Reedy Company reports the following information for 2012:
Cost of goods manufactured $68,250
Direct materials used 27,000
Direct labor incurred 25,000
Work in process inventory, January 1, 2012 11,000
Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31, 2012, is:________
a. $16,250
b. $8,500
c. $18,750
d. $13,500

Answers

Answer 1

Answer:

Ending WIP= $13,500

Explanation:

First, we need to calculate the factory overhead:

Factory overhead= 25,000*0.75= $18,750

Now, the ending WIP inventory:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

68,250 = 11,000 + 27,000 + 25,000 + 18,750 - Ending WIP

Ending WIP= $13,500


Related Questions

Northberg Company is preparing a cash budget for August. The company has $16,000 cash at the beginning of August and anticipates $126,000 in cash receipts and $134,500 in cash payments during August. Northberg Company wants to maintain a minimum cash balance of $15,000. To maintain the $15,000 required balance, during August the company must: Group of answer choices Borrow $15,000. Repay $7,500. Repay $8,500. Borrow $7,500. Borrow $8,500.

Answers

Answer:

Borrow $7,500

Explanation:

The calculation of the amount that should be required to maintain the required balance is given below:

Preliminary cash balance

= Opening balance + Cash receipts - Cash disbursements

= $16,000 + $126,000 - $134,500

= $7,500

Since we have to maintain $15,000 so we have to borrow the following amount

= $15,000 - $7,500

= $7,500

Question 4 James Bennett also allocates wealth between youth and old age. He has no cash currently (in his youth), but will inherit $3000 in his old age. He can lend and borrow at the bank at 18% (that is, lending $1 in youth will give him $1.18 in old age). He has an investment opportunity that costs $12,000 now in his youth and has a payoff of $15,000 in his old age. This is the only investment opportunity available to him. What is the most he can consume in his youth

Answers

James Bennet needs us to locate investment opportunities for him.

James divides his fortune between youth and old age, as is shown to us. He is currently cashless.

He has access to bank borrowing and lending at 18%.

Some investment opportunities are presented to him.

Investing is the act of placing money into a bank, a piece of property, or a company.

Savings can also take the form of investments.

The most he should spend while still young is $15,254.23.

This calculation is displayed.

The future value is the present value times 1.18.

Future worth = $15,000 + $3,000

= $ 18,000

Therefore, the present value is equal to $18,000 divided by 1.18.

= $ 15, 254.23.

The value that represents today's value is referred to as present value.

Consequently, we might infer that the greatest amount is $15,254.23 that he can spend during his childhood.

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Money markets trade securities that: _______________

I. mature in one year or less.
II. have little chance of loss of principal.
III. must be guaranteed by the federal government.

a. I and III only
b. I only
c. I and II only
d. I, II, and III

Answers

The answer is d because d
A: I and II only is the correct answer

On Jan. 1, 2018, your cousin, Laura, purchased one $1,000, 5-year semiannual bond with a coupon rate of 8%. The yield of the bond was 8% at the time. How much did Laura pay for the bond?

Answers

Answer:

the amount pay for the bond is $1,000

Explanation:

The computation of the amount pay for the bond is shown below:

Given that

Future value be $1,000

NPER is 5 × 2 = 10

RATE = 8% ÷ 2 = 4%

PMT = $1,000 × 8% ÷ 2 = $40

The formula is given below:

=-PV(RATE,NPER,PMT,FV,TYPE)

After applying the above formula, the present value is $1,000

Hence, the amount pay for the bond is $1,000

Well Water Inc. wants to produce and sell a new flavored water. In order to penetrate the market, the product will have to sell at $2.00 per 12 oz. bottle. The following data has been collected:

Annual sales......................................................50,000 bottles
Projected selling and administrative costs.....$8,000
Desired profit.....................................................$80,000

The target cost per bottle is:__________

Answers

Answer:

The answer is "0.4".

