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igomit [66]
3 years ago
14

Midori Company had ending inventory at end-of-year prices of $138,500 at December 31, 2013; $165,771 at December 31, 2014; and $

181,366 at December 31, 2015. The year-end price indexes were 100 at 12/31/13, 113 at 12/31/14, and 118 at 12/31/15.Compute the ending inventory for Midori Company for 2013 through 2015 using the dollar-valueLIFO method. 201320142015 Ending Inventory$138,500$147,766$156,026
Business
1 answer:
alukav5142 [94]3 years ago
3 0

Answer:

Ending Inventory

2013 $138,500

2014 $147,766

2015 $156,026

Explanation:

Ending Inventory for 2013 is $138,500  as per given.

Ending Inventory for 2014

Ending Inventory of 2013                 $138,500

($138,500 x 1.00)

Add: $8,200* x 1.13                            $9,266

Total                                                   $147,766

Here,

$165,771 ÷ 1.13= $146,700

$146,700 – $138,500 = $8,200

Ending Inventory for 2015

Ending Inventory or 2013                  $138,500  

($138,500 x 1.00)  

Add:   $8,200 x 1.13               9,266

          $7,000** x 1.18                8,260

Total                                             $156,026

Here,

$153,700 – $146,700 = $7,000

Ending inventory for 2013 was already given in the question which is also the beginning inventory of 2014. The ending inventory of 2014 was already given in the question. So, what we need to do is calculating how the beginning inventory follows the ending inventory. There were changes of price indexes which is led the beginning inventory to the ending inventory as par given. The same thing goes for the ending inventory of 2015.

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Unrealized gain = $12,000

Explanation:

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ABC          $40,000    $55,000                 $15,000

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3 years ago
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the answer is Fedkiw

Explanation:

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3 years ago
fields company has two manufacturing departments, forming and painting. the company uses the weighted average method and it repo
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The equivalent units of production for both direct materials and conversion for the forming department is 369,000, 384,000. b. The costs per equivalent unit of production for both direct materials and conversion for the forming department is 4.898, 3.129.

<h3>Equivalent unit of material  and conversion</h3>

1. Equivalent unit of material  and conversion

Unit transferred out = 34,500+490000-30000

Unit transferred out= 394,500

Equivalent unit of material = 394,500+(30000×85%)

Equivalent unit of material= 369,000

Equivalent unit of conversion = 394,500+(30000×35%)

Equivalent unit of conversion = 384,000

2. Cost per equivalent unit

Material = (56,200+1,800,200)/379,000 = 4.898

Conversion = (22,900+1,179,000)/384,000 = 3.129

3. Total Cost assigned

Cost assignment and reconciliation

Cost of units transferred out  

Direct material= (394,500×4.898)

Direct material=1,932,261

Conversion=394,500×3.129

Conversion=1,234,391

Total Cost transferred out=1,932,261+1,234,391

Total Cost transferred out=3,166,652

Cost of ending work in process:

Direct material=(394,500-369,000)×4.898

Direct material=124,899

Conversion=(384,000-369,000)×3.129

Conversion=49,935

Total Cost of ending work in process= 124,899+49,935

Total Cost of ending work in process= 171,834

Hence:

Total Cost assigned=Total Cost transferred out+Total Cost of ending work in process

Total Cost assigned=3,166,652+171,834

Total Cost assigned=3,338,486

Therefore the equivalent units of production for both direct materials and conversion for the forming department is 369,000, 384,000. b. The costs per equivalent unit of production for both direct materials and conversion for the forming department is 4.898, 3.129.

Learn more about equivalent units for material and conversion here:brainly.com/question/24180104

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Journalize the adjusting entries from the adjustments columns of the worksheet. (Credit account titles are automatically indente
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Answer:

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                          Supplies Account  Cr                                 10,000

When supplies are expensed out. If supplies have a balance of 30000 and 10000 is used up.

Mar. 31         Depreciation Expense  Dr             5000

                    Accumulated Depreciation  Cr                        5000

Depreciation expense amounts to 5000 for the current year

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                         Service Revenue      Cr                         3000

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Mar 31.   Salaries and Wages Expenses  Dr      2000

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Answer:

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I hope my answer helps you

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3 years ago
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