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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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You deposit $509 in a savings account and one year later you have $562. At the same time, the CPI increases from 126 to 143. Wha
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Answer:

real interest rate = -3.08%

Explanation:

real interest rate = nominal rate - inflation rate

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real interest rate = 10.41% - 13.49% = -3.08%

since the real interest rate is negative, the investor actually lost money in real dollars. This means that the amount of goods that the investor could purchase before making the investment is higher than the amount of goods he/she will be able to buy after the investment.

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3 years ago
Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:Inve
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Answer:

<u>Date                                      Purchases                    Sales        </u>

May 1                                1,550 units at $44

May 10                                720 units at $45

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TOTAL COGS FOR MAY 12 SALE                       = $53,520

Inventory after sale        1,070 units at $44

May 20                             1,200 units at $48

May 14                                                                      830 units

COGS                                                                  (830 x $48 = $39,840)

TOTAL COGS FOR MAY 14 SALE                       = $39,840

Inventory after sale         1,070 units at $44

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May 31                                                                    1,000 units

COGS                                                                  (370 x $48 = $17,760)

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TOTAL COGS FOR MAY 12 SALE                       = $45,480

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Under LIFO (last in, first out), the cost of goods sold is determined using the price of the last units purchased, which means that the most recent (or updated) price is used to calculate COGS.

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Answer:

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Current Fiscal Year:

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This means that the interest expense on loan relating to last December will be charged to the last fiscal year and the interest expense relating to January and February will be charged to the current fiscal year. The interest expense amount will be calculated as follows,

Last Fiscal Year = 740000 * 9% * 1/12  => $5550

Current Fiscal Year = 740000 * 9% * 2/12  => $11100

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2 years ago
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