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baherus [9]
3 years ago
14

The Mixing Department of Complete Foods had 62,000 units to account for in October. Of the 62,000 units, 38,000 units were compl

eted and transferred to the nest department, and 24,000 units were 20% complete. All of the materials are added at the beginning of the process. Conversion costs arc added evenly throughout the mixing process and the company uses the weighted-average method.
Compute the total equivalent units of production for direct materials and conversion costs for October.
Business
1 answer:
Harman [31]3 years ago
5 0

Answer:

The total equivalent units of production are as follows:

For direct materials = 62,000 units

For conversion costs = 42,000 units

Explanation:

These can be computed by preparing statements of equivalent units as follows:

<u>Statement of Equivalent Units (EU) (Weighted average)</u>

<u>For October</u>

<u>For Materials</u>

Particulars       Units (a)       Complete (%) (b)     EU (c = a * b)

Transferred        38,000                 100%                    38,000

Ending WIP      <u>  24,000 </u>                100%                  <u>  24,000 </u>

Total                  <u> 62,000 </u>                                           <u> 62,000 </u>

<u>Statement of Equivalent Units (EU) (Weighted average)</u>

<u>For October</u>

<u>For Conversion Costs</u>

Particulars       Units (a)       Complete (%) (b)     EU (c = a * b)

Transferred        38,000                100%                      38,000

Ending WIP      <u>  24,000 </u>                20%                       <u>  4,800 </u>

Total                  <u> 62,000 </u>                                             <u> 42,000 </u>

<u>Conclusion</u>

The total equivalent units of production are as follows:

For direct materials = 62,000 units

For conversion costs = 42,000 units

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TransactionsUnitsUnit Cost a. Inventory, Beginning 4,000 $24 For the year: b. Purchase, March 5 10,000 25 c. Purchase, September
Komok [63]

Answer:

Explanation:

1. Number of goods available for sale = Beginning Inventory + Purchase, March 5 + Purchase, September 19 = 4,000+10,000+6,000 = 20,000 units

Cost of goods available for sale = Beginning Cost of inventory + Cost of Purchase, March 5 + Cost of Purchase, September 19 = 4,000×24 + 10,000×25 + 6,000×27 = 96,000+250,000+162,000 = $508,000

2. Number of units in ending inventory = Number of units available for sale - Number of units sold = 20,000-4,200-9,000 = 6,800 units

3.  Calculations are attached

4.

Income statement FIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($326,000)

Gross profit  $611,800

Less Operating expense $602,000

Net income $9,800

Income statement LIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($342,000)

Gross profit  $595,800

Less Operating expense $602,000

Net loss $($6,200)

Income statement LIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($334,092)

Gross profit  $603,708

Less Operating expense $602,000

Net income $1,708

**Cost of goods sold:-

Under FIFO = 96,000+5,000+225,000 = $326,000

Under LIFO = 105,000+162,000+75,000 = $342,000

Under weighted average method = 103,782+230,310 = $334,092

6. LIFO method minimize taxes

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3 years ago
A matrix organization for project management has a distinct advantage because:A) Dual hierarchies mean two bosses.B) A significa
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Answer:

D) Project importance is enhanced by setting authority equal to that of functional departments.

Explanation:

A matrix organization is characterized by, multiple command system and overlapping of command, control and behavioral pattern.

Here, temporary project groups are created so as to handle short term projects. Personnel are drawn from functional department and their activities are controlled and coordinated by a project manager.

Once a project is completed, the structure is disbanded and the personnel return to their original departments i.e functional department.

During the project duration, a person is responsible and reports to two bosses, one being the project manager and secondly to the functional boss. Thus, under such a structure exists dual reporting.

Under matrix structure for project management, the project manager is not allowed to use resources exclusively for the project i.e like in project management. Rather, such a manager is required to share resources with the organization.

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Nebraska Inc. issues 4,100 shares of common stock for $131,200. The stock has a stated value of $15 per share. The journal entry
julsineya [31]

Answer:

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Explanation:

Based on the information given if the company

issues 4,100 shares of common stock for the amount of $131,200 in which the stock has a stated value of $15 per share which means that The journal entry to record the stock issuance would include a credit to Common Stock for $61,500 Calculated as:

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