making a learning document is to
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The purpose of making a learning document is to check to see if the learning needed to get the desired results is actually occurring.
More about learning document:
Making thought about learning processes visible, meaningful, shareable, and amplified is accomplished through the process of documenting learning.
By assisting students in reflecting on and articulating their own learning processes, it supports student-driven learning. Additionally, it supports teachers' reflection on their own growth and instructional methods.
When teachers and their students co-create together, both parties acquire important insights that guide current learning and encourage students to become active learners.
This learning document explains the objectives and various forms of documentation and gives real-world examples of documentation in educational settings
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One problem with using email is that
Answers
Answer:
On emails you could be introduced to virus's that can enter your computer! Which is why most people fo not open emails from random strangers.
Explanation:
not sure if this is the answer you're looking for, but hope it helps!
Angela has an annual contract with Stenbach Service Centre to provide property maintenance services; this includes lawn care, snow removal and parking lot maintenance. Angela spends, on average, 20 hours per week working at the company’s premises and is paid a flat amount monthly. She hires part-time workers, when necessary, to assist her. Angela does not have any other clients.
Angela uses her own small tools; however the company supplies and maintains a riding lawn mower and a snow plow for her use. Her contact at the company is Chris Moore, the Facilities Manager, who meets with her every Monday to discuss the work to be done that week. Chris approves Angela’s monthly invoices and submits them to Accounts Payable.
Does Angela have a contract of service or a contract for service with Stenbach Service Centre As the company’s Payroll Supervisor, explain to Chris the process and factors you used to make your decision.
Answers
Answer:
Angela and Stenbach Service Centre
Contract for Service and Contract of Service:
1. Angela has a contract for service.
2. Factors used to decide whether a contract is for service or of service:
a) Employment terms are slightly different from business contract terms.
b) Employees are paid Wages and Salaries, while contractors are paid fees.
c) Employees do not submit monthly invoices for payment, but contractors do.
d) Angela fills tax forms for herself and remits the taxes, so she is self-accounting with respect to her income taxes, unless withholding taxes like Sales taxes. An employee's income tax is deducted from her salary before payment and the company remits the taxes to the IRS.
Explanation:
The agreement between Angela, a self-employed individual, and Stenbach Service Centre is a contract for service. A contract of service is an employment contract between Stenbach Service Centre, the employer, and the Payables Supervisor, an employee, for example. Essentially, Angela can be described as an outsourcer for services vendor or service provider to Stenbach Service Centre, an outsourcer of service company. Angela is engaged for a fee to carry out property maintenance services, including lawn care, snow removal, and parking lot maintenance. She is an independent contractor with Stenbach. She does not need to work on any day and she can subcontract her work by hiring others to help her discharge the service. An employee, like Chris, cannot hire another person to discharge his responsibilities and must work on designed days.
Another important difference is that Angela submits monthly invoices for actual work done. An employee does not have to submit an invoice in order to be paid for work done. Angela's invoices will not be of the same amount from one month to the other, unlike Chris' whose salary pay sheet may be static in amount from month to month.
You earn $1800 working at a summer job. You decide to put it into an account and leave it there for four years while you are in college. The principal will earn 2.25% simple interest. How much will you have in your account at the end of three years?
Answers
Answer:
1962
Explanation:
the formula is
A=p(1+rt)
A=1,800×(1+0.0225×4)
A=1962
The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item Units Cost per Unit Net Realizable Value RSK-89013 550 $38 $44 LKW-91247 329 49 45 QEC-57429 462 25 33 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-item basis. $ 2. Prepare the journal entry required to value the inventory at lower of cost or market. (Inventory adjustment to market value)
Answers
Answer:
1. $47,255
2. Dr Cost of goods sold account $1,316
Cr Inventory account $1,316
Explanation:
Please find attached detailed solution to the above questions and answers.
Wally's Walleyes wants to introduce a new product that has a start-up cost of $7,800. The product has a 2-year life and will provide cash flows of $4,500 in Year 1 and $4,300 in Year 2. The required rate of return is 15 percent. Should the product be introduced? Why or why not?
Answers
The calculated NPV is negative, indicating that the present value of expected cash flows does not exceed the start-up cost of the project. In other words, the project is expected to generate a net loss.
To determine whether Wally's Walleyes should introduce the new product, we can calculate the net present value (NPV) of the project. The NPV measures the present value of expected cash flows, taking into account the required rate of return.
