Overton Company has gathered the following information. Units in beginning work in process 21,200 Units started into production 178,800 Units in ending work in process 25,700 Percent complete in ending work in process: Conversion costs 60 % Materials 100 % Costs incurred: Direct materials $100,000 Direct labor $373,074 Overhead $186,600
(a) Compute equivalent units of production for materials and for conversion costs.
(b) Determine the unit costs of production.
(c) Show the assignment of costs to units transferred out and in process.

Answers

Answer 1

Answer:

(a) 200,000; 189,720

(b) $0.5; $2.95

(c) $601,335

Explanation:

(a) Units transferred out:

= Beginning work in process + Started into production - Ending work in process

= 21,200 units + 178,800 units - 25,700 units

= 174,300

Equivalent units of production for materials:

= Units transferred out + Work in process at April 30

= 174,300 + (100% × 25,700)

= 174,300 + 25,700

= 200,000 units

Equivalent units of production for conversion costs:

= Units transferred out + Work in process at April 30

= 174,300 + (60% × 25,700)

= 174,300 + 15,420

= 189,720 units

(b) Unit costs of production for material:

= Total material costs ÷ Equivalent units of production for materials

= $100,000 ÷ 200,000

= $0.5

Unit costs of production for conversion:

= Total conversion costs ÷ Equivalent units of production for conversion

= ($373,074 + $186,600) ÷ 189,720

= $559,674 ÷ 189,720

= $2.95

(c) Cost to units transferred out and in process:

= Units transferred out × Total cost per unit

= 174,300 × ($0.5 + $2.95)

= 174,300 × $3.45

= $601,335

Answer 2

To compute various production costs and assign them appropriately, we must calculate equivalent units for materials and conversion costs, determine the unit costs of production, and allocate the costs to units transferred out and in process based on their completion percentages and costs incurred. Materials are considered completely processed, while conversion costs are 60% complete for the ending work in process.

To answer the student's question, we need to calculate the equivalent units of production for materials and conversion costs, determine the unit costs of production, and then assign the costs to the units transferred out and in process.

Equivalent Units of Production

Materials: Since materials are 100% complete for units in ending work in process (WIP), equivalent units for materials = Units started into production + Units in beginning WIP - Units in ending WIP. Equivalent units for materials = 178,800 + 21,200 - 25,700 = 174,300 units.

Conversion costs: For conversion costs, consider the percentage completion. Equivalent units for conversion costs = (Units started into production + Units in beginning WIP - Units in ending WIP) + (Percent complete of ending WIP * Units in ending WIP). Equivalent units for conversion costs = (178,800 + 21,200 - 25,700) + (60% x 25,700) = 174,300 + 15,420 = 189,720 units.

Unit Costs of Production

Sum of direct materials, direct labor, and overhead costs = $100,000 + $373,074 + $186,600 = $659,674. Unit cost for materials = Total direct materials / Equivalent units for materials = $100,000 / 174,300 units = $0.57 per unit. Unit cost for conversion costs = Total conversion costs (direct labor + overhead) / Equivalent units for conversion costs = ($373,074 + $186,600) / 189,720 units = $2.95 per unit.

Assignment of Costs to Units Transferred Out and In Process

Units transferred out = Units started into production - Units in ending WIP. Assigned cost to units transferred out = (Units transferred out * Unit cost for materials) + (Units transferred out * Unit cost for conversion costs). Assigned cost to units transferred out = ((178,800 - 25,700) x $0.57) + ((178,800 - 25,700) x $2.95). Assigned cost to ending WIP = (Equivalent units for materials * Unit cost for materials) + (Equivalent units for conversion costs for ending WIP x Unit cost for conversion costs). Assigned cost to ending WIP = (25,700 x $0.57) + (15,420 * $2.95).


Related Questions

The risk-free rate is 5.4 percent and the market risk premium is 5 percent. Assume that required returns are based on the CAPM. Your $1 million portfolio consists of $ 218 ,000 invested in a stock that has a beta of 0.5 and the remainder invested in a stock that has a beta of 1.4 . What is the required return on this portfolio?

Answers

Answer:

11.419%

Explanation:

Given that,

Risk-free rate = 5.4

Market risk premium = 5

Portfolio = $1 million = $1,000,000

Amount invested in stock A = $218,000

Beta A = 0.5

Amount invested in stock B = $1,000,000 - $218,000

                                              = $782,000

Remainder invested in stock B that has a beta = 1.4

Portfolio beta:

= [(Amount in A × Beta of A) + (Amount in B × Beta of B)] ÷ Total Amount

= [($218,000 × 0.5) + ($782,000 × 1.4)] ÷ $1,000,000

= ($109,000 + $1,094,800) ÷ $1,000,000

= 1.2038

Required return:

= Risk free rate + (Beta × Market risk premium)

= 5.4% + (1.2038 × 5%)

= 5.4% + 6.019%

= 11.419%

Therefore, the required return on this portfolio is 11.419%

In the context of the classical approaches to management, _____ did not address all the issues faced by 19th-century managers, but it tried to raise managers' awareness about the most pressing concerns of their job.

