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saul85 [17]
3 years ago
6

DistaBricks manufactures custom brick and applies job-order costing. The following information relates to the fiscal year ending

December 31, 2013.
Beginning balance in Raw Materials Inventory $ 13,600

Purchases of raw material 211,000
Ending balance in Raw Materials Inventory 15,100
Beginning balance in Work in Process 18,700
Ending balance in Work in Process 16,500
Direct labor cost 78,600
Manufacturing overhead applied 47,900
Actual manufacturing overhead 44,800
Beginning balance in Finished Goods 26,200
Ending balance in Finished Goods 24,500
Sales 421,000
Selling expenses 115,400
General and administrative expenses 75,900
How much is the cost of direct materials transferred into production?
Business
1 answer:
MA_775_DIABLO [31]3 years ago
6 0

Answer:

$209,500

Explanation:

Given that,

Beginning balance in Raw Materials Inventory = $ 13,600

Purchases of raw material = $211,000

Ending balance in Raw Materials Inventory = $15,100

Cost of direct materials transferred into production:

= Beginning balance in Raw Materials Inventory + Purchases - Ending balance in Raw Materials Inventory

= $ 13,600 + $211,000 - $15,100

= $209,500

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Answer:

Legacy

1. Journal Entry:

January 1:

Debit Cash $570,443

Debit Bonds Discount $69,557

Credit Bonds Payable $640,000

To record the issuance of the bonds at a discount.

2. Total bond interest expense to be recognized over the bonds' life:

= $287,160

Explanation:

a) Data and Calculations:

January 1, 2019

Face value of bonds issued = $640,000

Price of bonds =                       $570,443

Bonds discount =                      $69,557 ($640,000 - $570,443)

Coupon interest rate = 8.5%

Market interest rate = 12%

Maturity period = 4 years

Interest payment = semiannual on June 30 and December 31

With straight-line amortization of bonds discount, the semiannual amortization will be = $8,695

Semi-annual interest payment = $27,200 ($640,000 * 4.25%)

Semi-annual interest expense = $35,895 ($27,200 + $8,695)

Annual interest expense = $71,790

1. Transaction Analysis

January 1:

Cash $570,443 Bonds Discount $69,557 Bonds Payable $640,000

2. Total bond interest expense to be recognized over the bonds' life:

= $287,160 ($71,790 * 4) or ($35,895 * 8)

6 0
2 years ago
Bolding Inc.'s contribution margin ratio is 61% and its fixed monthly expenses are $47,500. Assuming that the fixed monthly expe
Natali5045456 [20]

Answer:

c. $36,070

Explanation:

contribution margin ratio is the ratio of the contribution to sales of an entity for a given period.

contribution margin ratio= contribution/sales

where contribution is the difference between sales and the variable cost

Given;

sales = $137,000

contribution margin ratio = 61% = 0.61

0.61 = contribution/$137,000

contribution = $137,000 × 0.61

= $83,570

Net operating income is the difference between the contribution and the fixed cost.

Fixed cost = $47,500

Net operating income = $83,570 - $47,500

= $36,070

3 0
3 years ago
Uppose a price floor on sparkling wine is proposed by the Health Minister of the country ofVinyardia. What will be the likely ef
Gekata [30.6K]

Answer:

C) Quantity demanded will decrease, quantity supplied will increase, and a surplus will result

Explanation:

Price floor is the least amount a good or service can be sold. A price floor is usually set above equilibrium price.

When a price floor is enacted, it usually discourages demand because prices are usually set higher and encourages supply.

As a result, quantity demanded will decrease, quantity supplied will increase, and a surplus will result.

I hope my answer helps you.

6 0
3 years ago
The payment of accounts payable would
Tema [17]
Decrease assets, decrease liabilities. Accounts payable are what the business owes (liabilities). By paying off accounts payable, the liabilities are decreasing (they owe less) and the assets are also decreasing (because they use assets/cash to pay off the liabilities, so they have less now).

Hope that helps
3 0
3 years ago
Which of the following statements is true of​ just-in-time (JIT)​ purchasing? A. Only disadvantage of JIT purchasing is the high
m_a_m_a [10]

Answer:

B. In JIT​ purchasing, raw materials​ (or goods) are purchased so that products are delivered just as needed for production or sales.

Explanation:

JIT stands for Just in time management.  It is an inventory management approach that advocates for the purchase of materials just when they are needed for production. In JIT, there is no storing of materials for use for future production. The purchase of materials is aligned with the production process.

The success of JIT is dependent on management ability to forecast sales volumes accurately.  Management must work with reliable suppliers to ensure that materials are available when required. JIT lower's the cost of inventory management by eliminating the need to store huge quantities of materials. It reduces wastage by doing away with losses that arise due to the storage of bulk materials.

8 0
3 years ago
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