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nekit [7.7K]
3 years ago
6

Fish Fillet Incorporated obtains fish and then processes them into frozen fillets and then prepares the frozen fish fillets for

distribution to its retail sales department. Direct materials are added at the initiation of the cycle. Conversion costs are incurred evenly throughout the production cycle. Before inspection, some fillets are spoiled due to nondetectible defects. Inspection occurs when units are 100% completed. Spoiled fillets generally constitute 3.5% of the good fillets.
Data for April 2013 are as follows:

WIP, beginning inventory 4/1/2013 40,000 fillets
Direct materials (100% complete)
Conversion costs (50% complete)
Started during April 75,000 fillets
Completed and transferred out 4/31/2013 100,000 fillets
WIP, ending inventory 431/2013 8,000 fillets
Direct materials (100% complete)
Conversion costs (20% complete)
Costs for April:
WIP, beginning Inventory:
Direct materials $55,000
Conversion costs 40,000
Direct materials added 145,100
Conversion costs added 188,065

Required:
a) What is the number of total spoiled units? Normal spoilage totals? Abnormal spoilage totals?
b) Compute the equivalent units for both direct materials and conversion costs using the weigh average method of process costing? What is the total cost per equivalent unit? Show computations.
c) How much costs are assigned to cost of goods manufactured and cost of ending inventory of work in process? Show computations.

Business
1 answer:
sveticcg [70]3 years ago
8 0

Answer:

Total spoiled units = 7000

Normal spoilage total = 3500

Abnormal spoilage total = 3500

Total cost per equivalent unit = $3.80

Cost of goods manufactured = $224,000

Ending WIP = $201,165

Explanation:

Kindly check attached pictures

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3 years ago
A company has 10,000 shares of $10 par common stock outstanding. Prepare entries to record the following: (a) Purchased 1,500 sh
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Treasury Stock          24,000

              Cash                           24,000

to record puchase of own shares (A)

Cash                           19,000

      Threasury Stock               16,000

      Additional Paid-in TS        3,000

to record reissued shares aboe their price (B)

equipment               80,000

       Cash                               25,000

      Common Stock              40,000

       Additional Paid-in          15,000

to record purchase of equipment (C)

Cash                                   7,000

Additional Paid-in TS         1,000

             Treasury Stock                  8,000

to record reissued shares below their price (D)

Explanation:

(A) under cost method, treasury stock enter the accounting at their cost.

Inthis case is 1,500 shares times $16

(B) When reissued above their cost the shares will generate a additional paid in

Cost:

1,000 shares x $16 = 16,000

Sales price:

1,000 shares x $19 = 19,000

Difference:

19,000 - 16,000 = 3,000

(C) The equipment enter the accounting for his cost. Because, the face value of the stock is not enought for the equipment, we recognize an additional paid-in

equipment 80,000

cash           (25,000)

common stock

4,000 x 10  (40,000)

<em>Subtotal       15,000</em>

To cover this we use the additional paid-in

(D) We decrease the additional paid-in for the diference between cash proceeds and the treasury stock:

cash       14 x 500 = 7,000

Ts           16 x 500 =(8,000)

We decrease the previous additional paid-in TS declare on (B)

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Beckham Corporation has semiannual bonds outstanding with 13 years to maturity and the bonds are currently priced at $746.16. If
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Answer:

d. 8.125%.

Explanation:

The computation of the after tax cost of debt is shown below:

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