Answers

Answer:

systematic management approach

Explanation:

Systematic management is an approach to management that focuses on the management process rather than on the final outcome. The goals to this approach to management were: To create specific processes and procedures to be used in job task completion. To ensure that organizational operations were economical

Kingbird Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $146 $134 $116 $110 $134 $110 Cost 92 98 98 98 61 44 Cost to complete 37 37 31 43 37 37 Selling costs 12 22 12 24 12 24.Using the LCNRV rule, determine the proper unit value for statement of financial position reporting purposes at December 31, 2014, for each of the inventory items above.

Answers

Explanation:

As we know that the inventory should be recorded at the lower cost or net realizable value whichever is lower

And, the same is shown on the attachment which is attached below:

The net realizable value for each products is computed by

= D - C - E

The DCE are the rows of the attached spreadsheet

And, the proper unit value for each products is as follows

Product        Lower of cost or NRV  

D                  92

E                   75

F                   73

G                  43

H                  61

I                    44

Mcmurtry Corporation sells a product for $280 per unit. The product's current sales are 13,900 units and its break-even sales are 10,425 units. The margin of safety as a percentage of sales is closest to___________.a. 75%b. 33%c. 25%d. 67%

Answers

Answer:

Margin of safety as a percentage of sales=0.25=25%

Option C is correct (25%)

Explanation:

Given Data:

Sale price per unit=$280

Current Sales=13,900 units

Break Even sales=10,425 units

Required:

Margin of safety as a percentage of sales=?

Solution:

Margin of safety in Dollars= Total Current Sales- Break even sales

Total Current sales=Sale price per unit*Current Sales

Total Current sales=$280*13,900

Total Current sales=$3,892,000

Break Even Sales=$280*10,425

Break Even Sales=$2,919,000

Margin of safety in Dollars= $3,892,000-$2,919,000

Margin of safety in Dollars= $973,000

Margin of safety as a percentage of sales=[tex]\frac{Margin\ of\ safety\ in\ Dollars}{Total\ current\ Sales}[/tex]

Margin of safety as a percentage of sales=[tex]\frac{\$973,000}{\$3,892,000}[/tex]

Margin of safety as a percentage of sales=0.25=25%

Option C is correct (25%)

"The one-year forward rate of the British pound is $1.55, while the current spot rate is $1.60. Based on the forward rate, what is the expected percentage change in the British pound over the next year

Answers

Answer:

-3.125%

Explanation:

The percentage change in the British pound is determined as the difference between the one-year forward rate ($1.55) and the current spot rate ($1.60), divided by the current spot rate, and then multiplied by 100%:

[tex]P = \frac{\$1.55-\$1.60}{\$1.60}*100\%\\ P=-3.125\%[/tex]

Over the next year, the British pound will change by -3.125%.

Cruiseline offers nightly dinner cruises off the coast of​ Miami, San​ Francisco, and Seattle. Dinner cruise tickets sell for $ 50 per passenger. Super ​Cruiseline's variable cost of providing the dinner is $ 20 per​ passenger, and the fixed cost of operating the vessels​ (depreciation, salaries, docking​ fees, and other​ expenses) is $ 210 comma 000 per month. The​ company's relevant range extends to 18 comma 000 monthly passengers. Use this information to compute the​ following:a. What is the contribution margin per passenger? b. What is the contribution margin ratio?c. Use the unit contribution margin to project operating income if monthly sales total 13, 000 passengers. d. Use the contribution margin ratio to project operating income if monthly sales revenue totals $520, 000. a. What is the contribution margin per passenger? First identify the formula, then compute the contribution margin per passenger.________ _ __________ =contribution margin per passenger________ _ __________ = _________________________

Answers

Answer:

a. Contribution margin per passenger ($50-$20) = $30

b. Contribution margin ratio (30/50) = 60%

c. Operating Income  (390000-270000) = $120,000

d. Operating Profit = $42,000

Explanation:

a. Contribution formula = Sale - Variable Cost

Sale price per passenger = $50

Variable Cost per passenger = $20

Contribution margin per passenger ($50-$20)  = $30

b. Contribution Margin ratio formula = Contribution/Sale

Sales per passenger = 50

Contribution per passenger = 30

Contribution margin ratio (30/50) = 60%

c. Operating profit = Contribution margin- Fixed Cost

Monthly sale total for 13000 passenger

Sale per passenger = $50

Total sale for 13000 passenger 13000*50 = $650,000

Contribution Margin per passenger =$30

Total Contribution margin for 13000 passenger = 13000*30 =                                    $390,000

Less: Fixed Cost = 270,000

Operating Income  (390000-270000) = $120,000

d. Contribution margin formula= (Sale x Contribution margin ratio)

Contribution margin = (520000*60%) = $312,000

Less: Fixed Cost = 270,000

Operating Profit = $42,000

Answer:

A) $30

B) 0.6

C) $180,000

D) $102,000

Explanation:

Contribution per unit (in this case, passangers)

Sales revenue - Variable Cost

50 - 20 = 30

Contribution Ratio:

[tex]\frac{Contribution \: Margin}{Sales \: Revenue} = Contribution \: Margin \: Ratio[/tex]

[tex]\frac{30}{50} = Contribution \: Margin \: Ratio[/tex]

CMR = 0.60 for each dollar 60 cents are left to afford fixed cost and make a gain.