To calculate the NPV, we need to discount the cash flows using the required rate of return (15 percent). The formula for calculating NPV is:
NPV = Cash Flow Year 1 / (1 + Required Rate of Return)^1 + Cash Flow Year 2 / (1 + Required Rate of Return)^2 - Start-up Cost
\(NPV = $4,500 / (1 + 0.15)^1 + $4,300 / (1 + 0.15)^2 - $7,800\)
\(NPV = $4,500 / 1.15 + $4,300 / (1.15)^2 - $7,800\)
NPV = $3,913.04 + $3,537.41 - $7,800
NPV = -$350.55
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consumers use expanded decisions when purchasing?
Answers
Answer:
Consumers use expanded decisions when purchasing high-priced, complex, or unfamiliar products. Expanded decision-making involves a high level of involvement by the consumer, who engages in extensive information search, evaluation of alternatives, and consideration of the consequences of the decision. This type of decision-making is often used for products that are expensive, have a high degree of risk, or are infrequently purchased. For example, a consumer might use expanded decision-making when purchasing a car, a home, or a college education. In contrast, for products that are low-priced, frequently purchased, or have low risk, consumers often use limited decision-making or routine decision-making.
hope it helps you...
TarHeel Corporation reported pretax book income of $1,010,000. During the current year, the net reserve for warranties increased by $100,500. In addition, tax depreciation exceeded book depreciation by $202,500. Finally, TarHeel subtracted a dividends received deduction of $52,000 in computing its current year taxable income. TarHeel accounting effective tax rate is:
Answer : 19.92% The effective tax rate is the hypothetical tax rate (21 percent) adjusted for the tax cost or benefit from permanent differences. In this example, the dividends received deduction reduces the effective tax rate by 1.08118 percent ($52,000 × 21 percent = $10,920 / $1,010,000). 21-1.08118=19.918% or rounded to 19.92%
Answers
Tar Heel accounting successful tax rate is 17.7%
The Effective Tax Rate is determined by separating all government and state annual duty costs by Pre-tax income.
So we should compute the assessment cost and afterward partition it by the Pre-tax income.
To compute the Assessment pay we will do the accompanying,
= Pre-tax pay + expansion in net guarantee save (available) - Overabundance Assessment Deterioration Cost - Profits got (not to be burdened)
= $1,010,000 + $100,500 - $202,500 - $52,000
= $856,000
The available pay is thusly $856,000.
The charge rate is 21% so the assessment cost is,
=$856,500 * 0.21
= $179,760
We will currently isolate the charge Cost by the Pre-charge pay to find the Powerful Duty Rate.
= $179,760 / $1,010,000
= 0.177
= 17.7%
Tar Heel's bookkeeping successful assessment rate is 17.7%
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Albert and his family sell beverages outside the stadium during local football matches. Local football matches take place every day because they are the main form of entertainment in the town. Albert knows that demand for beverages will depend on whom the local team is playing against. Albert has a large amount of beverages stored at home, and whatever does not get sold one day, will be stored for the next day. Based on the expected demand, Albert determines how many coolers will be needed for that day and rents the appropriate number of coolers from a local supplier (the only local supplier of coolers in town). The local supplier of coolers is an avid football fan and therefore opens the store only for a few hours early in the morning before the game. Once Albert has rented the coolers, the store closes until the next day. Which of the following statements are correct about Albert's business?A. For Georgina's business, the number of beverages is always a variable factor and the number of coolers is always a fixed factor. B. Before deciding how many coolers to rent, as long as the supply store is still open, Georgina is facing a long- run decision. C. Once Georgina has rented the coolers and the supplier has closed the store, Georgina is facing a long-run decision. D. Specifically for this problem, the long run could be described as roughly 24 hours. E. The long run is never less than 1 year.
Answers
Answer:
The correct statements about Albert's business:
C. Once Georgina has rented the coolers and the supplier has closed the store, Georgina is facing a long-run decision.
D. Specifically for this problem, the long run could be described as roughly 24 hours.
Explanation:
From the scenario, the variable factors are the number of beverages and the number of coolers for Albert's business. This is because the number of beverages and the number of coolers depend on demand. This eliminates option A. Option B is not a long-run decision but a short-run one. The long-run is a time period when the decision-maker cannot change her decisions to meet the prevailing demands.
