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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.

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Explanation:

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8 0
2 years ago
Which of the following is included in the consumption component of U.S. GDP? Question 12 options:
frosja888 [35]

Answer:

Answer is option b, i.e. purchase of natural gas by U.S. households.

Explanation:

Consumption component of U.S. GDP includes purchase of various durable goods, non-durable goods, and also various intangible services. But anything that is purchased as a means of investment rather than for personal consumption is not regarded as consumption component in GDP. Here, purchase of newly constructed houses is an asset and thus, is not included in these components. Similarly, purchase made for business purposes is also excluded from the list of consumption components.

8 0
3 years ago
The capital investment cost for a switchgrass-fueled ethanol plant with a capacity of 250,000 gallons per year is $2,000,000. Th
GenaCL600 [577]

Answer:

$2,740,251.24

Explanation:

Applying power sizing technique or an exponential model to determine the cost of new boiler.

This model identify the cost variation along with change in capacity or power of the equipment.

\frac{C_{A} }{C_{B} } =(\frac{S_{A}}{S_{B}})^{x}

Where,

Cb = Cost of new plant

Sa = capacity of new plant

Sb = capacity of old plant

x = cost capacity factor

Therefore,

\frac{C_{A}}{2,000,000} =(\frac{400,000}{250,000})^{0.67}

C_{A}=2,000,000\times\frac{400,000}{250,000}

               = 2,000,000 × 1.3701

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5 0
3 years ago
Suppose that an economy consists of only two individuals. Leland has $1950 available to spend on goods. He decides to purchase $
Illusion [34]

Answer:

$370

Explanation:

The computation of the economy income as follows:

Since Leland decided to buy the worth of produce in the present month for $370

So for the present month or the current month, the economy income is $370

Therefore the same would be considered also the single transaction is taken place in the current month

6 0
2 years ago
Todd Williamson and Jim Miranda started their business, Broad Reach Sailing, as a way to earn a living doing something they love
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Answer:

C. More leisure time

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Leisure time is the time spent away from work, business, school, or doing domestic chores. Spending time in necessary activities such as eating or sleeping is not leisure. Leisure activities include cycling, taking holidays, hiking, or cycling.

Starting a business is not a leisure activity. Engaging in recreation activities away from the enterprise is leisure.

7 0
3 years ago
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