John deere, the farm equipment company, directs its advertising toward farmers. this is an example of _______

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of oper

Vladimir79 [104]

1. Total cost per equivalent unit $43.60

2. Equivalent unit in ending inventory 210; 180

3. Equivalent unit in beginning inventory 320; 160

4. Cost of unit started and completed 2,700

5. Cost of ending WIP $5,334 $3,276

Total $8,612

6. Cost of the units transferred to the next department $84,828 $54,972

Total $139,800

1. Computation the total cost per equivalent unit for the month.

Total cost per equivalent unit =$ 25.40 +$ 18.20

Total cost per equivalent unit=$43.60

2. Computation for the equivalent units of material and conversion in the ending inventory.

Material Conversion

Equivalent unit in ending inventory

300×70% = 210 300×60% = 180

3) Computation for the equivalent units of material and conversion that were required to complete the beginning inventory.

Material Conversion

Equivalent unit in beginning inventory 400×80% =320 400×40% = 160

4) Computation for the number of units started and completed during the month.

Cost of unit started and completed = 3,100-420

Cost of unit started and completed= 2,700

5. Computation for the cost of ending work in process inventory for materials, conversion, and in total for the month.

Material Conversion

Cost of ending WIP

210×$25.40=5,334 180×18.20=3,276

Total =5,334+3,276

Total=$8,612

6. Computation the cost of the units transferred to the next department for materials, conversion, and in total for the month.

Material Conversion

Cost of ending WIP (3,020×$25.40+$8,120) (2,860×$18.20+$2,920)

Cost of ending WIP $84,828 $54,972

Total=$84,828 +$54,972

Total=$139,800

(2700+320=3,020)

(2,700+160=2,860)

($11,040-$8,120=$2,920)

OR

Cost of units transferred out

Material Conversion

Cost of beginning work in progress 8,120+ 2,920

Total=11,040

Cost incurred on remaining work in progress =(320×$25.40) + (160×$18.20)

Total =8,128+2,912

Total =$11,040

Cost of unit started and completed during the month=(2,700×$25.40) (2,700×$18.20)

Total=68,580+49,140

Total=117,720

Cost of the units transferred to the next department =$11,040+$11,040+117,720

Cost of the units transferred to the next department =$139,800

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6 0

2 years ago

Amounts withheld from employee's earnings for employee income tax is considered a _____ by the employer until the government is

Komok [63]

Amounts withheld from employee's earnings for the employee income tax is considered a liability by the employer until the government is paid

What is liability?

Liability means the obligation that one party owes another, whose settlement requires the indebted party to transfer cash or equivalent value of other benefits commensurate to the liability to the other party.

In this case, the employees owe the government income taxes, whereby the employees have discharged the obligation by having the employers deduct them from their earnings.

The onus is now on the employers to make payments in respect of the income taxes withheld to the tax authority, prior to which the taxes are treated as the employer's liability.

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Missing options:

(A) assets. (B) liabilities. (C) salary expense. (D) revenue.

7 0

2 years ago

Sheffield Corp. has 285,000 shares of $8 par value common stock outstanding. It declares a 13% stock dividend on December 1 when

astra-53 [7]

Answer:

285,000 common stock outstanding with a $8 par value

it declares 13% stock dividend

market price at $16

since the stock dividend is considered small (less than 20%), we use the market price to record it

December 1, 202x stock dividends are declared (37,050 stocks)

Dr Retained earnings 592,800

Cr Common stock dividends distributable 296,400

Cr Additional paid in capital 296,400

December 31, 202x, distribution of stock dividends

Dr Common stock dividends distributable 296,400

Cr Common stock 296,400

3 0

4 years ago

A. Describe circumstances where price ceilings and price floors might be appropriate.

Finger [1]

Answer:

A. Price Ceiling: Staple Food (e.g. bread)

Price Floor: Minimum Wage

B. Protected civilians from high prices BUT shortage led to a rationing system

C. War industries were already using too many goods and civilians’ standard of living had to be prevented from falling too low.

Explanation:

A. A price ceiling is the maximum amount that can be charged for a particular good or service. In order for a price ceiling to be effective, it should be below the market equilibrium point where supply meets demand. Price ceilings are commonly set for staple foods and essential items such as bread or energy in order to prevent them from rising too high and being unaffordable by consumers.

A price floor is the minimum price that can be charged for a particular good or service. In order for a price floor to be effective, it should be above the market equilibrium point where demand meets supply. A common example is minimum wage. This is imposed in order to protect employers from exploiting laborers and paying them low wages for their service. With a price floor, paying below the minimum wage is an offense. This also helps to reduce unemployment since people now have an incentive to work due to higher pay.

B. During World War II, consumer demand for goods and services were very high. In order to protect consumers from prices rising too high, price ceilings were set.

However, government intervention in the form of price controls meant that the price was not at the market equilibrium where quantity demanded met quantity supplied. This lower price led to a higher demand than supply, creating a shortage in the market. Consequently, goods had to be provided through a rationing system.

C. The reason for setting a price ceiling on agricultural products during the war is that the government was already using a lot of resources for war industries, which created a shortage of goods. Agricultural foods contain essential goods such as rice, wheat, fruits and vegetables. If prices of these rise too high due to high demand, civilians will not be able to afford them. Without consumption of these, civilian standard of living would drop dramatically.

3 0

4 years ago

Which of the following was one of the first CRM components built to address the issues that sales representatives were strugglin

Dovator [93]

Answer:

sales force automation system

Explanation:

Salesforce automation system are the various software that are used to automate routine but important tasks of selling so that sales people can be free to better carry out their sales functions. For example sending of mails to customers to promote a product. Instead of spending time typing mails, they can automatically be sent to multiple recipients at preset times.

This eases the stress of carrying out repititive tasks.

Salesforce was one of the first solutions that was introduced to reduce the overwhelming work of maintaining and tracking customer accounts.

7 0

3 years ago

John deere, the farm equipment company, directs its advertising toward farmers. this is an example of ________ advertising.