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2 years ago

1. How will your organization ensure the best and most capable staff will be utilized on this contract?

1 answer:

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There are several ways you can support employee development: individual coaching, workshops, courses, seminars, shadowing or mentoring, or even just increasing their responsibilities. Offering these opportunities will give employees additional skills that allow them to improve their efficiency and productivity.

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This information relates to Sunland Co.. 1. On April 5, purchased merchandise from Blossom Company for $26,400, terms 4/10, n/30

jolli1 [7]

Answer and Explanation:

The journal entries are shown below:

1. Merchandise inventory $26,400

To Account payable $26,400

(Being purchase is recorded)

2. Merchandise inventory $590

To Cash $590

(Being freight paid)

3. Equipment $33,900

To Account payable $33,900

(Being purchase of an equipment is recorded)

4. Account payable $5,200

To Merchandise inventory $5,200

(Being purchase return is recorded)

5. Account payable $21,200 ($26,400 - $5,200)

To Cash $20,352

To Merchandise inventory ($21,200 × 0.04%) $848

(Being the amount paid is recorded)

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3 years ago

The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2017, the fi

Daniel [21]

Answer:

Quick Furniture Company

The Sanding Department

Production Report

For the month of March 2017:

Materials Conversion Total

Manufacturing costs $35,948 $56,240 $92,188

Cost per equivalent unit:

Manufacturing costs $35,948 $56,240

Equivalent units 9,510 7,110

Cost per equivalent unit $3.78 $7.91

Cost assigned to:

Units transferred out $24,608 $51,494 $76,102

Ending Work in Process $11,340 $4,746 16,086

Total costs assigned $35,948 $56,240 $92,188

Explanation:

a) Data and Calculations:

Materials Conversion

Units started 9,510

Units completed 6,510 6,510 6,510

Ending WIP 3,000 3,000 600

Equivalent units 9,510 7,110

Production Cost Report:

Materials Conversion Total

Manufacturing costs $35,948 $56,240 $92,188

Cost per equivalent unit:

Manufacturing costs $35,948 $56,240

Equivalent units 9,510 7,110

Cost per equivalent unit $3.78 $7.91

Cost assigned to:

Units transferred out $24,608 $51,494 $76,102

($3.78 * 6,510) ($7.91 * 6,510)

Ending Work in Process $11,340 $4,746 16,086

($3.78 * 3,000) ($7.91 * 600)

Total costs assigned $35,948 $56,240 $92,188

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3 years ago

Department S had no work in process at the beginning of the period. It added 13,600 units of direct materials during the period

lora16 [44]

Answer:

Cost of units completed = $176,528

Workings are attached:

Explanation:

Equivalent unit of production

An equivalent unit of production is an expression of the amount of work done by a manufacturer on units of output that are partially completed at the end of an accounting period. Basically the fully completed units and the partially completed units are expressed in terms of fully completed units.

Equivalent units are used in the production cost reports for the producing departments of manufacturers using a process costing system. Cost accounting textbooks are likely to present the cost calculations per equivalent unit of production under two cost flow assumptions: weighted-average and FIFO.

Conversion costs

Conversion costs is a term used in cost accounting that represents the combination of direct labor costs and manufacturing overhead costs. In other words, conversion costs are a manufacturer's product or production costs other than the cost of a product's direct materials.

Expressed another way, conversion costs are the manufacturing or production costs necessary to convert raw materials into products.

The term conversion costs often appears in the calculation of the cost of an equivalent unit in a process costing system.

For the sake of this question, we will be determining the equivalent units of production:

Units completed and transferred subject to material and conversion costs
Units in the closing inventory subject to material and conversion costs
We will then calculate the cost per units with respect to material and conversion costs for the equivalent units.
These cost per units will enable us to determine the cost of items completed.

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3 years ago

Ai Lun, a management trainee at a large New Yorkdashbased bank, is trying to estimate the real rate of return expected by inve

QveST [7]

Answer:

Ai Lun estimate that real rate would be 1%

Explanation:

The Formula for the Real Rate of Return is

Real rate of return =Nominal interest rate - Inflation rate

In this case ,

Nominal interest rate =3%

Inflation rate is given by the rising of the consumer prices =2%

So,

Real rate of return =3% - 2%

Real rate of return=1%

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4 years ago

Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern

mario62 [17]

Answer:

Total cash collection May= $60,000

Explanation:

Giving the following information:

Cash collection:

30% are collected in the month of sale

60% are collected in the first month after sale

10% are collected in the second month after sale.

Sales:

April= $60,000

May= $80,000

We need to calculate the cash collection for May:

Cash collection:

Sales in cash May= (80,000*0.3)= 24,000

Sales in account from April= (60,000*0.6)= 36,000

Total cash collection May= $60,000

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3 years ago