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yKpoI14uk [10]
3 years ago
6

Which of the following statements is most accurate? Select one: a. In process costing, estimating the degree of completion of un

its is usually more accurate for conversion costs than for direct materials. b. The FIFO method includes the cost of the beginning Work in Process inventory account in calculating cost per equivalent units. c. The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory. d. The FIFO method of calculating equivalent units of production merges the work and the costs of the beginning inventory with the work and the costs done during the current period. e. It is not possible for there to be a significant difference between the cost of completed units between the weighted average and the FIFO methods.
Business
1 answer:
Angelina_Jolie [31]3 years ago
3 0

Answer: The correct answer is "c. The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory.".

Explanation: Process Costing is a special accounting method to identify and accumulate direct costs and prorate indirect costs of the same manufacturing process.

The statement "The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory." is the most accurate.

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After using market research to identify the target audience for his advertising campaign, jorge will next use this information t
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D. Set explicit and measurable objectives for the campaign.

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3 years ago
What is the primary initiatives of a free enterprise system
Leno4ka [110]

Answer:

the freedom for individuals to choose businesses, the right to private property, profits as an incentive, competition, and consumer sovereignty.

Explanation:

7 0
3 years ago
Which of the following companies is most likely to have a negative Cash Conversion Cycle?
Veseljchak [2.6K]

Answer:

a) A discount retailer

Explanation:

The formula to determine the cash conversion cycle is shown below:

Cash Conversion Cycle = days inventory outstanding + days sales outstanding - days payables outstanding.

So as per the given situation, the first option i.e. discount retailer should have the negative cash conversion cycle as in other options it created the positive impact

So the option a is correct

3 0
3 years ago
The Engine Division provides diesel engines for the Motor Home Division of a company. The standard unit costs for Engine Divisio
Lisa [10]

Answer:

The best transfer price to avoid transfer price problems is $2,310

Explanation:

Transfer Price = Variable cost + Fixed Fee

Variable Cost = Direct Material + Direct labor + Variable Overhead

                       = 600 + 1,200 + 300

                       = 2,100

Transfer Price = Variable cost + Fixed Fee

                        = 2,100 + 210

                        = $2,310

Therefore, The best transfer price to avoid transfer price problems is $2,310

3 0
3 years ago
The trial balance of Rollins Inc. included the following accounts as of December 31, 2021:
Alinara [238K]

Answer:

Net income  = $725,625    

Earnings per share = $7.26 per share

Explanation:

The multiple-step income statement refers to an income statement that displays gross profit obtained as sales revenue minus cost of goods sold, and also shows an organization's operating revenues and operating expenses separately from its nonoperating revenues or gains and expenses or losses.

The multiple-step income statement can be prepared as follows:

Rollins Inc.

multiple-step income statement

For the Year Ended December 31, 2021

<u>Details                                                      $                             $             </u>

Sales Revenue                                                               5,400,000

Cost of goods sold                                                    <u>   (3,950,000)   </u>

Gross profit                                                                     1,450,000

<u>Operating expenses:</u>

Selling expense                                 (350,000)

General and admin expense          <u>   (250,000)   </u>

Total operating expenses                                            <u>  (600,000)  </u>

Operating income                                                            850,000

<u>Interest revenue (expense):</u>

Interest revenue                                     37,500

Interest expense                                 <u>  (20,000) </u>

Total Interest revenue (expense)                                      17,500

<u>Other compreh. income (loss):</u>

Loss on sale of investments               (10,000)

Loss on debt investments                 (125,000)

Gain on projected ben. obligation   <u>  235,000 </u>

Total other compreh. income (loss)                             <u>   100,000  </u>

Income before tax                                                           967,500

Income taxes (w.1)                                                        <u>   (241,875)   </u>

Net income                                                                   <u>   725,625    </u>

Earnings per share (w.2)                                                      7.26

<u>Workings:</u>

w.1: Income taxes = Income before tax  * Effective tax rate = $967,500 * 25% = $241,875

w.2: Earnings per share = Net income / Number of shares of stock outstanding throughout the year = $725,625 / 100,000 = $7.26

7 0
3 years ago
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