Answer:
Hayword, Inc.
Cost Reconciliation Report
Costs to be accounted for:
Cost in the beginning inventory $17,250
Units started during the period 737,320
Total cost of production $754,570
Costs accounted for:
Units transferred out $735,680
Ending inventory $18,882
Total assigned costs $$754,562
Difference due to approximations = $8
Explanation:
a) Data and Calculations:
Work in process, July 1:
Units in process = 300
Percent completed with respect to materials = 60%
Percent completed with respect to conversion = 40%
Cost in the beginning inventory:
Materials cost = $10,500
Conversion cost = $6,750
Units started during the period = 6,200
Costs added during the period:
Material costs = $330,912
Conversion costs = $406,408
Work in process, July 31 = 450 units
Percent completed with respect to materials = 40%
Percent completed with respect to conversion 30%
Units
Beginning inventory 300
Units started during the period 6,200
Total units under production 6,500
Ending inventory 450
Units transferred out 6,050
Cost of production:
Materials cost Conversion cost Total
Cost in the beginning inventory $10,500 $6,750 $17,250
Units started during the period 330,912 406,408 737,320
Total cost of production $341,412 $413,158 $754,570
Equivalent Units:
Units Materials Conversion
Units transferred out 6,050 6,050 (100%) 6,050 (100%)
Ending inventory 450 180 (40%) 135 (30%)
Total equivalent units of production 6,230 6,185
Cost per equivalent unit:
Materials Conversion
Total cost of production $341,412 $413,158
Total equivalent units 6,230 6,185
Cost per equivalent unit $54.80 $66.80
Cost assigned to:
Materials Conversion Total
Units transferred out $331,540 $404,140 $735,680
(6,050 * $54.80) (6,050 * $66.80)
Ending inventory 9,864 9,018 $18,882
(180 * $54.80) (135 * $66.80)
Total assigned costs $341,404 $413,158 $754,562
A small firm builds television antennas. The investment in plan and equipment is $200,000. The variable cost per television antenna is $500. The price of the television antenna is $1000. How many television antennas would be needed for the firm to break even
Answer:
Break-even quantity is 400 units.
Explanation:
Below is the calculation for the number of television antennas:
At break-even, the firm's total revenue is equal to the total cost.
Cost of investment (fixed cost) = $200000
Variable cost = $500
Pirce of television antenna = $1000
At break-even, TR = TC
(P x Q) = (TFC + TVC)
1000Q = 200000 + 500Q
10000Q-500Q = 200000
500Q = 200000
Q = 200000 / 500
Q = 400 units
Thus break-even quantity is 400 units.
g Which of the following statements is true of clustering? A. It uses different suppliers and distribution channels for interdependent companies within an industry. B. It seldom uses specialized labor. C. It helps a firm gain an increase in efficiencies. D. It typically increases the costs of production and distribution.
Answer: C. It helps a firm gain an increase in efficiencies.
Explanation:
Clustering refers to the geographic concentration of the businesses and the suppliers that are interconnected in a particular field.
The aim of clusters is to help increase efficiencies as well as being about an increase the productivity through which companies can compete.
Therefore, the correct option is C.
At the beginning of 2004, the Alaska Corporation had 2 million shares of common stock outstanding and no preferred stock. At the end of August, 2004, Alaska issued 600,000 new shares of common stock. If Alaska reported net income equal to $8.8 million, what was the firm's earnings per share for 2004
Answer:
$4
Explanation:
Earning per share (EPS) refers to earnings available to common shareholders which is divided by the weighted average number of common shares outstanding.
The weighted average number of shares outstanding equals the original 2 million shares plus 4/12 of the additional 600,000 shares.
The 4/12 weight is used because the new shares were only outstanding 4 months of the year.
Hence,
EPS = $8.8 million / [2 million + (4/12)(600,000)
EPS = $8.8 / $2.2
EPS = $4
Supplies are assets until they are used. When they are used up, their costs are reported as expenses. The costs of unused supplies are recorded in a Supplies asset account. Supplies are often grouped by purpose—for example, office supplies and store supplies. Office supplies include paper, toner, and pens. Store supplies include packaging and cleaning materials.
