Given the following: 2013 2012 2011

Happy Trails, Inc. manufactures railway coaches and uses the FIFO method of process costing to record costs. The Workminusinmin

sertanlavr [38]

Answer:

80 % of materials ; 43 % of conversion costs

Explanation:

The FIFO method traces equivalent units for materials and conversion costs for the following categories :

Opening Work in Process units
Units started and completed
Ending Work in Process units

So the units not completed from last months are the first to be completed during the month (hence To finish Opening Work in Process). During the year there are units started and completed (hence Units Started and Completed) and units started that never gets completed (hence Ending Work in Process units).

All these physical units need to be expressed to the percentage of work done on them - equivalent units.

The question is focusing on Number 3 - Ending Work in Process units. So 80 % of materials and 43 % of conversion costs were added during October for these units.

4 0

3 years ago

The following partially completed process cost summary describes the July production activities of Ashad Company. Its production

Gelneren [198K]

Answer:

Explanation:

We solve this prblem in three steps

Step#1

In this step we will prepare the summary of units produces and trasffered and units in closing stock

Opening units 8000

Started 133000

141000

Transffered 122000

Closing 19000

Step#2

We will prepare production and cost table, total cost will be divided by the total units produced to identify the cost per unit incurred on material, labor and overheads.

Cost opening Current Total Complete Closing Equiv. Cost

Head Cost Cost Cost units WIP Units Per unit

Material 38,600 751,000 789,600 122,000 19,000 141,000 5.6000

Labor 1,480 138,820 140,300 122,000 13,300 135,300 1.0370

O.H 2,960 267,640 270,600 122,000 13,300 135,300 2.0000

Step-3

In this process we will calculate the cost incurred during the period.

Complete 122,000 8.64 1,053,708

Closing Wip

Material 19,000 5.60 106,400

Labor 13,300 1.04 13,792

Overheads 13,300 2.00 26,600

146,792

Total Cost 1,200,500

4 0

3 years ago

Johanna wants to start saving for a vacation and plans to put four annual deposits of $1200 each into an account earning 5 perce

abruzzese [7]

Answer:

$5,430.76

Explanation:

For this question, we use the Future value formula that is shown on the attachment. Kindly find it below:

Data provided in the question

Present value = $0

Rate of interest = 5%

NPER = 4 years

PMT = $1,200

The formula is shown below:

= -FV(Rate;NPER;PMT;PV;type)

So, after solving this, the future value is $5,430.76

8 0

3 years ago

Suppose that: (1) the United States has a comparative advantage in producing chemicals; (2) Costa Rica has a comparative advanta

prohojiy [21]

Answer: If the United States eliminates its import quotas on Costa Rican sugar, <em><u>consumer surplus for American consumers of sugar products will rise.</u></em>

Here, the United States has finally decided to eliminates its import quotas on Costa Rican sugar. This will further allow the producer in Costa Rica to export more quantity of this commodity.

8 0

3 years ago

Financial and Managerial Accounting Indicate whether each phrase is more descriptive of financial accounting or managerial accou

Marina CMI [18]

Financial accounting Indicate whether each phrase is more descriptive of financial accounting or managerial accounting.

<h3>What is Financial accounting?</h3>

Financial accounting is the branch of accounting concerned with the summary, analysis, and reporting of a company's financial transactions. This entails preparing financial statements for public consumption.

The primary goal of Financial Accounting is to reveal the business's profits and losses and to provide a true and fair view of the business, with the goal of protecting the interests of various stakeholders, both internal and external to the business.

In practice, financial accounting's main goal is to accurately prepare an organization's financial accounts for a specific period, also known as financial statements. The income statement, balance sheet, and statement of cash flows are the three primary financial statements.

To know more about Financial accounting follow the link:

brainly.com/question/26380452

#SPJ4

4 0

1 year ago