Answer and Explanation:
The journal entries are shown below:
a. Bad-debt expense A/c [($430,800 × 3%) - $2,864] Dr. $10,060
To Allowance for doubtful accounts A/c $10,060
(Being bad-debts expense is recorded)
Here the bad debt expense is debited as it increased the expense and credited the allowance as it decreased the assets
b. Bad-debt expense A/c [($430,800 × 3%) + $887] Dr. $13,811
To Allowance for doubtful accounts A/c $13,811
(Being bad-debts expense is recorded)
Here the bad debt expense is debited as it increased the expense and credited the allowance as it decreased the assets
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 982 Conversion costs 377 Current period costs Direct materials 14,965 Conversion costs 9,990 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 800 units (65% complete as to materials, 55% complete as to conversion) Current period units started 4,700 units Ending inventory 1,600 units (45% complete as to materials, 15% complete as to conversion) Exercise 8-36 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-5) Compute the cost of goods transferred out and the ending inventory using the FIFO method.
Answer:
The Matsui Lubricants
Plant Department
Cost of goods transferred out = $20,904
Cost of ending inventory = $2,774
Explanation:
a) Data and Calculations:
Direct Materials Conversion Total
Beginning WIP inventory $982 $377 $1,359
Current period costs 14,965 9,990 24,955
Units Direct Materials Conversion
Beginning inventory 800 65% 55%
Current units 4,700
Total units available 5,500
Transferred out 3,900 100% 100%
Ending inventory 1,600 45% 15%
Equivalent units:
Units Direct Materials Conversion
Beginning inventory 800 520 (65%) 440 (55%)
Units transferred 3,900 3,900 (100%) 3,900 (100%)
Ending inventory 1,600 720 (45%) 240 (15%)
Total equivalent units 5,140 4,580
Cost of production:
Direct Materials Conversion Total
Beginning WIP inventory $982 $377 $1,359
Current period costs 14,965 9,990 24,955
Total cost of production $15,947 $10,367 $26,314
Cost per EUP:
Direct Materials Conversion
Total cost of production $15,947 $10,367
Total equivalent units 5,140 4,580
Cost per equivalent unit $3.10 $2.26
Assignment of Costs to:
Direct Materials Conversion Total
Beginning inventory $1,612 (520*$3.10) $994 (440*$2.26) $2,606
Transferred out 12,090 (3,900*$3.10) 8,814 (3,900*$2.26) 20,904
Ending inventory 2,232 (720*$3.10) 542 (240*$2.26) 2,774
Total assigned costs $15,934 $10,350 $26,284
Identify the form of communication in which an individual both speaks up for their rights and also takes others' rights and feelings into account.
a.Assertive communication
b.Passive communication
c.Aggressive communication
d.Empathetic communication
Question text
Raw fish must be cooked to a minimum temperature of:
Select one:
a. 165 °F.
b. 180 °F.
c. 145 °F.
d. 155 °F.
Only top-level and middle managers can be leaders.
True
False
Bovine Corporation has two divisions: televisions and mobile phones. The mobile phone division has a contribution margin of $600,000. The company's common fixed costs and total traceable fixed costs are $100,000 and $500,000 respectively. Assuming the traceable fixed costs of the television division are $300,000, what is the segment margin of the mobile phone division
Answer:
Segment margin= $300,000
Explanation:
Giving the following formula:
Mobile phone:
Contribution margin= $600,000
Traceable fixed cost= $100,000
Common fixed costs= $500,000
First, we need to calculate the traceable fixed cost to mobile phone:
Traceable fixed cost= 500,000 - 300,000= $200,000
Now, the segment margin of mobile phone:
Segment margin= 600,000 - 100,000 - 200,000
Segment margin= $300,000
A VC investor has invested $5 million in the preferred stock of a venture that is now being acquired for $50 million. The investment has a 2X liquidation preference . Alternatively the preferred stock is convertible into 25% of the common shares that would be outstanding prior to the acquisition. What is the best payoff the VC investor can get from the acquisition
Answer: $12.5 million
Explanation:
The best payoff the VC investor can get from the acquisition will be:
From the question, we've two options. The first option using the 2x Liquidation Preference will give a payoff of:
= 2 × $5 million
= $10 million
The second option using 25% of Common Shares will give a payoff of:
= 25% × $50 million
= 0.25 ÷ $50 million.