Question Completion:
Describe the accounting treatment of Supplies Expenses.
Answer:
Supplies Expenses are debited while the Supplies account is credited with the supplies expenses.
Explanation:
This accounting treatment of Supplies Expenses reduces the balance of the Supplies account by the amount of supplies used during the period. Thus, what is left in the Supplies account is the cost of the unused supplies at the end of the accounting period. The treatment also accords with the accrual concept, which requires that expenses are matched to the revenues that they generate in the period.
Identify the organizational method/pattern used in each of the following sets of main points.
a. Fraudulent charity fund-raising is a widespread national problem.
b.The problem can be solved by a combination of government regulation and individual awareness.
c. At the top of the rainforest is the emergent layer, where trees can be 200 feet tall.
d. Below the emergent layer is the canopy, where vegetation is so dense that it filters out 80 percent of the sunlight.
e. Beneath the canopy is the understory, where trees are less than 12 feet tall and grow large leaves to collect the small amount of sunlight.
f. At the bottom is the forest floor, where there are almost no plants because of the lack of sunlight.
g. Sonia Sotomayor is best known as the first Hispanic justice of the U.S. Supreme Court.
Correct question options:
1 I.Fraudulent charity fund-raising is a widespread national problem.
II.The problem can be solved by a combination of government regulation and individual awareness.
2 I.At the top of the rainforest is the emergent layer, where trees can be 200 feet tall.
II.Below the emergent layer is the canopy, where vegetation is so dense that it filters out 80 percent of the sunlight.
III.Beneath the canopy is the understory, where trees are less than 12 feet tall and grow large leaves to collect the small amount of sunlight.
IV.At the bottom is the forest floor, where there are almost no plants because of the lack of sunlight.
3 I.Sonia Sotomayor is best known as the first Hispanic justice of the U.S. Supreme Court.
II.Sonia Sotomayor is also an accomplished communicator who has given hundreds of public speeches.
Answer:
1. Problem-solution pattern
2. Compare and Contrast
3. Sequence
Explanation:
Organizational models or structures are the various ways writers organize their ideas in their work in order to enable the reader better understand the write-up. Organizational models may depend on the type of essay or story being written. Example, an autobiography usually follows a sequence type of pattern. An article could also follow a problem-solution pattern as in the first example above.
the black shoe company produces its famous madison shoe, which sell for $60m per pair, the operating income for 2020 is as follows: Revenues $300,000 Variable costs $120,000 Fixed costs $108,000
What is the break-even point in units?
As we’re well aware, vending machines are used to sell snacks and beverages, whereas newspapers are sold out of a box that allows anyone to take more than one paper. How does the concept of diminishing marginal utility explain the different distribution techniques for newspapers vs. snacks and beverages? Identify two additional examples of an item whose diminishing marginal utility is high. Remember: Marginal utility is the change in total utility that results from a one-unit increase in the quantity of a good consumed; diminishing marginal utility is the general tendency for marginal utility to decrease as the quantity of a good consumed increases.
Answer:
Because people do not need a second newspaper, it will not bring any more information to their lives, rather than a second soda can or snack.
Explanation:
The law of diminishing marginal utility states that there are some products or services to which an increase in the consumption will not bring the same utility for the user as the right amount, for example, if you eat a slice of pizza, it will bring certain benefit, you'll be less hungry but if you eat 7 slices of pizza at some point you'll no longer be hungry and it will rather make you sick, in this case vending machines have a higher marginal utility, a person could drink 3 or 4 drinks or take 4 or 5 snacks before it makes them feel sick, whilst a person that buys a person buying a newspaper won't need a second one, even if it is for his/her family, a 5 people house has enough newspaper by taking 1 copy of it.
Other examples of this can be a vacuum cleaner, you don't need a second one if you already have one, or a house buying a second house ain't as necessary as the first one.
