Centrifuge is a device used to separate solid components .true or false

Grand Lips produces a lip balm used for cold-weather sports. The balm is manufactured in a single processing department. No lip

77julia77 [94]

Answer:

a. see attachment

b.

total equivalent units : Materials = 30,500 units and Conversion Costs = 16,860

cost per equivalent unit : Materials = $0.14 and Conversion Costs = $0.30

c.

(a) units completed and transferred to Finished Goods = $6,732

(b) units still in process at June 30 = $1,196

d.

Journals

Work In Process :Direct Materials $4,305 (debit)

Raw Materials $4,305 (credit)

Being Raw Materials used in Production

Work In Process :Direct Labor $3,320 (debit)

Salaries Payable $3,320 (credit)

Being Labor used in Production

Work In Process ; Overheads $1,738 (debit)

Overheads $1,738 (credit)

Being Overheads Assigned to Production

Finished Goods $6,732 (debit)

Work In Process $6,732 (credit)

Being Units transferred to Finished Goods

Explanation:

Calculation of Equivalent units of Production in respect with Raw Materials and Conversion Costs

1. Materials

Ending Work In Process (5,200 × 100%) 5,200

Completed and Transferred Out (15,300 × 100%) 15,300

Equivalent units of Production in respect with Raw Materials 30,500

2. Conversion Costs

Ending Work In Process (5,200 × 30%) 1,560

Completed and Transferred Out (15,300 × 100%) 15,300

Equivalent units of Production in respect with Conversion Cost 16,860

Calculation of Cost per Equivalent unit of production in respect with Raw Materials and Conversion Costs

Unit Cost = Total Cost ÷ Total Equivalent units

1. Materials

Unit Cost = $4,305 ÷ 30,500

= $0.14

2. Conversion Costs

Unit Cost = ($3,320 + $1,738) ÷ 16,860

= $0.30

3. Total unit cost

Total unit cost = Material Cost + Conversion Cost

= $0.14 + $0.30

= $0.44

Calculation of costs assigned to (a) units completed and transferred to Finished Goods and (b) units still in process at June 30.

(a) units completed and transferred to Finished Goods

Total Cost = units completed and transferred out × total unit cost

= 15,300 × $0.44

= $6,732

(b) units still in process at June 30.

Total Cost = Materials Cost + Conversion Cost

= $0.14 × 5,200 + $0.30 × 1,560

= $1,196

8 0

3 years ago

There is no nation involved in global trade that still maintains a fixed value of their currency relative to a key currency or g

kirza4 [7]

Answer:

a. true

Explanation:

Gold is a currency that is the free market system that will fluctuate tp the form of exchange and no country in international trade can maintain a fixed value of its currency relative to the key currency though they can trade gold in multiple ways and can participate in price movements.

6 0

3 years ago

Suppose an economy produces only cranberries and maple syrup. In 2010, 50 units of cranberries are sold at $20 per unit and 100

mestny [16]

Answer:

A. 90

Explanation:

nominal GDP = 50*20 + 100*8 = 1800

real GDP = 50*10 + 100*15 = 2000

GDP deflator = (nominal GDP/ real GDP)*100 = (1800/2000)*100 = 90

5 0

3 years ago

Read 2 more answers

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)

Utilities expense ($650)

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

How does the payment of rent for equipment affect the accounting equation? assets increase; assets decrease assets decrease; sto

djverab [1.8K]

The answer to this question is assets decrease; stockholders' equity decreases

The journal for this transaction would be

Debit: Rent expense xxxxx
Credit: Cash xxxx

Since cash is considered an asset, it will decrease asset if it placed on credit.
Since expense will reduce net income that will be allocated to stockholders' equity, it will reduce stockholders' equity when placed on debit

6 0

3 years ago

Read 2 more answers

Centrifuge is a device used to separate solid components .true or false​

Centrifuge is a device used to separate solid components .true or false