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FinnZ [79.3K]
2 years ago
5

g n a process cost system, 108,000 units of a product are assembled in Department F with total product cost (DM, DL, and FO) $90

,000. The same 108,000 units are then painted in Department G. Department G painting product cost is $64,000. After painting in Department G, the 108,000 units are inspected in Department H, adding additional product cost $26,000. After inspection, the same 108,000 units are complete, and their cost is transferred to Finished Goods Inventory. a) Prepare the journal entry for the transfer of product cost from Department F to Dept. G.
Business
1 answer:
ivolga24 [154]2 years ago
4 0

Answer:

Journal Entry

Debit Department G Work in Process $90,000

Credit Department F Work in Process $90,000

To record the transfer of product cost from Department F to Department G.

Explanation:

a) Data and Calculations:

Number of units assembled in Department F = 108,000

Total product cost (DM, DL, and FO) = $90,000

Additional inspection cost in Department H = $26,000

Total product cost = $116,000 ($90,000 + $26,000)

Transfer of product cost from Department F to Department G:

Department G Work in Process $90,000

Department F Work in Process $90,000

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Presented below is information related to Novak Manufacturing Corporation.
svet-max [94.6K]

Answer:

A. Assets  Original   Salvage Depreciable  Depreciable   SL Depreciation

                   Cost        Value       value                  Life              Per Year

       A    $46,575      6,325       40,250                   10               $4,025

       B    $38,640      5,520       33,120                    9               $3,680

       C    $41,400      4,140         37,260                   9               $4,140

       D    $21,850      1,725         20,125                   7                $2,875

       E     <u>$27,025</u>     <u>2,875</u>        <u>24,150</u>                   6                 <u>$4,025</u>

   Total   <u>$175,490</u>   <u>20,585</u>     <u>154,905</u>                                   <u>$18,745</u>

Composite rate of Depreciation = Total Depreciation per year/Total Original Cost

Composite rate of Depreciation = 18745/175490

Composite rate of Depreciation = 0.106815

Composite rate of Depreciation = 10.68%

B.   Adjusting entry                                   Debit     Credit

Depreciation Expense-Plant Asset        $18,745

Accumulated Depreciation-Plant Asset                $18,745

c. Journal Entry                                           Debit       Credit

Cash                                                            $5,520

Accumulated Depreciation-Plant Assets  $16,330

Asset D                                                                         $21,850

(Record Sale of asset D)

5 0
3 years ago
In order to calculate Debtors Collection Period, should I include non current and current trade receivables?​
ivolga24 [154]
You cause look this up on google
6 0
3 years ago
If the structural unemployment rate is 3%, the frictional unemployment rate is 2%, and the cyclical unemployment rate is 4%, the
Damm [24]

Answer:

False

Explanation:

In this scenario, the natural rate of unemployment would be 5% = 3% of frictional unemployment plus 2% of cyclical unemployment. The other type of unemployment that is part of the natural rate is not referenced in the question (surplus unemployment).

Cyclical unemployment is not added up because it is not part of natural unemployment.

In fact, what natural unemployment basically is, is unemployment that does not depend on business cycle, that is not cyclical. In that sense, cyclical unemployment is totally the opposite to natural unemployment, and you only reach a rate of natural unemployment, when cyclical unemployment is eliminated in a healthy economy.

5 0
3 years ago
For business combinations involving less than 100 percent ownership, the acquirer recognizes and measures all of the following a
Mariana [72]

Answer:

b. Liabilities assumed, at book value.

Explanation:

International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) require everything (Assets, Liabilities and Non-controlling interest) to be measured at the fair market value, the amount a third-party would pay on the open market, at the time of acquisition — the date that the acquirer took control of the target company.

3 0
3 years ago
A company has issued a floating-rate note with a coupon rate equal to the three-month Libor + 65 basis points. Interest payments
enot [183]

Answer:

2.20%

Explanation:

Data provided:

Company issued floating-rate note with a coupon rate equal to the three-month Libor 65 basis points

On 31 March three-month Libor  = 1.55%

On 30 June three-month Libor  = 1.35%

Now,

The coupon rate for the interest payment made on 30 June will be calculated as

= 1.55% + 0.65

= 2.20%

Hence, the correct option is 2.20%

6 0
3 years ago
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