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3 years ago

A concurrent condition occurs when each party's performance is conditioned on the performance of the other.

1 answer:

4 0

If the question is asking whether the statement is true or false, the answer is true. A concurrent condition is considered to be a condition that likely to occur or perform when paired or associated with another condition in which is similar in the statement above where each party’s performance is conditioned on the performance of the other.

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DL and MOH budget: The Production Department of Top of The World Corporation has submitted the following forecast of units to be

alexira [117]

Answer and Explanation:

a. The computation of the total estimated direct labor cost is shown below:

Particulars 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year

Units to be produced 10,700 9,700 11,700 12,700 44,800

Multiply Direct labor hour per unit 0.25 0.25 0.25 0.25 0.25

Total Direct labor hour required 2675 2425 2925 3175 11200

Multiply Direct labor rate per hour $14 $14 $14 $14 $14

Estimated Direct labor cost $37,450 $33,950 $40,950 $44,450 $156,800

b. The total estimated manufacturing cost and the cash disbursement is shown below:

Particulars 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year

Units to be produced 10,700 9,700 11,700 12,700 44,800

Direct labor hour per unit 0.25 0.25 0.25 0.25 0.25

Multiply Total Direct labor hour required 2675 2425 2925 3175 11200

Variable manufacturing overhead rate $2 $2 $2 $2 $2

Estimated Variable manufacturing overhead cost $5,350 $4,850 $5,850 $6,350 $22,400

Add: Fixed manufacturing overhead $67,000 $67,000 $67,000 $67,000 $268,000

Total estimated manufacturing overhead $72,350 $71,850 $72,850 $73,350 $290,400

Less: depreciation $16,000 $16,000 $16,000 $16,000 $64,000

Cash disbursement for manufacturing overhead $56,350 $55,850 $56,850 $57,350 $226,400

We simply applied the above format to find out the manufacturing overhead, cash disbursement, and the direct labor cost

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3 years ago

240,000 were started and completed in April. April's beginning inventory units were 60% complete with respect to materials and 4

elena-14-01-66 [18.8K]

Question Completion:

During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 60,000 were in process in the production department at the beginning of April.

Answer:

1. The number of units transferred to the Finished Goods Inventory is 218,000.

2. Number of equivalent units with respect to materials and conversion:

Materials = 305,600

Conversion = 264,600

Explanation:

a) Data and Calculations:

Materials Conversion

Beginning inventory 60% 40%

Units completed before 36,000 24,000

Units completed now 24,000 36,000

Equivalent units of production:

Started and completed 240,000 240,000

Ending inventory (82,000 units) 80% 30%

= 65,600 24,600

Total equivalent unit 305,600 264,600

The number of units transferred to finished:

Beginning inventory units 60,000

Units started and completed 240,000

Total units available 300,000

less Ending inventory units 82,000

Units transferred out 218,000

b) Using the weighted-average method, the equivalent units of production are equal to the units started and completed plus the units of ending inventory based on the degree of completion.

6 0

3 years ago

The manager who provides overall guidance and leadership for the entire corporation is known as the ____ manager.

WITCHER [35]

The manager who provides overall guidance and leadership for the entire corporation is known as the operations manager.

An operations manager oversees all organization departments from final production of goods/services, production, purchasing, productivity of employees, manufacturing, supplies and employees. An operations manager is an in office (sometimes out) but, is usually around to help each group within an organization keep focus on what tasks need to be accomplished.

5 0

3 years ago

The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $467,000. Included in that coun

8090 [49]

Answer:

Tog Company

a. The correct December 31, 2021 balance of Inventory is

= $592,500.

b. The error increased the cost of goods sold, thereby reducing the net income and the retained earnings.

c. Journal Entries to correct errors:

Debit 2021 Inventory $67,000

Credit 2022 Inventory $67,000

To correct the error.

December 31, 2021

Debit Purchase $97,000

Credit Accounts Payable $97,000

To record the purchase of merchandise, shipped FOB shipping point on December 28, 2021.

Explanation:

a) Data and Calculations:

Physical count Inventory = $467,000

FOB shipping point 2021 = 28,500

December 28 FOB shipping point = 97,000

December 31, 2021 balance = $592,500

The error would increase the cost of goods sold, thereby reducing the net income and the retained earnings.

Journal Entries to correct errors:

December 31, 2021

a. 2021 Inventory $67,000 2022 Inventory $67,000. The records should be for 2021 and not 2022.

b. This only affects the physical count and not the records.

c. Purchase $97,000 Accounts Payable $97,000. Both the physical count and the records were omitted.

4 0

3 years ago

The Heartlake Corporation manufactures and sells toy gyroscopes. The following data is related to sales and production of the to

DerKrebs [107]

Answer:

Gross profit= $814,300

Explanation:

Giving the following information:

Selling price per unit $8.20

Variable manufacturing costs per unit $1.84

Fixed manufacturing overhead (in total) $80,000

Units produced during the year 510,000

Units sold during year 170,000

Under the absorption costing method, the unitary product cost is calculated using the variable manufacturing cost and the unitary fixed manufacturing overhead.

The gross profit is the result of deducting from sales the cost of goods sold.

First, we need to calculate the unitary total cost:

Unitary cost= 1.84 + (80,000/510,000 units)= $3.41

Now, we can calculate the gross profit:

Gross profit= 170,000*8.2 - 170,000*3.41= $814,300

6 0

3 years ago