Answer:
1. There are 2,600 units in ending inventory.
2. Costs per unit under absorption costing $ 123
3.Value of ending inventory $ 319,800
Explanation:
Calculation of Ending inventory units.
Ending Inventory Units : Opening Units + Units produced - units sold
300 + 15,000 - 12700 = 2,600 units
Calculation of per unit cost under absorption costing
Under absorption costing, direct manufacturing costs as well as indirect factory overheads are considered.
Per units costs
Direct Materials $ 20
Direct Labour $ 60
Variable overhead $ 13
Fixed Overhead $ 30
Total costs per unit $ 123 under absorption costing
Calculation of ending inventory under absorption costing
The ending inventory calculated earlier of 2.600 units is multiplied by the per unit costs of $ 123 per unit to get the value of the ending inventory
$123 * 2600 units = $ 319,800
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Answer and Explanation:
The journal entry is shown below
Sales tax (($257,000 + $154,800) ×7%) $28,826
To sales tax payable $28,826
(Being the sales tax expense is recorded)
Here the sales tax is debited as it increased the expense and credited the sales tax payable as it also increased the liability
The calculation is as follows;
= $27,4990 ×100 ÷ 107
= $257,000
And,
= $165,636 × 100 ÷ 107
= $154,800
Answer:
Wenjing
The par value that would result in the return the bond broker promises is:
= $1,333.
Explanation:
a) Data and Calculations:
Bond amount paid = $2,000
Quarterly coupon payments = $40
Remaining coupon payments = 12
Bond maturity period = 3 years (12/4)
Promised returns per quarter = 3%
Par value of bond = Quarterly premium/Quarterly returns in percentage = $1,333 ($40/0.03)
Check: 3% of $1,333 = $40
This implies that the bond's annual interest rate = 12% (3% * 4)
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