Answer:
Fields Company
Forming Department
Materials Conversion
1. The equivalent units of production 304,000 294,000
2. The costs per equivalent unit $4.05 $3.05
Explanation:
a) Data and Calculations:
Units Materials Conversion
Work in Process 25,000 60% 40%
Units started 300,000
Ending WIP 30,000 80% 30%
Units completed 295,000 100% 100%
Equivalent Units:
Units Materials Conversion
Work in Process 25,000 10,000 (40%) 15,000 (60%)
Units started 300,000
Ending WIP 30,000 24,000 (80%) 9,000 (30%)
Units completed 295,000 100% 100%
Units started and
completed 270,000 270,000 270,000
Total equivalent units 304,000 294,000
Units Materials Conversion Total
Costs added during the month $1,231,200 $896,700 $2,127,900
Total equivalent units 304,000 294,000
Cost per equivalent unit $4.05 $3.05
Preparation of a statement of cash flows involves five steps:
(1) Compute the net increase or decrease in cash;
(2) compute net cash provided or used by operating activities (using either the direct or indirect method);
(3) compute net cash provided or used by investing activities;
(4) compute net cash provided or used by financing activities; and
(5) report the beginning and ending cash balances and prove that the ending cash balance is explained by net cash flows. Noncash investing and financing activities are also disclosed.
Answer:
Preparation of a statement of cash flows involves five steps
1. Compute net cash provided or used by operating activities.
This is the section where all the cash flow that belongs to the operating section are been added and subtracted according to the inflow and outflow of the transaction.
2. Compute net cash provided or used by investing activities.
This is the section where all the cash flow that belongs to the investing section are been added and subtracted according to the inflow and outflow of the transaction.
3. Compute net cash provided or used by financing activities.
This is the section where all the cash flow that belongs to the financing section are been added and subtracted according to the inflow and outflow of the transaction.
4. Compute the net increase or decrease in cash
This is the section where the cash-flow from operating, investing and financing activities is been balanced.
5. Report the beginning and ending cash balances and prove that the ending cash balance is explained by net cash flows.
After the cash-flow from operating, investing and financing activities is been calculated, Then, this section is also computed to derive the Closing/Ending cash balance
A thief uses a bag of sand to replace a gold statue that sits on a weight sensitive alarmed pedestal. The bag of sand and the statue have exactly the same volume 1.75 L. Assume that the mass of the bag is negligible. Calculate the mass of each object.
Answer:
No, the thief didn't set off the alarm. As the mass of the gold statue and the bag of sand is different, the alarm clock will start ringing once the statue is replaced with the bag of sand. Thus, the thief screwed up the operation.
No, the robber did not activate the alarm. The alarm clock will begin to sound as soon as the gold statue is swapped out for the sand bag because of the differences in mass. As a result, the theft went wrong.
What is the role of density in sand and the statue?The density of a substance quantifies how much mass is contained in each unit volume of that substance.
From this definition, we can infer that it is an intrinsic parameter, meaning that its value is unaffected by the size of the sample of the material under consideration.
Therefore, No, the thief didn't set off the alarm. The alarm clock will begin to sound as soon as the gold statue is swapped out for the sand bag because of the differences in mass. As a result, the theft went wrong.
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Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Product 1 Product 2 Product 3 Cost $ 35 $ 105 $ 65 Selling price 85 165 115 Costs to sell 8 70 25 Required: What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory
Answer:
Cost Selling Price Costs to Sell NRV Inventory value
A B C D=(B-C) E=(lowerof A&D)
Product 1 35 85 8 77 35
Product 2 105 165 70 95 95
Product 3 65 115 25 90 65
Identify and explain each of the situational influences that are described in this scenario: Which situational influence was not described? Ruth, who has no children, wants to buy a special baby gift for her best friend's baby shower, which is this evening. Since she won't have any time between work and the baby shower, she must go today during her lunch break. She is planning on taking her sister with her to help make the selection. Ruth knows she will be ready to buy every baby-oriented product she sees because she wishes that she too was having a baby.
Answer:
Physical surroundings.
Explanation:
Ruth wants to buy special gift for her best friend's baby shower party. She has invited her sister to help her out with the selection in the shopping. Situational influence is described but there is no hint of physical surrounding. Author has not mentioned anything about the physical surrounding in the passage.
Hanna, Marnie, and Jessa have operated a partnership as filmmakers for a number of years. At the end of the year, before any allocation of profits, the partners have the following capital account balances:
Hanna $25.000
Marnie 15.000
Jessa 10.000
The partnership agreement states that profits should be allocated in proportion to the capital account balances. If the partnership earns $600,000 in the current year, how much of the profit will be allocated to Marnie?
a. $600,000.
b. $180,000.
c. $200,000.
d. $150,000.