Explanation:

[tex]\\\to \text{Total Cost of Goods Sold = Sales revenue - Desired profit}[/tex]

                                              [tex]= (2\times 50,000) - 80,000\\\\= 1,00,000 - 80,000\\\\= 20,000[/tex]

Calculating the target cost per bottle:

[tex]= \frac{\text{Total cost of goods sold}}{ \text{units sold}}\\\\= \frac{20,000}{50,000}\\\\= \frac{2}{5}\\\\= 0.4[/tex]

What is the present value of an annuity that pays $58 per year for 13 years and an additional $1,000 with the final payment

Answers

Answer:

$882.03

Explanation:

Interest rate used is 7.23%

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow in year 1 to 12 = 58

cash flow in year 13 = 1058

I = 7.23

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

A lender uses these tools to help prequalify you for a mortgage

Answers

Answer:

Following are the summary of tools/documents that are used by lenders to pre-qualify their customers for a mortgage :

1. Tax returns, W-2s, and 1099s are examples of income as well as employment records.

2. Bank, pension, and brokerage accounts property declarations

3. Settlements on your obligations on a regular basis as well as any real estate debt statements.

4. Rent deposits, divorce, insolvency, and repossession records are all kept on file.

Dunbar sold 640 units of inventory during the month. Ending inventory assuming weighted-average cost would be: (Round weighted-average unit cost to 4 decimal places and final answer to the nearest dollar amount.)

Answers

Answer:

$428.13

Explanation:

Note The missing word have been attached as picture below

Weighted average cost per unit = [(450*$2.18) + (370*$2.62)] / (450 + 370)

Weighted average cost per unit = ($981 + $969.4) / 820

Weighted average cost per unit = $1950.4 / 820

Weighted average cost per unit = 2.378536585365854

Weighted average cost per unit = $2.3785

Ending inventory unit = 450 + 370 - 640

Ending inventory unit = 180

Value of ending inventory = $2.3785 * 180 units

Value of ending inventory = $428.13

A sporting equipment store expects to purchase $8,200 of ski boots in October. The store had $2,800 of ski boots in merchandise inventory at the beginning of October, and expects to have $1,800 of ski boots in merchandise inventory at the end of October to cover part of anticipated November sales. What is the budgeted cost of goods sold for October?
a) $7,000.
b) $9,000.
c) $8,000.
d) $12,000.
e) $11,000.

Answers

Answer:

$9,200

Explanation:

Calculation to determine the budgeted cost of goods sold for October

Using this formula

Budgeted cost of goods sold for October =Cost of ski boots + Inventory at the beginning - Inventory at the end

Let plug in the formula

Budgeted cost of goods sold for October = $2800 + $8200 - $1800

Budgeted cost of goods sold for October= $9200

Therefore the budgeted cost of goods sold for October is $9,200

An employee earned $1,000 in the first pay period of the current year. How much is the total employer and employee social security taxes on these earnings? (Use the simplified rate shown in illustrations.)

Answers

Answer: $120

Explanation:

The total employer and employee social security taxes is 6% fir the employee and 6% for the employee which then makes up 12%.

Since the employee earned $1,000 in the first pay period of the current year, then the total employer and employee social security taxes on these earnings will be:

= 12% × $1000

= 0.12 × $1000

= $120

der owns a hamburger restaurant. Slider's minimum average variable cost is $10$ 10 at a quantity of 100 hamburgers, and his minimum average total cost is $15$ 15 at a quantity of 200 hamburgers. His total fixed cost is $300$ 300 . Use this information to answer the questions. What is Slider's AVC when he sells 200 hamburgers?

Answers

Answer:

$13.50

Explanation:

Average Total Cost = Average Variable Cost + Average Fixed Cost

Average Fixed Cost = total fixed cost / quantity

300 / 200 = 1.5

15 = 1.5 + Average Variable Cost

Average Variable Cost =15 - 1.5 = 13.50

You sold ten put contracts on Cross Town Bank stock at an option price per share of $0.85. The options have an exercise price of $39 per share. The options were exercised today when the stock price was $34 a share. What is your net profit or loss on this investment assuming that you closed out your positions at a stock price of $34

Answers

Answer:

-$4,150

Explanation:

Calculation to determine your net profit or loss on this investment

Using this formula

Net profit/Loss=(Option price per share-Exercise price+Stock price)×100×10

Let plug in the formula

Net loss = ($0.85 - $39 + $34) × 100 × 10

Net loss =-$4.15×100×19

Net loss = -$4,150

Therefore your net loss on this investment is -$4,150

Based on a predicted level of production and sales of 30,000 units, a company anticipates total contribution margin of $105,000, fixed costs of $40,000, and operating income of $65,000. Based on this information, the budgeted operating income for 28,000 units would be

Answers

Answer: $58,000

Explanation:

Operating income for 28,000 units = Contribution margin for 28,000 units - Fixed costs

Contribution margin for 28,000 units:

= 28,000 units * Contribution margin of 30,000 units / 30,000 units

= 28,000 * 105,000 / 30,000

= $98,000 units

Operating income for 28,000 units = 98,000 - 40,000

= $58,000

AJ Manufacturing Company incurred $54,500 of fixed product cost and $43,600 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17,350 of fixed and $13,900 of variable selling and administrative costs. The company sold all of the units it produced for $178,000. Required Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). Prepare an income statement using the contribution margin approach.

