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Vladimir [108]
2 years ago
11

At the beginning of the recent period, there were 1,230 units of product in a department, 35% completed. These units were finish

ed and an additional 6,100 units were started and completed during the period. 1,240 units were still in process at the end of the period, 25% completed. Using the weighted average method, the equivalent units produced by the department were:
Business
1 answer:
Mashutka [201]2 years ago
4 0

Answer:

7,640 units

Explanation:

Calculation for what the equivalent units produced by the department were Using the weighted average method

First step is to calculate the units Completed & transferred out

Completed & transferred out =6,100+1,230

Completed & transferred out=7,330

Second step is to calculate the EGIP

EGIP= (1,240*25%)

EGIP=310

Now let calculate the equivalent units produced by the department

Equivalent units produced=7,330+310

Equivalent units produced=7,640 units

Therefore Using the weighted average method, the equivalent units produced by the department were:7,640 units

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Requirements
Stella [2.4K]

Journal entries:

Nov. 1, common stocks issued

Dr Cash 41,000

    Cr Common stock 41,000

Nov. 4, office supplies and furniture purchased

Dr Office supplies 1,200

Dr Furniture 2,300

    Cr Accounts payable 3,500

Nov. 6, service revenue

Dr Cash 2,100

    Cr Service revenue 2,100

Nov. 7, land purchased

Dr Land 27,000

    Cr Cash 27,000

Nov. 10, service revenue

Dr Accounts receivable 800

    Cr Service revenue 800

Nov. 14, payment of furniture

Dr Accounts payable 2,300

    Cr Cash 2,300

Nov. 15, wages expense

Dr Wages expense 1,470

    Cr Cash 1,470

Nov. 17, collection of accounts receivable

Dr Cash 500

    Cr Accounts receivable 500

Nov. 20, service revenue

Dr Accounts receivable 680

    Cr Service revenue 680

Nov. 25, received cash in advance

Dr Cash 1,900

    Cr Unearned revenue 1,900

Nov. 28, service revenue

Dr Cash 3,100

    Cr Service revenue 3,100

Nov. 29, purchase prepaid insurance

Dr Prepaid insurance 840

    Cr Cash 840

Nov. 30, wages expense

Dr Wages expense 1,470

    Cr Cash 1,470

Nov. 30, rent expense

Dr Rent expense 650

    Cr Cash 650

Nov. 30, utilities expense

Dr Utilities expense 650

    Cr Accounts payable 650

Nov. 30, dividends distributed

Dr Retained earnings 2,800

    Cr Dividends payable 2,800

Dr Dividends payable 2,800

    Cr Cash 2,800

Since there is not enough space here, I prepared an excel spreadsheet with the T-accounts.

In order to prepare a trial balance sheet, I must first prepare an Income Statement:

Service revenue              $6,680

Wages expense             ($2,940)

Rent expense                   ($650)

<u>Utilities expense              ($650)</u>

Net income:                    $2,440

Retained earnings = $2,440 (net income) - $2,800 (dividends) = ($360)

        STEWART CO.

     BALANCE SHEET

       NOV. 30, 2018

Assets:

Cash $12,070

Accounts receivable $980

Prepaid insurance $840

Office supplies $1,200

Furniture $2,300

Land $27,000

Total assets: $44,390

Liabilities and stockholders' Equity:

Accounts payable $1,850

Unearned revenue $1,900

Common stock $41,000

Retained earnings ($360)

Total liabilities and stockholders' equity: $44,390

Download pdf
8 0
3 years ago
__________ argues that the productivity of workers will increase if they are paid more, and so employers will often find it wort
Triss [41]

Answer:

Efficiency wage theory

Explanation:

Efficiency wage theory was first postulated by Alfred Marshall, where he viewed compensation to workers as based on their efficiency.

Companies use efficient wage to reduce staff turnover, as staff are motivated to stay because of wages that are above the industry standard.

It is also a way to reduce cost mostly in industries where the cost of staff replacement is high.

6 0
3 years ago
How do public disclosure requirements protect consumers?
bearhunter [10]
<span>      Public disclosure requirements protect consumers by keeping public companies honest in how they run their business and represent themselves to the public.</span>
6 0
2 years ago
Reimer Company reported total manufacturing costs of $425,000, manufacturing overhead totaling $80,000, and direct materials tot
erik [133]

Answer:

$245,000

Explanation:

Total manufacturing costs are comprised by three components: manufacturing overhead, direct materials cost and direct labor cost.

If we are given the amount for each cost mentioned above except the labor cost, direct labor cost can be simply obtained by:

Total\ cost = Overhead+Materials+Labor\\Labor = \$425,000-\$80,000-\$100,000\\Labor = \$245,000

The direct labor cost is $245,000.

5 0
2 years ago
Explain whether each of these individuals will be counted as a part of the labor force. Alex has not responded to interview requ
Anvisha [2.4K]

Answer:

Alex is part of the labor force, John is also part of the labor force.

Explanation:

The labor force includes all those that are currently employed and those that are unemployed but searching for a job. The labor force does not consider the unemployed that are not searching for jobs.

With this understanding, Alex is part of the labor force because he applied to be a realtor. This indicates that even though he is currently unemployed and has not responded to interview requests from banks, he is interested in working as a realtor.

John is also considered to be part of the labor force, the only difference here is that he is now working part-time at the library, whereas, he worked as a full-time teacher.

Therefore, both Alex and John are part of the labor force

8 0
3 years ago
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