Using an order of magnitude analysis, estimate the total textbook expenditures incurred by all engineering majors at National University per year
Answer:
The total textbook expenditure would amount to $175,000 per year
Explanation:
National University is providing text books free of cost to all the engineering students to encourage professional studies. Very few students are pursuing engineering studies. For this purpose university management has decided to give free of cost books to students who select engineering majors. The total expenditure would be:
Cost of Printing Books $110,000
Transportation of the Books to different Campuses $25,000
Distribution Campaign Expense $40,000
Total expenditure amounts to $175,000
In its income statement for the year ended December 31, 2022, Sheffield Corp. reported the following condensed data.
Operating expenses $725,000
Interest revenue $38,000
Cost of goods sold 1,261,000
Loss on disposal of plant assets 22,000
Interest expense 76,000
Net sales 2,204,000
Income tax expense 50,000
Other comprehensive income (net of $1,200 tax) 8,800
Required:
Prepare a multiple-step income statement.
Answer:
Sheffield Corp.
Multiple-step income statement for the year ended December 31, 2022
Net sales $2,204,000
Less Cost of goods sold ($1,261,000)
Gross Profit $943,000
Less Operating Expenses :
Operating expenses $725,000 ($725,000)
Operating Profit $218,000
Less Non Operating Expenses :
Interest revenue ($38,000)
Loss on disposal of plant assets $22,000
Interest expense $76,000
Income tax expense $50,000 ($110,000)
Net Profit $108,000
Other Comprehensive Income
Other comprehensive income (net of $1,200 tax) $8,800
Total Profit and loss and comprehensive income $116,800
Explanation:
A multiple-step income statement shows separately profit derived from primary activities and that derived from secondary activities as shown above.
Sam and Sally Green have a standard homeowners policy with no endorsements. The dwelling is insured for its full value. Indicate whether or not each of the following losses is covered and under what coverage. Specify why each loss is covered or not covered.
a. The Green's valuable dog is stolen from their back yard.
b. Sally takes off her wedding ring in a public restroom to wash her hands. She accidentally leaves the ring behind.
c. While the Green's are vacationing in Europe, their hotel room is robbed. The thief gets away with jewels and cash.
d. While practicing his chip shot in the yard, Sam accidentally sends a golf ball crashing through the dining room window.
Answer:
a. Not covered
b. Not covered
c. Covered
d. Covered
Explanation:
Sam and Sally have standard homeowner policy. There are no endorsements to the policy. The standard policy will cover the house damage due to accident or some other reasons unintentionally. When dog is stolen this is not covered in the policy as there is no endorsement for the dog security insurance in the policy. Sally has left her ring due to her carelessness and thus this is also not covered in the policy. When Sam accidentally breaks dining room window this will be covered in the basic policy.
Bono was kicked out of the band U2 for failing to attend rehearsals on time and constantly cutting the strings of Adam Clayton bass guitar. For the purposes of this question Bono was an employee of U2 which is an American company. Bono applies for unemployment insurance. Provided that he is actively attending auditions to display his willingness and ability to seek future employment he will receive state administered unemployment benefits.
A. True
B. False
Answer:
B
Explanation:
He was fired for constantly missing rehearsals which is a duty of his role as an employee of U2
He was fired for constantly missing rehearsals which is a duty of his role as an employee of U2. As the Bono is fired because of his continuous mistakes, and he is not liable to get the unemployment insurance.
What is unemployment insurance?Unemployment insurance benefits are offered by the U.S. Federal Government to enrollees who become jobless absolutely no fault of their own and fulfill some other rules.
Unemployment insurance is a state-federal program that pays financial compensation to workers who are unemployed.
Thus, option B is correct.
For more details about unemployment insurance, click here:
https://brainly.com/question/20397924
#SPJ2
Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year:
Jan. 1 Inventory 4,000 units at $40
Apr. 19 Sale 2,500 units
June 30 Purchase 4,500 units at $44
Sept. 2 Sale 5,000 units
Nov. 15 Purchase 2,000 units at $46
Required:
The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale.
