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Salsk061 [2.6K]
3 years ago
10

Happy​ Trails, Inc. manufactures railway coaches and uses the FIFO method of process costing to record costs. The Workminusinmin

usProcess Inventory of the Heating Department on October 1 was 73​% complete for materials and 23​% complete for conversion costs. On October​ 31, its ending WorkminusinminusProcess Inventory was 80​% complete for materials and 43​% complete for conversion costs. This means that for the ending​ inventory, ________% of the materials and​ ________% of the conversion costs were added during October.
Business
1 answer:
sertanlavr [38]3 years ago
4 0

Answer:

80 % of materials ;  43 % of conversion costs

Explanation:

The FIFO method traces equivalent units for materials and conversion costs for the following categories :

  1. Opening Work in Process units
  2. Units started and completed
  3. Ending Work in Process units

So the units not completed from last months are the first to be completed during the month (hence To finish Opening Work in Process). During the year there are units started and completed (hence Units Started and Completed) and units started that never gets completed (hence Ending Work in Process units).

All these physical units need to be expressed to the percentage of work done on them - equivalent units.

The question is focusing on Number 3 - Ending Work in Process units. So 80 % of materials and 43 % of conversion costs were added during October for these units.

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Toronto Corporation's financial statements include the following information: Cash $ 6,100 Net Credit Sales $315,000 Accounts re
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Answer:

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Explanation:

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7 0
2 years ago
The united states is a major trader in ________, the fastest growing segment of world trade.
Mekhanik [1.2K]

The United States is a major trader in​ <u>SERVICES</u>, the fastest growing segment of world trade.

<h3 /><h3>What does the U.S. trade?</h3>

There are several things that the United States trades with other countries and one of the main ones is services.

Services are the fastest growing segment when it comes to world trade and the United States is a heavy trader of services. Some prominent services include Video and Music media.

Options for this question are:

  • A. commodities.
  • B. automobiles.
  • C. food and beverage
  • D. Services

Find out more on trading services at brainly.com/question/5376094

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4 0
1 year ago
You have received a proposal for an RFP that was sent to suppliers. One of the vendors has proposed doing the project for $12,50
Ber [7]

Answer:

FIXED PRICE CONTRACT

Explanation:

The type of contract that is most suitable if the type of work is predictable and the requirements are well-defined and not likely to change is FIXED PRICE CONTRACT because it looks as if the vendor is asking for a cost-plus-fixed-fee contract. However, by asking for a fixed $12,500, the vendor is actually asking for a FIXED PRICE CONTRACT. The cost and fee are just the components the vendor has estimated to come up with a final price.

6 0
2 years ago
What three major federal taxes bring in most revenue ?
kumpel [21]

Income taxes, payroll taxes, and corporate income taxes.

Income taxes = individual employees pay out of their earnings

Payroll Taxes = social security tax, medicare, and unemployment tax. These are paid partially by the employees and partially by the employers

Corporate income taxes = paid by businesses as a percentage of their profits

6 0
3 years ago
The Company uses lower-of-cost-or-market approach. The replacement cost of an inventory item is $75. Net realizable value is $82
egoroff_w [7]

Answer:

The inventory would be valued at $75 each

Explanation:

From  a market approach to valuation,we need to first of all compare the replacement cost and net realizable in order to pick the lower of both values,hence the replacement cost of $75 is lower than net realizable value of $82.50.

As a result, we can then compare the lower of replacement cost and initial cost,such that inventory can then be valued at the lower of both.

From the foregoing analysis,the replacement of $75 each per item is lower than the initial cost $76.50,invariably our inventory is valued at $75 each.

4 0
3 years ago
Read 2 more answers
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