Answers

Answer and Explanation:

The preparation of the income statement under following approaches are

Under  generally accepted accounting Principles (GAAP)

Sales $178,000

Less: cost of goods sold ($54,500 + $43,600) -$98,100

Gross margin $79,900

Less: selling & general admin ($17,350 + $13,900) -$31,250

Net income $48,650

Under contribution margin approach

Sales $178,000

Less: variable cost ($43,600 + $13,900) -$57.5

Contribution margin $120,500

Less: fixed cost ($54,500 + $17,350) -$71,850

Net income $48,650

Freelife, New Hampshire has a labor force of 78,567 persons and employment of 74,382. The unemployment rate for the city is: Group of answer choices 5.3%. 5.6%. 6.0%. 7.1%

Answers

Answer:

5.3%

Explanation:

There are 4,185 unemployment person(78,567-74,382)

So the rate of unemployment persons = ( the number of unemployment / the total number of persons) × 100

= (4,185/78,567) ×100

In Freelife, New Hampshire, there are 74,382 people employed and 78,567 people in the labor force. The city's unemployment rate is 5.3%.

What is the cause of unemployment?

When someone is actively seeking employment even if they are employable, they are said to be unemployed. Individuals who are employed but do not have the right jobs are included in this group. One of the indices of a nation's economic health is unemployment,

which is typically calculated as the unemployment rate, which is calculated by dividing the number of jobless persons by

the total number of workers. It is common to misunderstand the definition of unemployment, which includes persons who are waiting to start working again after being discharged but excludes those who have given up seeking for a job. Those that aren't looking for work right now.

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A horizontal merger between two firms occurs when: __________

a. the products of the merging firms were not related in any manner before the merger.
b. one firm is a producer of products, and the other firm is a producer of services.
c. one firm is a domestic firm, and the other is a foreign company
d. the firms stood in a buyer-seller relationship before the merger.
e. the merger partners were competitors.

Answers

Answer:

e

Explanation:

A merger can be described as the absorption of one firm by another firm.

When a merger occurs, one of the firms would not exist as a separate entity while the other firm would continue to exist.

Types of merger

1. Horizontal merger : this is a type of merger that occurs between firms in the same industry. The firms are usually competitors.

Reasons for an horizontal merger

It is done to increase the market power of a firmThis type of merger is done to achieve economies of scale.

An example of an horizontal merger is the merger between Mobil and Exxon in 1999.

2. Vertical merger : this is when a firm purchases another firm in the same production line. e.g. a baker purchases a pastry distributing company

Reasons for a vertical merger

Cost savingsIt provides the firm acquiring a greater control of the production process.

Types of vertical merger

a. Backward integration : it is when the acquiring firm purchases a firm ahead of it in the production process. e.g. a baker purchases a pastry distributing company

b. Forward integration : it is when the acquiring firm purchases a firm that is behind it in the production process. e.g. a baker purchases a firm that supplies grains

3. Conglomerate merger : This occurs when the products of the merging firms were not related in any manner before the merger.

8794979666++++45626563.

Answers

Added, the answer is 8,840,606,229. Was this even the question? Looks like it was just spam lol

bRamapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly. Data for the products and departments are listed below. Product Number of Units Direct Labor Hours Per Unit Machine Hours Per Unit Blinks 1,048 4 7 Dinks 2,236 5 6 All of the machine hours take place in the Fabrication department, which has an estimated overhead of $82,200. All of the labor hours take place in the Assembly department, which has an estimated total overhead of $102,000. Ramapo Company uses a single plantwide overhead rate to apply all factory overhead costs based on direct labor hours. The factory overhead allocated per unit of Dinks is

Answers

Answer:

Ramapo Company

The factory overhead allocated per unit of Dinks is:

= $56.94.

