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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

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Suppose that a bank's actual reserves are $5 million, its checkable deposits are $5 million, and its excess reserves are $3 mill
lesya692 [45]

The reserve requirement is 40%.

<h3>What is the reserve requirement?</h3>

Reserve requirement is the percentage of deposits that is required of commercial banks to keep as reserves with the Central Bank. The reserve requirement is a told that is used by the Central Bank of a country to control the level of money supply in the economy.

The first step is to determine the reserves of the bank.

Reserves = checkable deposits - excess reserves

$5 million - $3million = $2 million

Reserve requirement : (reserves / checkable deposits) x 100

($2 million / $5 million ) x 100 = 40%

To learn more about reserve requirement, please check: brainly.com/question/6831267

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4 0
2 years ago
The most recent income statement for the Chicago Branch of Illinois State Bank is presented below: Sales $65,000 Variable costs
olya-2409 [2.1K]

Answer:

Operating income will be decreased by $19,000

Explanation:

Prior to elimination of Chicago branch Loss = $3,000

After eliminating chicago branch (Unavaoidable fixed costs will still be incurred) loss = $22,000

Difference = $3,000 - $22,000 = $19,000(decrease)

4 0
2 years ago
Which of the following would have an inventory of municipal security secondary market positions?
Igoryamba
A trader of municipal securities
7 0
2 years ago
Read 2 more answers
Harold Manufacturing produces denim clothing. This year, it produced 5,000 denim jackets at a manufacturing cost of $45 each. Th
saw5 [17]

Answer:

ALTERNATIVE 1 $30,000

ALTERNATIVE 2 $28,000

ALTERNATIVE 3 $33,000

Explanation:

Calculation for the incremental income

ALTERNATIVE 1 Sell as it is

Incremental revenue $30,000

(5,000*$6)

Incremental costs $0

Incremental Income $30,000

ALTERNATIVE 2 Disassemble and sell to recycler

Incremental revenue $60,000

(5,000*$12)

Incremental costs $32,000

Incremental Income $28,000

ALTERNATIVE3 Rework and turn into good jackets

Incremental revenue $135,000

(3,000*$45)

Incremental costs $102,000

Incremental Income $33,000

Therefore based on the above calculation the company should choose ALTERNATIVE 3 of the amount of $33,000

4 0
3 years ago
Craigmont company's direct materials costs are $4,900,000, its direct labor costs total $8,710,000, and its factory overhead cos
goldenfox [79]

Craigmont company's direct materials costs are $4,900,000, its direct labor costs total $8,710,000, and its factory overhead costs total $6,710,000. its prime costs total:_Prime Cost = direct material cost + Direct Labor cost

= $ 4900000 + $ 8710000

= $ 13610000

A high price is the entire direct price of production, such as uncooked materials and exertions. indirect charges, along with utilities, supervisor salaries, and delivery costs, are not blanketed in top charges. corporations want to calculate the prime value of each product manufactured to ensure they are generating earnings.

Industry averages propose top charges need to be between fifty five% and 60%. Years in the past, that range might have been as high as sixty five%. however as the costs of a lease, coverage, and items have risen, it is grown to be extra vital to hold that percent quite tight within that variety.

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7 0
1 year ago
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