1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
PtichkaEL [24]
3 years ago
5

Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete 88,000 Pounds started into productio

n during May 530,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 60% complete; conversion 40% complete 65,000 Cost data: Work in process inventory, May 1: Materials cost $ 106,000 Conversion cost $ 59,700 Cost added during May: Materials cost $ 551,120 Conversion cost $ 328,230 Required: 1. Compute the equivalent units of production for materials and conversion for May. 2. Compute the cost per equivalent unit for materials and conversion for May. 3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.
Business
1 answer:
Zarrin [17]3 years ago
3 0

Answer:

1. materials = 569,000 units , conversion = 556,000 units

2. materials = $1.15 , conversion = $0.70

3. materials = $44,850 , conversion = $18,200 , total = $63,050

Explanation:

For this question, i will assume that the <em>Weighted Average Cost Method</em> is used since we do not have information on the specific method applied by this company.

<u>Calculation of the equivalent units of production for materials and conversion</u>.

1. Materials

Closing Work in Process (65,000 × 60%)            =    39,000

Completed and Transferred to Finished Goods =  530,000

Equivalent units of production for materials       =   569,000

2. Conversion Costs

Closing Work in Process (65,000 × 40%)            =    26,000

Completed and Transferred to Finished Goods =  530,000

Equivalent units of production for materials       =   556,000

<u>Calculation of the cost per equivalent unit for materials and conversion</u>

Remember :

<em>Cost per equivalent unit = Total Costs ÷ Total Equivalent units</em>

<em>therefore,</em>

1. Materials

Cost per equivalent unit =  ($ 106,000 + $ 551,120) ÷ 569,000

                                        =  $1.15

2. Conversion Costs

Cost per equivalent unit =  ($ 59,700 + $ 328,230) ÷ 556,000

                                        =  $0.70

<u>Calculation of the cost of ending work in process inventory for materials, conversion, and in total</u>

Materials ($1.15 × 39,000)                             = $44,850

Conversion Costs ($0.70 × 26,000)             = $18,200

Total cost of ending work in process           = $63,050

You might be interested in
Name the four major categories of primary energy use in an industrial society, and match the energy sources that correspond to e
Fittoniya [83]

Four major categories of Primary energy use are:

1. Transportation

2. Industrial Process

3. Commercial and residential use

4. Generation of electrical power

Transportation depends entirely on petroleum, whereas nuclear power, coal, and water power are limited to the production of electricity. Electricity is in most commercial and residential use. Industrial processes use natural gas, oil, and electricity. Some oil, natural gas and biomass are used for the generation of electricity.

6 0
3 years ago
explain the difference between a change in quantity demanded and a change in demand. Provide a real world example of a factor th
Zina [86]

Answer:

A change in quantity demanded is caused by a change in price only. That is, when price rises quantity demanded falls vise versa

A change in demand occurs when there is a shift in the demand caused by a change in other determinates of demand other than price such as change in income, change in taste and fashion, demographic changes etc.

Explanation:

Real word example of change in demand :

Changing Tastes or Preferences

From 1990 to 2020, the per-person consumption of chicken by Americans rose from 48 pounds per year to 85 pounds per year, and consumption of beef fell from 77 pounds per year to 54 pounds per year, according to the U.S. Department of Agriculture (USDA). Changes like these are largely due to movements in taste, which change the quantity of a good demanded at every price: that is, they shift the demand curve for that good, rightward for chicken and leftward for beef.

Simply put it this way> Change in quantity demanded : Price change, quantity demanded change

Change in Demand: Price doesn't change but quantity demanded changes as a result of change in other determinates of demand examples the change in preference

6 0
3 years ago
A simultaneous increase in both unemployment and inflation is most likely to be the result of a(n): Group of answer choices decr
sesenic [268]

Answer: Decrease in the short run aggregate supply. increase in long run aggregate supply

Explanation:

assuming the wage stays constant in the short run (price of labour), an increase inflation/general prices will lead to a decrease in the Supply of labour because the current wage is no longer enough to cover the same number of goods people used to buy which will then increase Unemployment. The Labor market will experience a situation where inflation and unemployment are increasing at the same time

The Supply of Labour will increase in the Long run because the wage price will have sufficient time to adjust and increase to a new equilibrium level. .an increase in wage price will increase the quantity of supplied.

8 0
3 years ago
Kkenneth caplan is a salaried employee who normally works a 371⁄2-hour week and is paid a weekly salary of $675.00. the agreemen
Natali [406]
The gross pays is 675.00
4 0
3 years ago
One of two office clerks in a small company prepares a sales invoice for $4,300; however, the invoice is incorrectly entered by
KIM [24]

Answer: <u><em>C. Using predetermined totals to control posting routines.</em></u>

Explanation:  A regulation total if developed for the agreement to be posted, then it should be set side by side with total of items posted to personal accounts. Therefore, The most adequate way to avert this kind of error is by applying predetermined totals to control stating the daily cycle.

<u><em>Therefore, the correct option in this case is (c)</em></u>

4 0
3 years ago
Other questions:
  • Examine the following budget: Monthly Budget Budgeted Amount Actual Amount Income Wages $1000 $850 Expenses Car - gas, insurance
    9·1 answer
  • 1st attempt Jung is willing to pay $85 for a new jacket that sells for $70. Eddie is willing to pay $65 for that same acket. Wha
    12·1 answer
  • At the beginning of the current year, Bard Corporation had 400,000 shares of $1 par common stock outstanding and had retained ea
    9·1 answer
  • When a customer does not pay an invoice by a certain date, that customer might have to pay an additional _____.
    12·2 answers
  • Lynn Brown is widely known as the one of the best customer relationship managers in her company. Over the years she has develope
    5·1 answer
  • Explain three ways you can get home safely if the friend you rode with has drugs or alcohol in his or her system and you prevent
    8·1 answer
  • Girls between the ages of 8 and 15 years are one of the growing markets for high-end shoe manufacturers, and podiatrists say the
    7·1 answer
  • On February 1, 2020, Bonita Industries purchased a parcel of land as a factory site for $328000. An old building on the property
    9·1 answer
  • The optimal level of difficulty of a goal Question 18 options: occurs only when employees set their own goals. occurs when the g
    5·1 answer
  • The last item on the statement of cash flows prior to the schedule of noncash investing and financing activities reports a.the n
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!