Explanation:

a) Data and Calculations:

Product   Number of Units    Direct Labor         Machine

                                            Hours Per Unit   Hours Per Unit

Blinks                1,048                   4                           7

Dinks               2,236                   5                           6

                                      Fabrication      Assembly

Estimated overhead       $82,200       $102,000

Machine hours:

Blinks                              7,336

Dinks                              13,416

Total machines hours  20,752

Direct Labor hours:

Blinks                                                          4,192

Dinks                                                          11,180

Total machines hours                              15,372

Total factory overhead         Blinks          Dinks

Fabrication department    $29,058      $53,142

Assembly department          27,816        74,184

Total allocated overhead  $56,874   $127,326

Units produced                       1,048        2,236

Factory overhead per unit  $54.27      $56.94 ($127,326/2,236)

Andrews Corporation has income from operations of $240,000. In addition, it received interest income of $24,000 and received dividend income of $29,500 from another corporation. Finally, it paid $11,800 of interest income to its bondholders and paid $45,000 of dividends to its common stockholders. The firm's federal tax rate is 21%. What is the firm's federal income tax

Answers

Answer: $54,820.50

Explanation:

Federal income tax = Taxable income * tax rate

Taxable income = Income from operations + Interest income received + Dividend income received - Interest income paid

= 240,000 + 24,000 + (30% * 29,500) - 11,800

= $261,050

Federal income tax = 261,050 * 21%

= $54,820.50

Note: Only 30% of Dividends received are taxable

A producer of fixed proportion goods X and Y (Q = Qx = Qy) has marginal costs and revenues of MC = 10 Q, MRX = 150 - 6 QX, MRy = 30 - 4 Qy. The producer should produce how many units?
a. Qx =9, Qy=9
b. Qx = 9, Qy = 7.5
c. Qx = 10, Qy = 10
d. Qx = 9, Qy=0

Answers

Answer:

a. Qx =9, Qy=9

Explanation:

As per the given data

Q = QX = QY

MRX = 150 - 6QX = 150 - 6Q

MRY = 30 - 4QY = 30 - 4Q

MC = 10Q

Now calculate the Marginal revenue as follow

MR = MRX + MRY

MR = 150 - 6Q + 30 - 4Q

MR = 150 + 30 - 6Q - 4Q

MR = 180 - 10Q

The Equilibrium of the producer will be

MR = MC

180 - 10Q = 10Q

180 = 10Q + 10Q

180 = 20Q

Q = 180 / 20

Q = 9

As we know

Q = Qx = QY

Hence, the value of Qx  and QY is 9

An organization's job structure consists of relative pay for different functions and different levels of responsibility.

a. True
b. False

Answers

Answer:

a). True

Explanation:

The given statement asserts a true claim that the job structure of an organization comprises of corresponding pay scales for the different employees performing different activities and functions according to the levels of authority or leadership they have been provided. The job structure is the aspect that establishes the hierarchy or of various ranks and positions in which the company is organized to aptly manage the running of the business and its associated activities successfully and efficiently. Thus, the statement is true.

Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of $52,000 during the year. Income generated through the brokerage account was as follows: Municipal interest $104,000 Taxable dividends and interest 520,000 If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. How much investment interest can Tobias deduct

Answers

Answer: $43,160

Explanation:

The amount of investment interest that can be deducted is:

= Interest expense * Proportion of total income that is taxable

Municipal interest is not taxable so the proportion of total income that is taxable is:

= Taxable dividends and interest / Total income

= 520,000 / (520,000 + 104,000)

= 0.83

Amount of investment interest that is deductible:

= 52,000 * 0.83

= $43,160

Madison Corporation sells three products (M, N, and O) in the following mix: 3:1:2. Unit price and cost data are: M N OUnit sales price$12 $10 $11Unit variable costs 9 8 9Total fixed costs are $585,000. The selling price per composite unit for the current sales mix (rounded to the nearest cent) is:

Answers

Answer:

Selling price per composite unit= $11.3

Explanation:

Giving the following information:

Madison Corporation sells three products (M, N, and O) in the following mix: 3:1:2.

Unit price and cost data are: M N OUnit sales price$12 $10 $11

First, we need to calculate the sales proportion for each product:

M= 3/6= 0.5

N= 1/6= 0.17

O= 2/6= 0.33

Now, the selling price per composite unit:

Selling price per composite unit= (0.5*12) + (0.17*10) + (0.33*11)

Selling price per composite unit= $11.3

Meyer Company reported the following for its recent year of operation:

From Income Statement:

Depreciation Expense $1,000
Loss on the Sale of Equipment (3,000)

From the comparative balance sheet:
Beginning balance, equipment $12,500
Ending balance, equipment 8,000
Beginning balance, accumulated depreciation 2,000
Ending balance, accumulated depreciation 2,600

No new equipment was purchased during the year. What was the selling price of the equipment?

