While discussing servicing an automatic transmission, Technician A says

The production department in a process manufacturing system completed 94,000 units of product and transferred them to finished g

Fofino [41]

Answer:

Weighted Average Method.

a. 110,700 units

b. 106,525 units

c. 82,090 units

FIFO

a. 85,500 units

b. 95,245 units

c. 99,010 units

Explanation:

Calculation of equivalent units of production with respect to direct materials.

FIFO.

a. All direct materials are added to products when processing begins.

Materials

To finish Opening Work in Process 0

Started and Completed 65,800

Closing Work in process (16,700 × 100%) 16,700

Total equivalent units of production 85,500

b. Beginning inventory is 40% complete to materials and conversion costs. Ending inventory is 75% complete as to materials and conversion costs

Materials

To finish Opening Work in Process (28,200 × 60%) 16,920

Started and Completed (65,800 × 100%) 65,800

Closing Work in process (16,700 × 75%) 12,525

Total equivalent units of production 95,245

c. Beginning inventory is 60% complete as to materials and 40% complete as to conversion costs. Ending Inventory is 30% complete as to materials and 60% complete to conversion costs.

Materials

To finish Opening Work in Process (28,200 × 40%) 11,280

Started and Completed (65,800 × 100%) 65,800

Closing Work in process (16,700 × 30%) 5,010

Total equivalent units of production 82,090

Weighted Average Method.

a. All direct materials are added to products when processing begins.

Materials

Completed and transferred (94,000 × 100%) 94,000

Closing Work in process (16,700 × 100%) 16,700

Total equivalent units of production 110,700

b. Beginning inventory is 40% complete to materials and conversion costs. Ending inventory is 75% complete as to materials and conversion costs

Materials

Completed and transferred (94,000 × 100%) 94,000

Closing Work in process (16,700 × 75%) 12,525

Total equivalent units of production 106,525

c. Beginning inventory is 60% complete as to materials and 40% complete as to conversion costs. Ending Inventory is 30% complete as to materials and 60% complete to conversion costs.

Materials

Completed and transferred (94,000 × 100%) 94,000

Closing Work in process (16,700 × 30%) 5,010

Total equivalent units of production 99,010

8 0

3 years ago

If you wanted to ensure that you were able to recieve the lowest premium rate for your homeowner’s insurance, which of the follo

Zigmanuir [339]

Answer:

c

Explanation:

8 0

3 years ago

Thomas Consultants provided Bran Construction with assistance in implementing various cost-savings initiatives. Thomas’s contrac

expeople1 [14]

Answer:

1. $54,000

2. $50,000

3. $50,000

Explanation:

1. The computation of transaction price if the expected value is used is shown below:

= Flat fee + (Cost savings × given percentage)

= $50,000 + ($20,000 × 20%)

= $50,000 + $4,000

= $54,000

2. The computation of transaction price if the estimate of variable consideration is used. So, only a flat fee should be considered and the cost saving is ignored. Hence, the amount is $50,000

3. The computation of transaction price if the estimate of variable consideration is used. So, only a flat fee should be considered and the cost saving is ignored. Hence, the amount is $50,000 as there is very uncertainty due to lack of experience

6 0

4 years ago

Marco Nelson opened a frame shop and completed these transactions: Marco started the shop by investing $41,900 cash and equipmen

ruslelena [56]

Answer:

The balance of the cash account after these transactions were posted is $45,200

Explanation:

cash balance after these transaction = Cash Investing in Shop - Paid cash for receptionist salary + Receive cash from sale of frame

= $41,900 - $3,100 + $6,400

= $45200

Therefore, The balance of the cash account after these transactions were posted is $45,200

8 0

4 years ago

Logan Corporation issued $800,000 of 8% bonds on October 1, 2006, due on October 1, 2011. The interest is to be paid twice a yea

Aleks04 [339]

Answer:

a)

period interest interest discount amortized bond's

payment expense on BP discount carrying value

0 49,320.60 750,679.40

1 32,000 37,533.97 43,786.63 5,533.97 756,213.37

2 32,000 37,810.67 37,975.96 5,810.67 762,024.04

3 32,000 38,101.20 31,874.76 6,101.20 768,125.24

4 32,000 38,406.26 43,786.63 6,406.26 774,531.50

b)

December 31, 2017, accrued interest on bonds payable

Dr Interest expense 19,050.60

Cr Interest payable 16,000

Cr Discount on bonds payable 3,050.60

c)

total interest expense year 2007:

($37,533.97/2) + $37,810.67 + ($38,101.20/2) = $18,776.99 + $37,810.67 + $19,050.60 = $75,638.26

Explanation:

the market price of the bonds:

$800,000 / 1.05¹⁰ = $491,130.60

$32,000 x 8.1109 (PV annuity factor, 4%, 10 periods) = $259,548.80

market price = $750,679.40

discount on bonds payable $49,320.60

discount amortization first payment = (750,679.40 x 0.05) - 32,000 = 5,533.97

discount amortization second payment = (756,213.37 x 0.05) - 32,000 = 5,810.67

discount amortization third payment = (762,024.04 x 0.05) - 32,000 = 6,101.20

discount amortization fourth payment = (768,125.24 x 0.05) - 32,000 = 6,406.26

3 0

3 years ago