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Olin [163]
2 years ago
13

Colby Company has a process costing system in which the weighted-average method is used. The company adds all materials at the b

eginning of the process in the Molding Department, which is the first of two stages of its production process. Information concerning the materials used in the Molding Department during March is as follows:
Work in process at March 1: Units = 22,000; Material costs = $11,000
Units started during March: Units = 90,000; Materials costs = $46,120
Units completed and transferred to the next department during March: Units = 97,000

What was the materials cost of the work in process inventory at March 31?
$11,220
$7,500
$5,100
$7,650
Business
1 answer:
ivanzaharov [21]2 years ago
4 0

Answer:

$7,650

Explanation:

Ending work in progress = Beginning Work in progress + Units started - Units completed and transferred

= $22,000 + $90,000 - $97,000

= $15,000

Equivalent units = Units completed and transferred + Ending work in progress

= $97,000 + $15,000

= $112,000

Total cost = Material cost (Beginning) + Material cost during the month

= $11,000 + $46,100

= $57,100

Cost per equivalent unit = $57,100 ÷ $112,000

= $0.51

Materials cost of the work in process inventory at March 31 = Ending work in progress × Cost per equivalent unit

= $15,000 × $0.51

= $7,650

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Who is most likely to benefit when the Canadian dollar depreciates against the euro? A. Foreign sellers to Canadian buyers B. Ca
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Answer:

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For example, the exchange rate before the depreciation is 40 Canadian dollar / Euro. After the depreciation, it is 80 Canadian dollars / Euro.

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6 0
3 years ago
On January 1, 2021, Gundy Enterprises purchases an office building for $305,000, paying $55,000 down and borrowing the remaining
wel

Answer:

1.                           Debit           Credit  

1/1/2021

Buildings  $305,000    

Cash              $55,000  

Mortgage payable      $250,000

2. Date     Cash paid interest  expense decrease in CV Carrying value          

1/1/2021                                                                 $250,000    

1/31/2021     $3,166.89    $1875.00         $1,291.89      $248,708.11    

2/28/2021   $3,166.89    $1865.31         $1301.58             $247,406.53

3 a.                           Debit Credit  

12/31/2021

interest expense   $1,875    

mortgage payable   $1,291.89    

cash                        $3,166.89

3 b. The amount of firts payment that goes to interest expense is 1,875 and to reduce the cv is $1,291.89

Explanation:

1. The purchase of the building on January 1, 2021 would be record as follows:

                         Debit           Credit  

1/1/2021

Buildings  $305,000    

Cash              $55,000  

Mortgage payable      $250,000

2. The first three rows of an amortization schedule would be as follows:

Date     Cash paid interest  expense decrease in CV Carrying value          

1/1/2021                                                                 $250,000    

1/31/2021     $3,166.89    $1875.00         $1,291.89      $248,708.11    

2/28/2021   $3,166.89    $1865.31         $1301.58             $247,406.53

3 a. The first monthly mortgage payment on January 31, 2021 record would be as follows:

                         Debit Credit  

12/31/2021

interest expense   $1,875    

mortgage payable   $1,291.89    

cash                        $3,166.89

3 b.  

The amount of firts payment that goes to interest expense is 1,875 and to reduce the cv is $1,291.89

7 0
3 years ago
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