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3 years ago

Barnett Corporation uses the weighted-average method in its process costing system. The

Business

1 answer:

Nimfa-mama [501]3 years ago

3 0

Answer:

a. 18,000

b. $5.10

Explanation:

Calculation of the total equivalent units of production for materials

Units of Closing Work In Process (6,000× 100%) = 6,000

Units completed and transferred (12,000× 100%) = 12,000

Total = 18,000

Calculation of the total equivalent units of production for conversion

Units of Closing Work In Process (6,000 × 50%) = 3,000

Units completed and transferred (12,000× 100%) = 12,000

Total = 15,000

Calculation of Total Cost of Materials

Work in process $13,800

Costs added during May $42,000

Total $55,800

Calculation of Total Cost of Conversion

Work in process $ 3,740

Costs added during May $26,260

Total $30,000

Calculation of total cost per equivalent unit for May

Materials ($55,800/18,000) = $3.10

Conversion ( $30,000/15,000) = $2.00

Total = $5.10

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the liability created when supplies are bought on account is called an account payable ,true or false

tigry1 [53]

Answer:

True.

Explanation:

In Financial accounting, liability can be defined as the amount of money being owed by an individual or organization to another.

Simply stated, liability is a debt being owed and as such it usually has "payable" in its account title on the balance sheet.

Generally, liabilities are recorded on the right side of the balance sheet and it comprises of financial informations such as warranties, bonds, loans, deferred revenues, mortgages, account payable etc.

Current liability in financial accounting can be defined as the short-term financial obligation such as debt (account payable) that is due to be paid in cash within one (fiscal) year or one operating cycle of a company, whichever is longer.

A company's current liability comprises of the following; dividends payable, short-term debts, account payable, notes payable, interest payable, wages payable, deferred revenues, income tax payable, etc.

Basically, companies usually settles their current liabilities with current assets such as account receivables or cash, that are used up within a fiscal year.

Hence, the liability created when supplies are bought on account is called an account payable.

6 0

3 years ago

Your spouse is a teacher at the local elementary school. Which retirement plan would she most likely have?

Mamont248 [21]

The retirement plan she most likely has is the 401(k)

Well, actually both 401k and 403 b offer similar system of retirement. But 401k is more commonly used by middle-lower class worker, including elementary school teacher

7 0

3 years ago

If a firm decides to increase the depth of its offerings to address consumer preferences, what will it do

Shtirlitz [24]

Answer: consumers find it unfair for firms to increase prices after an increase in demand".

Explanation: Economists established 2 explanations of why companies do not increase their prices even if they can make higher profits.

First it was discovered that some products have the characteristic that the amount of product that a customer wants to buy can depend on the amount of the product that other people are consuming.

And then it was discovered that most people are satisfied that companies raise prices because of an increase in costs, but consider it unfair to raise prices as a result of increased demand.

Explanation:

7 0

2 years ago

Below is the complete list of accounts of Cobras Incorporated and the related balance at the end of March. All accounts have the

Allisa [31]

Answer:

Cobras Incorporated

Trial Balance as at March 31.

Debit Credit

Supplies $1,100

Buildings $41,000

Cash $2,100

Accounts Receivable $2,800

Prepaid Insurance $1,100

Salaries Payable $300

Accounts Payable $1,500

Common Stock $21,000

Retained Earnings $14,500

Service Revenue $18,100

Utilities Expense $2,300

Salaries Expense $5,000

Totals $55,000 $55,000

Explanation:

A Trial Balance is used to check mathematical accuracy in ledger Accounts. It represents a list of Balances : Debit and Credit extracted from the Ledger Accounts.

7 0

2 years ago

TIME REMAINING

Otrada [13]

Answer:

based on the economics , the one that should be the most influential in making the decisions is : the value of resources The value of resources refer the one's capability in spending their resource to get what they want. An entity with low amount of resources , tend to be more careful about how they spent their resource Hope this helps. Let me know if you need additional help!

Explanation:

3 0

3 years ago