3. When an account such as “Accounts Payable” has a credit balance and a credit entry is posted to the account, the account balance is:
a. Increased
b. Decreased
c. Can be increased or decreased
d. None of the above
Answers
By matching revenue earned during the accounting period to related incurred expenses
a.net income or loss will always be overestimated
b.net income or loss will be properly reported on the income statement
c.net income or loss will always be underestimated
d.net income or loss will not be determined
Answers
2. Fees received but not yet earned.Unearned revenue
3. Fees earned but not yet received.Accrued revenue
4. Premium paid on a one-year insurance policy.Prepaid expense
5. Rent received in advance for rental of office space.Unearned revenue
6. Supplies on hand.Prepaid expense
7. Rent paid in advance.Prepaid expense
8. Wages owed but payable in the following period
Net income or loss will be properly reported on the income statement by matching revenue earned during the accounting period to related incurred expenses.
According to Matching concept in Accounting, Expenses and related revenue must be recorded in the same accounting period.
The purpose of this concept is to avoid possible mis-statement of earnings for a period.Adhering to this concept ensures proper entry into the income statement.In short, revenues and expenses must recognized in the same period.In conclusion, the net income or loss will be properly reported on the income statement if the concept are used.
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Harlow Appliance has just developed a new air fryer it believes will have broad market appeal. The company has performed marketing and cost studies that revealed the below information:
Answers
Based on the positive NPV of $419,910, I would recommend that Harlow accept the device as a new product.
Net cash inflow for each year:Year Sales in units Sales Revenue Variable Costs Contribution Margin Fixed Expenses Net Cash Inflow
1 6,000 $420,000 $240,000 $180,000 $130,000 $50,000
2 9,000 $630,000 $360,000 $270,000 $130,000 $140,000
3 10,000 $700,000 $400,000 $300,000 $130,000 $170,000
4 12,000 $840,000 $480,000 $360,000 $130,000 $230,000
5 9,000 $630,000 $360,000 $270,000 $130,000 $140,000
6 7,000 $490,000 $280,000 $210,000 $130,000 $80,000
Step 2/5
b. Based on the positive NPV of $419,910, I would recommend that Harlow accept the device as a new product. The NPV indicates that the project is expected to generate more cash inflows than outflows, providing a return higher than the required rate of return of 10%.
Step 3/5
3.
a. NPV calculation with a required rate of return of 12%:
Year Net Cash Inflow Present Value Factor (12%) Present Value
1 $50,000 0.893 $44,650
2 $140,000 0.797 $111,940
3 $170,000 0.712 $121,040
4 $230,000 0.636 $146,280
5 $140,000 0.567 $79,380
6 $80,000 0.507 $40,560
NPV = Present Value of Net Cash Inflows - Initial Investment
= ($543,850 - $157,500)
= $386,350
Step 4/5
b. Based on the positive NPV of $386,350, I would still recommend that Harlow accept the device as a new product even with a higher required rate of return of 12%. The project is still expected to generate more cash inflows than outflows, providing a return higher than the required rate of return.
Step 5/5
4. The general observation is that as the required rate of return increases from 10% to 12%, the NPV decreases from $419,910 to $386,350.
This suggests that the higher the required rate of return, the lower the expected return on investment for the project, which may reduce the project's attractiveness.
However, the project still generates a positive NPV at both
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Harlow Appliance has just developed a new air fryer it believes will have broad market appeal. The company has performed marketing and cost studies that revealed the below information:
A. New equipment would have to be acquired to produce the air fryer. The equipment would cost $157,500 and have a six-year useful life. After six years, it would have a salvage value of $7,500.
B. Sales in units over the next six years are projected to be as follows:
YEAR
SALES IN UNITS
1
4,500
2
6,000
3
7,000
4-6
10,000
C. Production and sales of the air fryer would require working capital of $30,000 to finance accounts receivable, inventories, and day-to-day cash needs. This working capital would be released at the end of the project’s life.
D. The air fryer would sell for $70 each; variable costs for production, administration, and sales would be $40 per unit.
E. Fixed costs for salaries, maintenance, property taxes, insurance, and straight-line depreciation on the equipment would total $100,000 per year. (Depreciation is based on cost less salvage value.)
