All categories

3 years ago

Fire Out Company manufactures its product, Vitadrink, through two manufacturing processes:

Business

1 answer:

navik [9.2K]3 years ago

4 0

Answer:

Entries are given

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

Account DEBIT CREDIT

raw material inventory 300,000

accounts payable 300,000

work in process inventory- Mixing 210,000 -

work in process inventory- Packaging 45,000

raw material inventory 255,000

Factory payroll 258,900 -

Wages payable 258,900

work in process Labor- Mixing 182,500 -

work in process Labor Packaging 76,400

Factory payroll 258,900

Manufacturing overhead 810,000 -

overhead payable 810,000

work in process Mixing 672,000 -

work in process Packaging 144,000

Manufacturing overhead 816,000

work in process Labor Packaging 979,000 -

work in process Labor- Mixing 979,000

Finished goods 1,315,000 -

work in process Labor Packaging 1,315,000

Accounts receivable 2,500,000 -

Sales 2,500,000

Cost of goods sold 1,604,000 -

Finished goods 1,604,000

You might be interested in

A company just starting business made the following four inventory purchases in June: June 1 150 units $ 390 June 10 200 units 5

melomori [17]

Answer:

Ending inventory cost= $599

Explanation:

Giving the following information:

June 1 150 units $ 390 (2.6)

June 10 200 units 585 (2.93)

June 15 200 units 630 (3.15)

June 28 150 units 495 (3.3)

Ending inventory in units= 200

<u>To calculate the ending inventory, first, we need to calculate the average price:</u>

Average price= (2.6 + 2.93 + 3.15 + 3.3) / 4= $2.995

<u>Now, the ending inventory:</u>

Ending inventory= 2.995*200

Ending inventory= $599

8 0

3 years ago

What is the effect of import restrictions on prices? They often cause prices to rise steeply and then drop. They cause prices to

Lostsunrise [7]

Answer:

They cause prices to rise.

3 0

3 years ago

Why do employers prefer employees with good work ethics? A. because an employee with good work ethics will always be a team play

ivann1987 [24]

D. because an employee with good work ethics can prove to be an efficient resource overall ( because its common sense)

5 0

4 years ago

Jen's Fashions is growing quickly. Dividends are expected to grow at a 19 percent rate for the next 3 years, with the growth rat

Sedaia [141]

Answer:

Ans. Current Share Price=$33.85

Explanation:

Hi, we first have to establish the dividend for the first 3 years and the dividend when the growth rate falls off to a constant rate of 8% with the formula to find the present value of a perpetuity with constant growth rate. From there, we need to bring all the above cash flows to present value and that is the price of the share. The formula is as follows.

$Price=\frac{D1}{(1+r)^{1}}+\frac{D2}{(1+r)^{2} } +\frac{D3}{(1+r)^{3} } +\frac{D3(1+g)}{(r-g)} \frac{1}{(1+r)^{3} }$

To find D1, D2,and D3, we have to do this.

D1=Do(1+0.19)

D2=D1(1+0.19)

D3=D2(1+0.19)

Since 0.19 is the growth rate for 3 years. Everything should look like this

$Price=\frac{4.04}{(1+0.12)^{1}}+\frac{4.29}{(1+0.12)^{2} } +\frac{25.52}{(1+0.12)^{3} } +\frac{25.52(1-0.08)}{(0.12+0.08)} \frac{1}{(1+0.12)^{3} } =33.85$

notice that the sign of the last part do not coincide with the formula, that is because the growth rate from the first 3 years is -8%.

Best of luck.

7 0

3 years ago

When housing prices ________ as they did beginning in 2006 following the housing market bubble, most banks and other lenders tig

-Dominant- [34]

Answer:

"Fell" "Harder"

Explanation:

When housing prices fell as they did beginning in 2006 following the housing market bubble, most banks and other lenders tightened the requirement for borrowers, making it harder for potential home buyers to obtain mortgages.

6 0

3 years ago