Operating profit with 13,000 passangers we multiply by the contribution per passanger and subtract the fixed cost

13,000 passangers x 30 contribution each - 210,000 fixed cost:

390,000 - 210,000 = 180,000

If sales are 520,000: we multiply this by the contribution margin ratio and subtract the fixed cost

520,000 x 0.60 CMR - 210,000 fixed cost

312,000 - 210,000 = 102,000

Facts: Ray steals a purse from an unattended car at a gas station. Because the purse contains money and a handgun, Ray is convicted of grand theft of property (cash) and grand theft of a firearm. On appeal, Ray claims that he is not guilty of grand theft of a firearm because he did not know that the purse contained a gun. Can Ray be convicted of grand theft of a firearm even though he did not know that the gun was in the purse

Answers

Explanation:

Issue–Ray was intending to rob the money, but the bag also held a handgun. So, should Ray be found guilty of a major weapons robbery, even though the gun did not know?

Law—  The act of larceny includes wrongful taking and carrying away of personal property from someone else with the intention to rob the owner forever. The criminal offence is offences where the defendant has the motive to achieve a sort of economic benefit or harm. Property offenses Although robbery includes orphaning, no larceny.

Discussion – First, Ray's conduct is certainly a theft of property as it was his intention to snatch the bag from an unsupervised vehicle. The money was in the bag, so that Ray took away the precious property of another in an attempt to take out the owner.

Final answer:

Ray could potentially be convicted of grand theft of a firearm even without knowing the gun was in the purse, due to the principles of theft centered around the act of taking, not necessarily the knowledge of the contents, and strict liability offenses in some jurisdictions.

Explanation:

In criminal law, the concept of mens rea or 'guilty mind' plays a significant role in determining the culpability of an individual. For certain crimes, intent or knowledge is a necessary component to establish guilt. However, for the conviction of theft, the focus is primarily on the unauthorized taking of someone else's property with the intent to permanently deprive them of it, irrespective of the knowledge of the specific contents. Therefore, even without the knowledge of the gun's presence in the purse, Ray could still be held liable for its theft if the prosecution successfully proves he intended to steal the purse.

Moreover, the charge of grand theft of a firearm also implicates strict liability offenses in some jurisdictions, where knowledge or intent regarding the specific nature of the stolen item (in this case, the firearm) may not necessarily absolve the thief of criminal responsibility. The rationale behind this is to increase deterrence and hold individuals accountable for the unlawful possession of dangerous items, regardless of their intent or knowledge concerning those items at the time of the theft.

It's also worth noting that legal outcomes can vary significantly based on jurisdiction and the specific circumstances surrounding a case. Consulting legal statutes and precedents in the relevant jurisdiction would provide further clarity.

The analysis tool that lists products in descending order of their individual dollar contribution to the firm is:A) decision tree analysis.B) Pareto analysis.C) breakeven analysis.D) product-by-value analysis.E) product life cycle analysis.

Answers

Answer:

The correct answer is letter "D": product-by-value analysis.

Explanation:

The product-by-value analysis is a study that aims to increase the value of a product by understanding the costs of its components. The analysis implies listing the products a firm manufactures in descending order portraying those with more value first. In the study, costs are analyzed to find out if they can be reduced.

Mike has an insurance policy that pays 90% of the replacement cost of personal property damaged in a fire. A fire destroyed a stove that Mike paid $350 for but it was now worth only $90. A new one would cost $400. How much will Mike’s insurance company pay?

Answers

Answer:

Explanation:

Mike insurance company will pay = 0.9 of 400 = $ 360

Answer: Mike's insurance company will pay $360. That is, 90 percent of $400.

Explanation: The insurance company pays 90 percentage of the replacement cost of personal property damaged by fire. Although the actual amount Mike paid for the stove was $350 but now was worth $90 due to the fire incident. The insurable amount that was expected to have been communicated to the insurance company was the current market value and not the actual amount parted with, at first. This is because the insured would be at a loss in case of any eventuality.

So it was expected that Mike would have communicated $400 as the current market value to the insurance company to be the insurable amount.

The insurance company would take possession of the damaged stove which is now worth $90 and sell it to salvage buyer most likely at that price to cushion the loss that was incurred. Also, the company would pay $360 to Mike while he bears the remaining balance, which is $40.

CALCULATE THE AMOUNT OF MONEY YOULL HAVE AT THE END OF THE INDICATED TIME PERIOD YOU INVEST 3000 IN AN ACCOUNT THAT PAYS SIMPLE INTEREST OF 6% FOR 10 YEARS THE AMOUNT OF MONEY YOULL HAVE AT THE END OF 10 YEARS IS

Answers

Answer:

The amount of money we will have after the investment will be $ 4,800.

Explanation:

Simple interest is the system of calculation in which the interests generated by a capital are not capitalized, that is, when the interests are withdrawn separately and they do not accumulate in the capital that produced them. In other words, in the simple interest calculation the interest is not productive and it must always resort to the initial capital contributed.

Therefore, if the initial capital is $ 3,000 and the interest rate is 6% with a duration of 10 years, we must calculate this percentage and multiply it by 10 to obtain the sum of money that we will have at the end of the investment:

3,000 x 6/100 = 180

180 x 10 = 1,800

3,000 + 1,800 = 4,800

As we can see, the amount of money we will have after the investment will be $ 4,800.

