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Doss [256]
3 years ago
12

Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throu

ghout the process. Direct materials are added at the beginning of the process. During November, the company transferred 795,000 units of product to finished goods. At the end of November, the work in process inventory consists of 206,000 units that are 80% complete with respect to conversion. Beginning inventory had $650,650 of direct materials and $143,970 of conversion cost. The direct material cost added in November is $4,354,350, and the conversion cost added is $2,735,430. Beginning work in process consisted of 65,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 65,000 were from beginning work in process and 730,000 units were started and completed during the period.Required: 1. Determine the equivalent units of production with respect to direct materials and conversion.2. Compute both the direct material cost and the conversion cost per equivalent unit. 3. Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in process inventory.
Business
1 answer:
son4ous [18]3 years ago
3 0
I’m not sure if I understand this,


But I’ll try to figure this one out


Just give me some time
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What is the MAIN reason why some stores want to close on Thanksgiving?
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\mathrm {Hey, there!}

Your answer is:

It is too difficult to compete with major retailers like Target and Best Buy.

When a lot of people buy things from a store, there is a lot of turbulence in many stores, espeically in big retailers. The answer will be It is too difficult to compete with major retailers like Target and Best Buy.

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8 0
3 years ago
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Probett’s Garage uses 120 boxes of cleaning cloths a year. The boxes cost $6 each. Ordering cost is $3 and holding cost is 10 pe
faust18 [17]

Answer: $730.2

Explanation:

Let the total cost of cleaning clothes = X

Other variables include:

Total cost of boxes = $6×120

=$720

Ordering cost =$3

Holding costs = (10/100 ×6)12

=$7.2

Total costs of cleaning clothes =

The cost of boxes+ordering cost+holding cost

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3 0
3 years ago
At magnira corp., a company that manufactures fruit preserves, fruits of excellent quality are used to make jams, jellies, and m
Juli2301 [7.4K]
<span>In the example of the Magnira Corporation, the fruits are turned into jellies, jams, and marmalades an example of raw materials. Raw materials are basic, unprocessed materials that are used to manufacture goods. Raw materials are often referred to as commodities.</span>
3 0
3 years ago
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Reuter Bank loaned Sabean Corporation $500,000 in
hammer [34]

Answer:

C) I, II, and III only.

  • I. May demand payment of the full amount immediately from  the sureties when the corporation defaults on the loan.
  • II. May demand payment of the full amount immediately from  the sureties even if Reuter does not attempt to recover any  amount from the collateral.
  • III. May attempt to recover up to $200,000 from the collateral and  the remainder from the sureties, even if the remainder is more  than $300,000.

Explanation:

The bank has several options in this case, depending on the financial position and net worth of the sureties and the corporation. It can decide to collect all the debt directly from them, or collect part of the debt through the collateral property, or it can go after the assets of the corporation, or any type of combination. In this case the bank has three options from which it can collect the debt and it is up to them to decide how they proceed.

4 0
3 years ago
etermining Gross Profit During the current year, merchandise is sold for $990,000. The cost of the merchandise sold is $693,000.
otez555 [7]

Answer:

Results are below.

Explanation:

<u>A: To calculate the gross profit, we need to use the following formula:</u>

Gross profit= sales - cost of goods sold

Gross profit= 990,000 - 693,000

Gross profit= $297,000

B: <u>Now, the gross profit percentage:</u>

Gross profit percentage= (gross profit / sales)*100

Gross profit percentage= (297,000 / 990,000)*100

Gross profit percentage= 30%

C: F<u>inally, a net income is reported in the income statement at the moment of the sale</u>. It doesn't matter if the sale was paid or not.

6 0
2 years ago
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