Preparing a Process Costing Production Report (Weighted-Average Method) [LO 3-2, 3-3, 3-4]
Sandia Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information:
Units Costs
Beginning work in process (27% complete) 36,000
Direct materials $ 48,000
Conversion cost 105,000
Total cost of beginning work in process $ 153,000
Number of units started 74,000
Number of units completed and transferred to finished goods ?
Ending work in process (52% complete) 89,000
Current period costs
Direct materials $ 91,000
Conversion cost 161,000
Total current period costs $ 252,000
Required:
1 & 2. Using the weighted-average method of process costing, complete each of the following steps:
a. Reconcile the number of physical units worked on during the period.
b. Calculate the number of equivalent units.
c. Calculate the cost per equivalent unit. (Round your answers to 5 decimal places.)
d. Reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and round your final answers to the nearest whole dollar amount.)

Answer:

a. Reconciliation of the number of physical units worked on during the period.

As at Beginning                                36,000

Units started in current period       74,000

Units to be accounted for                110,000

Transferred out                                21,000   Balancing figure

(110,000 - 89,000)

As at end                                            89,000

Units accounted for                          110,000

b. Calculation of equivalent units.

                                            Direct Materials   Conversion Costs

Transferred out (A)                     21,000                   21,000

Units as at end (B)                      89,000                   89,000

Percentage of completion (C)   100%                          52%

Equivalent units as at 31 Dec    89,000                    46,280

(D = B * C)

Total equivalent units (A+D)     110,000                   67,280

c. Calculation the cost per equivalent unit.

                                                 Direct Materials   Conversion      Total

As at beginning                               48000              105000       153000

Added during the period                91000               161000      252000

Costs to be accounted for             139000             266000    405000

Total equivalent units                     110,000             67,280

Cost per equivalent unit               1.26364           3.95363   5.21726

Note: Cost per equivalent unit = Costs to be accounted for / Total equivalent units

d. Reconciliation the total cost of work in process.

                                                 Direct Materials   Conversion    Total

Units as at end (A)                          89,000              89,000     89,000

Cost per equivalent unit (B)           1.26364              3.95363     5.21726

Percentage of completion (C)           100%                 52%

Total cost (A*B*C)                            112,464             182,974    295,437

Cost of closing WIP = Costs to be Accounted for - Costs Transferred Out

= 405000 - (21000 units * 5.21726)

= 405,000 - 109,562.46

= 295437.54

= $295,4378

why might someone be a poor fit for a retail position?

A. Because they don’t have any sales experience
B. Because they don’t have strong interpersonal skills
C. Because they can’t grow within their position
D. Because they don’t have a four year degree

Factory Overhead Rates, Entries, and Account Balance Sundance Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning March 1 $708,050 $1,155,000 Estimated direct labor hours for year 15,400 Estimated machine hours for year 20,230 Actual factory overhead costs for March $56,680 $100,080 Actual direct labor hours for March 1,390 Actual machine hours for March 1,580 a. Determine the factory overhead rate for Factory 1. $ per machine hour b. Determine the factory overhead rate for Factory 2. $ per direct labor hour c. Journalize the entries to apply factory overhead to production in each factory for March. Factory 1 Factory 2 d. Determine the balances of the factory overhead accounts for each factory as of March 31, and indicate whether the amounts represent overapplied factory overhead or underapplied factory overhead. Factory 1 $ Factory 2 $

On December 31, 2022, Monty Company prepared an income statement and balance sheet and failed to take into account three adjusting entries. The incorrect income statement showed net income of $44,000. The balance sheet showed total assets, $166,400; total liabilities, $66,000; and stockholders’ equity, $100,400. The data for the three adjusting entries were: (1) Depreciation of $9,720 was not recorded on equipment. (2) Salaries and wages amounting to $10,720 for the last two days in December were not paid and not recorded. The next payroll will be in January. (3) Rent of $7,520 was paid for two months in advance on December 1. The entire amount was debited to Prepaid Rent when paid.

2) If a country, like the US, can produce all of the goods and services needed by
their citizens, why would they want to specialize in producing only some products
and trade with other countries for other products wanted by their citizens?

Vivian Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory. April May June Required purchases (on account) $ 106,000 $ 126,000 $ 138,000 Vivian Books’s accountant prepared the following schedule of cash payments for inventory purchases. Vivian Books’s suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month following the month of purchase. Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.

