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g100num [7]
3 years ago
9

Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricat

ing Department: Units: Beginning Inventory: 80,000 units, 60% complete as to materials and 20% complete as to conversion. Units started and completed: 250,000. Units completed and transferred out: 330,000. Ending Inventory: 30,000 units, 40% complete as to materials and 10% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process - Conversion: $79,700. Costs incurred in October - Direct Materials: $646,800. Costs incurred in October - Conversion: $919,300. Calculate the cost per equivalent unit of conversion

Business
1 answer:
Nataly [62]3 years ago
8 0

Answer:

$2.90 per unit

Explanation:

The computation of the cost per equivalent unit of conversion is attached below:-

The formulas are shown below:-

Equivalent material = Direct material × Percentage completion

Equivalent conversion = Conversion × Percentage completion

The cost per equivalent unit come from

= Total cost ÷ number of equivalent units

hence, the cost per equivalent unit of conversion is $2.90 per unit

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What common flaw has been found in research studies funded by pharmaceutical companies?
marissa [1.9K]

The common flaw that was found in research funded by pharmaceutical companies was a lack of transparency.

<h3 /><h3>Why is transparency needed in the pharmaceutical industry?</h3>

It is essential that there is greater awareness, control and review of pharmaceutical research, as this industry directly impacts the health and quality of life of individuals, and must be an ethical and accessible means to the population.

Therefore, the lack of transparency in the pharmaceutical industry can occur due to centralization and conflict of interests, in addition to bribery and fraud, and must be duly fought by control, legislation and punishment for such actions.

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3 0
1 year ago
In a _________, the underwriters agree to make an attempt to sell the IPO for the firm. If the underwriter can get enough invest
maxonik [38]

Answer:

best efforts

Explanation:

As it name suggests, a best efforts IPO takes place when an underwriter cannot commit completely to a client because the market interest in the firm is not certain. So the underwriter "promises" to make its best effort to carry out a successful IPO, but cannot guarantee it. On the other hand, when the market interest is very large, underwriters themselves purchase the entire IPO  through a firm commitment IPO.

6 0
3 years ago
Ben is assigned by his employer to improve an ultrasonic range-finding device. While working on the improvement, he recognizes t
BARSIC [14]

Answer:

1. He has not developed the idea yet

2. His employer knows he his a pacifist so he has the delima is he ethically correct to not develop a product that can be used for warfare.

Explanation:

In this scenario Ben signed an agreement with his employer that all ideas he has developed on the job and while working with the company is a property of the company.

This is a common agreement that gives a company property rights over work developed by their employees.

However since Ben is a pacifist he has an ethical dilemma when he has an idea that can weaponize an ultrasonic range-finding device.

He is justifying his decision by saying the idea has not been developed yet and his employer will not expect him to develop such technology since he is a pacifist.

7 0
3 years ago
Lower-of-Cost-or-Market
RSB [31]

Answer:

1-a. The total amount to be assigned to the ending inventory under FIFO is $300.

1-b. The total amount to be assigned to the ending inventory under Weighted-average is $242.50.

2-a. The total amount to be assigned to the ending inventory under FIFO lower-of-cost-or-market is $260.

2-b. The total amount to be assigned to the ending inventory under weighted-average lower-of-cost-or-market is $242.50.

Explanation:

1-a. Calculate the total amount to be assigned to the ending inventory under FIFO.

First In First Out (FIFO) method, the units purchased first are sold first and the units purchased last are sold last.

Since there are 10 units of inventory on hand on December 31 and Dec. 8 3rd purchase has 10 units, this implies that the total amount to be assigned to the ending inventory is $300 which is total amount of units of Dec. 8 3rd purchase.

Therefore, the total amount to be assigned to the ending inventory under FIFO is $300.

1-b. Calculate the total amount to be assigned to the ending inventory under Weighted-average (round calculations to two decimal places.).

Total cost = $970

Total units = 40

Weighted-average per unit = Total cost / Total units = $970 / 40 = $24.25

Cost of ending inventory = Weighted-average per unit * Units of ending inventory = $24.25 * 10 = $242.50

Therefore, the total amount to be assigned to the ending inventory under Weighted-average is $242.50.

2-a. Calculate the total amount to be assigned to the ending inventory under FIFO lower-of-cost-or-market.

Market price per unit = $26

Total amount of ending inventory using market price per unit = Market price per unit * Units of ending inventory = $26 * 10 = $260

Total amount of ending inventory using FIFO = $300

FIFO lower-of-cost-or-market = Total amount of ending inventory using market price per unit = $260

Therefore, the total amount to be assigned to the ending inventory under FIFO lower-of-cost-or-market is $260.

2-b. Calculate the total amount to be assigned to the ending inventory under Weighted-average lower-of-cost-or-market.

Market price per unit = $26

Total amount of ending inventory using market price per unit = Market price per unit * Units of ending inventory = $26 * 10 = $260

Total amount of ending inventory using weighted-average = $242.50

Weighted-average lower-of-cost-or-market = Total amount of ending inventory using weighted-average = $242.50

Therefore, the total amount to be assigned to the ending inventory under weighted-average lower-of-cost-or-market is $242.50.

4 0
3 years ago
A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs du
andrezito [222]

Answer:

b. $226,000

Explanation:

Cost of goods sold is the direct expense incurred in producing goods to be sold in a period. It involves direct labor, direct material, and overheads.  

Cost of good sold is determined by

Beginning stock + purchases - closing stock.

In this case, the costs of goods sold will be Direct labor + Direct materials + overheads. + (ending - beginning work in progress)

i.e., = $35,000 + $73,000+ $114,000 + $ 4000

=$226,000

6 0
3 years ago
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