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Orlov [11]
3 years ago
14

Sunland Company's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 78

000 $ 62000 Work in process inventory 102000 114000 Finished goods inventory 100000 92000 During 2020, Sunland purchased $1450000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000. How much raw materials were transferred to production during 2020 for Sunland
Business
1 answer:
tamaranim1 [39]3 years ago
4 0

Answer:

$1,466,000.00

Explanation:

Calculation to determine How much raw materials were transferred to production during 2020 for Sunland

RAW MATERIALS TRANSFERRED TO PRODUCTION

Beginning Raw material inventory $78,000.00

Raw material Purchases $1,450,000

Total Raw material available for use $1,528,000.00

($78,000+$1,450,000)

Less: Ending Raw material inventory $62,000.00

Raw materials transferred to production $1,466,000.00

($1,528,000.00-$62,000.00)

Therefore the Amount of raw materials that were transferred to production during 2020 for Sunland is $1,466,000.00

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Pie Co. uses the installment sales method to recognize revenue. Customers pay the installment notes in 24 equal monthly amounts,
Nataliya [291]

Answer:

C. The present value of the remaining monthly payments discounted at 12%.

Explanation:

To answer the question I have used following values to workout

Original Sales Value = 500,000

Interest rate  = 12%

Numbers of periods = 24

First I calculate the Equal annual installment payment by using following excel formula

=PMT(rate,nper,pv,[fv],[type])

Where

PMT = Equal Annual Payment

rate = Interst rate = 12%/12 = 1%

nper = Tota numbers of payment = 24 payments

pv = oroginal sales value = 500,000

FV = Value outstanding after 24 payments = 0

Type = The payment made at the start or end of the year ( 0 for the payment made at the end of the period and 1 for the payment made at the beginning of the period ) = 0

placing values in the formula

=PMT(1%,24,50,000,0,0)

= $23,536.74  

Now use these values to make the schedule which is attached with this answer.

After six Payment

Outstanding value = 385,961.72  

Original sales price = 500,000

Percentage of outstanding balance to original sales value = 385,961.72 / 500,000 = 0.77 = 77%

The reamining balance is above 75% of the original sales price.

Note:

A payment schedule is attached for reference

Download pdf
3 0
3 years ago
The college student loan burden is second only to mortgages in consumer debt in the United States. The government estimates that
Reika [66]

Answer:

Explanation:

The college student loan burden is second only to mortgages in consumer debt In the United States. The government estimates that some 41 million students together owe more than $1.2 trillion. In North Carolina, what is the relationship between student loan debt and the tuition/fees that the students pay? After obtaining data for 14 four-year universities in the State University System of North Carolina (data for Elizabeth City State University and Winston Salem State University were not available), suppose we assume a simple linear modelyi= β0+ β1xi+ εito describe this relationship, where xi is the academic year tuition/fees at school In i

and yi is the average student loan debt of graduates of school i, i = 1, ..., 14. Shown below are summary statistics for the 14 schools.

NB: please check the attached document for complete work.

4 0
3 years ago
Many owners of consulting companies took their own skills and launches businesses by selling those skills to other companies who
Juli2301 [7.4K]

Answer:

education and expertise

Explanation:

Based on the scenario being described within the question it can be said that this is an example of education and expertise. By learning a skill or trade and gaining experience by continuously practicing and improving those skills anyone can sell those skills to other individual's or company's that require those skills but do not possess them. Such as the individuals in this scenario did.

3 0
2 years ago
A project to build a new bridge seems to be going very well since the project is well ahead of schedule and costs seem to be run
tresset_1 [31]

Answer:

Schedule variance = $1,428,140

Schedule Performance Index (SPI) = 1.132

Cost Performance Index = 0.801

Explanation:

Planned Value = $1,414,000 + $10,494,000 + $8,494,000 * 53%

                        = $20,402,000 * 53%

                        = $10,813,060

Earned Value = $1,414,000 + $10,494,000 + $8,494,000 * 60%

                        = $20,402,000 * 60%

                        = $12,241,200

Schedule Variance = Earned value - Planned value

                                = $12,241,200 - $10,813,060

                                = $1,428,140

Schedule Performance Index (SPI)

                          = Earned value / Planned value

                          = $12,241,200 / $10,813,060

                          = 1.132

Actual Cost (AC)

                        = $1,294,000 + $8,994,000 + $4,994,000

                        = $15,282,000

Cost Performance Index (CPI)

                             = Earned value / Actual cost

                             = $12,241,200 / $15,282,000

                             = 0.801

3 0
3 years ago
Granger Company had January 1 inventory of $150,000 when it adopted dollar-value LIFO. During the year, purchases were $900,000
Lisa [10]

Answer:

$624, 750

Explanation:

Purchases = 900,000

Sales = 1500000

Price index = 110%

Inventory= 189750

1,500,000 - [{($150,000 x 110%) + $900,000} - $189,750]

=1,500,000 - [($150,000 x 1.1) + $900,000] - $189,750

= 1,500,000 - (1065000 - 189750)

= 1,500,000 - 875250

=$624,750

Gross profit. = $624750

5 0
3 years ago
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