On January 1, Revis Consulting entered into a contract to complete a cost reduction program for Green Financial over a six-month period. Revis will receive $53,600 from Green at the end of each month. If total cost savings reach a specific target, Revis will receive an additional $26,800 from Green at the end of the contract, but if total cost savings fall short, Revis will refund $26,800 to Green. Revis estimates an 80% chance that cost savings will reach the target and calculates the contract price based on the expected value of future payments to be received.Prepare the following journal entries for Revis:

1. The journal entry on January 31 to record the first month of revenue under the contract.
2. Assuming total cost savings exceed target, the journal entry on June 30 to record receipt of the bonus.
3. Assuming total cost savings fall short of target, the journal entry on June 30 to record payment of the penalty.

Answers

Answer:

1. Jan 31  Debit Cash $53,600

                         Credit Accounts receivable $53,600

2. June 30  Debit Cash $80,400

                           Credit Deferred Revenue $21,440

                           Credit Bonus Received $5,360

                           Credit Accounts Receivable $53,600

3. June 30 Debit  Penalty Payable $26,800

                 Debit Cash                       $53,600

                             Credit Accounts Receivable $53,600              

                             Credit Deferred Revenue $21,440

                             Credit Bonus adjustment $5,360

Explanation:

The question required that the month end revenue actually realized under the contract be journalized.

1.$53,600/- is a monthly payment which Revis will be receiving from Green Financial for every month for 6 months. Hence the receipt increases cash/bank balance and these are receivable under the contract. Hence accounts receivable is credited against the actual money received in the first month.

2.If cost saving targets are achieved by Revis, then apart from the monthly payment of $53,600/-, Green Financials has agreed to pay $26,800/- as bonus. Since the question states that Revis estimates that 80% it will reach the target, it would have accounted for the 80% as deferred revenue to be received. Hence 80% of $26,800/- is recorded under deferred revenue. Since now entire $26,800/- is received, the remaining 20% is shown as bonus received.  

3.When the targets are not met, the deferred revenue recognized is reversed and penalty is paid. The difference of 20% is shown as bonus adjustment amount. The regular monthly income of $53,600/- is recognized as is.

Hooray! You hit your sales number for the quarter and are awarded a $3,000 bonus. You spend $2,100 on a new living room TV and entertainment system and save the rest. What is your MPC and MPS

Answers

Answer:

0.7 and 0.3

Explanation:

Data provided in the question

Awarded bonus value = $3,0000

Spending amount on a new living room = $2,100

So by considering the above information , the MPC and MPS is

As we know that

MPC = change in Consumption spending ÷ change in income

        = $2,100 ÷ $3,000

        = 0.7

And, the

MPC + MPS = 1

0.7 + MPS = 1

So, the MPS is 0.3

In general, a larger R-squared tends to suggest that

a.the estimated sample regression function explains a greater percentage of the total variation in y.
b. the estimated sample regression function is more accurate.
c. the estimated sample regression function explains a greater percentage of the explained variation in y.
d. the estimated slope coefficient is more likely to equal the population slope coefficient.

Answers

Answer:

the answer for what A larger R-squared suggests is option A) the estimated sample regression function explains a greater percentage of the explained variation in y.

Explanation:

R-squared is the coefficient of determination. It is the statistical standard that shows how close  the data are to the regression line.

It analyses the relationship between two variables and the scores could suggest a low R-squared value or a larger R-squared value.

70 percent is the bar line. below 70% is slow and above 70% is high.

Therefore a larger R-squared suggests that the estimated sample regression function explains a greater percentage of the total variation in Y.

Generally,  a larger R-squared suggests that the estimated sample regression function explains a greater percentage of the total variation in Y.

R-squared refers to the the coefficient of determination that shows how close a data are to the regression line.

The R-squared analyses the relationship between two variables and the scores could suggest a low R-squared value or a larger R-squared value.

Hence, the  larger R-squared suggests that the estimated sample regression function explains a greater percentage of the total variation in Y.

Therefore, the Option A is correct.

Read more about this here

brainly.com/question/15183765

Describe how this parking lot can be interpreted as being a queueing system. In particular, identify the customers and the servers. What is the service being provided

Answers

Answer: a. Car Drivers

b. parking spaces

c. Parking

Explanation: A queuing system is a mathematical model used in congestion control. Similar to the physical queues we use daily, it assigns resources (or coffee) to the users of a service based on the arrival time.  

A parking lot provides customers (car owners/drivers) with the service of packing their car in an area designated for that sole purpose, so that they don’t get a parking ticket for example.

Here the car drivers are the customers, and the parking spaces available can be viewed as the server. One of the limiting factors in a queuing system is the server. When the servers are idle, service is provided without the need to queue. This changes when they are occupied. When we compare a parking lot to a queuing system, the available spaces are the limiting factor.

Laflin Company reported the following year-end information: Beginning work in process inventory$1,080,000 Beginning raw materials inventory300,000 Ending work in process inventory900,000 Ending raw materials inventory480,000 Raw materials purchased960,000 Direct labor900,000 Manufacturing overhead720,000 Laflin Company's cost of goods manufactured for the year is Select one: a. $2,400,000 b. $2,580,000 c. $2,220,000 d. $2,760,000

Answers

Answer:

b. $2,580,000

Explanation:

The formula and the computation of the cost of goods manufactured is shown below:

= Direct materials used + Direct labor cost + Manufacturing overhead cost + beginning work-in-process inventory - ending work-in-process inventory

= $780,000 + $900,000 + $720,000 + $1,080,000 - $900,000

= $2,580,000

The direct material used is

= Beginning raw material inventory + purchase made - ending raw material inventory  

= $300,000 + $960,000 - $480,000

= $780,000

Final answer:

The cost of goods manufactured for Laflin Company is calculated by summing the beginning work in process inventory and total manufacturing costs, then subtracting the ending work in process inventory, resulting in a value of $2,580,000.

