FIFO met
Q: Put this transaction on the accounting equation: Invested R500000 into capital as a fixed deposit
A: Accounting equation is one of the important part of accounting. Three main and important elements of…
Q: Freeman Company's accounting records include the following information: Payments to suppliers $…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company:…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose…
A: In order to determine the units sales to attain a target profit, the fixed cost plus target profit…
Q: or the year ended Dec. 31, 201X, CACA Co. reported pre-tax financial income of 9,500,000. Its…
A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…
Q: II. The following accounts appeared on the trial balance of Elbert Company at December 31, 2017.…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: Calculate the gross profit and the sales figures using the income statement approach.
A: Income statement approach refers to the approach which is used to determine the gross profit and it…
Q: ing skill may destroy people ability to innovate. Provide your opinion on the cost and
A: Team cooperation occurs when team members work together to attain corporate goals. Each member of…
Q: how soluti
A: Earning per share = (Net Income - Preferred Dividends)Weighted Outstanding Shares Price Earning…
Q: Urgently required answer to following: The following information related to stock investments of…
A: calculation of balance in the fair value adjustment account as of December 31, 2020 after…
Q: True or False: While everyone seems to accept the idea that attention must be paid to organizational…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Discounting a Note Receivable Sonic Inc. received from a customer a $2,400, 9% interest-bearing note…
A: Introduction: A note receivable is a written promise to pay another party a certain sum of money on…
Q: Inventory and supply chain management concepts (7) What inventory model should we use to choose the…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: EN: Taxnaver is a proprietary education
A: Proprietary Educational Institutions: These institutions are the private school which are non-profit…
Q: Forever Incorporated’s partial income statement after its first year of operation is as follows:…
A: Business organizations are required to charge the depreciation expense so that the assets are shown…
Q: Xyz ltd co. sold Land for $140,000 cash, purchased Equipment for $40,000 cash, and issued Bonds…
A: Cash flow from investing activity is a section of cash flow where all the transitions of cash…
Q: Ludwig Company's prepaid rent was $9,000 at December 31, 2020, and $13,000 at December 31, 2021.…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: In preparing the 2021 Annual Income Tax Return of Nicanor, the following information were culled…
A: The business income is calculated below:- Particulars Amount Amount Income from Business…
Q: Caine Company exchanged a car from inventory for a computer to be used as a long-term asset. The…
A: The answer is stated below:
Q: Prepare a depreciation schedule for the tax purposes (Annual depreciation and Book value) by…
A: In the Declining Balance method, LN calculates each year's total depreciation by applying a constant…
Q: Closing entries The ledger of the General Fund of the City of New Lanier shows the following…
A: The appropriation amount is divided into Estimated revenue and Budgetary fund balance.
Q: 4,000,000. The difference is due to rental received in advance. Rental income is taxable when…
A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…
Q: From the following statements which one is not the correct classification of accounting theory
A: Accounting theory is the theory which is actually the set of guidelines, principles or in order…
Q: b. An unearned commissionaccount in thetrial balance atthe end of the year showed a balance of…
A: The adjustment entries are prepared to adjust the revenue and expenses of the period.
Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3…
A: Under FIFO method the oldest products in inventory have been sold first.
Q: At 31 October 2006 Zaid owed his suppliers $13,856. During the year to 31 October 2007, his payments…
A: Credit purchases = Ending creditor balance + Payments to suppliers - Beginning creditors balance
Q: What are the new wage rates for the following:
A: Pay band is the band in which it is mentioned to the employee about how much highest salary can be…
Q: Instructions: Prepare its Journalizing, Posting, Balance & Worksheet PHONE HARDWARE CHART OF…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: 3. ENN Corporation has interest expense of P16,000, sales of P600,000, a taxrate of 30%, and…
A: Dear You have asked 2 questions in one slot. So, I have solved 1st means Question no. 3 as per…
Q: hen financial income is higher than taxable income and no permanent differences, the company most…
A: Solution Concept Deferred tax asset or deferred tax liabilities shall be recognized when there is…
Q: Bebe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Process costing is that method of costing which is used for industries where product has to go…
Q: A bank offered a commercial customer a one-year loan. A discounted note with a nominal rate of 13%…
A: A loan charges a percentage of the principal as interest to a borrower (the amount borrowed). The…
Q: QUESTION 1-(COMPULSORY) 1(a) Nairobi Ltd…
A: Calculation of depreciation on machinery = 122,000 * 10% = 12,200 Calculation of depreciation on…
Q: The general journal for Allie's Bakery is shown below. DATE DESCRIPTION DEBIT CREDIT 20X1 Aug.10…
A: Accounts receivable are current assets, resembling amount to be collected from the customers.
