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siniylev [52]
3 years ago
13

Umatilla Bank and Trust is considering giving Pronghorn Corp a loan. Before doing so, it decides that further discussions with P

ronghorn Corp’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $277,880. Discussions with the accountant reveal the following.
1. Pronghorn Corp sold goods costing $54,380 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse.
2. The physical count of the inventory did not include goods costing $96,250 that were shipped to Pronghorn Corp FOB destination on December 27 and were still in transit at year-end.
3. Pronghorn Corp received goods costing $27,180 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count.
4. Pronghorn Corp sold goods costing $46,830 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Pronghorn Corp physical inventory.
5. Pronghorn Corp received goods costing $45,270 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of $277,880.
Business
1 answer:
pickupchik [31]3 years ago
4 0

Answer:

$306,620

Explanation:

Umatilla Bank and Trust

The Unadjusted inventory is $277,880

Adjustments:

1. No adjustment because the ownership is already been transferred to the buyer at shipping point.

Hence , the goods are not included in value of inventory.

2. No adjustment as the ownership will as well make transfer once the other pay will receive the inventory but the inventory is not yet recieved.

3. 27,180 ownership is with Pronghorn Corp that means it should be included in the inventory

4. 46,830 ownership is been retained by Pronghorn Corp, the inventory will as well be be included

5. 45,270 ownership is not been retained be

by Pronghorn Corp, which means it has to be excluded from the inventory.

Hence:

The adjusted inventory will be:

277,880 +27,180+46,830-45,270

= $306,620

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Vintage Fun reproduces old-fashioned style roller skates and skateboards. The annual production and sales of roller skates is 1,
Vesna [10]

Answer:

D. $33.47

Explanation:

The computation of overhead cost per skateboard using an activity-based costing system is shown below:-

                                    Total          Expected           Activity

Activity pool cost      Overheads    Activity               Rate

Setup cost                     $6,550           665                9.85

Engineering cost          $16,000        1,120                14.29

maintenance cost        $91,450        4,353               21.01

Activity pool cost          Rate             Driver         Overhead cost  

Setup cost                       9.85              320              3,152  

Engineering cost             14.29             630             9,002.7

maintenance cost            21.01              2,178           45,759.78  

Total Overheads cost                                               57,914.48

Number of units                                                               1,730

Overhead cost per unit                                                $33.48

Therefore for computing the overhead cost per unit we simply divide the total overhead cost by number of units.

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3 years ago
3. In ICS, the members of the Command Staff assume the title of:
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In ICS, the member of the command staff assume the title of OFFICER. Incident Command System [ICS] is the model tool for command, control and coordination of a response and provides a mean to coordinate the efforts of individual agencies as they work together toward achieving the common goal of stabilizing the incident and protecting lives, properties and the environment.
3 0
3 years ago
PA1.
kolezko [41]

Question: Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and estimates these costs:

                                          Small       Medium     Large

Units                                 32,000       12,000      4,000

Direct Material cost             $5              $8            $9

Direct Labor Hrs / Unit       4 Hrs         6 Hrs       10 Hrs

If the labor rate is $25 per hour, what is the per-unit cost of each product?

Answer:

Step 1: Identify Absorption Basis

Here, absorption basis is Labor hours.

Step 2: Find the Overhead Absorbed Rate by dividing total Overhead by total absorption basis.

The formula is as under:

Overhead Absorbed=Total Overhead / Total Absorption Basis... Equation 1

By putting values in Equation 1:

Overhead absorption Rate OAR =$480,000 / 240,000 Machine Hrs = $2 per Labor hour

Step 3: Now calculate overhead per unit for product Small, Medium and Large by simply multiplying OAR with Direct Labor hours consumed per unit

Overhead per unit for Product X= OAR * Direct Labor hours consumed per Product X....................Equation 2

Now simply put the values in Equation 2 of direct labor used by each product and calculate Overhead per unit.

For Product Small:

Overhead per unit for Product Small=  $2 * 4 direct labor hours= $8 per unit

For Product Medium:

Overhead per unit for Product Medium=  $2 * 6 direct labor hours= $12 per unit

For Product Large:

Overhead per unit for Product Large=  $2 * 10 direct labor hours= $20 per unit

Step 4: Add the per unit prime cost to Overhead cost per unit calculated in the Step 3 to calculate the total unit cost of the product. Prime cost is the sum of all direct costs. In this question, Prime cost includes Direct labor cost and Direct material cost.

Now first of all find prime cost of each product by using following formula:

Prime cost per unit for Product X= (Direct material cost per unit of Product X) + (Direct labor cost per unit of Product X)............Equation 3

Thereafter add prime cost to overhead unit cost calculated in step 3.

For Product Small:

Prime cost per unit for Small= ($5 per unit) + ($25 per direct labor hour * 4 number of direct labor hours)=$5 per unit + $100 per unit= $125 per unit

Total Unit cost of product Small= Overhead cost per unit for Small + Prime cost per unit for Small =$125 per unit + $8 per unit=$133 per unit

For Product Medium:

Prime cost per unit for Medium= ($8 per unit) + ($25 per direct labor hour * 6 number of direct labor hours)=$5 per unit + $150 per unit= $155 per unit

Total Unit cost of product Medium= Overhead cost per unit for Medium + Prime cost per unit for medium =$155 per unit + $12 per unit=$167 per unit

For Product Large:

Prime cost per unit for Large= ($9 per unit) + ($25 per direct labor hour * 10 number of direct labor hours)=$9 per unit + $250 per unit= $259 per unit

Total Unit cost of product Large= Overhead cost per unit for Large + Prime cost per unit for Large =$259 per unit + $20 per unit=$279 per unit

6 0
3 years ago
What does a price ceiling often cause and why
Sliva [168]

Answer:

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Explanation:

3 0
3 years ago
Carla vista co. received proceeds of 5585020 on a 10-year, 8% bonds issued on January 1, 2019. The bonds had a face value of 530
Lapatulllka [165]

The carrying value of the bond is $489,560.

<h3>What is the carrying value of a bond?</h3>

A bond's carrying value is defined as its par value or face value plus any unamortized premiums or discounts, minus any unamortized discounts.

This is deducted because it is represented on the balance sheet, the carrying value is the difference between the par value and the premium or discount.

<u>Computation of Carrying value of Bond</u>:

According to the given information,

First, there is a need to calculate the premium amount, that amount is calculated as follows:

Premium Amount = Face value of Bond – Proceeds received

Premium Amount = $530,000 – $558,5020

Premium Amount = -$505,5020

Now, there is a need to finding the Annual amortization value, this can be found out by the following:

Annual amortization = Premium Amount/Time period

Annual amortization = -$505,5020/10

Annual amortization = -$505,502

Then, the carrying value of the bond will be:

Carrying value of bond = face value – unamortized discount

Carrying value of bond = $530,000- (-$505,502×8%)

Carrying value of bond = $489,560

Therefore, the carrying value of the bond is $489,560.

Learn more about the carrying value of bond, refer to:

brainly.com/question/14531473

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3 0
2 years ago
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