A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 20 50 60 5 2021 21 70 80 6 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2020 as the base year, and fix the basket at 2 karaoke machines and 6 CDs.) Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is . (Note: Again, use 2020 as the base year.) Which of the following statements is correct

Apeto Company produces premium chocolate candy bars. Conversion costs are added uniformly. For February, EWIP is 40 percent complete with respect to conversion costs. Materials are added at the beginning of the process. The following information is provided for February: Physical flow schedule: Units to account for: Units in BWIP 0 Units started 70,000 Total units to account for 70,000 Units accounted for: Units completed: From BWIP 0 Started and completed 47,000 47,000 Units in EWIP 23,000 Total units accounted for 70,000 Inputs Direct Materials Conversion Costs $38,500 $61,820 Required: 1. Calculate the equivalent units for each input category. Equivalent Units Direct Materials Conversion 2. Calculate the unit cost for each category and in total. If required, round your answers to the nearest cent. Unit direct materials cost $ Unit conversion cost $ Total unit cost $ 3. What if a different type of materials is also added at the end of the process (a candy wrapper), costing $4,700

If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: Multiple Choice Debit Cash and credit Legal Fees Earned. Debit Cash and credit Unearned Legal Fees. Debit Unearned Legal Fees and credit Legal Fees Earned. Debit Legal Fees Earned and credit Unearned Legal Fees. Debit Unearned Legal Fees and credit Accounts Receivable.

2. The buyer's prepaid expense is the seller's
revenue
​

The CEO would like to see higher sales and a forecasted net income of $1,000,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization increase by 6% and interest expenses will increase by 5%. The tax rate, which is 40%, will remain the same. (Note that while the tax rate remains constant, the taxes paid will change.) What level of sales would generate $1,000,000 in net income? If necessary, round your answer to the nearest dollar at the end of the calculations.

HELP ME PLSSS SOMEONE HELPP

tom sold 3 cars ( a total value of $112,500) in the month of january. it is paid only by commission for its seller. he receives a commission of 7%. what is tom’s salary for the month of january?

The following disclosures (excerpted) are from the September 2, 2018, annual report of Costco Wholesale Corporation.

The Company generally recognizes sales, net of returns, at the time the member takes possession of merchandise or receives services. When the Company collects payments from members prior to the transfer of ownership of merchandise or the performance of services, the amounts received are generally recorded as deferred sales, included in other current liabilities in the consolidated balance sheets, until the sale or service is completed. The Company reserves for estimated sales returns based on historical trends in merchandise returns and reduces sales and merchandise costs accordingly. The Company accounts for membership fee revenue, net of refunds, on a deferred basis, ratably over the one-year membership.

The Company’s Executive members qualify for a 2% reward on qualified purchases (up to a maximum reward of approximately $1,000 per year), which can be redeemed only at Costco warehouses. The Company accounts for this reward as a reduction in sales. The sales reduction and corresponding liability (classified as accrued member rewards in the consolidated balance sheets) are computed after giving effect to the estimated impact of non-redemptions, based on historical data. The net reduction in sales was $1,394, $1,281, and $1,172 in 2018, 2017, and 2016, respectively.


Revenue Sept. 2, 2018 Sept. 3, 2017 Aug. 28, 2016
($ millions)

Net Sales $138,434 $126,172 $116,073
Membership fees 3,142 2,853 2,646
Total revenue $141,576 $129,025 $118,719


Current Liabilities ($ millions) Sept. 2, 2018 Sept. 3, 2017

Accounts payable $11,237 $9,608
Accrued salaries and benefits 2,994 2,703
Accrued member rewards 1,057 961
Deferred membership fees 1,624 1,498
Other current liabilities 3,014 2,725
Total current liabilities $19,926 $17,495

Which of the following statements best explains in layman terms how Costco accounts for the cash received for its membership fees?

a. Because Costco does not know how many of its members will continue to the end of the year, cash received from members is recorded as a liability and recognized as revenue only at year-end.
b. When it receives cash, the company records it as a current liability. Then, it recognizes revenue evenly over the year.
c. The company records revenue when the cash is received.
d. Because Costco has a refund policy, the company records revenue when the cash is received, less an allowance for expected membership terminations.

Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological​ order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual​ record, calculate the quantity and total cost of merchandise inventory​purchased, sold, and on hand at the end of the period.​ (Enter the oldest inventory layers​ first.)
Purchases
Cost of Goods Sold
Inventory on Hand
Unit
Total
Unit
Total
Unit
Total
Date
Quantity
Cost
Cost
Quantity
Cost
Cost
Quantity
Cost
Cost
May 1
11
23
26
29
Totals
Compute gross profit using the FIFO inventory costing method.
Gross profit is $
using the FIFO inventory costing method.
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological​ order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual​ record, calculate the quantity and total cost of merchandise inventory​purchased, sold, and on hand at the end of the period. ​(Enter the oldest inventory layers​ first.)
Purchases
Cost of Goods Sold
Inventory on Hand
Unit
Total
Unit
Total
Unit
Total
Date
Quantity
Cost
Cost
Quantity
Cost
Cost
Quantity
Cost
Cost
May 1
11
23
26
29
Totals
Compute gross profit using the LIFO inventory costing method.
Gross profit is $
using the LIFO inventory costing method.

Today you are feeling bullish on UPP stock. You decide the best way to play that opinion is to purchase 5 call options that expire in 4 months with a strike price of 70.00. To lower your risk and your cost basis you simultaneously sell 3 call options that also expire in 4 months with a strike price of 77.50. The current stock price is 70.80. The price of the 70-strike call is 5.50 and the price of the 77.50 strike call is 2.40. The current continuously compounded risk free rate is 3% (annual). 3.
a. Calculate your profit/loss if the ending price of one share of UPP stock is 80.00.
b. Calculate your profit/loss if the ending price of one share of UPP stock is 65.00.

What is the purpose of Geert Hofstede’s Cultural Dimensions Theory? Review Later To explain why some cultures are not worth time investing into. To assess the net capital expenditure on a particular foreign market and its viability as a long-term market. A model to understand key cultural considerations between different counties, so as to inform global business managers of cultural deviations. A model for predicting financial gain across a globalized market. Two of the answers in this answer set are correct.

The Wall Street Journal reports that the rate on 3-year Treasury securities is 7.20 percent, and the 6-year Treasury rate is 7.45 percent. From discussions with your broker, you have determined that expected inflation premium is 2.70 percent next year, 2.95 percent in Year 2, and 3.15 percent in Year 3 and beyond. Further, you expect that real interest rates will be 3.60 percent annually for the foreseeable future. What is the maturity risk premium on the 6-year Treasury security

Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer equipment, installation and training for a total cost of $144,000 on March 15, 2021. Estimated standalone fair values of the equipment, installation, and training are $90,000, $60,000, and $30,000 respectively. Determine The transaction price allocated to equipment is The transaction price allocated to installation is The transaction price allocated to training is Express your answer as an integer without $ sign (Round all computations to the nearest dollar. For example, input "100,000" if your answer is $100,000.22).

Danielle has to send a message to her manager. It is taking her extra time to draft the message because of the number of edits she has to make. What type of communication is Danielle carrying out?

According to a supply and demand model for apples, if the average household income decreases at the same time 10 apple orchards go out of business, one would expect the equilibrium Group of answer choices price of apples to be indeterminate and the equilibrium quantity of apples in the market to increase. quantity of apples in the market to be indeterminate and the equilibrium price of apples to increase. price of apples to increase and the equilibrium quantity of apples in the market to decrease. quantity of apples in the market to decrease and the equilibrium price of apples to stay the same. quantity of apples in the market to decrease and the equilibrium price of apples to be indeterminate.

Many companies have a _____ that their employees are responsible for abiding by. code of unethics code of ethics set of rules set of laws

James did not like the fact that he had no input in his productivity goal. Because of this, his was low and he did not take it as seriously as if he had set the same goal himself. Carol always tries extremely hard to reach her performance goal. She takes it personally when she falls short, which rarely happens because she is so dedicated to reaching it. Carol's is high. After organizational and subsidiary goals are set, each manager meets with each subordinate to explain the unit goals to the subordinate. Together the two determine how the subordinate can contribute to the unit's goals most effectively. This is called

During its first month of operations in March, Volz Cleaning, Inc., completed six transactions with the dollar effects indicated in the following schedule:
Dollar Effect of Each of the Six Transactions Ending Balance
Accounts 1 2 3 4 5 6
Cash $ 45,000 $ (8,000) $ (2,000) $ (7,000) $ 3,000 $ (4,000)
Investments (short-term) 7,000 (3,000)
Notes receivable (due in six months)2,000
Computer equipment 4,000
Delivery truck 35,000
Notes payable (due in 10 years) 27,000
Common stock (3,000 shares) 6,000
Additional paid-in capital 39,000
Prepare a classified balance sheet for Volz Cleaning, Inc., at the end of March.

