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Kitty [74]
3 years ago
9

g"Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, a

nd Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $381,000, $149,000, and $96,200, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $30,000, and work in process at the end of the period totaled $28,600."
Business
1 answer:
kondaur [170]3 years ago
3 0

Answer:

to record direct materials used by refining department:

Dr Work in process - refining department 381,000

    Cr Raw materials 381,000

to record direct labor used by refining department:

Dr Work in process - refining department 149,000

    Cr Wages - direct labor 149,000

to record factory overhead allocated to refining department:

Dr Work in process - refining department 96,200

    Cr Factory overhead 96,200

The work in process passed to the next department (sifting) will be: beginning WIP + WIP raw materials + WIP wages + WIP overhead - ending WIP = $30,000 + $381,000 + $149,000 + $96,200 - $28,600 = $627,600

Dr Work in process - sifting department 627,600

    Cr Work in process - refining department 627,600

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Equipment was purchased for $161500. Freight charges amounted to $5500 and there was a cost of $10000 for building a foundation
NISA [10]

Answer:

$27,800

Explanation:

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

Cost of asset = $161500 + $5500 +  10000 =$177,000

$177,000 - $38000 = $139,000 / 5 =$27,800

depreciation expense each year would be $27,800

4 0
3 years ago
For an auto insurance company, the average cost of collision claims is $500 per year for careful drivers and $3000 per year for
Rainbow [258]

Answer:

option (c) $875 per year

Explanation:

Given;

Average cost of collision claims for careful drivers = $500 per year

Average cost of collision claims for for poor drivers = $3000 per year

Poor drivers known by the company = 15%

thus,

Careful drivers = (100% - 15%) = 85%

Therefore,

Insurance company's breakeven price for the collision insurance  

= (Poor drivers known × Average cost of collision for poor drivers ) +( Careful drivers × Average cost of collision claims for careful drivers)

= 0.15 × $3000 + 0.85 × $500

= $450 + $425

= $875 per year

Hence, the correct answer is option (c) $875 per year

8 0
3 years ago
Barney has a balance of $780 on a credit card with an APR of 31.3%, compounded monthly. About how much will he save in interest
BlackZzzverrR [31]

$119.66 is the answer for apex

8 0
3 years ago
Read 2 more answers
Which of the following best describes how consumers make financial decisions in a market economy? A. The media forces consumers
notka56 [123]

Answer:

B. They make choices based on their self-interests.

Explanation:

A market economy can be defined as the economy of a country where by the government has a minimal influence or intervention on how the market operates.

A market economy is regulated by the individuals that owns the businesses in that economy. These individuals have the ability to direct resources that they need from production to their firms and businesses.

A market economy is largely or greatly influenced and regulated by the rate of supply and demand. Consumers in a market economy have to sometimes paid a high price for the goods and services that they require. Consumers make financial decisions in a market economy by making their choices based on self interests.

A market economy is a very competitive economy because

a. the demand of goods and services by consumers have increased therefore this results in an increase in production of goods and services.

b. The producers tend to high innovative when producing this goods and services required by the consumers.

In a market economy, businesses and firms tend to have an increased of a very high rate of efficiency when producing goods and services such that they minimise or lower the cost of production while ensuring that they make high or huge amounts of profits.

4 0
3 years ago
_________was established by the Better Business Bureau to evaluate ads directed at children based on guidelines that encourage s
Phantasy [73]

Answer: The Children's Advertising Review Unit.

Explanation:

The Children’s Advertising Review Unit or CARU was established in 1974 as an independent self-regulatory agency. Its function is to regulate publicity in the media so can be suitable for children under 12 years of age.

CARU regulate television, radio, print media, and virtual media, so the advertising directed at children under the age of twelve is not misleading, immoral, and is consistent with the child's cognitive ability.

<em>I hope this information can help you.</em>

4 0
3 years ago
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