What must businesses do in order to comply with financial regulations and laws?.

TryFit Co. uses process costing to account for the production of energy food bars. Direct materials are added at the beginning o

lubasha [3.4K]

Answer:

$37,654.00

Explanation:

beginning WIP = $13,000 + $10,000 = $23,000

costs added during the month = $42,000 + $46,000 = $88,000

total materials costs = $55,000

materials cost per EUP = $55,000 / 24,000 units = $2.29

total conversion costs = $56,000

conversion cost per EUP = $56,000 / 19,000 = $2.95

ending inventory = (10,000 x $2.29) + (10,000 x $2.95 x 50%) = $37,650

8 0

3 years ago

On December 31, 2017, Coolwear, Inc. had a balance in its prepaid insurance account of $48,400. During 2018, $86,000 was paid fo

Liula [17]

Answer:

$92,400

Explanation:

Coolwear incorporation has a balance in its prepaid insurance account of $48,400

In 2018, $86,000 was paid for insurance

At the end of 2018, the balance was $42,000 after adjusting entries were recorded

Therefore the insurance expense for 2018 can be calculated as follows

= $48,400 + $86,000-$42,000

= $134,400-$42,000

= $92,400

Hence the insurance expense for 2018 is $92,400

4 0

3 years ago

Eugene agrees to finish painting Hazel’s house within two weeks of the time they agree to in the contract. A week in, Eugene rea

Yanka [14]

Answer:

Yes, Hazel needs to pay extra $700

Explanation:

As per pre-existing duty rule, a person is obligated to perform his duty at the consideration agreed upon initially. Any modification to the contract is void.

Exceptions to this rule:

As per new contract, if the person undertaking his duty hires another person to perform the work so as to complete it in time, then modifications are valid and enforceable.
Modifications are valid in case of unforeseen contingencies like war, recession, change in economic conditions and strikes.

In this case, Hazel agreed to pay $700 extra. Under pre-existing duty rule, she is not required to pay Eugene extra $700 but since Eugene took additional help exception to the rule applies and Hazel is obligated to pay $700 extra.

6 0

3 years ago

Read 2 more answers

Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). However, an exception occur

o-na [289]

Answer:

The future value of a 18-year annuity of $2,000 per period where payments come at the beginning of each period is $59,078.

Explanation:

We apply the formula to calculate future value of annuity to find the future value of 18-year annuity as at the beginning of year 18 ( because payment comes at the beginning of the year):

2,000/5% x (1.05^18 -1) = $56,264.77.

We further compound the future value of 18-year annuity as at the beginning of year 18 for one period to come up with the future value of this annuity as at the end of 18 year time:

56,264.77 x 1.05 = $59,078.

So, the answer is $59,078.

3 0

3 years ago

Novak Company took a physical inventory on December 31 and determined that goods costing $190,000 were on hand. Not included in

Lorico [155]

Answer: $237070

Explanation:

The amount that Novak should report as its December 31 inventory will be:

Inventory in hand = $190,000

Add: Goods bought from Pelzer Corporation = $25,170

Add: Cost of goods sold to Alvarez Company = $21900

Total = $237070

The amount that Novak should report as its December 31 inventory will be $237070

8 0

3 years ago