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SSSSS [86.1K]
3 years ago
12

A granary allocates the cost of unprocessed wheat to the production of feed, flour, and starch. For the current period, unproces

sed wheat was purchased for $120,000, and the following quantities of product and sales revenues were produced. Product Pounds Price per pound Feed 100,000 $ 0.70 Flour 50,000 2.20 Starch 20,000 1.00 How much of the $120,000 cost should be allocated to flour if the value basis is used?
Business
1 answer:
ArbitrLikvidat [17]3 years ago
3 0

Answer:

Allocated cost = $66,000

Explanation:

Total sales value for the three products

= (100,000× $0.70)  + (50,000× $2.20) + (20,000 × $1.00)

=  $200,000.

Joint cost allocated to Flour

= sales value of flour / total sales value × Joint cost

=  (50,000× $2.20)/200,000.×120,000

=$ 66,000.00  

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In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Ivan
Alona [7]

Answer:

Requirement: Prepare the entry to record the sales transactions and related taxes.

1.   Date      Account Titles and Explanation     Debit     Credit

   Apr. 10   Cash                                                 $30,975

                        Sales Revenue                                          $29,500

                        Sales Tax Payable                                     $1,475

                 (To record Cash sales along with sales tax)

2. Date      Account Titles and Explanation    Debit     Credit

   Apr. 15   Cash                                                 $18,530

                        Sales Revenue                                          $17,000

                        Sales Tax Payable                                     $1,530

                  (To record Cash sales along with sales tax)

<u></u>

<u>Workings</u>

- Total Sales along with sales tax = $18,530, Sales Tax Rate = 9%. Sales Tax Amount = 18530*(0.09/1.09) = $1,530

- Sales Without Sales Tax = $18,530 - $1,530 = $17,000

7 0
3 years ago
you deposit $6000 in an account earning 2% interest compounded continuously. how much will you have in the account in 10 years?
Gre4nikov [31]

Future Value is $7,327.20

<h3>What is compound interest ?</h3>

Compound interest is the interest on deposits that is computed using both the original principal and the interest accrued over time.

It is thought that the concept of "interest on interest" or compound interest first appeared in Italy in the 17th century. Compared to simple interest, which is just charged on the principal amount, it will cause a sum to grow more quickly.

Money grows more quickly when it is compounded, and compound interest increases as the number of compounding periods increases.

CI formula :  A = P(1 + r/n)^nt

where,

P = principal balance,

r = interest rate,

n = number of times interest is compounded per time period and

t = number of time periods.

To solve this question :

A = P(1 + r/n)^nt

= 6,000 (1 + 0.02/12) 120

= USD 7,327.20

To know more about compount interest, visit :

brainly.com/question/14295570

#SPJ4

4 0
1 year ago
Breonna Corporation leases equipment from Falls Company on January 1, 2020. The lease agreement does not transfer ownership, con
maksim [4K]

Answer:

$35,000

Explanation:

Since this is an operating lease (short lease term, no transfer of ownership, and low present value of lease payments), the lessor has to record a depreciation expense, but the lessee only considers lease payments as operating costs (no depreciation expense or lease liability should be recognized).

Depreciation expense per year under the straight line method = asset cost / useful life = $280,000 / 8 years = $35,000

7 0
3 years ago
What type of job can i get with a finance and marketing double major
lora16 [44]
You can get jobs such as social media manager, accountant, advertising manager, marketing analyst, marketing manager, financial planner, budget planner
6 0
2 years ago
The following information is available for Ivanhoe Company. April 1 April 30 Raw materials inventory $10,500$14,000 Work in proc
Fiesta28 [93]

Answer and Explanation:

The preparation of the cost of goods manufactured schedule for the month of April is presented below

Beginning work-in-process inventory                          $4,840

Manufacturing costs:

Direct materials:                                                  

Beginning inventory                                   $10,500

Purchases                                                    $97,700

Materials available                                      $108,200 

Less:  Ending inventory                              -$14,000

Direct materials used                                                             $94,200

Direct labor                                                                             $80,300

Manufacturing overhead                                                       $162,000

Total manufacturing costs:                                                     $336,500

Total costs of work-in-process                                                $341,340

                                                                               ($4,840 + $341,340)

Less:  Ending work-in-process                                                -$3,700

Cost of goods manufactured                                                   $337,640

Basically we simply the cost of goods manufactured formula

3 0
3 years ago
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