Explanation:

To calculate Laflin Company's cost of goods manufactured for the year, we must add total manufacturing costs to the beginning work in process inventory and then subtract the ending work in process inventory from the sum. Total manufacturing costs include raw materials used, direct labor, and manufacturing overhead.

First, we find the raw materials used:

Beginning raw materials inventory: $300,000

Plus raw materials purchased: $960,000

Less ending raw materials inventory: $480,000

Equals raw materials used: $780,000

Next, we add all the components of manufacturing costs:

Raw materials used: $780,000

Direct labor: $900,000

Manufacturing overhead: $720,000

Total manufacturing costs: $2,400,000

Finally, we calculate the cost of goods manufactured:

Beginning work in process inventory: $1,080,000

Plus total manufacturing costs: $2,400,000

Less ending work in process inventory: $900,000

Equals cost of goods manufactured: $2,580,000

Therefore, the answer is (b) $2,580,000.

Two different manufacturing processes are being considered for making a new product. The first process is less capital-intensive, with fixed costs of only $50,000 per year and variable costs of $700 per unit. The second process has fixed costs of $400,000 but has variable costs of only $200 per unit. a. What is the break-even quantity beyond which the second process becomes more attractive than the first

Answers

Answer:

700 units

Explanation:

FC1 : Fixed Costs from process 1

VC1 : Variable cost per unit from process 1

FC2 : Fixed Costs from process 2

VC2 : Variable cost per unit from process 2

FC1 = $50,000

VC1 = $700 per unit

FC2 = $400,000

VC2 = $200 per unit

To calculate the break-even (quantity) point we must equate the TC1 (Total cost of process 1) to TC2 (Total cost of process 2)

TC1 = TC2

FC1 + VC1(y) = FC2 + VC2(y)      where y is the break-even units

50,000 + 700y = 400,000 + 200y

500y = 350,000

y = 350,000 / 500

y = 700 Units

Answer:

700 units

Explanation:

fixed cost for first process ( F₁ ) = $50000

variable costs of first process ( V₁ ) = $700

fixed cost of second process ( F₂ ) = $400000

variable cost of second process ( V₁ ) = $200

break-even quantity ( y ) = ?

note : variable costs are costs that vary/change as the quantity of goods and services produced changes

A) the break-even quantity beyond which the second process can be calculated by equating the total costs of both processes

F₁ + V₁ ( y ) = F₂ + V₂( y )

50000 + 700 y = 400000 + 200 y

500 y = 400000 - 50000

therefore y = 700 ( break even quantity beyond which the second process is attractive )

If the number of employed people is 150 million, the number of unemployed people is 50 million, and the working-age population equals 285 million people, what is the labor force participation rate? DO NOT PUT THE "%" IN YOUR ANSWER. An answer of 5%, for example, would simply be 5.

Answers

Answer:

70.18

Explanation:

Labour force participation rate = [(employed + unemployed ) / working-age population ]

(150 + 50) / 285 = 0.7018 × 100 = 70.18%

I hope my answer helps you

McGill and Smyth have capital balances on January 1 of $56,000 and $36,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $24,000 for McGill and $12,000 for Smyth, (2) interest at 10% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth. (1) Prepare a schedule showing the distribution of net income, assuming net income is $90,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, e.g. -15,000, (15,000).) (2) Prepare a schedule showing the distribution of net income, assuming net income is $30,000. (If an amount reduces the account balance then enter with a negative sign preceding the number or parenthesis, e.g. -15,000, (15,000).) Journalize the allocation of net income in each of the situations above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the previous part.)

Answers

Answer:                              capital accounts                distribution

DETAILS                          McGill               Smyth            total           remaining

opening balance         $56000             $36000

net income                                                                  $90000        $90000

salaries                        $24000            $12000        -$36000        $54000

interest @ 10%             $5600               $3600          -$9200         $44800

Profit share 70 : 30%   $31360              $13440         -$44800          $0

closing balance         $116960             $65040        

DETAILS                     McGill                   Smyth            total              remaining

opening balance         $56000             $36000

net income                                                                  $30000           $30000

salaries                        $24000            $12000        -$36000          - $6000

interest @ 10%             $5600               $3600          -$9200           -$15200

loss share 70 : 30%     -$10640            -$4560          +$15200              $0

closing balance          $74960           $47040

JOURNAL ENTRIES

1 . Debit partnership summary income account $90000, credit capital accounts McGILL ; salary 24000, interest on capital 5600, profit share 31360. Symth ; salary 12000, interest on capital 3600, profit share 13440

2 . Debit Partnership  summary income account 30000 , credit Capital accounts McGill : salary 24000 , Smyth : 12000 , Interest on capital account McGill : 5600, Smyth 3600.

for loss sharing journal

Debit Capital accounts McGILL 10640, Smyth 4560 , Credit partnership summary account 15200

Explanation:

Answer:

Explanation:

Net income $90 000 000

salary allowance is the total of the two

$36000

Refer to McGrill as M and to Smyth as S

M=$24000

S=$12000

Interest $9200

M=($56000*0.1)=$5600

S=($36000*0.1)=$3600

Total income

M=$24000+$5600=$29600

S=$12000+$3600=$15600

So the distribution

$90000-$36000-$9200

=$44800

Then for M=$44800*0.7=31360

               S=$44800*0.3=$13440

total distribution

M=$31360+$29600=$60960

S=$13440+$15600=$29040

I income is $30 000000

($30000-$36000-$9200)

-$15200

M=-15200*0.7=-$10640

S=-$15200*0.3=-$4560

Total distributions

M=(-$10640+29600)=$18960

s=(-$4560+$15600)=$11040

When Job 117 was completed, direct materials to ob 117 was completed, direct materials totaled $4.400: direct labor, $5,600, and factory overhead, $2,400. A total of 1.000 units were produced at a per-unit cost of


a. $12,400

b. $1,240

c. S124

d. $12.40

Answers

Answer:

The correct answer is D.