Answer: b. $180,000
Explanation:
Profit should be allocated according to capital account balances. Marnie's capital account proportion is:
= 15,000 / (25,000 + 15,000 + 10,000)
= 15,000 / 50,000
= 30%
If the profit is $600,000, Marnie's share is:
= 30% * 600,000
= $180,000
Scenario:
AlphaCo and BetaCo are both mid-sized pharmaceutical companies that employ over a thousand workers. The highest paid employees at each company are the executives and the senior level researchers.
This year, both companies have a raise pool of $5,000,000 - that is, each can raise the total compensation paid to all of its workers by a total of five million dollars.
AlphaCo uses $3,500,000 of its raise pool to increase pay for executives and researchers. Most of the other workers receive small raises, and some receive no raise at all.
BetaCo uses $3,500,000 of its raise pool to give everyone in the firm an equal 5% raise. Some key employees receive a raise of over 5%.
1. Which company will have employees who are, overall, more satisfied? Why?
2. Which company is likely to outperform the other over the next year? Why?
Answer:
BetaCo BetaCoExplanation:
BetaCo raised the salaries of everyone in the company meaning that even those who were not getting paid so much saw their salaries increase. Employees here will feel more appreciated as a result of this financial incentive as opposed to AlphaCo that neglected to cater for all its employees in an equal manner.
BetaCo will outperform AlphaCo over the next year all else equal because motivated employees tend to work harder for a company. In addition, BetaCo increased the salaries of key staff by more than 5%. Those key staff will work harder as a result of this incentive and push the company further than AlphaCo.
A firm is currently unlevered with 1,000,000 shares each price at $50. The firm is debating of changing its capital structure by taking $20 million in debt that matures in 4 years and repurchasing shares. It will pay down this debt by $5 million every year. If the tax rate is 21% and cost of debt is 7.5%, what is the firm value of the restructured firm
Answer:
its would be 50,000 dont really know
Frank and Daniel both agreed to volunteer for a company project cleaning and organizing the district warehouse. There were to be 50 volunteers. Upon arrival, they discovered volunteer turnout was low. They were assigned to the northwest corner of the warehouse where they were to meet Trixie, who would give them their assignment. When they arrived, Trixie was nowhere to be found but they did find two push-brooms leaning against the wall. Frank took a seat on a box to wait for Trixie and his assignment. Daniel grabbed one of the push-brooms and began sweeping. While he was sweeping, Daniel thought, "This is why my desk looks so tidy, while Frank’s desk looks like a disaster." Which of the following statements is likely true of this scenario? Multiple Choice I
a. n this weak situation, Frank’s laziness trait is activated. In this strong situation, Daniel’s neurotic trait is activated.
b. In this weak situation, Daniel’s introversion trait is activated. In this strong situation Frank’s conscientiousness trait is activated.
c. In this weak situation, Daniel’s extraversion trait is activated.
Answer:
a. In this weak situation, Frank’s laziness trait is activated. In this strong situation, Daniel’s neurotic trait is activated.
Explanation:
A trait can be defined as the characteristics of a person that describes his nature and his behavior. It is the result of one's genes or are influence from surrounding or nature.
A neurotic trait of a person helps the person to deal with the stress. It is a tendency towards shyness, anxiety, etc.
In the context, it is given that both Frank and Daniel volunteered themselves for cleaning a district warehouse. They were assigned the northwest corner of the warehouse to clean. Daniel found a push-broom and started sweeping and cleaning the floor, while Frank waited for Trixie to arrive who will assigned them their job.
In this situation, it shows the laziness trait of Frank who felt too lazy to start his work before someone assigning them to him while Daniel is active and it shows his neurotic trait because of which Daniel started his job and did not waited for Trixie to come.
Thus the correct option is (a).
One bond has an 8% coupon and a 10% current yield, the other has a 10% coupon and an 8% current yield. Which bond is cheaper
Answer: The bond with the 8% coupon and a 10% current yield.
Explanation:
When a bond has a coupon rate that it less than the yield, it is said to be a discount bond because it will be trading at a price that is less than its par value. The first bond will therefore be trading at a price lower than its par value.
The second bond however, is a premium bond. It will be trading at a price that is higher than its par value because that is what bonds so when their coupon rate is higher than their yield.
The first bond will therefore b cheaper because:
First Bond < Par < Second bond
A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $60,000; the land at $46,600, and the parking lot at $18,400. Land should be recorded in the accounting records with an allocated cost of
Answer:
$37,280
Explanation:
We use the appraised values to apportion the Purchase Cost of the Property to determine the Cost of Land as follows :
Land Cost = $46,600 / $125,000 x $100,000
= $37,280
Land should be recorded in the accounting records with an allocated cost of $37,280.
