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murzikaleks [220]
3 years ago
15

The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventor

y consists of 10,000 units, 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit are $4.50 for the materials and $2.00 for labor and overhead, the balance of the ending work in process inventory account would be:a. $44,500b. $50,500c. $59,000d. $65,000
Business
1 answer:
lubasha [3.4K]3 years ago
8 0

Answer:

$59,000

Explanation:

In this question, we are asked to calculate the balance of the ending work in process inventory account.

The process or technique to use is the weighted-average method. The weighted-average method refers to the method used to assign average cost of production to a product. When using this method, the cost of goods available is divided by the number of units of goods available for sale. This yields the weighted-average cost per unit.

Mathematically;

Balance of Ending Work in process = 10,000 * $4.5(Direct Material) + 10,000 * 70% * 2 (Labor and Overhead) = $45,000+ $14,000 = $59,000

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Jerry, a partner with 30 percent capital and profits interest, received his Schedule K-1 from Plush Pillows, LP. At the beginnin
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Explanation:

Jerry's adjusted basis in his partnership interest at the end of the year is determined by adding his cash contributions, long-term capital gain, and qualified dividends to the original tax basis.

There will also be deductions of the non-deductible expenses, ordinary loss and his share of the reduction in partnership debt.

Jerry's adjusted basis at the end of the year = ( 44,000 + 26,000 + 3,600 4,600) - ( 2,100 + 9,000 + 5,600)

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Harmony reports a regular tax liability of $15,800 and tentative minimum tax of $17,880. Given just this information, what is he
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<h3>What is Tax Liability?</h3>
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5 0
1 year ago
Calculating and using Dual Charging Rates
11Alexandr11 [23.1K]

Answer:

1. Calculate a variable rate for the Maintenance Department. Round your answer to the nearest cent. $ per maintenance hour Calculate the allocated fixed cost for each using department based on its budgeted peak month usage in maintenance hours.

variable rate = $1.30 per maintenance hour

Department                            Peak Number              Allocated  

                                               of hours                        Fixed cost  

Assembly                          (210/2,100) x $65,400          $6,540

Fabrication                     (1,050/2,100) x $65,400        $32,700

<u>Packaging                        (840/2,100) x $65,400         $26,160</u>

Total                                        2,100/2,100                   $65,400

2. Use the two rates to assign the costs of the Maintenance Department to the user departments based on actual usage. Calculate the total amount charged for maintenance for the year.

Department             Fixed costs         Variable cost                  Total              

Assembly                      $6,540     3,500 x $1.30 = $4,550      $11,090

Fabricating                  $32,700     7,000 x $1.30 = $9,100      $41,800

<u>Packaging                   $26,160    10,000 x $1.30 = $13,000    $39,160</u>

Total                           $65,400            $26,650                      $92,050

3. What if the Assembly Department used 3,550 maintenance hours in the year? How much would have been charged out to the three departments?

Department             Fixed costs         Variable cost                  Total              

Assembly                      $6,540     3,550 x $1.30 = $4,615        $11,155

Fabricating                  $32,700     7,000 x $1.30 = $9,100      $41,800

<u>Packaging                   $26,160    10,000 x $1.30 = $13,000    $39,160</u>

Total                           $65,400              $26,715                       $92,115

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3 years ago
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guajiro [1.7K]

Answer:

What was the net cash flow from operating activity? $959

Explanation:

Net Income                 911  

Addition to cash    

Depreciation                   47  

 

958  

 

Operation activities  

Account Payable               15 Increase

Account receivables      -28 Increase

Inventory                         14 Decrease

 

Cash flow from

operating activities      959  

5 0
3 years ago
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