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Ronch [10]
3 years ago
13

Overton Company has gathered the following information. Units in beginning work in process 21,400 Units started into production

205,300 Units in ending work in process 25,000 Percent complete in ending work in process: 60 % Conversion costs 100% Materials Costs incurred: $102,015 Direct materials $323,545 Direct labor $185,700 Overhead (a) X Your answer is incorrect. Try again. Compute equivalent units of production for máterials and for conversion costs.
Business
1 answer:
Sindrei [870]3 years ago
4 0

Answer:

Equivalent Units of Production for Material = 226,700

Euqivalent Units of Production for Conversion = 216,700

Explanation:

The question is to Compute equivalent units of production for máterials and for conversion costs.

First, it should be noted that the Weighted Average Method will be employed as follows

Description                  Units   %Mate.   Equiv. Mat.    % Conven   Equiv. Conv

Completed & Transf.  201,700    100%     201,700         100%             201,700

<u>Ending Work in Prog.      25,000  100%      25,000         60%               15,000</u>

<u>Equivalent. Produc.                                  226,700                               216,700</u>

Note: To determine the Equivalent material of 201,700 above is as follows

Opening Work in Progress + Units Started into Production - Ending Work in Progress

= 21,400+ 205,300 - 25,000 = 201,700 units

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Answer: Please see explanation for answers

Explanation:

Age Group            Amount           Estimated Percent     Estimated  Amount

                              Receivable      Uncollectible                 Uncollectible

Not yet due             $ 32,000              4 %                          $1,280

0-30 days past due 10,200                 6 %                          $612  

31–60 days past due 7,200                 12 %                        $864

More than 60 days past due 2,600      30 %                      $780

Total                                  $ 52,000                                    $3536

Calculation

1) Estimated Amount Uncollectible = Amount Receivable x Estimated Percent      Uncollectible    =

4% x 32,000= $1,280

6% x 10,200=$612

12% x 7,200=$864

30% x2600=$780

Total = $3,536

The allowance for uncollectible accounts = $3,536

2) Journal to  Record the December 31, 2021, adjustment for a debit of $400

Estimated Amount Uncollectible =$3,536

Adjusted = $3536 + debit $400=$3,936

Date                   Account                  Debit             Credit

Dec 31, 2021,  Bad debts Expense    $3,936

Allowance for uncollectible accounts                    $3,936

3) Journal to  Record the write-off of $500

Date                   Account                              Debit             Credit

April 3, 2022,  Allowance for uncollectible

                             accounts                             $500

                         Accounts receivable                                     $500

4a)Journal to  reinstate  the account previously wrtten off  On July 17, 2022

Date                   Account                              Debit             Credit

July 17, 2022,   Accounts receivable             $100

Allowance for uncollectible  accounts                             $100

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Date                   Account                              Debit             Credit

July 17, 2022,   Cash                                    $100

     Accounts receivable                                                     $100

                                                                                                                   

5 0
3 years ago
A 4-year project has an annual operating cash flow of $58,500. At the beginning of the project, $4,950 in net working capital wa
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Answer:

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Explanation:

Cash flow represent the amount of cash revenue less out of pocket cash expenditures. Non-cash related items are not included.

Year    4                                               cash flow     ;

                                                                     $

Operating cash flow                               $58,500

Working capital recouped                     4,950

Scrap value                                            6,090    

Tax payable (40%*58500)                      <u>(23400 )</u>

  Net   Cash flow                            <u>      46,140 </u>

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Experiments regarding consumer behavior have shown that consumers usually expect a product to have a certain price that serves as a reference price that they use to determine if a retailer's price is high (more expensive than the reference price) or low (cheaper than the reference price).

It is normal (but unethical) that some retailers increase their prices a little before starting a sales campaign, since a higher reference price will make consumers believe that the offer is even better.  

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How are passwords stored on your personal computer?
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Hope this helps! :D
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