1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
arsen [322]
3 years ago
14

Timing Technology, Inc. manufactures timing devices. During 20x1, 1,500,000 units were completed and transferred to finished-goo

ds inventory. On December 31, 20x1, there were 320,000 units in work in process. These units were 49 percent complete as to conversion and 100 percent complete as to direct material. Finished-goods inventory consisted of 450,000 units. Materials are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate of 100 percent of direct-labor costs. There was no finished-goods inventory on January 1, 20x1. A review of the inventory cost records disclosed the following information:
Units Materials Labor
Work in process, January 1, 20x1 310,000 $310,000 $315,400
(84% complete as to conversion)
Units started in production 1,510,000
Direct-material costs $2,966,000
Direct-labor costs $2,998,200

Required:
Complete the following schedule as of December 31, 20x1, to compute the cost of work-in-process inventory.

Physical Units

Total units to account for 0


Total units to account for 0
Business
1 answer:
MAXImum [283]3 years ago
7 0

Answer:

The cost of work-in-process inventory as of December 31, 20x1 is:

= $368,998.40

Physical units:

For materials = 320,000 units

For conversion = 156,800 units

Explanation:

a) Data and Calculations:

                                                                   Units      Materials         Labor

Work in process, January 1, 20x1          310,000    $310,000       $315,400

(84% complete as to conversion)

Units started in production                1,510,000     1,510,000      1,510,000

Direct-material costs                                          $2,966,000

Direct-labor costs                                                                      $2,998,200

Total costs                                                          $3,276,000    $3,313,600

Units started in production                1,510,000   1,510,000      1,510,000

Work in process, December 31, 20x1 320,000    320,000        156,800

Total equivalent units                                           1,830,000    1,666,800

Costs per equivalent unit                                    $1.79            $1.988

Cost of Ending WIP    = $ (320,000 *$1.79 + 156,800*$1.988)

= $57,280 for materials + $311,718.40 for materials

= $368,998.40

b) The weighted average method was used to calculate the equivalent units.  With this method, the beginning units of work-in-process are not part of the calculation (only the units started and completed and the ending work-in-process are).  However, the costs of the beginning work-in-process form part of the calculation together with the cost of units started and completed during the current period.

You might be interested in
The 2014 balance sheet of Jordan’s Golf Shop, Inc., showed long-term debt of $2.7 million, and the 2015 balance sheet showed lon
Gwar [14]

Answer:

$1,311,000

Explanation:

The computation of the operating cash flow is shown below:

As we know that

Operating cash flow = Cash flow from assets + capital spending - change in net working capital

where,

Cashflow from Assets = Cashflow to Creditors + Cashflow to Stakeholders

Cashflow to Creditors = Interest paid - Change in long term debt

=  $140,000 - ($2,950,000 - $2,700,000)

=  -$110,000

Now  

Cashflow to Stakeholders

= Dividends paid - New issuance of the equity

= $500,000 - (($500,000 + $3,500,000) - ($460,000 + $3,200,000))

= $160,000

So,  

Cashflow from Assets is

= -$110,000 + $160,000

= $50,000

Now  

Operating cashflow is

= $50,000 + $1,320,000 + (-$59,000)

= $1,311,000

7 0
2 years ago
Hakim set goals for his store that included satisfying his customers while making enough money to open a second store. Which com
anyanavicka [17]

Hakim Goals

Explanation:

Hakim set goals for his store that included satisfying his customers while making enough money to open a second store. Which component of a goal did Hakim leave out :

1.Hakim didn't leave anything out.

2. Hakim forgot to include the overall strategy or course of action he would use to fulfill his mission.

3. Hakim forgot to include a time frame in which the goal is to be achieved.

4. Hakim forgot to include exactly how much profit he wanted to make.

5. Hakim forgot to include what his store's purpose and basic philosophy are.

4 0
2 years ago
A cover letter is ______
lara31 [8.8K]
D because in the cover letter its more like a interview where you talk about yourself rather than only talking about your strengths and weaknesses and what your applying for
6 0
3 years ago
Read 2 more answers
Maurice can drive or fly from Jacksonville, Florida to Atlanda, Georgia, for a one-day business trip. If he drives, he will be a
ArbitrLikvidat [17]

Answer:

c. $150.

Explanation:

the extra amount of hours Maurice can work taking a flight will be of 5 hours

(8 hours taking a plane against 3 hours if driving)

As the income per hour is 30 dollar it can generate;

5 hours x $30 per hour = $150

Maurice will only travel by plane if it generates the same or more income than the driving thus, a differencial price of less than 150 dollars will provide Maurice with a net gain. Also we should consider that if Maurice drives his car it is taking a depreication hit per mile while driving that is being ignoer to keep the assignment simple. But considering that the amount of differential income could be higher than $150

8 0
3 years ago
Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired b
gavmur [86]

Answer:

$15

Explanation:

Accounting profit is calculated as revenue less total cost.

Accounting profit = Revenue - Cost

$20 - $5 = $15

An accountant calculates accounting profit.

3 0
3 years ago
Other questions:
  • Jones runs a television ad that shows her opponent smith in black and white looking tired toward the end of the ad jones appears
    14·1 answer
  • The order of presentation of activities on the statement of cash flows is
    14·2 answers
  • Based on what you have read, provide two positives and two negatives the Suarez family would face if they switched to organic fa
    14·2 answers
  • The preferred stock of Marble Comics pays annual dividends of ​$2 in perpetuity​ (starting in one​ year). If you buy a preferred
    13·1 answer
  • Paula tells her rental agent, Tom, not to violate the fair housing laws. Tom nevertheless wrongfully discriminates against a pro
    5·1 answer
  • The importance of financial managers to firms with large cash inflows is greater than for firms with smaller cash flows. true fa
    13·1 answer
  • Epic Inc. has 10,600 shares of $2 par value common stock outstanding. Epic declares a 11% stock dividend on July 1 when the stoc
    12·1 answer
  • Utica Company has offered to supply Kingston's entire annual requirements of the part for $53 each. If Kingston buys the part fr
    5·1 answer
  • how come when i click on " New chats " on my Xbox .. it's not working? like when i click it , it's nothing popping up or whateve
    8·1 answer
  • 4. when the total expenses are greater than the total revenues, (a) the income summary account has a credit balance. (b) the inc
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!