Explanation:

Giving the following information:

direct materials totaled $4,400

direct labor, $5,600

factory overhead, $2,400.

A total of 1,000 units were produced

First, we need to calculate the total cost:

Total cost= direct material + direct labor + allocated overhead

TC= 4,400 + 5,600 + 2,400= $12,400

Now, we can calculate the unitary cost:

Unitary cost= 12,400/1,000= $12.4

Answer:

d. $ 12.40

Explanation:

Computation of Per Unit Cost

Direct materials                                         $ 4,400

Direct labor                                                $ 5,600

Factory Overhead                                      $ 2,400

Total manufacturing costs                        $ 12,400

Units produced                                            1000 units

Cost per unit = Total manufacturing costs/ No of Units produced

Cost per unit = $ 12,400 / 1000        = $ 12.40 per unit

g "With respect to the types of information systems used in organizations, financial, operations, and human resource management is an example of a(n) ________ system." social software data mining and visualization electronic commerce enterprise resource planning

Answers

Answer:

enterprise resource planning.

Explanation:

Enterprise resource planning involves management of main business processes and usually involves use of software. ERP supports similar processes based on the department it is deployed to.

For example ERP can be set up in a company to define various functions of human resources, accounting, amd operations.

The software used for each division will be tailored to their needs. Operations will be more towards everyday processes of production and customer service, while for human resources it will support more of data analysis for effective people management and performance related activities.

The three main project management goals are on time, within budget and achieving performance specifications. Should a project manager give up some functionality (e.g. technical requirements) in order to meet schedule milestones and when is this appropriate or inappropriate?

Answers

Answer:NO,The project manager should not give up any functionalities like technical requirements as it may lead to serious compromise that can cause serious hazard to the project or end users.

PART B

It is inappropriate at anytime to give up any Functionality(technical requirements) in order to meet schedule milestone.

Explanation:Technical requirements are standard procedures which has been established or put in place by experts or regulators as the best practices to ensure certain projects or Activities are effectively and efficiently done.

TECHNICAL REQUIREMENTS ARE NOT TO BE COMPROMISED IN ANY CIRCUMSTANCES AS IT IS A MAJOR CAUSE OF PROJECT FAILURES AND HAZARDS TO BOTH THE END USERS AND THE PROJECT TEAM MEMBERS.

A government agency which administers rules concerning clean housing projects wants to specify and explain the language it uses to communicate with the public and enforce its statutes. Which of the following is true?a. The agency does not need to invite public opinion on the information it will post.
b. The agency must hold a public comment period for the public to weigh in on the impact and details of the statute.
c. The agency must have a public hearing where it explains the statutory language it uses.

Answers

Answer:

The agency does not need to invite public opinion on the information it will post.

Explanation:

When a government wants to administers rules concerning clean housing projects wants to specify and explain the language it uses to communicate with the public and enforce its statutes, it does not need to invite public opinion on the information it will post.

The government will rather consult within itself to determine the best information that will effectively deliver the message of rules concerning clean housing projects.

Final answer:

The correct answer is 'b': The agency must hold a public comment period for the public to give feedback on the impact and details of the statute, according to the Administrative Procedure Act.

Explanation:

According to the Administrative Procedure Act, when a government agency is in the process of creating or amending regulations, it must follow a series of steps that involves input from the public and other stakeholders. After extensive research and data gathering, the agency is required to publish planning documents and advance notice of proposed rulemaking to engage stakeholders and alert the public. Subsequently, the agency must accept public comment on the proposal for a specified period, often 30 or 60 days. This comment period allows anyone to provide feedback on the proposed rules. After the comment period, the agency may revise the proposal based on the comments or post a new version for additional comments.

Therefore, the correct option in response to the given question is 'b': The agency must hold a public comment period for the public to weigh in on the impact and details of the statute. Following this period and analysis of public input, recommendations and public testimony will play a crucial role in how the agency moves forward, potentially leading to legislative changes or adaptations based on commission recommendations. Rulemaking processes, such as those by the Federal Communications Commission (FCC), exemplify how public comments are essential to developing final regulations.

Jeff wishes to accumulate $5,000 in 5 years. Use the appropriate formula to find the sinking fund payment she would need to make at the end of each year, at 5% interest, compounded annually

Answers

Answer:

$1, 154.873

Explanation:

The appropriate formula is

P   = PV ×             r    

                    1 − (1+r)−n

P is the amount that needs to be set aside every year

Where PV  is $5000

r is 5% or 0.05

n is five years

P = 5000 x      0.05          

       1-(1+0.05)-5

P= 5000 x      0.05      

             1-0.783526166

P= 5000 x (0.05/0.216473834)

P = 5000 x 0.2309747976

P= 1, 154.873

Final answer:

Jeff needs to make annual sinking fund payments of about $904.84 to accumulate $5000 in 5 years at a 5% interest rate, when it is compounded annually using the ordinary annuity formula.