== $12.5 million
Therefore, the best Payoff is $12.5 Million.
Ivanhoe Windows manufactures and sells custom storm windows for three-season porches. Ivanhoe also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Ivanhoe enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,370 and chooses Ivanhoe to do the installation. Ivanhoe charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $590. The customer pays Ivanhoe $1,920 (which equals the standalone selling price of the windows, which have a cost of $1,120) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Ivanhoe completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for Geraths in 2014.
Refer to the revenue arrangement: Repeat the requirements, assuming (a) Geraths estimates the standalone value of the installation based on an estimated cost of $400 plus a margin of 20% on cost, and (b) given uncertainty of finding skilled labor, Geraths is unable to develop a reliable estimate for the fair value of the installation.
Answer:
Ivanhoe Windows
a. Journal Entries:
September 1, 2020:
Debit Cash $1,920
Credit Sales Revenue $1,920
To record the sale of windows to Geraths.
Debit Cost of goods sold $1,120
Credit Inventory $1,120
To record the cost of goods sold.
October 15, 2020:
Debit Cash $450
Credit Installation Revenue $450
To record the completion of installation service.
b. Journal Entries:
September 1, 2020:
Debit Cash $1,920
Credit Sales Revenue $1,896
Credit Unearned Revenue $24
To record the sale of windows to Geraths.
Debit Cost of goods sold $1,120
Credit Inventory $1,120
To record the cost of goods sold.
October 15, 2020:
Debit Cash $450
Debit Unearned Revenue $24
Credit Installation Revenue $474
To record the completion of installation service.
c. If Geraths is unable to develop a reliable estimate for the fair value of the installation:
Journal Entries:
September 1, 2020:
Debit Cash $1,920
Credit Sales Revenue $1,920
To record the sale of windows to Geraths.
Debit Cost of goods sold $1,120
Credit Inventory $1,120
To record the cost of goods sold.
October 15, 2020:
Debit Cash $450
Credit Sales Revenue $450
To record the completion of installation.
Explanation:
a) Data and Calculations:
July 1, 2020, Contract Price = $2,370
Standalone selling price of window = $1,920
Cost of the window = $1,120
Standalone selling price of installation service = $590
Attributed selling price of installation service = $450 ($590 = $140)
b) Estimated standalone value of the installation = estimated cost + 20% on cost
= $400 + 20% = $480 ($400 * 1.2)
Separate performance values:
Sale of window = $1,920 = $1,896 ($1,920/$2,400 * $2,370)
Installation = 480 = 474 ($480/$2,400 * $2,370)
Total = $2,400 = $2,370
c. If Ivanhoe Windows is unable to develop a reliable estimate for the fair value of the installation, both payments received will be attributed to the Sales Revenue without identifying separate performance values.
Duo, Inc., carries two products and has the following year-end income statement (000s omitted): Product AR-10 Product ZR-7 Budget Actual Budget Actual Units 2,000 2,800 6,000 5,600 Sales $ $ 6,000 $ 7,560 $ 12,000 $ 11,760 Variable costs 2,400 2,800 6,000 5,880 Fixed Costs 1,800 1,900 2,400 2,400 Total Costs $ 4,200 $ 4,700 $ 8,400 $ 8,280 Operating income $ 1,800 $ 2,860 $ 3,600 $ 3,480 The sales quantity variance that would complement the variance calculated in the previous question is:
Answer:
$480
Explanation:
Calculation to determine what The sales quantity variance that would complement the variance calculated in the previous question is:
First step is to calculate Sales mix: budget for
AR-10
Total units: budget = 2,000 + 6,000
Total units: budget = 8,000
Actual units = 2,800 + 5,600
Actual units= 8,400
Sales mix: budget: 2000/8000
Sales mix: budget = 25%
(8,400-8,000) x.25 x $1.80
= $180 favorable
For ZR-7:Sales mix: budget: 6000/8000 = 75%(8400-8000) x.75 x $1.00 = $300
favorableTotal quantity variance: $180 + $300 = $480
.
Therefore The sales quantity variance that would complement the variance calculated in the previous question is:$480
Which of the following correctly describes a difference between securities dealers and securities brokers?
A :
Dealers hold inventories of securities, whereas brokers do not.
B :
Dealers are paid by buyers, whereas brokers are paid by sellers.
C :
Brokers hold inventories of securities, whereas dealers do not.
