Answer: $36,000
Explanation:
First calculate the Equivalent Units of Production;
= 21,000 + (3,000 * 40%)
= 21,000 + 1,200
= 22,200 units
Then find the cost of each units.
= Total production cost/ Equivalent units of production
= 666,000/22,200
= $30 per unit
Then the cost of ending Goods in Process Inventory is:
= Equivalent ending process inventory units * cost per unit
= 1,200 * 30
= $36,000
Answer:
$52,860
Explanation:
The computation of the ending inventory using the lower of cost or market method is shown below:
Product Cost Net realizable value Lower of cost or NRV
RSK-89013 600 × $38 = $22,800 600 × $47 = $28,800 $22,800
LKW-91247 420 × $47 = $19,740 420 × $40 = $16,800 $16,800
QEC-57429 510 × $26 = $13,260 510 × $32 = $16,320 $13,260
Carrying value of the ending inventory is $52,860
Retained Earnings are increased by net income, decreased by dividends, sometimes called earned capital and all of company's earnings kept rather than distributed to stockholders.
Are Retained Earnings the Same as Profits?
Profits do not deduct dividend payments from a company's profit, whereas retained earnings do. This is the major distinction between retained earnings and profits. Profits may suggest a corporation has a positive net income, whereas retained earnings, depending on the number of dividends given to shareholders, may show a company has a net loss.
Why retained earnings is important?
Retained earnings can assist a business raise the value of its stock, ensuring organizational sustainability, and providing funding for crucial tasks like R&D and expansion without raising debt.
Learn more about Retained Earnings: brainly.com/question/14529006
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Answer:
Fink's revenue from insurance premiums for the current year is: $13,500,000
Explanation:
Insurance premiums recognised for the current year -
Insurance collected + Beginning Deferred premiums account - Ending Deferred premiums account
= $ 17,900,000 + 4,000,000 - 8,400,000 = $13,500,000
Answer:
Total controllable overhead variance $
Standard total overhead cost ($4.10 x 9.800 units) = 40,180
Less: Actual total overhead incurred = <u>28.175</u>
Total controllable overhead cost <u>12,005</u>(F)
Standard total overhead cost per unit = $3.10 + $1.00 = $4.10
Explanation:
Total controllable overhead variance is the difference between standard total overhead cost and actual total overhead incurred. The standard total overhead cost is the product of standard total overhead cost per unit and actual units produced.
