1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
barxatty [35]
4 years ago
9

Santana Mortgage company uses a process cost system to accumulate costs in its application department. When an application is co

mpleted, it is forwarded to the loan department for final processing. The following processing and cost data pertain to September.
1. Applications in process on September 1:100.

2. Applications started in September: 1000

3. Completed Applications during September:800.

4. Applications still in process at September 30 : 100% complete as to materials (forms) and 60 % complete as to conversions costs.

Beginning WIP:

Direct materials - $1,000

Conversion costs- $3960

September costs:

Direct Materials - $ 4500

Direct labor- $ 12000

Overhead $ 9,520

Materials are the forms used in the application process and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process.

Instructions:

a. Determine the equivalent units of service (production ) for materials and conversion costs.

b. Compute the unit costs and prepare a cost reconciliation schedule.
Business
1 answer:
baherus [9]4 years ago
7 0

Answer:

Explanation:

opening wip                 100

Started                         1000

                                      1100

completed                   -800

closing wip                   300

Using weighted Average process cost Table

cost         opening      current     Total      complete   Wip   equivalent   Cost

head                                              cost                                        Units       p.unit  

material    1000           4500        5500        800         300        1100            5

CC            3960           21520      25480       800         180          980          26

                                                     30980                                                        31

A) equivalent units of service (production ) for materials and conversion costs.

material                1100

CC                         980

B)

unit costs

material                5

CC                        26

                            31  

Complete  800   31.00   24,800  

   

Closing Wip    

   

Material         300   5.00     1,500  

Labour          180   26.00     4,680  

                                     6,180  

   

Total Cost                     30,980  

You might be interested in
The following information pertains to Ash Co., which prepares its statement of cash flows using the indirect method: Interest pa
Alborosie

Answer:

$30,000

Explanation:

A supplemental disclosure of cash flow information requires that all the cash paid  in interest during the period must be disclosed.

In Ash's case:

beginning balance interest payable account    $15,000

+ interest expense during the year                    $20,000

<u>- ending balance interest payable account       ($5,000)  </u>

supplemental disclosure =                                  $30,000      

6 0
3 years ago
Suppose the government purposely changes the economy's cyclically adjusted budget from a deficit of 0 percent of real GDP to a d
ExtremeBDS [4]

Answer:

(b) Contractionary fiscal policy.

Explanation:

Correct word for the given statement is  contractionary fiscal policy.

Contractionary fiscal policy is a type of monetary approach that includes expanding charges, diminishing government uses or both so as to battle inflationary weights.  

Because of an expansion in charges, family units have less transfer salary to spend. Lower transfer pay diminishes utilization.

7 0
3 years ago
Birth certificates, social security cards, and driver's licenses are all examples of _____ that you might need to provide during
klemol [59]
These are examples of D. documentation

Hope this helps!
8 0
3 years ago
Read 2 more answers
A nonprobability sampling technique in which an initial group of respondents is selected and subsequent respondents are selected
MrRissso [65]

Answer: snowball sampling

Explanation:

Snowball sampling is a nonprobability sampling technique in which an initial group of respondents is selected and subsequent respondents are selected based on the referrals or information provided by the initial respondents.

It should be noted that in snowball sampling, after the respondents have been interviewed, theywould be told asked to help identify other people

that also belong to the target population.

6 0
3 years ago
________ is based on research that estimates how much of a product will sell over a given period of time.
konstantin123 [22]

Answer:

sales forecasting

Explanation:

Sales forecasting is a mathematical tool or process to estimate the amount of sales for a product over a given period of time.

Sales forecasts helps companies to make better business decisions so as to analyse the short-term and long-term performance.

The basis for the forecast are generally the past sales data of the product, industry-wide comparisons, and the economic trends for the related products.

6 0
3 years ago
Other questions:
  • RecRoom Equipment Company received an $8,000, six-month, 6 percent note to settle an $8,000 unpaid balance owed by a customer.
    8·1 answer
  • The musical instrument store estimates costs of $18,750.00 annually to carry inventory of musical instruments and accessories. t
    9·1 answer
  • Handwriting and correct spelling on a work order aren't all that important because they have nothing to do with how well you fix
    13·1 answer
  • The following is the adjusted trial balance of Wilson Trucking Company.
    10·1 answer
  • Which of the following statements about comparative advertising is true? Comparative advertisements now constitute over 90% of a
    9·1 answer
  • Sea Company reports the following information regarding its production costs: Units produced 42,000 units Direct labor $35 per u
    5·1 answer
  • Imagine that both the skycar and jet powered wing become sold commercially. What hospitality and tourism businesses might develo
    5·1 answer
  • "A client receives a $150 gift card from a broker-dealer for giving a testimonial about her highly positive experience with her
    9·1 answer
  • Carl has a checking account. He'd like to know right away when his balance gets lower than $50. What should Carl do?
    12·2 answers
  • Buckeye Incorporated has operating income of $ 434,000​, a sales margin of 7​%, and a capital turnover rate of 2. What amount wo
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!