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3 years ago

Conlon Chemicals manufactures paint thinner. Information on the work in process follows:

Business

1 answer:

kupik [55]3 years ago

3 0

Answer:

a. The equivalent units for materials using the weighted-average method 223432 gallons

b. The equivalent units for conversion costs using the weighted-average method 218714 gallons

Explanation:

The Concept of Equivalent units needs to be first defined.Equivalent Units in process costing is the number of units in terms of completion stage or percentage of a certain input element in the process.

Step 1 Calculate the Units of Closing Work In Process

Hint: Units IN must equal units Out

Units of Closing Work In Process = Units of Opening Work In Process + Units Started during the year - Units of Closing Work In Process

Therefore Units of Closing Work In Process = 43300+235400-211300

= 67400 units

Step 2 Calculate the Equivalent Units of Materials

Closing Work In Process ( 67400×18%) = 12132

Completed and Transferred Out ( 211300×100%) = 211300

Total 223432

Step 3 Calculate the Equivalent Units of conversion costs

Closing Work In Process ( 67400×11%) = 7414

Completed and Transferred Out ( 211300×100%) = 211300

Total 218714

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Entrepreneurs affect the economic decisions a country makes by:

xeze [42]

Answer:

D. identifying new ways for people to fulfill their wants and needs

Explanation:

Entrepreneurs start new businesses in society. They are quick to spot and identify needs and wants in the market. Entrepreneurs establish businesses to provide solutions to these needs and want at a profit.

Entrepreneurs use their creativity to come up with new and unique products that offer solutions to society's problems. They innovate better products and ways of offering services that are friendly and more cost-effective. Entrepreneurship goes hand-in-hand with creativity and innovation.

8 0

2 years ago

On May 3, 2020, Sweet Company consigned 70 freezers, costing $450 each, to Remmers Company. The cost of shipping the freezers am

Minchanka [31]

Answer:

A. $16,195

B. $7,621

C. $23,816

Explanation:

a. Computation for the inventory value of the units unsold in the hands of the consignee.

Inventory value of the units unsold

First step is to calculate the Total inventory value

Inventory cost $31,500

(70 * $450)

Add Freight $890

Total inventory value $32,390

($31,500+$890)

Now let calculate the Inventory value of the units unsold

Inventory value of units unsold =($32,390 / 2)

Inventory value of units unsold =$16,195

Therefore the inventory value of the units unsold in the hands of the consignee is $16,195

b. Computation for the profit for the consignor for the units sold

Sales $25,900

(35 * $740)

Less Cost of unit sold ($16,195)

($32,390 / 2)

Less Commission ($1,554)

($25,900 * 6%)

Less Advertising ($200)

Less Installation cost ($330)

Profit for the consignor $7,621

Therefore the profit for the consignor for the units sold will be $7,621

c. Computation for the amount of cash that will be remitted by the consignee.

Sales $25,900

Less Commission ($1,554)

($25,900 * 6%)

Less Advertising ($200)

Less Installation cost ($330)

Cash remitted $23,816

Therefore the amount of cash that will be remitted by the consignee is $23,816

4 0

2 years ago

Cosplay Unlimited sells 1,140 outfits per year at an average price of $143. The terms of the sale are 1/15, net 40. The discount

NARA [144]

Answer: c. $9,937.52

Explanation:

The Accounts receivable balance can be calculated by;

= Outfits per years * Average Price * (Collection period/365)

Collection period;

71% take the discount which means that they pay in 15 days while the rest pay in 40.

= (71% * 15) + (29% * 40)

= 22.25 days

Accounts Receivable balance = 1,140 * 143 * (22.25/365)

= $9,937.52

3 0

2 years ago

Roddy Richards invested $12014.88 in Wolverine Meat Distributors (W.M.D.) five years ago. The investment had yearly arithmetic

KengaRu [80]

Answer: 3.96%

Explanation:

The Arithmetic Mean is a most famous Quantitative Analysis method that simply involves adding up all figures involved and dividing it by the number of figures involved.

Calculating it therefore would be,

= -9.7 + -8.1 + 15 + 7.2 + 15.4 /5

= 19.8/5

= 3.96 %

There seems to be an error in the multiple choice.

3.96 % is the arithmetic average return of Roddy Richard's investment based on the information we have but it is not listed.

8 0

3 years ago

Hayne Co. filed suit against Hillsborough, Inc., seeking damages for copyright violations. Hillsborough's legal counsel believes

kolbaska11 [484]

Answer:

D) As a disclosure only. No liability is reported

Explanation:

US GAAP requires that probable contingent liabilities (like lawsuits) are disclosed in the footnotes of the financial statements. If it is probable that the liability will exist, in this case that Hillsborough will lose the case, then they must record the contingent liability at its most reasonable amount. If the amount cannot be estimated, then they must record it at its lowest amount. The key word is "probable", since it must be likely that the event occurs in order for it to be recorded in the footnotes.

7 0

3 years ago