When offering financial products to clients you may

Grand Lips produces a lip balm used for cold-weather sports. The balm is manufactured in a single processing department. No lip

77julia77 [94]

Answer:

a. see attachment

b.

total equivalent units : Materials = 30,500 units and Conversion Costs = 16,860

cost per equivalent unit : Materials = $0.14 and Conversion Costs = $0.30

c.

(a) units completed and transferred to Finished Goods = $6,732

(b) units still in process at June 30 = $1,196

d.

Journals

Work In Process :Direct Materials $4,305 (debit)

Raw Materials $4,305 (credit)

Being Raw Materials used in Production

Work In Process :Direct Labor $3,320 (debit)

Salaries Payable $3,320 (credit)

Being Labor used in Production

Work In Process ; Overheads $1,738 (debit)

Overheads $1,738 (credit)

Being Overheads Assigned to Production

Finished Goods $6,732 (debit)

Work In Process $6,732 (credit)

Being Units transferred to Finished Goods

Explanation:

Calculation of Equivalent units of Production in respect with Raw Materials and Conversion Costs

1. Materials

Ending Work In Process (5,200 × 100%) 5,200

Completed and Transferred Out (15,300 × 100%) 15,300

Equivalent units of Production in respect with Raw Materials 30,500

2. Conversion Costs

Ending Work In Process (5,200 × 30%) 1,560

Completed and Transferred Out (15,300 × 100%) 15,300

Equivalent units of Production in respect with Conversion Cost 16,860

Calculation of Cost per Equivalent unit of production in respect with Raw Materials and Conversion Costs

Unit Cost = Total Cost ÷ Total Equivalent units

1. Materials

Unit Cost = $4,305 ÷ 30,500

= $0.14

2. Conversion Costs

Unit Cost = ($3,320 + $1,738) ÷ 16,860

= $0.30

3. Total unit cost

Total unit cost = Material Cost + Conversion Cost

= $0.14 + $0.30

= $0.44

Calculation of costs assigned to (a) units completed and transferred to Finished Goods and (b) units still in process at June 30.

(a) units completed and transferred to Finished Goods

Total Cost = units completed and transferred out × total unit cost

= 15,300 × $0.44

= $6,732

(b) units still in process at June 30.

Total Cost = Materials Cost + Conversion Cost

= $0.14 × 5,200 + $0.30 × 1,560

= $1,196

8 0

3 years ago

The following information was taken from the financial statements of Tolbert Inc. for December 31 of the current fiscal year: Co

ale4655 [162]

Answer:

(a) the earnings per share = $3

(b) the price-earnings ratio = 8x

(c) the dividends per share = $0.25

(d) the dividend yield = 1.04%

Explanation:

Common Stock Outstanding = 5,250,000/25 = 210,000 shares

Preferred Stock Outstanding = 6,000,000/200 = 30,000 shares

Preferred Stock Dividend per share = $4

(a) Earnings Per Share

EPS = Net Income - Preferred Dividend

Common Stock Outstanding

EPS = 750,000 - (30,000 * 4)

210,000

EPS = 630,000

210,000

EPS = $3

(b) Price-Earnings Ratio

Market Price = $24

EPS = $3

P/E ratio = Market Price

EPS

P/E ratio = 24/3

P/E ratio = 8x

(c) Dividends Per Share

DPS = Total Dividends

Common Stock Outstanding

DPS = 52,500/210,000

DPS = $0.25

(d) Dividend Yield

DY = Dividend Per Share

Price

DY = 0.25/24

DY = 1.04%

6 0

3 years ago

The customer has decided to purchase a home instead of renting. The price of the home is $750,000 and the customer intends to pu

Natasha2012 [34]

Answer:

A. growth stocks and blue chip stocks immediately in the amount of $150,000 to obtain the necessary cash down payment

Explanation:

The customer wouldn't want to get the stock cashed out now, so he doesn't have to worry about the stock or market having a huge decline and so, he can't buy the house.

5 0

2 years ago

Amy, the chief operations officer of a company that manufactures baby products, formulates a plan on how the company's newly lau

strojnjashka [21]

d. strategic plan

A strategic plan is an evolving set of goals around how a company will meet customer needs and deal with competition and external factors.

4 0

2 years ago

Marigold Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is avai

Mars2501 [29]

Answer:

Marigold Company

Cost of goods sold = $9,119

Ending inventory = $7,461

Explanation:

a) Data and Calculations:

Units Unit Cost Total Cost

April 1 inventory 250 $14 $ 3,500

April 15 purchase 420 17 7,140

April 23 purchase 330 18 5,940

Total 1,000 $16,580

Weighted-average costs $16.58

Sales 550

Cost of goods sold = 550 * $16.58 = $9,119

Ending inventory = 450 * $16.58 = $7,461

b) The first computation is for the total cost of goods available, which is then divided by the total units available for sale. This gives the weighted-average cost per unit. This unit cost is then multiplied with the units of ending inventory and sales to obtain the cost of the ending inventory and the cost of goods sold, respectively.

8 0

2 years ago