Q: Nichols Enterprises has an investment in 31,500 bonds of Elliott Electronics that Nichols accounts…
A: Securities-available-for-sale represents the portion of investment made by the company with the…
Q: Problem 9 CPA Co. adopts the calendar year as its reporting period. In the process of preparing the…
A:
Q: How to make balance sheet to balance
A: The financial statements of the business includes the income statement and balance sheet of the…
Q: Shipments of inventory to the branch may be billed at other than cost. When billing prices are above…
A: Introduction:- Branch Accounting is the different type of bookkeeping or accounting.…
Q: se by 10% How much is the total benefit expense in 2023?
A:
Q: LE CHOICE - THEORY PROBLEM 2: 1. For external reporting, the individual financial statements of the…
A: Home office is the main or principal office where business is conducted. It is also written as head…
Q: 3- Implementation of planned decisions and evaluating performance is classified as: a. Evaluation…
A: Planning is very important and initial step of business process. This shows what needs to be done,…
Q: A business registered as a barangay micro business enterprise received P400,000 in gross income from…
A: As per the Republic Act 9178: Barangay Micro Business Enterprises Act of 2002 the barangay business…
Q: Which of the following is not an objective of the cash audit? determine that a. A long-term…
A: Objectives of Cash Audit One of the objectives for a cash audit is to verify that the recorded cash…
Q: Following emoluments are received by Ms Sangeeta during the previous year ended on 31.3.2021 Basic…
A: Here discuss about the details of gross and net salary which are incurred after the deduction which…
Q: Blair Madison Co. issues $2.9 million of new stock and pays $381,000 in cash dividends during the…
A: Cash flow from Financing activities: It include transactions relating to the debt, equity, and…
Q: Woody Limited, a furniture manufacturer, was afraid that the wood price would increase and…
A: Here discuss with the hedge account in the difference in the currency fluctuation which are incurred…
Q: Sanjay Company has monthly fixed costs of $112,000. The variable costs are $5.00 per unit. The sales…
A: Total sales revenue = Number of Units sold × selling price per unit
Q: In audits of state and local government units which of the following sections are not required in…
A: Audit report is the final conclusion of the audit which is based on the audit evidence obtained…
Q: Suppose a project initially costs £900 million and generates cash flows of £350 million per year for…
A: The evaluation of the various options available will be based on the amount of loss that will be…
Q: Dark Inc. paid P72,000 to renew the only insurance policy for three years on March 1, 2021, the…
A: Prepaid expense is the amount of expense that is paid before the due date or paid in advance.
A company follows
Material
3600
Labour
3400
1000
In the month of April material of Rs. 68500 was purchased, wages and overheads amounted to Rs. 79800 and 21280 respectively. Finished production taken in to stock in the month was 2500 units. There was no loss in the process.
At the end of the month the work in progress inventory was 500 units, 80% completed as regards material and 60% completed as regards Labour and overhead.
You are required to compute equivalent production and prepare a process Account.
Step by step
Solved in 2 steps with 1 images
- Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
- Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is the information related to this years production: Â Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is $115,080 and the total conversion cost is $72,072. Using the weighted-average method, what are the unit costs if the company transferred out 34,000 units? Using the weighted-average method, prepare the companys process cost summary for the month.The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)During the week of May 10, Hyrum Manufacturing produced and shipped 16,000 units of its aluminum wheels: 4,000 units of Model A and 12,000 units of Model B. The cycle time for Model A is 1.09 hours and for Model B is 0.47 hour. The following costs and production hours were incurred: Required: 1. Assume that the value-stream costs and total units shipped apply only to one model (a single-product value stream). Calculate the unit cost, and comment on its accuracy. 2. Assume that Model A is responsible for 40% of the materials cost. Calculate the unit cost for Models A and B, and comment on its accuracy. Explain the rationale for using units shipped instead of units produced in the calculation. 3. Calculate the unit cost for the two models, using DBC. Explain when and why this cost is more accurate than the unit cost calculated in Requirement 2.
- The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required: Prepare a schedule of equivalent units, and compute the unit cost for the month of December. Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000.Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
- Precision Inc. manufactures wristwatches on an assembly line. The work in process inventory as of March 1 consisted of 1,000 watches that were complete as to materials and 75% complete as to labor and overhead. The March 1 work in process costs were as follows: During the month, 10,000 units were started and 9,500 units were completed. The 1,500 units of ending inventory were complete as to materials and 25% complete as to labor and overhead. The costs for March were as follows: Calculate: a. Equivalent units for material, labor, and overhead, using the weighted average cost method b. Unit costs for materials, labor, and overhead c. Cost of the units completed and transferred d. Detailed cost of the ending inventory e. Total of all costs accounted forLoanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.Kokomo Kayak Inc. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during the month of March: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 18,000 units finished and transferred to stockroom. Work in process, end of period, 3,000 units, two-thirds completed. Required: Prepare a cost of production summary for March.