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
damaskus [11]
3 years ago
6

Graham Petroleum produces oil. On May 1, it had no work-in-process inventory. It started production of 244 million barrels of oi

l in May and shipped 216 million barrels in the pipeline. The costs of the resources used by Graham in May consist of the following:
Materials $6,000 Million
Conversion Cost (Labor and overhead) $7,968 Million
Required:

The production supervisor estimates that the ending work-in-process is 60 percent complete on May 31.

Compute the cost of oil shipped in the pipeline and the amount in work-in-process ending inventory as of May 31. (Do not round intermediate calculations. Enter your answers in millions. For example, enter "1" instead of "1,000,000".)
Business
1 answer:
Sunny_sXe [5.5K]3 years ago
6 0

Answer:

The cost of 216 million barrels of oil shipped is $ 12,960 million

Cost of ending work in process is $1,008 million

Explanation:

The total costs of oil production is computed thus:

                                                       $million

materials                                        6,000

conversion cost                             7,968

total cost                                       13,968

Production started                  244 million

Oil shipped                             216 million

ending work in process         28 million

total equivalent units=216 million+28 million*60%=216 million+16.8 million=232.8  million

cost of oil shipped=$13,968/232.8*216=$ 12,960 million

amount of ending inventory=$13,968-$12,960=$1,008.00  

You might be interested in
What are examples of criteria used in conditional formatting? Check all that apply. less than equal to added to divided by great
natima [27]

Answer:

  • Less than
  • Equal to
  • Greater than

Explanation:

Considering the listed options, the criteria used in conditional formatting are Less than, Equal to and Greater than

To make use of conditional formatting, follow the highlighted steps

1. Highlight cells that you want to format

2. Goto Home tab -> Styles -> then select Conditional Format

3. Select Highlight Cells Rules

4. Select the format type (this is where you get to pick either of greater than, equal to less than, etc.)

5. Enter the format value and how it is to be formatted

6. Press OK

3 0
3 years ago
Country A has real GDP per person of 250,000 while Country B has real GDP per person of 500,000. All else constant, Country A wi
Ne4ueva [31]

Answer:

Option A is correct because the level of saving in percentage for company A is 2% (5000/250000). Whereas the level of saving in the company B is 1.5% which is lower than the savings of company A. This will increase the standard of life in the long run because greater the savings the greater is the amount invested in Financial assets which will decline the interest rate as the funds for investment are in excess it will decline the demand for loans. This investment will earn its investor more which will change his standard of life.

Remember standard of living is measured by:

GDP per capita= Total GDP/ Total population

So if the GDP per person is higher it means his saving are lower. And if the level of saving are lower then the standard of living will decline because the money available for investment is lower in amount. This will not save him enough to maintain his standard of living.

So its true because the level of saving rate of company A is higher this means the standard of living in the near future will also increase with faster pace.

8 0
3 years ago
What is one way to begin saving start up capital?
Stella [2.4K]

Answer:

A - Set aside a portion of your income each month.

Hope This Helps

8 0
3 years ago
kristen and harrison are equal partners in the kh partnership. the partners formed the partnership 5 years ago by contributing c
Sauron [17]

Answer: Harrison will acknowledge a gain equal to the difference between his basis and the distribution . This is because he receives only money in the distribution and the amount transcend his basis in KH. He further allot his entire basis in KH to the basis in the money received resulting in $0 basis in KH after the distribution.

∴ <em>The capital gain will be $6000 i.e. (50000 - 44000) and $0 basis.</em>

4 0
3 years ago
A library shelving system has a fi rst cost of $20,000 and a useful life of 10 years. The annual maintenance is expected to be $
Debora [2.8K]

Answer:

The benefit cost ratio is 1.564

Explanation:

The benefit-cost ratio is the ratio of the present value of benefits to the present value of costs. It is thus calculated as follows.

Benefit-cost ratio = Present value of benefits / Present value of costs

Present value of costs = $20,000 + $2,500 (P/A, 10%, 10 years)

                                     = $20,000 + $15,361

                                     = $35,361

Present value of benefits = $9,000 (P/A, 10%, 10 years)

                                          = $9,000 x 6.145

                                          = $55,305

Benefit-cost ratio = $55,305 / $35,361

                             = 1.564

3 0
3 years ago
Other questions:
  • Elkhorn Company purchased merchandise on account from Springhill Company for $42,000, terms 2/10, n/30. Elkhorn returned merchan
    9·1 answer
  • Which of these factors would tend to lower overall property values most in a single-family residential neighborhood?
    8·1 answer
  • How do advertising and publicity play a role when it comes to demand?
    10·1 answer
  • PLEASE HELP ASAP!!
    7·1 answer
  • A(n) _____ is something a person wants to get out of a job or that brings them job satisfaction. a. personal value b. work value
    6·1 answer
  • Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of
    9·1 answer
  • Why do Marketers segment a market?
    7·1 answer
  • Match the tasis with the professionals who do them
    15·2 answers
  • tổng giám đốc của một doanh nghiệp sản xuất so sánh lợi nhuận của doanh nghiệp trươc và sau thời điểm đầu tư một dây chuyền sản
    9·1 answer
  • How to come up with a good idea that you are going to start a business?
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!