The leading causes for workplace deaths in the construction industry are falls, struck by object, caught-in/between, and electrocution. Actually these are called the fatal four and were responsible for nearly three out of five construction worker deaths which means the 59% of these acccidents.
Answer:
1. Calculate the first production department's equivalent units of production for materials and conversion for May.
- materials = 275,000 + 50,000 = 325,000
- conversion = 275,000 + 12,500 = 287,500
2. Compute the first production department's cost per equivalent unit for materials and conversion for May.
- materials = $169,000 / 325,000 = $0.52
- conversion = $253,000 / 287,500 = $0.88
3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May.
- materials = 50,000 x $0.52 = $26,000
- conversion = 12,500 x $0.88 = $11,000
- total = $37,000
4. Compute the first production department's cost of the units transferred to the next production department for materials, conversion, and in total for May.
- materials = 275,000 x $0.52 = $143,000
- conversion = 275,000 x $0.88 = $242,000
- total = $385,000
Explanation:
Beginning WIP 70,000 units
materials $56,100
conversion $16,400
Ending WIP 50,000 units
100% completed for materials (50,000 EU)
25% completed for conversion (12,500 EU)
units started 255,000
total units transferred out 275,000
materials cost added during the period = $112,900
conversion cost added during the period = $236,600
Answer:
The journal entries are as follows:
(i) On January 1,
Petty cash A/c Dr. $200
To cash A/c $200
(To record the fund)
(ii) On January 8,
Postage A/c Dr. $44
Transportation-in A/c Dr. $12
Delivery expenses A/c Dr. $14
Miscellaneous expenses A/c Dr. $33
To cash $103
(To record the reimburse expenses)
(iii) On January 8,
Petty cash A/c Dr. $50
To cash A/c $50
(To record the increases petty cash fund)
Owners equity is $82365 - $70500 which gives $11365. Therefore when you add $70500 + $11365, this would give $82365.
