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Vikki [24]
3 years ago
7

A company uses the weighted-average method for inventory costing. At the end of the period, 22,000 units were in the ending Work

in Process inventory and are 100% complete for materials and 75% complete for conversion. The equivalent costs per unit are materials, $2.65 and conversion $5.35. Compute the cost that would be assigned to the ending Work in Process inventory for the period.a. $146,575.b. $176,000.c. $87,725.d. $93,775.e. $132,000.
Business
1 answer:
ExtremeBDS [4]3 years ago
7 0

Answer:

a.The ending work in process inventory is $ 146,575

Explanation:

To determine the ending work in process inventory, we need to do the following computations:

No of units in ending inventory                                    22,000 units

Material cost in ending inventory

22,000 units * 100 % (completion) * $ 2.65                     $ 58,300  

Conversion costs in ending inventory  

22,000 units * 75 % (completion) * $ 5.35                      <u> $ 88,275</u>

Total value of Ending work in process inventory        <u> $ 146,575</u>

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3 years ago
Suppose a commercial bank has checkable deposits of $80,000 and the legal reserve ratio is 20 percent. If the bank's required an
babymother [125]

Answer: $32000

Explanation:

The required reserves will be calculated as:

= Checkable deposit × Legal reserve ratio

= $80000 × 20%

= $16000

Excess reserves = $16000

Actual reserves will now be:

= Required reserves + Excess reserves

= $16,000 + $16,000

= $32,000

8 0
2 years ago
The comparative balance sheets for 2018 and 2017 are given below for Surmise Company. Net income for 2018 was $70 million.
barxatty [35]

Answer and Explanation:

The presentation of the cash flow statement is presented below:

Particulars                                              (in million)                                              

Cash flow from operating activities    

Net income $70

Adjustments made:  

Add: Depreciation expenses [$122 - $98] $24

Add: Bad debt expense [$19 -$4]                $15

Add: patent amortization expense [$22 - $20] $2

Add: decrease in Accounts receivable $12

Less: increase in Prepaid expenses ($3)

Less: increase in Inventory ($17)

Less: decrease in Accounts payable ($18)

Less: decrease in Accrued liabilities ($12)

Net cash flow from operating activities $73

Cash flow from Investing activities  

purchase of long term investment ($34)

purchase of Buildings and equipment ($7)

Net cash flow used by Investing activities ($41)

Cash flow from Financing activities  

Payment of cash dividend ($86)

Issuance of Notes payable 38

Proceed from Common stock [$14 + $54] $68

Payment of Bonds payable ($58)

Net Cash flow used by Financing activities ($38)

Decrease in cash ($6)

Add: cash in beginning,2017 $32

cash at end ,2018 $26

Non cash investing and financing activities:  

Acquired Building with a seven-year lease agreement $107

Working notes:

                           Retained earnings Account

To cash dividend (B/F) 86 By Balance b/d 158

To Balance c/d 142 By Net income 70

                              228                          228

                        Buildings and equipment Accounts

To Balance b/d 245  

To lease liability 107  

To cash (B/f) 7                   To Balance c/d 359

                                359                        359

7 0
2 years ago
1. Distinguish between evolutionary change and revolutionary change. Provide an example where
olchik [2.2K]

Answer and Explanation:

Evolutionary change is an extremely slow process whereas revolutionary change is a very rapid change. Under the developmental change, people have slowly explained to reform an organization while on the contrary, it acts as a mandate in revolutionary change.  This is the type of pressure.

In no way in developmental change. Used to be given. If a type of product is developing slowly, then in such production managers are implementing evolutionary changes whereas if this change is happening more rapidly then we can say that managers are using revolutionary changes.

3 0
3 years ago
Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution marg
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Answer:

Income statement for Shannon Company that uses the contribution format and is segmented by divisions is attached with this answer please find it.

Explanation:

Contribution margin income statement is determines the contribution margin and Net income. Contribution margin is calculated after deducting variable costs from the revenue and the net income after deducting fixed expense from the contribution margin.

Overall

Sales Value is the sum of the sales of both North and South Segment.

Sales = $960,000

Contribution margin ratio = 34%

Net operating income = $19,200

North Divisions

Contribution margin $121,600

Contribution margin ratio 38%

As we know:

Contribution Margin ratio = Contribution margin / Sales

38% = $121,600 / Sales

Sales = $121,600 / 38% = $320,000

South Division

Margin $140,800.

Common fixed cost of $211,200 is deducted to calculate the net income.

Download pdf
4 0
2 years ago
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