1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
dezoksy [38]
3 years ago
15

Kota Toy Corporation manufactures lizard dolls in two departments, Molding and Assembly. In the Molding Department, plastic is i

njected into a lizard-shaped mold. The dolls that come out of the molds are then transferred to the Assembly Department where hair is applied. Kota uses a weighted-average process cost system to collect costs in both departments. On January 1, the Molding Department had 4,000 dolls in process. These dolls were 100% complete with respect to direct materials and 70% complete with respect to conversion cost. During January, Molding completed 79,000 dolls. On January 31, Molding had 7,000 dolls in work in process. These dolls were 100% complete with respect to direct materials and 25% complete with respect to conversion cost. What account would Kota debit to record the transfer of dolls out of the Molding Department?
Business
1 answer:
professor190 [17]3 years ago
3 0

Answer:

Assembly Work In Process Inventory

Explanation:

The units completed cost will be move from one process into the next one.

The transferred-out cost will be credited from Molding(origin) and debited into Assembly Work-in-Process(destination)

As this is a theoreticalquestion we don't have to look into the numbers.

You might be interested in
1.1 Why is trade important to Africa
uysha [10]
It is important because they need money and food and water because they don't have that much.
7 0
3 years ago
Bell’s Shop can make 1000 units of a necessary component with the following costs: Direct Materials $24000 Direct Labor 6000 Var
Korolek [52]

Answer:

8,000= fixed overhead

Explanation:

Giving the following information:

Bell’s Shop can make 1000 units of a necessary component with the following costs:

Direct Materials $24000

Direct Labor 6000

Variable Overhead 3000

Fixed Overhead ?

The company can purchase the 1000 units externally for $39000. The unavoidable fixed costs are $2000 if the units are purchased externally.

Buy= 41,000/1,000= $41

Total Unitary cost= 24,000 + 6,000 + 3,000 + fixed overhead

41,000= 33,000 + fixed overhead

8,000= fixed overhead

3 0
2 years ago
In year 1, Kris purchased a new home for $200,000 by making a down payment of $150,000 and financing the remaining $50,000 with
blondinia [14]

Answer: D. $7,500

Explanation:

Before the $150,000 mortgage at 5%, the existing $40,000 balance of the loan was paid off. Therefore, only the mortgage was payable. At 5% x %150,000 = $7500 interest.

Therefore, the amount $7500 interest expense Kris will deduct as home related interest expense would be $7,500.

4 0
3 years ago
Nebraska Company uses the weighted-average method in its process costing system. The first processing department, the Welding De
vfiekz [6]

Answer:

Cost per equivalent unit for conversion costs for the month  = $8.262

Explanation:

The weighted average cost of valuation does not separate the opening inventory from the units newly introduced when accounting for completed units in a production period.

To determine the cost per equivalent units using Weighted Average Method, follow the steps below:

<em>Step 1: Determine the equivalent Unit</em>

Completed units = 25000+ 97000- 28000 = 94000

                                            Workings                 Equiva. Units

Completed units    94000       (94000 *100%)    =  94,000

Closing WIP            28000      (28,000 * 10%)  =     2,800

Total Equivalent units                                         96,800.00                    

<em>Step 2 : calculate total conversion cost </em>

= 51820+747970= 799,790.00

<em />

<em>Step 3 = Cost per Equivalent unit per conversion cost</em>

Cost per unit = Total conversion cost/total Equivalent units

                     = 799,790.00 / 96,800.00

                     = $8.262

Cost per equivalent unit for conversion costs for the month  = $8.262

7 0
3 years ago
2014 ending inventory was overstated by $25,000, but it was too late to correct the financial statements. Which of the following
expeople1 [14]

Answer:

C. Net income and stockholders' equity are both overstated.

Explanation:

In the income statement , ending inventory is deducted from the addition of the beginning inventory and net purchases to arrive at the cost of goods sold. Therefore, the cost of goods can be stated as an equation stated as follows:

Cost of goods sold = Beginning inventory + Net purchases - Ending inventory

From the above equation, it can be observed that if the ending inventory is overstated, cost of goods sold will be understated by that amount.

Since gross income is determined by deducting cost of goods sold from the net sales, an understated cost of goods sold will result in an overstated gross income and subsequently overstated net income.

Since net income is one of the components of the stockholders' equity, an overstated net income will leads to an overstated stockholders' equity.

Therefore, the correct option is C. Net income and stockholders' equity are both overstated.

4 0
3 years ago
Other questions:
  • The use of accounting information as a tool to communicate without providing any influence that would sway a decision is called
    6·1 answer
  • A health inspector wants to check compliance with a new city ordinance on meat storage. since he can only inspect 10 of the 33 s
    8·1 answer
  • Thomas had conducted a thorough pretest before the new ad campaign,so he was fairly sure the elements would work together.A lot
    10·1 answer
  • Supplies on hand at October 31 total $500. Expired insurance for the month is $100. Depreciation for the month is $50. Services
    6·1 answer
  • Comparing marginal revenue to marginal cost
    11·1 answer
  • Job order costing and process costing are a.cost flow systems b.inventory tracking systems c.cost accounting systems d.pricing s
    13·1 answer
  • The matching concept states that expenses incurred to produce particular revenues should be matched with those revenues.
    14·1 answer
  • In the previous year, a company had revenues of $500,000, project overhead of $40,000 and company overhead of $75,000. The compa
    5·2 answers
  • Define equity economics.​
    5·1 answer
  • If you buy a ticket to an outdoor concert but come down with a bad cold on the night of the show, the principle of ____ suggests
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!