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Korolek [52]
3 years ago
15

Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was o

btained for the Fabrication Department for September: All materials are added at the beginning of the process. Beginning work in process had 80,000 units, 30 percent complete with respect to conversion costs. Ending work in process had 17,000 units, 25 percent complete with respect to conversion costs. Started in process, 95,000 units. Prepare a physical flow schedule.
Business
1 answer:
My name is Ann [436]3 years ago
6 0

Answer:

The preparation is shown below:

Explanation:

The preparation of the physical flow schedule is presented below:

Beginning work in process units      80,000 units

Units started  in process                    95,000 units

Total units to account for            175,000  units

Units accounted for:  

Units completed and transferred out:  

Started and completed                78,000      (95,000 units - 17,000 units)

Beginning work in process         80,000

Ending work in process  units    17,000

Total units accounted for      175,000

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Indirect costs incurred in a manufacturing environment that cannot be traced directly to a product are treated as a.period costs
Dima020 [189]

Answer:

Indirect costs incurred in a manufacturing environment that cannot be traced directly to a product are treated as Product costs and expenses when the goods are sold, Option D.

Explanation:

Indirect costs are also manufacturing overheads which cannot be directly put on the product but they have to be allocated in some way. So, these are treated as 'product costs' and 'expenses' when the goods are sold. They are not period costs as per Option A and option C. Option B which says that it is product costs when incurred, which is also incorrect.

Examples of indirect costs can be accounting and legal expenses, rent, telephone expenses, salaries of administrative.

Direct costs includes the costs of direct 'labor', materials and commissions.

8 0
3 years ago
Crane Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $52,200 with terms 3/15, n/45.
Artist 52 [7]

Answer:

Explanation:

Crane Co

June 1. Credit: Sales $52,200

Debit: Acc receivable $52,200

Being sales on account

June 12 Debit: Bank. $ 50,634

Debit: Discount Allowed $1,566

Credit: Acc receivable. $52,200

Being payment received on sales

8 0
3 years ago
Read 2 more answers
When U.S. goods become more expensive relative to foreign goods, exports will __________ and imports will __________.
ipn [44]

Answer:

fall, rise

Explanation:

US goods will become less expensive

3 0
3 years ago
Reynolds Manufacturers Inc. has estimated total factory overhead costs of $118,800 and expected direct labor hours of 10,800 for
Lisa [10]

Answer:

$15,730

Explanation:

<em>under absorption costing overheads are charged to product units using an overhead absorption rate. </em>

The overhead absorption rate is determined using the formula below:

<em>Overhead absorption rate is = Budgeted Overheads / budgeted Labour hours</em>

Factory overhead Absorption rate  (OAR)=  $118,800/10,800

                                               = $11 per hour

 Amount of 0verhead to charge Number number 117

                                  = 11 × 1,430

                                  = $15,730

6 0
3 years ago
E15-9 (L01,3) (Preferred Stock Entries and Dividends) Otis Thorpe Corporation has 10,000 shares of $100 par value, 8%, preferred
Dimas [21]

Answer:

(a)

Preferred stock Dividend = ( 10,000 x 100 ) x 8% = $80,000

Cumulative Dividend

      Date                   Dividend for the year      Balance

December 31, 2015           $80,0000              $80,000

December 31, 2016           $80,0000              $160,000

December 31, 2017           $80,0000              $240,000

Payable of $240,000 Dividend will be reported on the Balance Sheet.

(b)                                                          Dr.                       Cr.

Preferred Stock (4,000 x $100)   $400,000

Common stock ((4000 x 7) x $10)                            $280,000

Paid-In Capital in excess of Par - Common share  $120,000

(c)

Cash ( 4000 x 107 )                       $428,000

Preferred Stock (4000 x $100)                                 $400,000

Paid-In Capital in excess of Par - Preferred share  $28,000

It will be reported in balance sheet as follow:

Equity                                                                               $

Preferred Stock                                                          400,000

Paid-In Capital in excess of Par - Preferred share     28,000

Explanation:

(a) Last dividend was paid on December 31, 2014, the subsequent 3 years are outstanding until December 31, 2017, so the total payable dividend is $240,000 which will be reported on Balance sheet.

(b) 4000 preferred shares on par value are converted to 7 common shares each at $10 par value.

(c) Preferred stock issued @ $107 will be reported as Preferred stock of $400,000 and Paid-In Capital in excess of Par - Preferred share of $28,000.

3 0
3 years ago
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