Answer:
Cost of goods sold:
Apr. 19 = $100,000
Sept. 2 = $215,000
Inventory Balance on:
Apr. 19 = $60,000
Sept. 2 = $43,000
Explanation:
a) Data and Calculations:
Date Description Units Unit Price Inventory Cost of Sales
Jan. 1 Inventory 4,000 $40 $160,000
Apr. 19 Sale 2,500 $40 $60,000 $100,000
June 30 Purchase 4,500 $44 $258,000 ($44 * 4,500 + $60,000)
Sept. 2 Sale 5,000 $43 $43,000 $215,000
Nov. 15 Purchase 2,000 $46 $135,000 ($46 * 2,000 + $43,000)
Helppppppp pleaseeee
Answer:
B
Explanation:
I think but i may be wrong
Lowden Company has a predetermined overhead rate of and allocates overhead based on direct material cost During the current period direct labor cost is 58,000 and direct materials cost is $ 88,000 . How much overhead cost should Lowden Company should apply in the current period
Answer:
$138,160
Explanation:
Calculation to determine How much overhead cost should Lowden Company should apply in the current period
Using this formula
Overhead =157%*Direct material cost
Let plug in the formula
Overhead=157%*88,000
Overhead=$138,160
Therefore the amount of overhead cost that Lowden Company should apply in the current period is $138,160
g Privett Company Accounts payable $33,411 Accounts receivable 66,433 Accrued liabilities 6,512 Cash 22,494 Intangible assets 37,191 Inventory 89,982 Long-term investments 110,819 Long-term liabilities 75,872 Marketable securities 34,976 Notes payable (short-term) 29,393 Property, plant, and equipment 671,232 Prepaid expenses 1,809 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point
Answer:
1.79
Explanation:
Quick ratio = (Current assets - Inventory - Prepaid expenses) / Current liabilities
Quick ratio = (Account Receivable + Cash + Marketable securities) / (Account Payable + Accrued liabilities + Notes payable)
Quick ratio = (66,433 + 22,494 + 34,976) / (33,411 + 6,512 + 29,393)
Quick ratio = $123,903 / $69,316
Quick ratio = 1.78751
Quick ratio = 1.79
Instead of investing a lump of sum of $25000,Brittany Royer decides to svae the money in a vault for 2years. Assuming the inflation being 2.5%per year,how much will her purchasing power decline in 2years
Answer:
$1265.63
Explanation:
Inflation is a persistent rise in the general price levels
Types of inflation
1. demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise
2. cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect
Loss in purchasing value = future value of the amount saved - amount saved
The formula for calculating future value:
FV = P (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$25000 (1.025)² = $26.265.625
Amount lost = $26.265.625 - $25,000 = $1265.63
You are stowing items and come across an aerosol bottle of hairspray. What
should you do? Please choose all that apply.
Question Completion with Options:
o Stow the hairspray
o Raise an Andon
o Remove it and secure it with bubble wrap
o Place a Flammable sticker on the bottle
Answer:
What to do:
o Stow the hairspray
Explanation:
Stowing means the arrangement or placement of items, especially in a neat, compact way to enable easy retrieval when required. Therefore, you should continue what you have started by arranging the bottle of hairspray where it belongs in the appropriate packing space. Stowing ensures that items are properly arranged and put in their proper places or conditions when they are not in use.
Examine a product that has recently changed prices when you were at the grocery store in the past week. Analyze one determinant of supply and demand that has created the price to increase or decrease in your example. How did the change in demand or supply affect the market price in your example
Answer:
In the store the bread seemed to have a higher demand this week. When we went monday the shelfs were full of bread and the bread was 3.75 and when we went saturday it was 3.99. I think because it was in higher demand the bread went uo in cost so they wouldn't sell out.
The difference between new classical theory and new Keynesian theory is that Question 2 options: in new classical theory wages are assumed to be flexible, and in new Keynesian theory wages are assumed to be somewhat inflexible.
Group of answer choices.
A. in new classical theory wages are assumed to be flexible, and in new Keynesian theory wages are assumed to be somewhat inflexible.
B. in new classical theory wages are assumed to be somewhat inflexible, and in new Keynesian theory wages are assumed to be flexible.
C. adaptive expectations is the dominant expectations theory in new classical theory, and rational expectations is the dominant expectations theory in new Keynesian theory.
D. in new Keynesian theory the short-run aggregate supply curve is vertical, and in new classical theory the short-run aggregate supply curve is upward sloping.
