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3 years ago

The following information was taken from Baxter Department Store's financial statements:

Business

1 answer:

vodka [1.7K]3 years ago

7 0

Answer:

500,000÷ 200,000 = 2.5

Explanation:

inventory turnover is calculated as

cost of goods sold ÷ Average inventory

From the information of Baxter department store's financial statement, cost of goods sold can be calculated as

Opening inventory + purchases - closing inventory

100,000 + 700,000 - 300,000 = 500,000

cost of goods sold = 500,000

Average stock is calculated as opening inventory + closing inventory ÷ 2

100,000 + 300,000 ÷ 2 = 200,000

Average inventory = 200,000

Therefore inventory turnover = 500,000÷ 200,000 = 2.5

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Barnett Corporation uses the weighted-average method in its process costing system. The

Nimfa-mama [501]

Answer:

a. 18,000

b. $5.10

Explanation:

Calculation of the total equivalent units of production for materials

Units of Closing Work In Process (6,000× 100%) = 6,000

Units completed and transferred (12,000× 100%) = 12,000

Total = 18,000

Calculation of the total equivalent units of production for conversion

Units of Closing Work In Process (6,000 × 50%) = 3,000

Units completed and transferred (12,000× 100%) = 12,000

Total = 15,000

Calculation of Total Cost of Materials

Work in process $13,800

Costs added during May $42,000

Total $55,800

Calculation of Total Cost of Conversion

Work in process $ 3,740

Costs added during May $26,260

Total $30,000

Calculation of total cost per equivalent unit for May

Materials ($55,800/18,000) = $3.10

Conversion ( $30,000/15,000) = $2.00

Total = $5.10

3 0

3 years ago

Refer to the data below to answer the following questions:

IgorLugansk [536]

Answer:

What share of U.S. total income in 2013 consisted of Wages and salaries?

The share = Wages and salaries /Total income * 100

The share = $8,868 / $16,800 * 100

The share = 0.5278571 * 100

The share = 52.79%

What share of U.S. total income in 2013 consisted of Corporate profits?

The share = Corporate profits /Total income * 100

The share = $1,686/$16,800 * 100

The share = 0.100357 * 100

The share = 10.03%

4 0

3 years ago

What do you think would be the greatest challenge in maintaining a Job-Order Costing system for a manufacturing company?

MA_775_DIABLO [31]

Answer:

To calculate the predetermine overhead rate

Explanation:

As we know that

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours or estimated machine hours)

Plus if we talk about the manufacturing overhead, it is an indirect cost which could not be easy to trace the cost to a specific job or task

And the fixed cost would remain unchanged although the number of production units changes and the average cost per unit also changes due to changes in the production level

These reasons could be the greatest challenge.

3 0

3 years ago

The expected return and standard deviation of a portfolio that is 30 percent invested in 3 Doors, Inc., and 70 percent invested

kirill115 [55]

Answer:

For correlation 1 the standard deviation of portfolio is 0.433.

For correlation 0 the standard deviation of portfolio is 0.3191.

For correlation -1 the standard deviation of portfolio is 0.127.

Explanation:

The standard deviation of a portfolio is computed using the formula:

$\sigma_{P}=\sqrt{w^{2}_{1}\sigma_{1}^{2}+w^{2}_{2}\sigma_{2}^{2}+2\times r\times w_{1}\sigma_{1}w_{2}\sigma_{2}}$

(1)

For r = + 1 compute the standard deviation of portfolio as follows:

$\sigma_{P}=\sqrt{w^{2}_{1}\sigma_{1}^{2}+w^{2}_{2}\sigma_{2}^{2}+2\times r\times w_{1}\sigma_{1}w_{2}\sigma_{2}}\\=\sqrt{(0.30^{2}\times 0.51^{2})+(0.70^{2}\times 0.40^{2})+(2\times1\times0.30\times 0.51\times0.70\times 0.40)}\\=\sqrt{0.187489}\\=0.433$

Thus, for correlation 1 the standard deviation of portfolio is 0.433.

(2)

For r = 0 compute the standard deviation of portfolio as follows:

$\sigma_{P}=\sqrt{w^{2}_{1}\sigma_{1}^{2}+w^{2}_{2}\sigma_{2}^{2}+2\times r\times w_{1}\sigma_{1}w_{2}\sigma_{2}}\\=\sqrt{(0.30^{2}\times 0.51^{2})+(0.70^{2}\times 0.40^{2})+(2\times0\times0.30\times 0.51\times0.70\times 0.40)}\\=\sqrt{0.101809}\\=0.3191$

Thus, for correlation 0 the standard deviation of portfolio is 0.3191.

(3)

For r = -1 compute the standard deviation of portfolio as follows:

$\sigma_{P}=\sqrt{w^{2}_{1}\sigma_{1}^{2}+w^{2}_{2}\sigma_{2}^{2}+2\times r\times w_{1}\sigma_{1}w_{2}\sigma_{2}}\\=\sqrt{(0.30^{2}\times 0.51^{2})+(0.70^{2}\times 0.40^{2})+(2\times-1\times0.30\times 0.51\times0.70\times 0.40)}\\=\sqrt{0.016129}\\=0.127$

Thus, for correlation -1 the standard deviation of portfolio is 0.127.

3 0

3 years ago

Journal Entry

Contact [7]

Answer:

Explanation:

unearned rent 6000 (debit)

Rent revenue. 6000 (credit)

to record 2 months of realized rent revenue

4 0

3 years ago