The equivalent units for the month for the first department for material is 48,000 and for labor and overhead 46000.
What is the weighted average ?
- One of three methods for valuing the stock in your company's inventory is the weighted average cost method, which establishes the average cost of all the products in your inventory based on their individual costs and the quantity of each item that is kept on hand.
- The weighted average is used by businesses to calculate the amount that goes into inventory and the cost of products sold (COGS).
- Due to the variety of inventory stock kinds or the same stock items being purchased at various times, a firm may pay varying costs when purchasing pieces of inventory.
Total units transferred = 42000
and, units of ending WIP = 6000(material), 4000(Labor), 4000(overhead)
So,
Equivalent units of production = 48000(material), 46000(Labor), 46000(overhead)
The equivalent units for the month for the first department for material is 48,000 and for labor and overhead 46000.
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Answer:
5.47%
Explanation:
The computation of yield to maturity is shown in the attachment:
Given that
FV = $1000
PV = ($980)
PMT = 5% ÷ 2 × 1,000 = $25
Number of years = 5 years × 2 = 10 Years
The formula is shown below:
= Rate(NPER;PMT;-PV;FV;type)
The present value come in negative
So, after applying the above formula, the yield to maturity is
= 2.73 × 2
= 5.46%
Therefore with the help of spreadsheets (as attached), we could explain in a better manner.
Answer:
Koski Inc.
Quick Ratio:
Quick Ratio = (Current Assets - Inventory) divided by Current Liabilities
Quick Ratio = $(23,595 - 12,480) / $(17,160 -5,460)
Quick Ratio = 11,115 / 11,700 = 0.95
Explanation:
The quick ratio is a financial metric that shows the short-term liquidity position of a company. It measures the company's ability to settle its short-term obligations using its most liquid current assets. The most liquid assets are cash and near cash current assets.
Inventory is always removed in calculating the most liquid current assets. Inventory will take some time before it can be converted to cash or near cash, given the cash conversion cycle.
The quick ratio is also called the acid-test ratio. It is also considered as more conservative than the current ratio which measures the coverage of current liabilities by all current assets, including inventory.
In our workings, we eliminated inventory from current assets. We also eliminated notes payable which would be rolled over the next year.
Answer:
a person's regular occupation, profession, or trade.
Explanation:
Full question:
Management implements internal controls to ensure that all required footnote disclosures are accurate. Auditors tests those controls to provide evidence supporting the ________ presentation.
A) completeness and valuation
B) completeness and accuracy
C) rights and obligations and existence
D) occurrence and accuracy
<u>Answer:</u>
Auditors tests those controls to provide evidence supporting the completeness and accuracy presentation.
<u>Explanation:</u>
During the interim audit, the internal control system is documented and assessed. The completeness and accuracy of the erudition in the report superimposed which the auditor is relying on. Accuracy simply is inadequate. One requires to obtain certitude about both the completeness and the accuracy.
The statement that all the transactions that should hold been recorded are recorded is named completeness. A transaction is deemed accurate if: There is no fault while developing the supporting document, and there is no failure while posting this transaction.