Please elaborate what will happen to Net Earnings to Sales and Net Earnings to Total Book Assets when you observe these trends. (a) and (b) are separate unrelated circumstances. a) Sales increased by a total of 30% in the prior three years, while Days of Sales in Inventories increased also by 30% in each of these three years. Costs of Goods Sold to Sales remained constant. b) Gross property, plant, and equipment increased by a total of 30% during the prior three years. Operating and administrative expense increased relative to sales by 30% in the prior three years. Sales remained constant. Costs of goods sold to sales remained constant. ANSWER:

The environmental protection agency of a county would like to preserve a piece of land as a wilderness area. The current owner has offered to lease the land to the county for 20 years in return for a lump-sum payment of $1.1 million, which would be paid at the beginning of the 20-year period. The agency has estimated that the land would generate $110,000 per year in benefits to hunters, bird watchers, and hikers. Assume that the lease price represents the social opportunity cost of the land and that the appropriate real discount rate is 4 percent.
a. Assuming that the yearly benefits, which are measured in real dollars, accrue at the end of each of the 20 years, calculate the net benefits of leasing the land. Should the environmental protection agency pay for this piece of land?
b. Some analysts in the agency argue that the annual real benefits are likely to grow at a rate of 2 percent per year due to increasing population and county income. Recalculate the net benefits assuming that they are correct. Should the environmental protection agency pay for this piece of land?

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.May 11 Sydney accepts delivery of $31,500 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $21,105. Sydney pays $635 cash to Express Shipping for delivery charges on the merchandise.12 Sydney returns $1,500 of the $31,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,005.20 Sydney pays Troy for the amount owed. Troy receives the cash immediately.(Both Sydney and Troy use a perpetual inventory system and the gross method.)1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August usage was forecasted to be 46 percent of capacity; actual usage was 56 percent of capacity. A smoothing constant of .05 is used.
a. Prepare a forecast for September. (Round your final answer to 2 decimal places.) Forecast for September percent of capacity
b. Assuming actual September usage of 64 percent, prepare a forecast for October usage. (Round your answer to 2 decimal places.) Forecast for October percent of capacity

The 16 overhead doors on your loading dock must be replaced now. The deluxe model costs $2,200 each and will last for six years. The standard model costs $1,600 each and will last for four years. The deluxe model is aluminum, so it will have a scrap value of $150 at the end of its life. The standard model is plastic and has no scrap value. The use of the deluxe model on the loading dock will also save your company $1,000 per year in heating costs because of its ability to seal better. If you use an interest rate of 12% and present worth analysis, which door will you recommend

Pacific Independent School District issued $100 million of general obligation bonds to finance the construction of new schools. The bonds were issued at a premium of $0.6 million. Prepare the capital projects fund journal entries to record the issue of the bonds and the transfer of the premium to an appropriate fund. Suppose, instead, that the bonds were issued at a discount of $0.6 million but that the project will still cost $100 million. Prepare the appropriate entries. Contrast the entries in this part with those in part 1. Indicate the options available to the school district, and state how they would affect the entries required of the district. Suppose that the government chose to finance the balance of the project with general revenues. Prepare the appropriate capital projects fund entry.

4. Which of the following are NOT typical characters used in a commercial by a company marketing to teenagers?
A Popular Radio DJs
B Current Hip-Hop Artists
C Popular Classical Musicians
D Popular Professional Athletes

Bruce Church, Inc. is a company engaged in extensive commercial farming in Arizona and California. A provision of the Arizona Fruit and Vegetable Standardization Act requires that all cantaloupes grown in Arizona "be packed in regular compact arrangement in closed standard containers approved by the supervisor." Arizona, through its agent Pike, issued an order prohibiting Bruce Church from transporting uncrated cantaloupes from its range in Parker, Arizona, to nearby Blythe, California, for packing and processing. It would take many months and $200,000 for Bruce Church to construct a processing plan int Parker. Further, Bruce Church had $700,000 worth of cantaloupes ready for transportation. Bruce Church filed suit in federal district court challenging the constitutionality of the Arizona statutory provision on shipping cantaloupes. The court issued an injunction (essentially saying the statute was not constitutional) against the enforcement of the act on the grounds that it was an undue hardship on interstate commerce. Answer the following questions: 1. What is the Commerce Clause? 2. Will the Arizona regulation withstand Commerce Clause scrutiny? Why or why not?