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Aleksandr-060686 [28]
3 years ago
14

The June 1 work in process inventory consisted of 5,000 units with $16,000 in materials cost and $12,000 in conversion cost. The

June 1 work in process inventory was 100% complete with respect to materials and 50% complete with respect to conversion. During June, 37,500 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 40% complete with respect to conversion. 7. What is the cost of beginning work in process inventory plus the cost added during the period for conversion?
Business
1 answer:
sveticcg [70]3 years ago
7 0

Answer:

Total cost added including beginning inventory

Raw material = $136,000

Overheads = $180,960

Total = $316,960

Explanation:

As provided the opening Work in process units = 5,000 units

Units started during the period = 37,500 questions

Closing work in process = 8,000 units

That means units produced = opening + additions - closing

= 5,000 + 37,500 - 8,000 = 34,500 units

Provided cost of beginning inventory = $16,000 for raw material and $12,000 for overheads

Also it is 100% complete for raw material and 50% complete for overheads

That means raw material per unit = $16,000/5,000 = $3.20

And the overheads 100% = $12,000 \times 2 = $24,000

Overhead per unit = $24,000/5,000 = $4.80

Therefore, cost added during the period

Shall be

Raw material = 100% = 5,000 + 37,500 = 42,500 \times $3.20 = $136,000

Overheads = for 34,500 units 100% and remaining 8,000 = 40%

= 34,500 \times $4.80 + 8,000 \times $4.80 \times 40%

= $165,600 + $15,360

= $180,960

Total = $316,960

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The answer would be true
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3 years ago
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Why would the difference between income computed under full costing and income computed under variable costing be relatively sma
r-ruslan [8.4K]

First of all, we have to understand what is Full costing, Variable Costing, and JIT Inventory Management System.

Full Costing

Full costing also know as absorption costing. It allocate all cost to the specific product like fixed cost, variable cost etc.

Absorption costing consider all kind of cost whereas variable costing will only consider cost in variable in nature.

Variable Costing

Variable cost is a method were we only account for those cost that are varied over production output. It will not be a good tacker of profitability but it will help in decision making.

Inventory Management System

JIT stands for Just in Time Inventory. Where basic idea is to buy inventory whenever required, this system doesn't allow holding inventory.

Now coming to the question of why the difference is small when we are operating under JIT Inventory management System is as follows:-

1. Working capital - It is designed to be exceedingly low, so the investment in working capital is very less and will reduce inventory holding cost.

2. Obsolete inventory - Since inventory levels are so low, there is little risk of having much obsolete inventory which in turn will result in less loss.

3. Process time. A thoroughly implemented JIT system should shorten the amount of time required to manufacture products, which may decrease the quoted lead times given to customers placing orders. So the fixed cost will not be incurred on rent etc because of low/ less holding of inventory.

Because of the above factor difference is too small.

Learn more about Variable Costing here: brainly.com/question/6337340

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6 0
2 years ago
2. Roth retirement funds require you to pay taxes on your investment dollars up-front, while
leonid [27]

Answer:

The Pros and Cons of Roth IRA and the Traditional IRA or 401(K):

Roth IRA is not advantageous to those, who are starting to save late in their career.  It favors the younger worker, who is starting out with low-paying jobs at lower-paying tax rates, who will later be earning more.

With Roth IRA, you suffer the tax burden upfront when you are active and while making your contributions, so that you can enjoy your retirement benefits tax-free.  This is why the younger worker benefits more.  In the prime of life with little responsibilities, you can settle the taxman so that you can be free of him later in older age.  But, if you are in the high tax bracket, this category is not funny for you, anyway.  The IRS has an income limit for this category, therefore, you must go for the traditional IRA.

The traditional IRA saves you the tax burden initially, but you can never be free of the IRS.  It must take its share later, having allowed you to enjoy tax-free contributions.  When the net is filled, the IRS cuts its percentage off.

You will never feel bad then, because your tax rate will surely be reduced in comparison with when you are making the contributions.  So, it is just and right to allow the IRS, who generously helped you to grow the nest in the first place to take its just and lawful cut.  It does not bleed too much then, afterall you are drying up with life's responsibilities, including reduced tax bracket, and many of your children have started answering to the IRS independently.  This is the better time to deal with IRS, anyway.

Explanation:

The question has the explanation:  ROTH IRAs are retirement funds that allow you to pay taxes on your investments into retirement funds as you are making the contributions, so that you are free to make your withdrawals after at least 5 years without paying additional taxes.

The traditional IRAs or the 401(K) encourage you to make your retirement contributions without paying taxes on them so that you can contribute more.  Then the IRS will bounce on you to pay the taxes when you are making withdrawals having grown the investments.

IRAs mean Individual Retirement Accounts which individuals use to save and accumulate their retirement funds.

5 0
3 years ago
1.4 is? a. perfect square b. rational number c. irrational number d. whole numbers​
Vitek1552 [10]

Answer:

rational number i think?

Explanation:

5 0
3 years ago
Firm A currently dumps 157 tons of chemicals into the local river. Firm B currently dumps 183 tons of chemicals into the local r
Kruka [31]

Answer:

$20,670

Explanation:

                                               Firm A                   Firm B

Actual Dumping                         157                        183

Pollution Permits Allotted          <u> 11  </u>                        <u>  11  </u>

Reduction Required                   146                        172

Cost of Dumping 1 ton              $160                      $65

As the cost of dumping to Firm A is $160 which is higher than the marginal cost of dumping of Firm B which is $65, so it is better that Firm B take benefit from it by selling it at $65. So now total tons require dumping is 318 tons (146 + 172).

Total cost of reducing pollution = 318 tons * $65 = $20,670

3 0
3 years ago
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