Answer:
Total equivalent unit 1,425 units
Explanation:
<em>Under the first-in -first out system, to account for the units completed in a period, it is assumed that the opening inventory units are first completed and the balance represents the newly introduced.</em>
<em>Fully worked represents unit of inventory started this this period and completed this period</em>
Fully worked = completed units - opening inventory
Fully worked = 1200 -750 = 450 units
Item Units Equivalent Units
Opening WIP 750 750×50% 375
Fully worked 450 450× 100% 450
Closing WIP 800 800× 75% <u> 600</u>
Total equivalent unit <u>1,425</u>
Note the opening inventory has 50% work done last period so the balance of 50% i.e (100 - 50) is completed this period
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Answer:
The answer is: Cash and marketable securities $5,406,393
Explanation:
We have:
+ Current ratio = Current asset / Current liabilities = 2; with Current liabilities is given at $8 million => Current asset is $16 million;
+ Current asset = Inventory + Account Receivable + Cash and marketable securities <=> Cash and marketable securities = $16 million - Inventory - Account Receivable ( as current asset is calculated above at $16 million)
+ Average collection period = Account Receivable/ Credit Sales x 365 <=> Account Receivable = Average collection period/365 x Credit sales = 30/365 x 64 million = $5,260,274
+ Inventory turnover = Sales / Inventory <=> Inventory = Sales/ Inventory turnover = 64 million / 12 = $5,333,333
=> Cash and marketable securities = 16,000,000 - 5,333,333 - 5,260,274 = $5,406,393.