F. To gain rapid entry into the market, the company would have to advertise and the costs would be:
YEAR
ANNUAL ADVERTISING ($)
1-2
$135,000
3
$112,500
4-6
$90,000
G. The company’s required rate of return is 10%.
Requirements
Based on the above details, please complete the below requirements for a total grade of 60 marks (5%).
1. Compute the net cash inflow (incremental contribution margin minus incremental fixed expenses) anticipated from sale of the device for each year over the next six years. (20 marks)
2. Using the data computed in (1) above and other data provided in the case,
(a) determine the net present value of the proposed investment rounding present value factors to three decimal places and amounts to whole dollars. (18 marks)
(b) Would you recommend that Harlow accept the device as a new product? Why? (2 marks)
3. Assuming instead that the required rate of return is 12% rather than 10%,
(a) determine the net present value of the proposed investment rounding present value factors to three decimal places and amounts to whole dollars. (15 marks)
(b) Would you recommend that Harlow accept the device as a new product? Why? (2 marks)
4. When comparing parts 2 and 3, what general observation do you notice? (1 mark)
A retailer had the following information: 30 November 2019 Inventory on hand at cost (incl. VAT) R17 250 R13 800 December 2019 Sales (at cost plus 25% December 2019 Purchases at cost (incl. VAT) mark-up) (incl. VAT) R18 400 The estimated cost of inventory to be shown on the retailer's statement of financial position as at 31 December 2019 is?
Answers
A retailer has the following information The estimated cost of inventory to be from ACCOUNTING 101 at Far Eastern University
which of the following in the rental market for housing benefits renters, but makes it unprofitable for suppliers or landowners? multiple choice question. a price floor a price ceiling a negative externality equilibrium price
Answers
The rental market for housing benefits renters, but makes it unprofitable for suppliers or landowners, was the price ceiling.
What is the market?The entire number of buyers and histrion in the area or body part under thought process is referred to as the market. Material, as well as several nations, body part, states, and municipalities, maybe the subject. The worth, expense.
As, the term price ceiling were refers as the government that was imposed the price control of the limit on a high price is charged for the product as well the commodities.
Therefore, The right option (B) is correct.
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A database program would probably be used to
Answers
Answer:
The application scope of the database is very wide, such as the student information management system, course selection system, as well as the telecommunications department payment system, statistical system, and online game account management, etc., can be said that the current software, especially the network application software, is to use the database
Answer:
A database program would probably be used to track purchases on a commercial website.
Explanation:
A database is the heart of a business information system and provides file creation, data entry, query and reporting functions.
Does the government control all market activity in the United States?
Answers
Answer:
Not directly. That would be fascist. There are some regulations placed on some businesses, but owners direct their own businesses.
Jamie McFarland has determined that the value of her liquid assets is $4,700, the value of her real estate is $128,000, the value of her personal possessions is $57,000, and the value of her investment assets is $72,000. She has also determined the value of her current liabilities is $7,200 and the value of her long-term liabilities is $97,000. What is the total value of her assets?
Answers
Answer:
Explanation:
vcxdszetrxdyctfuvgibhonjnobvicrxewtzrexytcuytviyubuinm'nubyvutcyrtxerze
hola como estan todos
Answers
Answer:
Estoy haciendo las gracias buenas
Explanation:
.
Answer:
bien y tu
Explanation:
fittings for GH$1,000. The useful life of the trademark is estimated to be 100 years. (1 point) ABC Ltd commenced business on 1 September, 2011. He keeps accounts to 31 December each year. The basis period for ABC Ltd for 2013 year of assessment is.. A. GH$4,500 B. GHC6,000 C. GHÇ3,000 )D. GHC3,500 E. 1/9/12 - 31/8/13 F. 1/1/13 - 31/12/13 G. 1/7/12 - 30/6/13 H. 1/6/12 - 31/5/13
Answers
The basis period for ABC Ltd, which commenced business on September 1, 2011, but keeps accounts to December 31 of each year, for the year 2013 year of assessment is F. 1/1/13 - 31/12/13.
What is the basis period?The basis period is the financial year for which a business is assessed for tax.
The basis period of a business follows the normal accounting period of the entity instead of the fiscal year of the taxation authority or the government.
For a business that commenced in 2011, but keeps accounts to December 31, the basis period for the later years agree with the accounting period ending on December 31.
Thus, we can conclude that the correct basis period is Option F.
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