Part 4 audit test for use with family financial management?

Richards Corporation uses the weighted-average method of process costing. The following information is available for October in

olchik [2.2K]

Answer:

e. $2.16

Explanation:

Richards Corporation

Weighted-Average Method

Fabricating Department:

Particulars Units % of Completion Equivalent Units

Materials Conversion Materials Conversion

Completed &

transferred out: 360,000 100 100 360,000 360,000

Ending Inv: 35,000 40% 15% 14000 5250

Equivalent Units 374,000 365250

Costs Direct Materials Conversion

Beg. Work in Process - : $47,200 $89,700

Costs incurred in October - $759,920 $929,300

Total Costs 807,120 1,019,000

Cost Per Equivalent Unit = Total Costs/ Equivalent Units

Cost Per Equivalent Unit Materials = 807120/ 374,000= $ 2.158 ≅$ 2.16

We divide the total costs of Materials with the total Equvilant units of Materials to get Cost Per Equivalent Unit of Materials which is 2.16

7 0

3 years ago

_____ establishes a company-wide strategy for it resources and specific standards for data, processing, network, and user interf

Alik [6]

Enterprise resource planning

5 0

3 years ago

York’s outstanding stock consists of 85,000 shares of 6.0% preferred stock with a $5 par value and also 150,000 shares of common

Nesterboy [21]

Answer:

year 1

13,900 preferred

year 2

23,500 preferred

year 3

39,100 preferred

240,900 common stock

year 4

preferred 25,500

common stock 404,500

Total:

Preferred 102,000

Common 645,400

Explanation:

85,000 x $5 par x 6% = 25,500 dividen per year

becuase the dividend is cumulative it will accumulate over time.

Also preferred stock has prefecente over common stock.

year 1 13,900 - 25,500 = 11,600 accumulated dividend for preferred stock

year 2 23,500 - 25,500 = 2000 accumulated dividend for preferred stock

year 3 280,000 - 25,500 = 254,500 dividend for previous year preferred stock

254,500 - 2000 - 11,600 = 240,900 dividends for common stock

year 4 430,000 - 25,500 = 404,500 dividends for common stock

year

7 0

3 years ago

1. Russell's of Townville needs to borrow $48,000 for one year. The bank requires a 10 percent compensating balance on any amoun

babunello [35]

Answer:

D. 10.0%

Explanation:

As the bank reqiresd 10% compensating balance the actual amount unrestricted for the loan is 48,000 x (1 - 10%) = 43,200

and from this amount we have to solve for the effective rate:

principal x rate = interest

48,000 x 0.09 = 4,320

now we divide the interest over the actual principal to know the effective rate:

4,320 / 43,200 = 0.10 = 10%

8 0

3 years ago

The contractor proposed $x,xxx,xxx for manufacturing labor contemplating the following full time equivalent (FTE) for the three

Lady_Fox [76]

Answer:

$659,277

Explanation:

The computation of the manufacturing labor dollars per year over the three year period of performance is shown below:

For 3 year it is

= 3 × 1,800 hours × $31

= $167,400

For 4.5 years, it is

= 4.5 × 1,800 hours × $31 × 1.025

= $257,377.50

Foe 4 years, it is

= 4 × 1,800 hours × $31 × 1.025 × 1.025

= $254,499.50

So, the manufacturing labor dollars per year is

= $167,400 + $257,377.50 + $254,499.50

= $659,277

4 0

3 years ago