Answer:
A. in new classical theory wages are assumed to be flexible, and in new Keynesian theory wages are assumed to be somewhat inflexible.
Explanation:
The new classical theory (neoclassical view) posits that long-term expansion of potential Gross Domestic Products (GDP) due to economic growth will determine the size of a country's economy but the economy cannot sustain production above its potential Gross Domestic Products (GDP) in the long run.
John Maynard Keynes was a British economist born on the 5th of June, 1883 in Cambridge, England. He was famous for his brilliant ideas on government economic policy and macroeconomics which is known as the Keynesian theory. He later died on the 23rd of April, 1946 in Sussex, England.
According to the new Keynesian theory, government spending or expenditures should be increased and taxes should be lowered when faced with a recession, in order to create employment and boost the buying power of consumers.
Hence, the difference between the new classical theory (neoclassical view) and new Keynesian theory is that, in new classical theory wages are assumed to be flexible by economists while in new Keynesian theory wages are assumed to be somewhat inflexible.
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.
Note: You must complete part 1 before completing part 2.
Based on the following data, prepare a bank reconciliation for December of the current year:
a. Balance according to the bank statement at December 31, $283,000.
b. Balance according to the ledger at December 31, $245,410.
c. Checks outstanding at December 31, $68,540.
d. Deposit in transit, not recorded by bank, $29,500.
e. Bank debit memo for service charges, $750.
f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000.
Enter all amounts as positive numbers.
Kornett Company
Bank Reconciliation
December 31, 2014
Subtotal
Adjusted Balance
Deduct
Adjusted Balance
Answer:
Balance as per bank statement $243,960
Balance as per ledger $243,960
Explanation:
Preparation of a bank reconciliation for December of the current year
KORNETT COMPANY Bank Reconciliation
December 31, 2014
Balance as per bank statement at December 31 $283,000
Add deposit in transit $29,500
Less check outstanding ($68,540)
Adjusted balance $243,960
Balance as per ledger at December 31 $245,410
Less bank service charges ($750)
Less Error in recording in check ($700)
($12,700-$12,000)
Adjusted balance $243,960
Therefore bank reconciliation for December of the current year will be :
Balance as per bank statement $243,960
Balance as per ledger $243,960
You are told that standing up during the Cowboys football game will give you a better view of the field. However, if everyone stands up at the same time, then your view is obscured. This example best describes:
a. inclusion of an irrelevant variable.
b. a violation of ceteris paribus .
c. a fallacy of composition.
d. a post hoc ergo propter hoc fallacy.
e. an omission of a relevant variable.
Answer:
I think the answer is e. Because you the variable that if everyone stands up you cant see is omitted.
Capital market securities have short-term maturities with less than one year and therefore can be sold for cash quickly and easily.
a) true
b) false
Answer:
b) false
Explanation:
The capital market securities may be defined as a financial market where long term debts or the equity-backed securities can be bought and then sold.
The capital market securities are long term maturities where cash can be bought and sold easily.
The money market securities are a short term maturity financial securities such as stocks, bonds, etc.
Therefore, the answer is false.
A more efficient means of processing algae to produce an anticancer drug is discovered. As a result, the supply curve for the drug will: __________
a. shift to the right, increasing the price of the drug.
b. shift to the left, increasing the price of the drug.
c. shift to the right, decreasing the price of the drug
d. shift to the left, decreasing the price of the drug.
Answer:
c
Explanation:
As a result of an increase in efficiency in production, there would be an increase in supply. As a result, there would be an outward shift of the supply curve. When the supply curve shifts outward, supply increases and prices of drugs fall.
On the other hand, if there is an inward shift of the supply curve, the supply of drugs would fall and the price of drugs would increase
Please check the attached image showing a graph of a decrease in supply
actor Co. can produce a unit of product for the following costs: Direct material $ 8.60 Direct labor 24.60 Overhead 43.00 Total product cost per unit $ 76.20 An outside supplier offers to provide Factor with all the units it needs at $48.40 per unit. If Factor buys from the supplier, the company will still incur 60% of its overhead. Factor should choose to:
Answer:
Relevant cost to make = Direct materials + Direct labor + Variable overhead
Relevant cost to make = $8.60 + $24.60 + $43.00 (1-60%)
Relevant cost to make = $8.60 + $24.60 + $17.20
Relevant cost to make = $50.40
Outside supplier cost ($48.40) < Relevant cost to make ($50.40). So, Factor should choose to buy because the relevent cost is less than outside supplier cost.
