ASAP Kindly give a full explanation for each option why it is correct or why others are wrong   1 Both the equivalent units schedules and the physical flow are prerequisites to calculating the a)  unit cost. b)  cost reconciliation. c)  weighted average. d)  operating costs

Q: Under Pick Co.’s job order costing system-manufacturing overhead is applied to work in process using...

A: Solution: Job costing is accounting which tracks the costs and revenues by "job" and enables standar...

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A: While determining the value of a number, the left most digit are the ones then the nest digit is in ...

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A: A warrant is a written order by one person instructing or authorising another person to pay a certai...

Q: A machine costing RM100,000 depreciates RM10,000 for the first year RM9,000 for the second year, RM8...

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or chang...

Q: Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 20...

A: The refund liability = 2% FOB shipping point means the buyer pays the freight charges. FOB destinati...

Q: The TOYO Manufacturing Company has the following financial information: ·         Manufacturing ove...

A: Total cost of manufacturing = costs of direct materials used + direct labor costs + manufacturing ov...

Q: In June of the current year, Department 2 (last department) received 80,000 units from Department 1....

A:

Q: Partners A, B, C and D are partners of ABC Partnership who shares profits and losses in the ratio of...

A: Calculation of Net Income after deduction of Salary and Bonus Net Income after Salary and Bonus = P ...

Q: alculate the overhead rate using activity based costing. (Round answers to 2 decimal places, e.g. 12...

A: EcoFabrics has budgeted overhead costs of $1,039,500. It has two main products - Wool and cotton. Th...

Q: Exercise 4-16 (Algo) Computing net sales for multiple-step income statement LO P4 A company reports ...

A: Lets understand the basics. Income statement is prepared to understand the income, expenses and net ...

Q: An animal shelter plans to sell T-shirts bearing their logo at an upcoming crafts fair. They find a ...

A: Cost of inventory = Cost of purchase + Cost of logo printing + Cost of freight in

Q: Purchased a new printing machine on Dec. 2 at an invoice price of P4,000,000 with terms 2/10, n/30. ...

A: As per our protocol we provide solution to the one question only but as you have asked multiple acqu...

Q: d B from a joint process that also yields a by-product, X. Alphabet accounts for the revenues from i...

A: Joint costs are those costs which are incurred on two or more than two products simultaneoulsy and w...

Q: the implementation of a new system would have a payback period of 5 years while gaining Php 175,000 ...

A: 1)Payback period is a period which shows how much time a project takes to recover the initial invest...

Q: The capital contribution of Gian should be

A: Partnership means a group of persons who come together with a purpose to control and manage the oper...

Q: The Love Manufacturing Company has the following financial information: ·         Manufacturing ove...

A: The Cost of Goods Sold (COGS) is the cumulative total of direct costs incurred for the goods or serv...

Q: Direct Labor Variances The following data relate to labor cost for production of 5,800 cellular tel...

A: Direct Labor Rate Varaince = Actual Hours * (Actual rate per hour - Standard Rate Per Hour )   ...

Q: On January 1, 2022, A and B formed a partnership by contributing P200,000 and P180,000 respectively....

A: The question is related to Partnership Accounting. The details are given regarding capital introduce...

Q: The total cost assigned to job 777C is P24,000 which includes direct materials cost of P6,000. The f...

A: Conversion cost  = Total cost - Direct material cost = P24,000 - P6,000 = P18,000   Conversion cost ...

Q: Moustapha transfers a capital asset with a $60,000 adjusted basis to X Corp in a Section 351 transac...

A: Total basis refers to the amount which is paid in securing as well as holding the particular investm...

Q: Leprechan Inc. had the following stock and convertible securities outstanding on January 1: • 750,00...

A: Earnings per share (EPS) is calculated by dividing a company's profit by the number of shares of com...

Q: PROBLEM 5. Austin Company produces a single product. The projected income statement for the coming y...

A: Break even point in units = Fixed cost/Contribution margin per unit Variable cost per unit = P1,100,...

Q: The Cougars football team sells season tickets in advance for $480 each. The season consists of 16 g...

A: Revenue means the amount earned by selling the goods or services. Unearned revenue means the amount ...