Explanation:

To find the sinking fund payment that Jeff would need to make at the end of each year to accumulate $5000 in 5 years at 5% interest compounded annually, we need to use the future value of an annuity formula. Since the payments are made at the end of each period (annually in this case) and not at the beginning, we will use the ordinary annuity formula.

The future value of an ordinary annuity formula is given by:

FV = Pmt * [(1 + r)^n - 1] / r

Where:

FV is the future value of the annuity, which is $5000.Pmt is the annual payment.r is the annual interest rate (5% or 0.05).n is the number of periods (5 years).

Plugging in the values, the formula becomes:

5000 = Pmt * [(1 + 0.05)^5 - 1] / 0.05

Now we just need to solve for Pmt:

5000 = Pmt * [1.276281563 - 1] / 0.05

5000 = Pmt * [0.276281563 / 0.05]

5000 = Pmt * 5.52563126

Pmt = 5000 / 5.52563126

Pmt ≈ $904.84

Therefore, Jeff should make annual payments of approximately $904.84 to reach his goal of $5000 in 5 years at a 5% interest rate, compounded annually.

Assume the following costs in each of the categories identified in question one are: Packaged (Cans & Bottles) $127,361 Kegs $69,856 Shrinkage/WIP Loss $42,000 Contract Labor $9,000 Direct Labor $240,000 Freight $18,000 Consumer Advertising $30,000 Trade Promotion $30,000 Sales Promotion $18,000 Salaries & Benefits $180,000 What is Shannon's cost of goods sold?

Answers

Answer:

Explanation:

Computation of Cost of Goods Sold:    

Particular                                   Amount

Packaged (Cans & Bottles)      $127,361

Kegs                                          $69,856

Work In Progress Loss             $42,000

Contract Labor                         $9,000

Direct Labor                             $240,000

Freight                                      $18,000    

Cost of Goods Sold                 $506,217

Note: All of these are not included in Cost of good sold

Consumer Advertising   $30,000

Trade Promotion            $30,000

Sales Promotion            $18,000

Salaries & Benefits         $180,000

Enchante Inc. is a high-end perfume manufacturer. It slashed the price of its brand of perfume "Entice" by 5 percent, which resulted in a 20 percent increase in sales. Estimate the price elasticity for Entice.

Answers

Answer:

Around -4 percentage points

Explanation:

The price elasticity is the measurement of change in quantity supplied or demanded with respect to the change in price.

The formula we can think for this problem would be:

Price Elasticity = Percentage Change in Quantity Demanded / Percentage Change in price

We let the initial price be 100 and initial quantity demanded of sales be 100

Given,

Percentage Change in Quantity is 20% increase

also

Percentage Change in Price is 5% decrease

We can say:

Price Elasticity = 20% / -5% = -4

You have just purchased a municipal bond with a $10,000 par value for $9,500. You purchased it immediately after the previous owner received a semiannual interest payment. The bond rate is 6.6% per year payable semiannually. You plan to hold the bond for 3 years, selling the bond immediately after you receive the interest payment. If your desired nominal yield is 5.5% per year compounded semiannually, what will be your minimum selling price for the bond?

Answers

Answer:

The investor will sale the bond as low as : 9,064.39 to achieve their 5.5% return on investment

Explanation:

To yield 5.5% then the purchase price of 9,500 should mathc the discounted value of the coupon payment and the selling price of the bonds:

[tex]9,500 = $PV of coupon payment + PV selling price[/tex]

PV o the coupon payment:

[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]

C 660.00

time 3

rate 0.055

[tex]660 \times \frac{1-(1+0.055)^{-3} }{0.055} = PV\\[/tex]

PV $1,780.6360

[tex]9,500 - 1,780.64 = \frac{Sales \: Price}{(1 + rate)^{time} }\\7,719.36(1 + 0.055)^{3} = $Selling Price[/tex]

Sales price: 9,064.39

Under SEC rule 606 of regulation NMS, broker-dealers are required to compile statistical information on routing of customer non-directed orders to market venues, and make this information avaialable to customers:__________

Answers

Options:

A. monthly

B. quarterly

C. semi-annually

D. annually

Answer:B. Quarterly

Explanation:SEC(security and exchange commission) is an agency established by Government to regulate the activities of companies that sale Securities,Stock markets and self-regulatory Organisations.

Security and exchange commission ensures that it puts guidelines and rules to ensure that market players do business according to the best practices devoid of criminal activities.

Security and exchange commission rule 606 of regulation NMS, broker-dealers are required to give QUARTERLY REPORT AVAILABLE TO CUSTOMERS BY COMPILING STATISTICAL INFORMATION ON ROUTING OF CUSTOMER NON-DIRECTED ORDERS TO MARKET VENUES, AND MAKE THIS INFORMATION AVAILABLE TO CUSTOMERS.