You own a portfolio equally invested in a risk-free asset and two stocks. If one of the stocks has a beta of 1.27 and the total portfolio is equally as risky as the market, what must the beta be for the other stock in your portfolio
Answer:
the beta be for the other stock in your portfolio is 1.73
Explanation:
The computation of the beta be for the other stock in your portfolio is shown below:
Given that
risk free asset contains the beta of 0
And,
market beta = 1
Now
1 = 1 ÷ 3 × 0 + 1 ÷ 3 × 1.27 + 1 ÷ 3 × beta
The beta of other stock = 1.73
hence, the beta be for the other stock in your portfolio is 1.73
Here we assume that one-third should be invested in all 3 things each
The Federal Arbitration Act (FAA) allows for arbitration clauses in employment contracts. False True
Answer:
True
Explanation:
It is TRUE that the Federal Arbitration Act (FAA) allows for arbitration clauses in employment contracts.
The above statement is echoed in the Epic Systems Corp. v. Lewis on May 21, 2018, where the Supreme Court gave its ruling that the FAA is totally enforceable in the individual arbitration agreements contracts.
Similarly, in the case of American Express Co. v. Italian Colors Restaurant, the court ruled that necessary arbitration clauses are legal.
During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $10,000. Required:
Answer:
Uncollectible amounts $12,000 debit
_____ Allowance for uncollectible amounts $12,000 credit
(Being the record of uncollectible)
Allowance for uncollectible amounts $10,000 debit
______ Accounts receivables $100,000 credit
(To record write off 2021)
Balance of the Allowance accounts:
$12,500 - 10,000 = 2,500
Allowance uncollectible amounts $15,000 debit
_____ Accounts receivables $15,000 credit
(To record write off 2022)
Explanation:
•The concluding part of the above question is record the adjusting entry for uncollectible accounts on December 31 2021
• Record write off of accounts receivables in 2022
Sales $160,000
Collection $110,000
AR $50,000
The above is multiplied by 25% unexpected uncontrollable amount : $12,500
The Allowance method will not recognize the additional uncollectible amount expense when doing a writer off. It will only do it when the company does the adjusting entry considering their rates and ageing of their accounts
Assuming you have to pay $6.00 to play the game, explain what happens in the long run. (Is it a good idea to play the game
Answer:
Kindly check explanation
Explanation:
We create a probability distribution for the play and winning :
Possible winning, X = 0, 7, 20
Probability of winning :
Sum of 2 die rolls ; sample space = 6² = 36
P(winning 0) = (sum ≠ 2,3,5 or 6)/ sample space = 24 / 36 = 2/3
P(winning 20) = (sum = (2 or 3) / Sample space) = 9 / 36 = 1/4
P(winning 7) = (sum = (5or6) / sample space) = 3 / 36 = 1/12
Distribution table :
X _____ 0 _______ 7 _____ 20
P(x) ___ 2/3 _____ 1/4 ____ 1/12
Expected value of the game ; E(X) ;
E(X) = Σx*p(x)
E(X) = (0*2/3) + (7*1/4) + (20*1/12)
E(X) = 0 + 1.75 + 1.6667
E(X) = 3.417
E(X) = 3.42
This means the mean winning after a long play is expected to be $3.42
To know if the game should be paku in the long run : we calculate the payoff
Expected Value - cost of paly
Cost of play = $6
Payoff = 3.42 - 6 = - 2.58
Since, payoff is negative, the game should not be played.
name two product with an inelastic demand
Answer:
everything can be found in the picture
How could a strategy plan be used by a local restaurant chain
Explanation:
A strategic plan for a restaurant should involve decisions regarding advertising and how customers view the restaurant from the outside. Your advertising strategy should address your customers in a way that is geared toward your primary demographic.
