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
lara [203]
3 years ago
11

Luke’s Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it

produces. Beginning inventory : 0 Gallons Started in January 165,000 Gallons Ending work-in-process inventory (80% complete) 17,000 Gallons Costs incurred in January follow : Materials $ 221,200 Labor 22,000 Manufacturing overhead 80,000 All production at Luke’s is sold as it is produced (there are no finished goods inventories). Required: a. Compute cost of goods sold for January. (Do not round intermediate calculations.) b. What is the value of work-in-process inventory on January 31? (Do not round intermediate calculations.)
Business
1 answer:
Zolol [24]3 years ago
6 0

Answer:

a. Compute cost of goods sold for January  

$296,000  

b. What is the value of work-in-process inventory on January 31?  

$ 27,200  

Explanation:

Total Cost   Unit Sold  

$221,200   $165,000   Materials  

$22,000   -$17,000   Labor  

$80,000   -                Manufacturing overhead  

$323,200   $148,000  

  • a. Compute cost of goods sold for January        

Equivalent completed units in ending work-in-process inventory      17.000 x 80%  =   $13,600  

Equivalent units produced   148.000 +  13.600  = 161.600  Units

Per equivalent unit    $323,200  / 161.600 =  $2,00  

Cost of Goods Sold    148.000 / 2,00 = $296,000  

  • b. What is the value of work-in-process inventory on January 31?    

Equivalent completed units in ending work-in-process inventory    

13.600 x  $2,00 = $27,200

Or it's possible to do it  

$323,200  -   $296,000 = $ 27.200

You might be interested in
Suppose Brazil has a comparative advantage in coffee production and Mexico has a comparative advantage in tomato production. If
lawyer [7]

Answer:

The correct answer is A. Brazilian tomato producers are worse off.

Explanation:

A country has a comparative advantage in producing a good and service if its opportunity cost of producing that good and service is lower than that of its trading partner. So it is better off for a country that has a lower opportunity cost in production a good or service to specialise in that good or service.

Brazil has a comparative advantage in coffee production, meaning, it is better off in specialising in the production of coffee and will be worse off if Brazil specialises in Tomato

Mexico has a comparative advantage is Tomato, meaning, she is better off in specialising in Tomato and worse off if she specialises in Coffee

6 0
3 years ago
Brilliant Accents Company manufactures and sells three styles of kitchen faucets: Brass, Chrome, and White. Production takes 25,
stepan [7]

Answer:

1. Using the ABC system, for each style of faucet, compute the estimated overhead cost per unit.

Brass = [(30 x $4,900) + (900 x $150)] / 30,000 units = $9.40 per unit

Chrome = [(25 x $4,900) + (1,000 x $150)] / 50,000 units = $5.45 per unit

White = [(40 x $4,900) + (800 x $150)] / 40,000 units = $7.90 per unit

2. Compute the estimated operating profit per unit.

Brass = $40 - $8 - $15 - $9.40 = $7.60

Chrome = $20 - $4 - $3 - $5.45 = $7.55

White = $30 - $8 - $9 - $7.90 = $5.10

Explanation:

cost per setup = $465,500 / 95 = $4,900 per setup hour

cost per inspection = $405,000 / 2,700 = $150 per inspection hour

                                               BRASS      CHROME     WHITE

Projected sales in units        30,000        50,000      40,000

Per unit data: Selling price     $40              $20            $30

Direct materials                        $8                 $4              $8

Direct labor                             $15                 $3              $9

Setup hours                              30                 25             40

Inspection hours                    900             1,000           800

4 0
3 years ago
Health Maintenance Organizations (HMOs) are MOST LIKELY associated with which of these types of insurance? A) life insurance B)
sleet_krkn [62]

Answer:

.

Explanation:

8 0
3 years ago
Carmela was promoted to a management position at work but was not fully prepared for the number of new responsibilities in the n
Sophie [7]

Answer:

EXPLAINING STRESSFUL EVENTS BY ATTRIBUTING THEM TO A TEMPORARY SITUATION.

Explanation:

Attribution theory deals with how the social perceiver uses information to arrive at causal explanations for events. It examines what information is gathered and how it is combined to form a causal judgment.

Explanatory style is the characteristic, habitual way individuals explain the causes of good and bad events they experience.

Stressful events can either be good or bad. People may attribute stressful events to factors that are either temporary or permanent and specific or universal.

Carmela's thought means she is explaining her stressful work (event) by attributing it to a temporary situation since she thinks she will get the hang of it in a few months.

Therefore, an example of the explanatory style is EXPLAINING STRESSFUL EVENTS BY ATTRIBUTING THEM TO TEMPORARY EVENTS.

4 0
3 years ago
Borwan Company uses the weighted-average method in its process costing system. The Assembly Department started the month with 8,
Gnoma [55]

Answer:

73,000 units

Explanation:

The computation of equivalent units for conversion costs is shown below:-

Equivalent units = Units transferred ÷ Finished goods + (Units in closing Work in progress × Percentage of completion)

= (8,000 + 69,000 - 5,000) + (5,000 × 20%)

= 72,000 + 1,000

= 73,000 units

Therefore for computing the Equivalent units we simply applied the above formula.

4 0
3 years ago
Other questions:
  • On July 1 of the current year, the assets and liabilities of Wong Industries, are as follows: Cash, $15,000; Accounts Receivable
    9·1 answer
  • Select the correct answer.
    10·1 answer
  • If a firm averages $2,000 in daily credit sales and offers 60-day terms, the average accounts receivable balance will be $120,00
    8·1 answer
  • The following quote best describes ________. "The marvels of modern technology include the development of a soda can which, when
    13·1 answer
  • Why do interest inventories compare your interests with the interests of others?
    8·2 answers
  • Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicat
    11·1 answer
  • Larry is a minor, age 16 years old.
    11·1 answer
  • Miscavage Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $305,000, vari
    11·1 answer
  • Your coworker Ethan is trying to find information on the Internet to include in his business report. In four to five sentences,
    13·1 answer
  • Cost-push inflation will reduce supply and lower real output and employment which will eventually generate an economic _____ qui
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!