Accounts receivable $ 18,000 Long-term notes payable $ 21,000 Accounts payable 11,000 Office supplies 2,800 Buildings 45,000 Prepaid insurance 3,560 Cash 7,000 Unearned services revenue 3,000 Compute Chavez Company's current ratio using the above information.
Answer: 2.24
Explanation:
Current ratio = Current Assets / Current liabilities
Current assets = Accounts receivable + Office supplies + Prepaid insurance + Cash
= 18,000 + 2,800 + 3,560 + 7,000
= $31,360
Current liabilities:
= Accounts payable + Unearned service revenue
= 11,000 + 3,000
= $14,000
Current ratio = 31,360 / 14,000
= 2.24
By the 1990s, A. Tourism was possibly the largest single global industry. B. The manufacture of computers and microchips had moved from California to China. C. Cellular telephones outnumbered landline telephones. D. Food continued to be the most important production item.
Answer:
C. Cellular telephones outnumbered landline telephones
Explanation:
The cordless or portable phones as a handset that could be used as a landline were made popular. The cellular industry was one of the fastest growing industry in the market and still maintains a strong global position.Suppose a third firm enters the market. If they all don't cheat, then they split the profits three ways so that each firm gets 2 million. If one firm cheats, he steals profits from the other two firms and earns 5.5 million while the other firms incur losses of 1 million. Will it be harder or easier to sustain cooperation?
Answer: Harder to sustain cooperation
Explanation:
When the number of firms in an oligopolistic market increases as is the case here, cooperation becomes harder because profits become smaller so companies start to become more selfish.
Also in this scenario, the cheating firm has the incentive to do so because the profit is so much higher than sharing so companies will always be looking to cheat in order to make this profit. The other firms would reply by reducing prices and all of them would suffer.
The contribution margin ratio is interpreted as the percent of: Multiple choice question. each variable cost dollar that remains after deducting fixed costs each sales dollar that remains after deducting fixed costs each sales dollar that remains after deducting unit variable cost
Answer: each sales dollar that remains after deducting unit variable cost
Explanation:
The contribution margin ratio is interpreted as the percent of each sales dollar that remains after the deduction of unit variable cost.
The contribution margin ratio refers to the difference between the sales that a company makes and its variable costs which is expressed as a percentage. The ratio simply indicates the amount of money that is available to cover the fixed costs.
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $420,000 and total machine hours at 60,000. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 TotalDirect materials used 19,200 14,400 9,600 43,200 Direct labor 28,800 11,200 9,600 49,600 Machine hours 1,000 hours 4,000 hours 2,000 hours 7,000 hoursJob 101 was completed and sold for $60,000.Job 102 was completed but not sold.Job 103 is still in process.Actual overhead costs recorded during the first month of operations totaled $45,000.Required: 1. Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.)2. Compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations. (Round your intermediate calculations to 2 decimal places.)3. Compute the balance in the Work in Process Inventory account at the end of the first month. (Round your intermediate calculations to 2 decimal places.)4. How much gross profit would the company report during the first month of operations before making an adjustment for over- or underapplied manufacturing overhead? (Round your intermediate calculations to 2 decimal places.)5-a. Determine the balance in the Manufacturing Overhead account at the end of the first month. (Round your intermediate calculations to 2 decimal places.)
Answer:
Tyler Tooling Company
1. The predetermined overhead rate is:
= $7
2. The total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations is:
= $49,000
3. The balance in the Work in Process Inventory account at the end of the first month is:
= $86,800
4. The gross profit that the company would report during the first month of operations before making an adjustment for over- or underapplied manufacturing overhead is:
= $5,000
5a. The balance in the Manufacturing Overhead account at the end of the first month is:
= $4,000 overapplied
Explanation:
a) Data and Calculations:
Estimated total manufacturing overhead for the coming year = $420,000
Estimated total machine hours for the coming year = 60,000 mh
Actual jobs data: Job 101 Job 102 Job 103 Total
Direct materials cost $19,200 $14,400 $9,600 $43,200
Direct labor cost 28,800 11,200 9,600 49,600
Machine hours cost 1,000 4,000 2,000 7,000
Sale of Job 101 = $60,000
Actual overhead for the first month = $45,000
1. Predetermined overhead rate = Estimated overhead/estimated machine hours
= $420,000/60,000
= $7
2. The total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations is:
= total machine hours used * $7
= $49,000 (7,000 * $7)
3. The balance in the Work in Process Inventory account at the end of the first month is:
Work in Process
Account Titles Debit Credit
Direct materials $43,200
Direct labor 49,600
Overhead applied 49,000
Cost of Job 1 sold $55,000 ($19,200+$28,800+$7,000)
Ending balance $86,800 (= costs of Job 102 and 103)
4. The gross profit that the company would report during the first month of operations before making an adjustment for over- or underapplied manufacturing overhead is:
= Gross profit for Job 101 = $5,000 ($60,000 - $55,000)
5a. The balance in the Manufacturing Overhead account at the end of the first month is:
= Actual overhead incurred - overhead applied
= $45,000 - $49,000
= $4,000 overapplied
An accounting system that provides information that management can use to evaluate the performance of a department's activities is a:______.