Kawasaki Company incurred the following unit costs in manufacturing digital cameras: Direct Materials $14 Indirect Materials (variable) $4 Direct Labor $8 Indirect Labor (variable) $6 Other Variable Factory Overhead $10 Fixed Factory Overhead $28 Variable Selling Expenses $20 Fixed Selling Expenses $14 During the period, the company produced and sold 1,000 units. What is the inventory cost per unit using variable costing

Answers

Answer:

Unitary variable cost= $42

Explanation:

Giving the following information:

Direct Materials $14

Indirect Materials (variable) $4

Direct Labor $8

Indirect Labor (variable) $6

Other Variable Factory Overhead $10

During the period, the company produced and sold 1,000 units.

Under the variable cost method, the product cost is calculated using direct material, direct labor, and variable overhead:

Unitary variable cost= 14 + 8 + (4 + 6 + 10)= $42

Final answer:

The inventory cost per unit using variable costing is calculated by adding only the variable costs, which in the case of Kawasaki Company, totals $42 per unit.

Explanation:

To determine the inventory cost per unit using variable costing, we need to focus on variable costs which include direct materials, direct labor, variable manufacturing overhead (both indirect materials and indirect labor), and other variable factory overhead.

The given costs are:

Direct Materials: $14Direct Labor: $8Indirect Materials (variable): $4Indirect Labor (variable): $6Other Variable Factory Overhead: $10

Adding up these costs gives us a total variable cost per unit:

$14 (Direct Materials) + $8 (Direct Labor) + $4 (Indirect Materials) + $6 (Indirect Labor) + $10 (Other Variable Factory Overhead) = $42 per unit

Fixed costs such as Fixed Factory Overhead and Fixed Selling Expenses are not included in the calculation for variable costing. Thus, the inventory cost per unit under variable costing for Kawasaki Company is $42.

Ian Burns is the new payroll accountant for ECG Marketing. Certain employees have been requesting changes in classification from nonexempt to exempt.
How do the U.S. Department of Labor guidelines help him answer the employees' questions? Select all that apply.

a. Educational level
b. Responsibilities
c. Duties
d. Reimbursement of board, lodging or other facilities availed
e. Job elements
f. Compensation such as discretionary bonus

Answers

Solution and explanation:

The Fair Labor Standards Act defines three tests that an employee must be eligible to be considered under the 'Exempt' category.

These include the following :

1.Salary Level Test : Employee must be paid minimum of $23,600 per year ($455 per week) to be considered Exempt.

2.Salary Basis Test : The representative must be paid on a Salary Basis, a fixed ensured least installment must be made for any workweek for the playing out any work. This would be dependent upon admissible and impermissible derivations that decide the premise of installment. Special cases to this standard are School educators, Lawyers, Doctors, and some others.

3.Duties Test : The actual jobs performed by the employee must be within the qualified exempt category of high level work. These are broadly classified as Executive, Professional; and Administrative job duties.  

Thus, following out of the above will be considered for the purpose of classification to Exempt employees category:

- Reimbursement of board, lodging, facilities availed

Whether these form part of the compensation structure and the gross payments fall within the ambit of Levels test.

- Compensation such as discretionary bonus

These to be considered as part of Salary and to check whether the payments fall within the above stated levels and also the Basis of these payments whether on continuing salary or otherwise.

-Duties

The actual duties performed to be checked whether these fall within the exempt category.

Thus, the above stated three tests must be cumulatively passed in order to be eligible to classified as 'Exempt' Employee.  

Final answer:

The U.S. Department of Labor guidelines help Ian Burns answer the employees' questions about changes in classification from nonexempt to exempt based on responsibilities, duties, and compensation.

Explanation:

The U.S. Department of Labor guidelines help Ian Burns answer the employees' questions about changes in classification from nonexempt to exempt based on several factors:

Responsibilities: The guidelines consider the employee's job responsibilities to determine if they meet the criteria for exempt classification.Duties: The specific duties performed by the employee are taken into account to determine their classification.Compensation: The guidelines also consider certain compensation factors, such as the reimbursement of board, lodging, or other facilities availed by the employee, as well as the presence of discretionary bonuses.

Learn more about U.S. Department of Labor guidelines here:

https://brainly.com/question/32182685

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Using the substitution theorem and the important equivalences (handout) show the following equivalence. Use only one substitution/equivalence rule (such as absorption) per step and justify each step by name'

Answers

Answer:

Explanation:

Commutative laws: p ∧ q ≡ q ∧ p

p ∨ q ≡ q ∨ p

Associative laws: (p ∧ q) ∧ r ≡ p ∧ (q ∧ r)

(p ∨ q) ∨ r ≡ p ∨ (q ∨ r)

Distributive laws: p ∧ (q ∨ r) ≡ (p ∧ q) ∨ (p ∧ r)

p ∨ (q ∧ r) ≡ (p ∨ q) ∧ (p ∨ r)

Identity laws: p ∧ t ≡ p

p ∨ c ≡ p

Negation laws: p ∨ ∼p ≡ t

p ∧ ∼p ≡ c

Double negative law: ∼(∼p) ≡ p

Idempotent laws: p ∧ p ≡ p

p ∨ p ≡ p

Universal bound laws: p ∨ t ≡ t

p ∧ c ≡ c

De Morgan’s laws: ∼(p ∧ q) ≡ ∼p ∨ ∼q

∼(p ∨ q) ≡ ∼p ∧ ∼q

Absorption laws: p ∨ (p ∧ q) ≡ p

p ∧ (p ∨ q) ≡ p

Negations of t and c: ∼t ≡ c

∼c ≡ t

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