Answer:
The unit costs are $ 4.87 for 70 % Conversion Costs
The unit costs are $ 5.54 for finished goods
Explanation:
Total Materials cost = $ 115,080
Material Costs for one unit= $ 115,080/ 34000= $ 3.3847= $ 3.39
Conversion Costs= $ 72,072
Conversion Costs for one unit = $ 72072/34000 * 70%= $ 1.4838= $ 1.48
Total Cost per unit= $ 3.39 + $ 1.48= $ 4.87
Process Cost summary
Quantity Schedule
Materials = ($3.39 *34,000)= $ 115,080
Cost Added by Department: Total Cost Unit Cost
Materials= $ 115,080 $ 3.39
Conversion Costs
Labor + Overheads ( 1.48 * 34,000)= $ 50,320 $ 1.48
Units still in process ($ 72072- $ 50320) = $ 19,752 $0.58
Total cost to be accounted for $ 187,152 $ 5.54
In order to find out the percentage of increase, first you need to find out the difference between initial units and the ending units, in this case:
150 - 100 = 50 units
After that, you need to do this calculation:
50 units/ 100 units x 100%
= 0.5 x 100 %
= 50% increases
Answer:
Accrual basis of accounting
Explanation:
Accruals basis accounting (accruals accounting, the matching concept) depicts the effects of transactions and other events and circumstances on a reporting entity’s economic resources and claims in the periods in which those effects occur, even if the resulting cash receipts or payments occur in a different period.
Revenue from sales and other income should be reported in the period when the income arises (which might not be the same as the period when the cash is received from the customer / client).
Based on the above discussion it can be concluded that the Portie's practice is an example of accrual basis of accounting.
Answer:
D. Person C
Explanation:
Taxable income is the difference between the gross pay and all authorized deduction.
For person A : taxable income = $50,000 - $5000 = $45,000
For Person B: taxable income =$60,000 - $10,000 = $50,000
For Person C: taxable income= $90,000 - $30,000 = $60,000
For Person D: taxable income=$ 100,000 - $60,00= $40,000
Person C has the highest taxable income with $60,000
Answer:
Probability (at least one bottle neck occurs during 8 hours of operation)
= 0.9817
Explanation:
Given:
Average bottleneck 1 hour = 0.5
Find:
Probability (at least one bottle neck occurs during 8 hours of operation)
Computation:
Expected events in 8 hour = 8(0.5)
Expected events in 8 hour = 4
Probability (at least one bottle neck occurs during 8 hours of operation) = p(X≥1)
Probability (at least one bottle neck occurs during 8 hours of operation) = 1-p(X=0)
Probability (at least one bottle neck occurs during 8 hours of operation) =1-exp(-4)[4⁰]/0!
Probability (at least one bottle neck occurs during 8 hours of operation) =1-0.0183
Probability (at least one bottle neck occurs during 8 hours of operation)
= 0.9817