Q: Which of the following journal entry is appropriate to recognize that a not-for-profit organization ...

A: Debit column should always be equal to credit column in journal entry. The question says says,  Cash...

Q: SALES AND CASH RECEIPTS TRANSACTIONS Paul Jackson owns a retail business. The following sales, retur...

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into debi...

Q: , is best defined as An asset account An account showing the benefits to be paid to the employee An...

A: An asset account is an account that keeps track of a company's assets. Capital expenditures are dedu...

Q: Prepare the journal entry for the following transactions (1) Geysler Company sold some old equipment...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: A, B and C formed a partnership on June 1, 2019. A is an industrial partner while B and Care capital...

A: Profit or loss from partnership business should be shared between the partners in their profit shari...

Q: Question 1: HKU Leasing agrees to lease equipment to Minion Furniture on January 1, 20X1. The follow...

A: Lease- It is a contract in which the lessee leases an asset from the lessor for a predetermined peri...

Q: What are the benefits of Activity-based costing: a.All of the answers are correct b.It assists in ...

A: Activity-based costing is a cost accounting method which groups each operation into an activity and ...

Q: Work in Process, January 1: Materials Conversion Cost Added this month: Materials 25,000 30,000 240,...

A: Units in Completed and Transferred The cost of the Completed and Transferred consist of: 1. Transfer...

Q: make a comparative analysis (between year 2019 and 2020) and find current ratio, acid test ratio and...

A: The current ratio refers to how many current assets are available to cover the current liabilities o...

Q: Winger Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par valu...

A: There are three golden rules in accounting for recording the transaction : Debit what comes in , C...

Q: The stockholders’ equity section of Sweet Corporation appears below as of December 31, 2017. 8% p...

A: Earnings per Share - Earnings per share is the income earned by the company to the shareholder's of ...

Q: Identify key factors in location analysis

A: The term "location" refers to the choice of region as well as the selection of a specific site for e...

Q: The Assembly Department started the month with 59,000 units in its beginning work in process invento...

A: Units transferred to the next processing department = Beginning work in process inventory + Addition...

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: Ending Capital Balance=Beginning Capital Balance+Share in Profit-Drawings

Q: JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford Company has fiveemployees. All are paid on a monthly...

A: Payroll expenses are the total amount of salaries and wages which is paid to employees in exchange f...

Q: E. Assuming the company closets it's books on December 31, prepare the journal entres for 12/31/2019...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Ex...

A: Solution A journal is a company's official book in which all business transaction are recorded in ch...

Q: What are retained earnings?

A: Solution Capital means the asset and cash in a business .capital may be either be cash , machinery ,...

Q: 47. The following standard data are available for ABC Corp to produce one unit of product X: · ...

A: Material cost per unit = 3 Yards at 5 per yard = 3*5 = 15 Direct labor cost per unit = 2 hours at 10...

Q: Jacobe Company uses the weighted-average method in its process costing system. The Assembly Departme...

A: Equivalent units is defined as how much work has been done on a certain number of physical units. To...

Q: Why are tax havens controversial?

A: Tax haven are part of a country where foreign investors have to pay a very low tax rate for certain ...

Q: Describe the relationship between capacity planning and location and their importance nto the organi...

A: Capacity planning and location decisions are critical to the organization's effective and smooth wor...

Q: B1,B2,B3 are partners with average capital balances during 2021 of P945,000 P477 300 and P324,700, r...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: On 1 January xl, Annie Bhd issued 25 million, 4% redeemable preference shares at RMI each redeemable...

A: Amortization- Amortization is the accounting practice of allocating the cost of intangible assets to...

Q: Why is the profit maximization supposed not the most important goal of the company?

A: Solution Profit maximization is a process business firms undergo to ensure the best output and price...

Q: following transactions occur for Badger Biking Company during the month of June:   Provide services...

A: Solution: Accounting equation represents assets must equal the total of liabilities and equities. Th...

Q: Boo Company's current sales volume is 7,200 units with selling price of P15 per unit. The company ha...

A: Break even point = Fixed costs /Contribution margin per unit  where, Contribution margin per unit = ...