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Vilka [71]
3 years ago
10

Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and

Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $388,000, $141,000, and $96,800, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,800, and work in process at the end of the period totaled $30,000.
Required:(1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials.
(2) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor.
Business
1 answer:
WITCHER [35]3 years ago
3 0

Explanation:

The Journal entry is shown below:-

1. Refining work-in-progress            $388,000

            To Materials                                  $388,000

(Being material for Refining work-in-progress is recorded)

2. Refining work-in-progress            $141,000

            To wages payable                         $141,000

(Being wages payable for Refining work-in-progress is recorded)

3. Refining work-in-progress              $96,800

            To factory overhead refining           $96,800

(Being factory overhead refining for Refining work-in-progress is recorded)

4. Sifting work-in-progress                  $625,600

             To Refining work-in-progress          $625,600

(Being Transferred to shifting is recorded)

Working note :-

Opening balance = $29,800

Material =  $388,000

Wages payable = $141,000

Factory overhead = $96,800

Total = $655,600

Closing balance = $30,000

Transferred to shifting = Total - Closing balance

= $655,600 - $30,000

= $625,600    

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Answer:

The answer is d. -32 days.

Explanation:

<u>*The before change cash conversion cycle</u> = Days of inventory outstanding + Days of receivables outstanding - Days of payable outstanding.

in which:

Days of inventory outstanding = Average inventory / Cost of good sold x 365 = ( 15,012,000 / ( 68,735,000 x 0.85) ) x 365 = 94 days

Days of receivables outstanding = Average Receivables / Revenue x 365 = ( 10,008,000 / 68,735,000 x 365 = 53 days

Days of payable = 30 days

=> Before change cash conversion cycle = 117 days.

* <u>The after-change cash conversion cycle</u> is calculated with the same formula, however with estimated changes be applied in the formula as followed:

Days of inventory outstanding = Average inventory / Cost of good sold x 365 = ( (15,012,000 - 1,946,000) / ( 68,735,000 x 0.85) ) x 365 = 82 days

Days of receivables outstanding = Average Receivables / Revenue x 365 = ( (10,008,000 - 1,946,000) / 68,735,000 x 365 = 43 days

Days of payable = 40 days

=> After-change cash conversion cycle = 82 + 43 - 40 = 85 days

<u>=> Net change is 85 - 117 = -32 days</u>

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Answer:

The correct answer is: command groups.

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<h3>What is monopolistically competitive?</h3>

An industry with a lot of companies offering similar (but not identical) replacement goods or services is known as one with monopolistic competition. In a monopolistic competitive industry, there are few barriers to entry and exit, and no firm's decisions directly affect those of its rivals.

Monopolistic competition is characterized by a number of features.

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Consumer electronics, apparel, restaurants, and hair salons are a few examples of industries with monopolistic competition. Each business delivers goods that are comparable to those of other businesses in the same sector. They can, however, set themselves out through branding and marketing.

To know more about monopolistic competition refer to:  brainly.com/question/13686157

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