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Harman [31]
3 years ago
15

A department using the FIFO method for process costing begins the month with 10,000 units which were 70% complete at the end of

the previous month. They started and completed 50,000 units and their ending work in process inventory consisted of 5,000 units which were 10% complete. The costs incurred were $200,000.
Required:
A) The cost per equivalent unit of production, using the FIFO method is $ ____________ . Round your answer to two decimal places.
Business
1 answer:
lisov135 [29]3 years ago
8 0

Answer:

$3.74 per equivalent unit

Explanation:

beginning WIP 10,000 units, which were 70% complete = 7,000 equivalent units

units started and completed during the month 50,000

ending WIP 5,000, which were 10% complete = 500 equivalent units

costs incurred = $200,000

under FIFO, total equivalent units:

beginning WIP completed (100% - 70%) x 10,000 = 3,000 units

+ units started and completed 50,000 units

<u>+ ending WIP 5,000 x 10% = 500                          </u>

total units = 53,500 equivalent units

cost per equivalent unit = $200,000 / 53,500 = $3.738 or $3.74 per equivalent unit

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lesya692 [45]

Answer:

Factoring fee = 2% * Account Receivable

= 2% * $3,400

= $68

​

Date  Account Titles and Explanation     Debit    Credit

          Cash                                                   $3,332

          Factoring expenses                           $68

                    Account receivables                             $3,400

          (To record the receipt of cash against the receivables)

6 0
3 years ago
How do political factors affect businesses
allsm [11]

Answer:

Change in the political factors can affect business strategy because of the following reasons: The stability of a political system can affect the appeal of a particular local market. Governments view business organizations as a critical vehicle for social reform. ... Government actions influence the economic environment.

Explanation:

4 0
3 years ago
The U.S. government decides that the incomes of dairy farmers should be maintained at a level that allows the traditional family
luda_lava [24]

Answer:

$2.8 billion per year

Explanation:

Currently the amount of surplus milk in the US is really high since the demand per capita for milk has decreased by 40% in the last 50 years. Excess milk is turned into cheese since it doesn't last very long, and the current amount of surplus cheese is 1.4 billion pounds.

If yous need on average 4 pints of milk per pound of hard cheese and 2 pints per pound of soft cheese, that means that the total surplus milk production is between 2.8 and 5.6 billion pints.

If the government is going to purchase that excess milk, then it is going to need at least $2.8 billion per year.

5 0
3 years ago
Today, you have two coins each of which is valued at $100. One coin is expected to appreciate by 5.2 percent annually while the
ziro4ka [17]

Answer:

=$337.43

Explanation:

The value of each of the coins after 50 years is the future value after 50 years at their respective interest rate.

The formula for  future value is FV = PV × (1+r)n

For the first coin at 5.2 percent,

Fv = 100 x ( 1 + 5.2/100 ) 50

Fv =100 x (1+ 0.052) 50

Fv = 100 x 12. 61208795

Fv = $1,261. 21

For the second coin at 5.7 percent,

Fv = 100 x (1 + 5.7 /100)50

Fv =100 x (1 + 0.057 )50

Fv = 100 x 15.98

Fv = 1, 598. 64

the difference in value will be

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=$337.43

6 0
4 years ago
The price that a company charged for a basketball hoop is given by the equation where x is the number of hoops that are produced
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Answer: 1.3 million

because i know

4 0
3 years ago
Read 2 more answers
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