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miskamm [114]
3 years ago
9

The following production data were taken from the records of the Finishing Department for June:Inventory in process, 6-1 (30% co

mpleted) - 4,000 unitsCompleted units during June - 65,000 unitsEnding inventory (60% complete) - 7,000 unitsDetermine the number of material equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories and materials were added at the beginning of the process.a. 68,000 unitsb. 72,000 unitsc. 76,000 unitsd. 7,000 units
Business
1 answer:
ad-work [718]3 years ago
7 0

Answer:

Option (a) is correct.

Explanation:

Given that,

Completed units during June = 65,000 units

Ending inventory units = 7,000 units

Beginning inventory units = 4,000 units

Number of material equivalent units of production in the June 30:

= Completed units during June + Ending inventory units - Beginning inventory units

= 65,000 units + 7,000 units - 4,000 units

= 68,000 units

Therefore, the number of material equivalent units of production is 68,000 units.

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When reviewing the balance sheet for Portable Pet Care, Inc., a mobile small animal care business, Ricky noted the following inf
mash [69]

Answer:

The net worth (owners' equity) for this business is $2.2 million

Explanation:

Net worth: It is also known as owner's equity which is a difference between total assets and total assets.

In this question, we use the accounting equation which is used to balance the debit and credit side of the balance sheet items.

So, the accounting equation is

Total Assets = Total Liabilities + Owner's Equity

where,

Company assets are $3.5 million

And, liabilities is $1.3 million

Now, apply the above equation to find out the value of the owner's equity

So, owner equity would be equals to

= $3.5 million - $1.3 million

= $2.2 million

Hence,  the net worth (owners' equity) for this business is $2.2 million

3 0
3 years ago
Describe key services that the financial system provides to savers. Question 17 options: Economies of scale of information Risk
jeka57 [31]

The answer is all of the above.

Risk sharing, liquidity, and knowledge are the three main services that the financial system offers to both savers and borrowers.

First, people seek steady returns on their holdings.

Investors often maintain a portfolio, or collection of assets, that offers generally consistent returns (diversification).

Risk is a measure of how unpredictable the return on an asset is.

Liquidity is a measure of an asset's ease of movement to be transformed into cash.

In financial markets, the information contains facts about borrowers and expectations of returns on financial assets.

Key Services of the Financial System:

  • Effective Payment System
  • Intermediary to Investors and Borrowers
  • Sharing of Economic Financial Risk
  • Diversification
  • Liquidity
  • Financial Information

Hence, key services that the financial system provides to savers include all of the above.

Learn more about financial market:

brainly.com/question/690070

#SPJ4

5 0
1 year ago
Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2
notsponge [240]

Answer:

The balance of accounts receivable on January 1, 2018 is $31,180.

Explanation:

The following are given in the question:

Percentage of allowance for uncollectible accounts = 3%

Credit sales = $125,000

Collections = $131,000

Amount written off = $180

Therefore, we have:

Account receivable on 31 December 2018 * 3% = $750

Account receivable on 31 December 2018 = $750 / 3% = $25,000

Accounts receivable on 01 January 2018 = Account receivable on 31 December 2018 - Credit sales + Collections + Amount written off = $25,000 - $125,000 + $131,000 + $180 = $31,180

Therefore, the balance of accounts receivable on January 1, 2018 is $31,180.

8 0
3 years ago
_____________ are sunk costs because the company will have to pay the cost no matter production or other variables in operations
Lina20 [59]

Answer:

E. Fixed Costs

Explanation:

Here are the options to this question :

A. Variable Costs

B. Labor Costs

C. Total Costs

D. Raw material Costs

E. Fixed Costs

Sunk costs are costs that have already been incurred and cannot be recovered. They should not be considered when making future economic decisions.

Fixed cost is cost that do not vary with production. e.g. rent

Most companies pay rent per year. if due to unforeseen contingencies, sales and profit of the company declines and the company decides to shut down production, the company has already paid for rent, this amount cannot be recovered even though the company would not be using the space for sometime. So, rent is an example of sunk cost

6 0
3 years ago
Frank has thirty years of service as a manager for his company. he remembers when managers had almost complete freedom to fire w
Alex787 [66]

From the described case in the question, it is clear that Frank believes in doctrine called at-will employment or employment at-will.

At-will employment is a <u>U.S term used for a condition where an employee can be fired at anytime and without any warning as long as the reason isn’t illegal by law</u>.

This type of doctrine is no longer the main doctrine used in most U.S states by the 20th century, but it was commonplace during the late 19th century.

8 0
3 years ago
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