A. Service accounting system.
B. Standard accounting system.
C. Revenue accounting system.
D. Departmental accounting system.
E. Cost accounting system.
Answer: D. Departmental accounting system.
Explanation:
As the term implies, Departmental accounting system engages in accounting for individual departments. The financial information of the department of interest will be recorded as well as other activities.
Management will then use this information to analyze and understand how well the department is doing. The information will also tell them if the department is being cost efficient and profitable.
In a production operation of an electronics firm, a company manufactures I/O circuit chips that is used in a final assembly process. The chips, manufactured in batches sizes are
Answer:
defective
Explanation:
In an electronic firm it is necessary to keep check for every circuit as they turn out to be defective. There can be minor error is circuit formation but this will be considered as defective because circuits are very sensitive and even minor error can lead to short circuits which could lead to a disaster. It is necessary for a firm to keep track and quality of every circuit should be checked.
HealthSouth manipulated their financial statements by making ______________ in false or unsupported entries in the company's accounting systems.
Answer: 2.7 billion
Explanation:
Kelso's has a debt-equity ratio of 0.6 and a tax rate of 35 percent. The cost of equity is 14.5 percent and the after tax cost of debt is 4.8 percent. What is the weighted average cost of capital
Answer:
10.86 percent
Explanation:
Calculation to determine the weighted average cost of capital
Weighted average cost of capital = (1/1.6) (0.145) + (0.6/1.6) (0.048)
Weighted average cost of capital = (0.625) (0.145) + (0.375) (0.048)
Weighted average cost of capital = 10.86 percent
Therefore Weighted average cost of capital is 10.86 percent
If a real estate license holder wants to assist a property owner by soliciting tenants, collecting rents, and being responsible for property maintenance, which specialization would the license holder likely choose?
Answer: Property management
Explanation:
Property management refers to the operation, oversight and the maintenance of real physical properties and real estate.
Since the real estate license holder wants to assist a property owner by soliciting tenants, collecting rents, and being responsible for property maintenance, the license holders should be specialized in property management.
ABC systems ________. Multiple Choice will allocate costs based on the overall level of activity highlight the different levels of activities usually will undercost complicated or complex products will limit cost drivers to units of output
Answer: highlight the different level of activities
Explanation:
Activity Based Costing system assigns costs to the activity that are used in production and it highlight the different level of activities.
Activity based costing system is quite different from the traditional costing systems based on the way the indirect cost is being treated.
An asset has an average return of 5 percent and a standard deviation of 10 percent. Which of the following statements is true?
a. its variance is 25,
b. its coefficient of variation is 2.0
c. if returns are normally distributed, 95 percent of the time its returns will fall between -5 percent and 15 percent
d. if returns are normally distributed, 99 percent of the time its returns will fall between -15 percent and 25 percent.
Answer: b. its coefficient of variation is 2.0
Explanation:
The Coefficient of Variation, given the above data, is calculated by the formula:
= Standard Deviation/ Mean
= 10% / 5%
= 2.0
Option B is therefore correct.
What are the advantages or disadvantages of creating a hypothesis without adequate research?
Hypothesis can defined as a guess or predicted outcome of a scientific
process.
The advantage of creating a hypothesis without adequate research include
the following:
Complex calculationsAmbiguityThe disadvantage of creating a hypothesis without adequate research
include the following:
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Sales have decreased for two consecutive quarters at your business. You have been instructed to inform your sales team that their hours, and base pay, will be reduced by 20 percent. While you may have a few members of your sales team that are under performing, you want to retain the entire team.
Write a negative news message in a direct or indirect approach informing your sales team of the news.
Write this document in the form of a memo.
