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julsineya [31]
3 years ago
6

Carbamate Manufacturing produces a pesticide chemical and uses process costing. There are three processing departmentslong dash​

Mixing, ​Refining, and Packaging. On January​ 1, the Refining Department had 2,000 gallons of partially processed product in production. During​ January, 30,000 gallons were transferred in from the Mixing​ Department, and 29,000 gallons were completed and transferred out. At the end of the​ month, 3,000 gallons of partially processed product remained in the Refining Department. The weightedminusaverage method is used. See additional details below.
Refining​ Department, ending balance at January 31
Percent completed for materials cost: 92%
Percent completed for conversion cost: 76%

What was the total number of equivalent units of production for conversion costs for the month of January for the Refining Department?
Business
1 answer:
Kamila [148]3 years ago
3 0

Answer:

<em>Equivalent unit for conversion cost= 31,280 units</em>

Explanation:

<em>Under the weighted average method of valuation, to account for completed units, it is assumed that the entire degree of work required is done in the period under consideration. So there is no separation of the completed units into opening inventory and fully worked. </em>

<em>Equivalent units are notional whole units which represent incomplete work and are used to apportion cost between work progress and completed work</em>

Equivalent unit = Degree of completion × number of units

<em>Equivalent unit for conversion cost</em>

Item                                    units                                       Equivalent unit

transferred                       29,000        100%× 29,000    =          29,000

Closing inventory                3,000          76%×  3,000   =           <u> 2280 </u>

Total equivalent unit                                                                    <u>31,280</u>

<em>Equivalent unit for conversion cost= 31,280 units</em>

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The treasurer of a major U.S. firm has $40 million to invest for three months. The interest rate in the United States is .28 per
diamong [38]

Answer:

Check the explanation as follows.

Explanation:

a) If it is invested in US

Current= $40 million

Interest rate= 0.28% p.m

Interest for 1 month= $40 million*0.28%= $0.112 million

Interest for 3 months= $0.112*3= $0.336 million

Total value after 3 months= $40 million+$0.336 million = $40336000.

b) If it is invested in Great Britain.

Convert $40 million into Pounds= $40 million*0.639 = Pound 25.56 million

Ivest in Great Britain for 3 months @ 0.32%

Interest per month= 25.56 million*0.32% *3 = 0.245376

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8 0
2 years ago
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with informatio
MrRissso [65]

Answer:

<em>Cost of completed WIP:</em> 30,240

<em>Total cost of tranferreed-out:</em> 729,990

Explanation:

<em><u>We assume it works with weighted-average process costing</u></em>

Beginning 9,000 50% = 4,500   $22,050

Finished goods 207,000 units

Direct Materials 212,000 units at $1.6

Direct labor       $276,000

Overhead          $<u> 107,400    </u>

Total Overhead $383,400

started   212,000 units

<u>finished 207,000 units</u>

ending       5,000 units at 75%

EU Conversion Cost 207,000 + 5,000 x 75% =  210,750

<em>Cost per equivalent unit: 383,400 / 210,750 = 1,819217</em>

Cost of beginning WIP comepleted

22,050 beginning + 1.82 x 4,500 =  30,240

Cost of the units transferred to finished goods:

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<em>Total:</em> 729,990

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The yield of maturity for this bond is "8.4 percent".
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