Answers

Answer:

$900

Explanation:

Calculation to determine the selling price of the equipment

First step

Cost of equipment sold = Beginning balance - Ending balance

Cost of equipment sold=$12,500-$8,000

Cost of equipment sold=$4,500

Second step

Ending balance= Beginning balance + Depreciation expense - Accumulated depreciation on equipment sold

Ending balance=$2,000+$1,000-$600

Ending balance=$2,400

Third step

Book value = Cost of equipment sold - Accumulated depreciation on equipment sold

Book value=$4,500-$600

Book value=$3,900

Now let determine the selling price of the equipment

Selling price=$3,000-$3,900

Selling price=$900

Therefore the selling price of the equipment.is $900

Investors with 30 per cent of the voting stock of a corporation, interested in a seat on the board of directors, had better have __________ voting privileges. a. straight b. cumulative c. proxy d. limited

Answers

Answer:

B)cumulative

Explanation:

Suppose you entered a contract to buy your friend's iPad. Without your knowledge, it was malfunctioning at the time you bought it, and it died soon after you started using it. Your friend had recently removed a large number of applications from the iPad that were not working. Although he honestly thought the problem was with the applications and not the iPad itself, he failed to tell you about the problem. You reasonably concluded, based on your inspection of all of the current applications on the iPad, that it was functioning properly. Can you rescind the contract to buy the iPad?

a. Yes, due to fraud.
b. Yes, due to innocent misrepresentation.
c. Yes, due to mutual mistake.
d. Yes, due to undue influence.
e. No, the latent malfunction was not material, because the iPad was functioning when you bought it.

Answers

Answer:

Can you rescind the contract to buy the iPad?

b. Yes, due to innocent misrepresentation.

Explanation:

You can rescind the contract without damages or you claim damages based on the loss that you have already incurred for the contract.  An innocent misrepresentation occurs when the misrepresentation is not fraudulent nor negligent.  Therefore, you can rescind the contract or affirm it. But if the misrepresentation is fraudulent or negligent, you can rescind the contract as well as claim damages.

How much does international trade affect you personally?

Answers

Answer:

maybe a lot for me ok

maybe you

Han Products manufactures 29,000 units of part S-6 each year for use on its production line. At this level of activity, the cost per unit for part S-6 is:

Direct materials $3.70
Direct labor 12.00
Variable manufacturing overhead 2.30
Fixed manufacturing overhead 9.00
Total cost per part $27.00

An outside supplier has offered to sell 29,000 units of part S-6 each year to Han Products for $23 per part. If Han Products accepts this offer, the facilities now being used to manufacture part S-6 could be rented to another company at an annual rental of $79,000. However, Han Products has determined that two-thirds of the fixed manufacturing overhead being applied to part S-6 would continue even if part S-6 were purchased from the outside supplier.

Required:
What is the financial advantage (disadvantage) of accepting the outside supplier’s offer?

Answers

Answer:

Financial advantage of accepting supplier's offer = $21,000

Explanation:

Relevant costs saved by outsourcing production:

Direct materials $3.70

Direct labor $12.00

Variable manufacturing overhead $2.30

Fixed manufacturing overhead $9.00 * 1/3 = $3

Total cost per part $21.00

Total savings per year = $21 * 29,000 = $609,000

Additional rental income = $79,000

Total = $688,000

Cost of purchasing 29,000 parts = $23 * 29,000 = $667,000

Financial advantage of accepting supplier's offer = $21,000

Which of the following food borne illness has a preventative vaccine

A. E.coli
B.norovirus
C. Hep. A
D. Shigella

Answers

Answer:

C. Hep. A

Explanation:

From the available options, Hep. A is preventable with a vaccine. The vaccine was created in 1995. It is administered to individuals in two seperate doses and usually done with a time span of 6 months between dose. Having both doses administered helps prevent the individuals from the Hep. A virus long term. Like most vaccines, this one has a 95% effectiveness for preventing the virus from affecting the individual's body.

Question 4
Which of the following is an example of an asset?
A. Repairs and Maintenance

B. Accounts Receivable

C. Accounts Payable
D. GST Collected

Answers

Answer:

Accounts Receivable

Explanation:

A is an expense, C and D are liabilities

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