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otez555 [7]
3 years ago
5

Ice Cream Corporation uses the weighted-average method in its process costing system. Data concerning the first processing depar

tment for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 2,400 Materials costs $ 14,500 Conversion costs $ 6,600 Percent complete with respect to materials 75 % Percent complete with respect to conversion 20 % Units started into production during the month 11,100 Units completed and transferred to the next department during the month 10,000 Materials costs added during the month $ 173,600 Conversion costs added during the month $ 243,600 Ending work in process inventory: Units in ending work in process inventory 3,500 Percent complete with respect to materials 90 % Percent complete with respect to conversion 30 % The cost per equivalent unit for materials for the month in the first processing department is closest to:
Business
1 answer:
olya-2409 [2.1K]3 years ago
5 0

Answer:

Ice Cream Corporation

The cost per equivalent unit for materials for the month in the first processing department is closest to:

= $14.30.

Explanation:

a) Data and Calculations:

                                                  Units       Materials        Conversion

Beginning work in process     2,400      $ 14,500           $ 6,600

Percentage of completion

Beginning work in process                        75%                   20%

Started into production          11,100

Units in production               13,500

Completed and transferred 10,000

Ending work in process         3,500         90%                  30%

Costs added during the month             $173,600       $243,600

Total costs of production

Beginning work in process          $ 14,500           $ 6,600

Costs added during the month    173,600          243,600

Total costs of production            $188,100        $250,200

Equivalent units of production:

Completed and transferred 10,000   10,000 (100%)   10,000 (100%)

Ending work in process         3,500     3,150 (90%)       1,050 (30%)

Equivalent units of production            13,150                11,050

Cost per equivalent unit:

Total costs of production            $188,100        $250,200

Equivalent units of production        13,150              11,050

Cost per equivalent unit                 $14.30            $22.64

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vladimir1956 [14]

Answer:

$10,000

Explanation:

A company's income is either shared out as dividends or kept in as retained earnings. Therefore, the total of retained earnings and dividend paid out is the net income. This is the amount that will reflect in the income statement. In other words, income is calculated first before dividends or retained earnings are declared.

For ​Martinville, income will be calculated first before dividends are paid. Net income will be

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Balance in the Income Summary account was $10,000

4 0
3 years ago
An asset was purchased for $ 26 comma 000 on January​ 1, 2019. The​ asset's estimated useful life was five​ years, and its resid
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Answer:

Loss on disposal $1,800

Explanation:

Cost of Asset            26,000

Useful life               5years

Sale proceeds       19,000

Depreciation for the year=$26,000/5=$5,200

Written Down value(WDV)=$26,000-$5,200=$20,800

Loss on Disposal= Sale proceeds-   WDV=$19,000-$20,800=$1,800  

It is assumed that depreciation is fully charged for the year on asset.                            

5 0
3 years ago
On January 1, 2017, Sheridan Company had a balance of $417,000 of goodwill on its balance sheet that resulted from the purchase
Thepotemich [5.8K]

Answer:

patent      301,350 debit

       cash                 301,350 credit

franchise 633,600 debit

        cash               633,600 credit

development expense   189,000 debit

         cash                                    189,000 credit

year-end adjustment:

amortization expense   50,225 debit

         patent                                  50,225 credit

amortization expense   31,680‬ debit

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Explanation:

The patent and franchise will be activate as there is a certain possibility to produce positive cashflow in the future.

They will be adjusted at year-end for amortization:

301,350 / 6 = 50,225 amortization on patent

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As it was concede on July 1st then, we will do half-year

63,360 / 2 = 31,680‬

The development cost will be treated as expense as there is no precise information that can determined the development cost which yield a positive outcome.

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When a negative externality exists, the marginal social cost is always higher than the marginal private cost. So, the correct answer is option A the private marginal costs are less than social marginal costs.

<h3><u>What is a negative externality?</u></h3>

When the manufacturing process has a negative impact on unconnected third parties, this is referred to as a negative production externality. For instance, manufacturing facilities contribute to noise and air pollution throughout the production process.

<h3><u>What happens when a negative externality exists?</u></h3>

The marginal social cost and the marginal private cost are no longer equal when a market has negative production externalities. As a result, the supply curve (which indicates the marginal private cost) does not accurately reflect the marginal societal cost and the social cost is instead larger due to the externality's per-unit cost.

You can learn more about negative externality using the following link:

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7 0
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How does competition benefit the general economy?
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Answer:

A. Lower prices can benefit the general economy.

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3 years ago
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