Answer:
To: The Sales Team
From: Henry Cavill, Vice President, Employee Relations
Date: 13 July 2021
Subject: Revisions in Compensation Structure of Sales Department
Dear All,
As you all are going to be knowing, the sales of the corporate have been decreasing since the last 2 quarters. The performance of the half-moon was rock bottom sales achieved by the corporate, within the last 5 years. As a result of this, the corporate and management have decided to require certain strict decisions.
The management has decided to scale back the bottom pay also because of the work hours of the sales team by 20%. This reduction is going to be applicable to all or any levels of the sales division. This decision has been taken in an attempt to form up for the losses, faced by the corporate, thanks to the negative overall performance of the sales team. The new compensation structure is going to be applicable from May 1st, 2019, and can be in practice till the general performance of the sales team bounces back.
In this duration, the corporate also will be observing the performance of the members of the sales team. The compensation of sales employees, who will display extra-ordinary performance, are going to be rewarded by the corporate within the corresponding quarter. Hence, all employees must be motivated to perform their best during this critical time, faced by the corporate.
The management hopes that the workers will understand the company’s perspective during this hard time. We hope things will become better and brighter quite soon. don't hesitate to follow up with me just in case of any doubts or clarifications.
Regards,
Henry Cavill
Vice President, Employee Relations
What is the dollar price of a zero coupon bond with 21 years to maturity, semiannual compounding, and a par value of $1,000, if the YTM is:
Answer:
Zero-cupon bond= $192.57
Explanation:
Giving the following information:
Number of periods to maturity= 21*2= 42 semesters
Par value= $1,000
I will assume a yield to maturity of 8%. 4% semestral.
To calculate the price of the bond, we need to use the following formula:
Zero-cupon bond= [face value/(1+i)^n]
Zero-cupon bond= [1,000 / (1.04^42)]
Zero-cupon bond= $192.57
A stock just announced that its next annual dividend will be $1.02 and it expects to increase that dividend by 2.5 percent annually. The stock is currently selling for $28 a share. How do you compute the expected rate of return?
a) i = ($1.02/$28) + 0.025
b) i = [($1.02 x 1.025)/$28] + 0.025
c) i = ($1.02/$28) - 0.025
d) i = ($1.02 X 1.025)/$28
Answer: A. i = ($1.02/$28) + 0.025
Explanation:
The expected rate of return will be calculated as:
= (Expected dividend/Price today) + growth rate
where,
Expected dividend = $1.02
Price today = $28
Growth rate = 2.5%
Then, slotting the figures into the equation will give:
= (1.02/28) + 2.5%
= (1.02/28) + 0.025
Therefore, the correct option is A
Differential cost is ______. Multiple select question. also known as incremental cost the same as opportunity cost the difference in cost between two alternatives never relevant to a product decision
Answer:
I. also known as incremental cost
II. the difference in cost between two alternatives
Explanation:
Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.
Differential cost is also known as incremental cost and it is the difference in cost between two alternatives.
In Financial accounting, fixed cost can be defined as predetermined expenses in a business that remain constant for a specific period of time regardless of the quantity of production or level of outputs. Some examples of fixed costs in business are loan payments, employee salary, depreciation, rent, insurance, lease, utilities etc.
On the other hand, variable costs can be defined as expenses that are not constant and as such usually change directly and are proportional to various changes in business activities. Some examples of variable costs are taxes, direct labor, sales commissions, raw materials, operational expenses etc.
The differential cost is called the incremental cost, and it is the difference in the cost that lies between two alternatives.
The following information should be relevant:
It is the difference between the cost of 2 alternative decisions or the output level is varied.It is also known as the incremental cost.Therefore we can conclude that the differential cost is called the incremental cost, and it is the difference in the cost that lies between two alternatives.
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At the beginning of the year, SnapIt had $13,800 of inventory. During the year, SnapIt purchased $42,600 of merchandise and sold $35,700 of merchandise. A physical count of inventory at year-end shows $14,800 of inventory exists. Prepare the entry to record inventory shrinkage.
Answer:
Shrinkage = Closing inventory according to the books - Actual closing inventory after physical count
Closing inventory = Beginning inventory + Purchased inventory - Sold inventory
= 13,800 + 42,600 - 35,700
= $20,700
Date Account Title Debit Credit
XX-XX-XXXX Cost of Goods sold $20,700
Merchandise inventory $20,700
The phase of the business cycle with the highest level of GDP and the lowest unemployment rate is called an?
Answer:
Expansion phase
Explanation:
Expansion is an economic cycle phase in which real gross domestic product rises for two or more months in a succession, going from a trough to a high. Expansion is often known as an improving economy since it is usually followed by an decrease in unemployment, consumer sentiment, and commodity prices.
Answer:
peak
Explanation:
communication is tha
Answer:
key?
Explanation:
