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
Ad libitum [116K]
3 years ago
7

Steven Corporation uses the FIFO method in its process costing system. Department A's beginning work in process inventory consis

ted of 15,000 unit, 100% complete with respect to materials and 40% complete with respect to conversion costs. The total cost of this inventory was $31,000. A total of 40,000 units were transferred out during the month. The costs per equivalent unit were computed to be $1.30 for materials and $2.20 for conversion costs. What was the cost of the units completed and transferred out?
A. $140,000
B. $131,700
C. $138,300
D. $118,500
Business
1 answer:
Ivenika [448]3 years ago
4 0

Answer:

The cost of the units completed and transferred out is C. $138,300

Explanation:

FIFO method means that the units that were incomplete at the beginning of the period <em>are the first to be completed</em> followed by those started during the year.

The cost of of units completed and transferred is calculated as follows :

Cost in Opening Work In Process                                                  $31,000

Cost to Finish Opening Work In Process :

Raw Materials ( $1.30 × 0)                                                                   $0

Conversion ($2.20 × (15,000 × 60%))                                             $19,800

Started and Completed ((40,000 - 15,000) × ($1.30 + $2.20))     $87,500

Total Cost of of units completed and transferred                       $138,300

Conclusion :

The cost of the units completed and transferred out is $138,300.

You might be interested in
PLS HELP!!! THANK U<br> Sample Work: Writing an Informative Essay: Prewriting BATTLING ADVERSITY
Aleonysh [2.5K]

Answer:

College essays offer an invaluable opportunity for students to dazzle admissions committees with their thoughtfulness and ability to communicate. So, it’s no surprise that experts call the essay-writing process one of the most stressful parts of applying to schools. After all, you have just a few hundred words to make a good impression.

While any college essay prompt can arouse anxiety, the Overcoming Challenges essay topic is often cause for particular concern. Those students who’ve been lucky enough not to experience trauma tend to assume they have nothing worth saying. On the other hand, students who’ve overcome larger obstacles may be hesitant to talk about them. Regardless of your particular circumstances, there are steps you can take to make the essay writing process simpler. Here are our top tips for writing the Overcoming Challenges essay successfully.

Explanation:

4 0
2 years ago
Read 2 more answers
A loan to a company or government that pays investors a fixed rate of truth over a specific timeframe is known as:
VLD [36.1K]

Answer:

4. Bonds

Explanation:

Bonds are debt instruments used by corporates and governments to raise capital. Bonds are long-term sources of capital for a business and government and also an investment option to investors.

When the government or corporate issues bonds, they promise to pay the principal amount when the bond matures. Maturity ranges from 5 to 30 years. The bond issuer also commits to pay interest on regular intervals until the bonds mature. The interest to be paid is based on the coupon rate or interest rate as specified by the bond.

7 0
2 years ago
In planning their wedding, a couple creates a website that will allow friends and relatives to donate money to their honeymoon e
Mekhanik [1.2K]

Answer: c. Crowdfunding

Explanation: Crowdfunding is funding by many individuals pooling their money together for a common goal, usually via the Internet. The required amount for the project is raised by pooling small sums of money from a large number of people. Each individual acts as an agent of the offering, by selecting and promoting the projects in which they believe in. A wide range of profit-based ventures such as creative projects, medical expenses, travel etc. have employed crowdfunding as a means of sourcing funds.

6 0
3 years ago
g One of the advantages to using common-sized income statements for analysis is _____________________ Group of answer choices a.
valina [46]

Answer:

b. comparisons between companies with drastically different levels of sales is made easier

Explanation:

  • An advantage of the common size income statement is that they help the financial users to understand more clearly interns of the ration or the percentage of each individual item in the economic statements the percentage of the total sales of the company.
7 0
3 years ago
Tonya contributes $150,000 to Swan, Inc., for 80% of the stock. In addition, she loans Swan $600,000. The maturity date on the l
USPshnik [31]

Answer:

A. If the loan is not reclassified as equity, Swan can deduct interest expense annually of $18,000, and Tonya includes in gross income annually interest income of $18,000.

Explanation:

Loans received under $385 should not be reclassified as equity.

Interest expense is determined by multiplication of the money Tonya loans Swan multiplied by the interest rate.

Therefore,

Interest expenses = 600000 x 3%

                              = $18000

8 0
3 years ago
Other questions:
  • occurs when one supply chain member perceives that another supply chain member is making decisions in a manner that interferes w
    12·1 answer
  • The company pays cash for a piece of equipment. the list price was $9,100, but after negotiation, the final purchase price was $
    13·1 answer
  • Which is an example of exploitation?
    11·1 answer
  • This year, the annual tuition at a public four-year university is $5,290. Next year when Jarrod attends his first year, the tuit
    7·2 answers
  • Why would you put money in a saving account
    7·2 answers
  • b. What kinds of information from previous budgets would be helpful for Talar to have on hand when she presents her budget to th
    9·1 answer
  • You have an annuity which pays $1,200 every two years. The first payment is two years from now and the last payment is ten years
    8·1 answer
  • Marginal cost A) is the increase in total cost resulting from producing one more unit. B) is the average cost of production divi
    6·1 answer
  • One of the more crucial issues within supply management involves encouraging or helping the firm's suppliers to perform in some
    13·1 answer
  • What is the process for adding a text box on a slide?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!