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s2008m [1.1K]
3 years ago
15

A production department's output for the most recent month consisted of 18,000 units completed and transferred to the next stage

of production and 18,000 units in ending Work in Process inventory. The units in ending Work in Process inventory were 80% complete with respect to both direct materials and conversion costs. There were 2,600 units in beginning Work in Process inventory, and they were 80% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weighted average method.
Business
1 answer:
Tema [17]3 years ago
3 0

Answer:

32,400 units

Explanation:

Unit completed and transferred to next stage 18,000 units

Units in ending goods in process inventory (18,000 units × 80% complete) 14,400 units

Total 32,400 units

Therefore the equivalent units of production for the month, assuming the company uses the weighted average method will be $32,400 Units

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The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The bank statement indicated a balance of
Bas_tet [7]

Answer:

1. Cash balance according to bank statement $370,000

Cash balance according to company’s records $370,000

2. a. April 30

Dr Cash $42,000

Cr Notes Receivable $40,000

Cr Interest Income / Interest Revenue $2,000

b. April 30

Dr Accounts Payable - Targhee Supply Co $6,840

Dr Miscellaneous Expenses [Bank service charge] $145

Cr Cash $6,985

3. $370,000

Explanation:

1. Preparation of a bank reconciliation

AMERICAN MEDICAL COMPANY

Bank Reconciliation

April 30

Cash balance according to bank statement $388,600

Add: Deposit of April 30, Not recorded by bank $42,500

Add: Bank Error in Charging check as $420 instead of $240 [$420 - $240] $180

Deduct: Outstanding Checks $61,280

Adjusted balance $370,000

Cash balance according to company’s records $334,985

Add: Note and Interest Collected by bank $42,000

Deduct: Error in Recording Check [$7,600 - $760] $6,840

Deduct: Bank Service Charges $145

Adjusted balance $370,000

2. Preparation of Journal entries.

Journal entries

a. April 30

Dr Cash $42,000

Cr Notes Receivable $40,000

Cr Interest Income / Interest Revenue $2,000

b. April 30

Dr Accounts Payable - Targhee Supply Co [$7,600 - $760] $6,840

Dr Miscellaneous Expenses [Bank service charge] $145

Cr Cash $6,985

($6,840+$145)

3. Based on the information given If a balance sheet is prepared for American Medical Co. on April 30, the amount that should be reported as cash will be $370,000

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3 years ago
The role of management in the success of a business?
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What does the Lorenz Curve illustrate about the economy?
Alex_Xolod [135]

Answer:

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Explanation:

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Blossom Company purchased a new machine on October 1, 2017, at a cost of $66,000. The company estimated that the machine has a s
Ugo [173]

Answer:

Results are below.

Explanation:

Giving the following information:

Purchase price= $66,000

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Useful life= 6

F<u>irst, we need to calculate the annual depreciation using the following formula:</u>

<u></u>

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<u>2017:</u>

Annual depreciation= (10,050/12)*3= $2,512.5

<u>2018:</u>

Annual depreciation= $10,050

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