1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Serggg [28]
3 years ago
10

Management of Mcgibboney Corporation has asked your help as an intern in preparing some key reports for November. The beginning

balance in the raw materials inventory account was $25,000. During the month, the company made raw materials purchases amounting to $54,000. At the end of the month, the balance in the raw materials inventory account was $37,000. Direct labor cost was $25,000 and manufacturing overhead cost was $62,000. The beginning balance in the work in process account was $22,000 and the ending balance was $23,000. The beginning balance in the finished goods account was $44,000 and the ending balance was $50,000. Selling expense was $21,000 and administrative expense was $38,000. The conversion cost for November was
Business
1 answer:
harkovskaia [24]3 years ago
4 0

Answer:

$87,000

Explanation:

Calculation of the conversion cost for November.

Conversion cost can be defined as the combination of both direct labor costs and manufacturing overhead costs that are vital to help convert raw materials into product.

Using this formula

Total Conversion cost = Direct labor cost + Manufacturing overhead cost

Hence,

Direct labor cost $25,000

Add Manufacturing overhead cost $62,000

Total Conversion cost $87,000

Therefore the conversion cost for November is $87,000

You might be interested in
During its 2021 fiscal year, Jacobsen corporation reported before tax income of 620,000
mixer [17]

Income before tax is the income that is before it has been taxed or before applying deduction.

<u>Explanation:</u>

An individual or organization's salary before taxes and deductions is before tax income for that company, organisation or for a single individual.

For singular pay, it is determined as the person's wages or pay, venture and resource gratefulness, and the sum produced using some other wellspring of pay. In an organization, it is determined as incomes less costs.

6 0
3 years ago
What is the role of the Federal Reserve in the U.S. economy?
lys-0071 [83]

Answer: The correct answer:

A. Managing monetary policy.

5 0
2 years ago
Thomas Book Sales, Inc., supplies textbooks to college and university bookstores. The books are shipped with a proviso that they
nata0808 [166]

Answer:

The following summarizes the solution to the given problem.

Explanation:

The given values are:

Sales,

= $660,000

Expenses,

= $255,453

Received cash revenues,

= $605,934

(a)

According to the accrual, profits would be acknowledged and therefore not necessarily received on the occasion of purchase.

⇒ Net \ income=Sales-Expense

On substituting the given values, we get

⇒                     =660,000-255,453

⇒                     =404,547 ($)

(b)

⇒ Net \ Income =Received \ cash \ revenues-Expenses

On substituting the given values, we get

⇒                     =605,934-255,453

⇒                     =350,481 ($)

(c)

  • The reliable financial foundation again for a financial consultant is more helpful because it demonstrates or represents the organization's appropriate financial status.
  • It accepts the profits throughout a similar time frame.
5 0
3 years ago
On May 10, 2020, Crane Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the f
belka [17]

Answer and Explanation:

The journal entries are shown below:

1. Accounts receivable a/c Dr $1,840

            To Sales revenue a/c Cr  $1,840

(Being the sales is recorded)

2. Cost of goods sold a/c Dr $1,170

                  To Inventory a/c Cr $1,170

(Being the cost of goods sold is recorded)

3. Cash a/c Dr $1,840

          To Accounts receivable a/c Cr $1,840

(Being the payment received is recorded)

Only these three entries are recorded

3 0
3 years ago
Brian and Debbie must prepare a presentation for their Statistics class. As part of their presentation, they must do a series of
andrey2020 [161]

Answer:

a. How much time would it take the two to complete the project if they divide the calculations equally and the slides equally? Briefly discuss.

Brian: 5 hours for PowerPoint and 5 hours for the calculations, total 10 hours.

Debbie: 10 hours for PowerPoint and 6 hours for the calculations, total 16 hours.

In total they would spend 26 hours combined.

If they divide the work equally, they will spend too much time.

b. How much time would it take the two to complete the project if they use comparative advantage and specialize in calculating or preparing slides? Briefly discuss

Brian will spend 10 hours doing PowerPoint slides and Debbie will spend 12 hours doping calculations. Total time spent 22 hours. By specializing they will save 4 hours.

c. If Brian and Debbie have the same opportunity cost of $5 per hour, is there a better solution than for each to specialize in calculating or preparing slides? Briefly discuss

Yes, Debbie could pay $50 to Brian so that he does everything in 20 hours. That way they can save 2 more hours.

6 0
2 years ago
Other questions:
  • When a buyer acquires a property having an existing mortgage loan, a decision must be made as to whether or not the subsequent o
    10·1 answer
  • One of Haley's best workers wants to work from 7 a.m. to 3 p.m. instead of the regular 9 a.m. to 5 p.m. shift for the next two w
    7·1 answer
  • Irene plans to retire on January 1, 2020. She has been preparing to retire by making annual deposits, starting on January 1, 198
    13·1 answer
  • Kaitlin has not had a cigarette in 11 months. she has started running three days a week and is thrilled with her newfound energy
    14·1 answer
  • How can u keep a converstaion going with somebody
    6·2 answers
  • A ____ is a gift to a retailer who purchases a specified quantity of merchandise
    11·1 answer
  • At the broadest level, the financial system moves the economy’s scarce resources from
    8·1 answer
  • In america today, what percentage of individuals between the ages of 14 and 17 are in school?
    15·1 answer
  • Will give brainliest
    5·1 answer
  • When assessing whether product release deadlines were met during the first three months of the year, the quality assurance (QA)
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!