D :
Brokers are paid by buyers, whereas dealers are paid by sellers.
Answer: The answer is A
Explanation:
Brokers are intermediaries and dealers hold inventory
what is the yearly salary or hourly wage of a librarian?
Answer:
The average hourly rate for Librarian ranges from $27 to $38 with the average hourly pay of $32. The total hourly cash compensation, which includes base and short-term incentives, can vary anywhere from $27 to $38.....
Answer:
Librarians make an average of $47,925 yearly in the United States.
monthly around $3,993
Explanation:
If the changes in sales between May and June continue at the same rate, what will be the percent change in total computer sales from June to July? (Round your answer to the nearest tenth.)
a.
17.1%
b.
20.7%
c.
34.0%
d.
43.2%
Answer:
A. 17.1%
Explanation:
Veldre Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 90,000 Contribution to the plan 105,000 Prior service cost amortization 10,000 Actual and expected return on plan assets 64,000 Benefits paid 40,000 Plan assets at January 1, 2020 640,000 Projected benefit obligation at January 1, 2020 700,000 Accumulated OCI (PSC) at January 1, 2020 150,000 Interest/discount (settlement) rate 10 % Compute the pension expense for the year 2020.
Answer:
$106,000
Explanation:
Computation for the pension expense for the year 2020.
PENSION EXPENSE
Service cost$ 90,000
1nterest cost $70,000
($700,000 * 0.10)
Less Actual return ($64,000)
Amortization of PSC $10,000
2020 PENSION EXPENSE $106,000
Therefore the pension expense for the year 2020 is $106,000
Steve and Stephanie Pratt purchased a home in Spokane, Washington, for $400,000. They moved into the home on February 1 of year 1. They lived in the home as their primary residence until November 1 of year 1, when they sold the home for $500,000. The Pratts’ marginal ordinary tax rate is 35 percent. (Leave no answer blank. Enter zero if applicable.) Problem 14-40 Part d d. Assume the same facts as part (b), except that on December 1 of year 0 the Pratts sold their home in Seattle and excluded the $300,000 gain from income on their year 0 tax return. How much gain will the Pratts recognize on the sale of their Spokane home?
Answer:
A. $100,000
B. $0
C. $187,700
Explanation:
A. Calculation to determine How much gain will the Pratts recognize on their home sale
Amount realized from the sale$500,000
Adjusted basis $400,000
Gain realized $100,000
($500,000-$400,000)
B. Based on the information given Pratts does not need to pay taxes on their gain on the sale of their home which in turn means that Pratts will recognize $0 gain on their home sale
C.Calculation to determine How much gain will the Pratts recognize on their home sale
Gain =$500,000 × 9 months/24= $187,500 months
Gain=$187,500
Therefore Pratt’s will exclude up to the amount of $187,500 of gain on their home sale
The best managed companies will have
O some accounts that will prove to be uncollectible.
O a very lenient credit policy.
a very strict credit policy.
O no uncollectible accounts.
The average of growth for slow-growth countries is around 2% per year, and for fast-growth, greater than 5% per year. Suppose the growth rate of the economy is 2%.
a. The size of the economy roughly doubles every :__________
b. If instead the growth rate is 7%, the doubling time for the economy is:_________
c. Economy growth is important to understand because :_______
Answer: a. 36 years
b. 10 years
c. a. It is closely tied to standard of living.
Explanation:
a. The Rule of 72 simply states that an amount will double for a certain number of period when using the formula:
= 72 / growth rate
= 72 / 2
= 36 years
b. When the growth rate is 7%, the doubling time for the economy will be:
= 72 / growth rate
= 72 / 7
= 10 years approximately
c. The options are:
Economic growth is important to understand because:
a. It is closely tied to standard of living.
b. Growth guarantees that the rich get richer and the poor get poorer.
c. Income equality cannot exist without growth.
d. Understanding economic growth is key to getting a banking job after graduation
On January 1, 2018, Tiffany Academy instituted a defined benefit pension plan for its employees. The annual service cost for each year of 2018 and 2019 was $600,000. The interest rate used to determine the projected benefit obligation is 10%. Both the actual and the expected return on plan assets are 8% for both years. Tiffany funded the plan in the amount of $400,000 each January 1, beginning on January 1, 2018. What net pension liability should Tiffany report in its balance sheet for the year ended December 31, 2019
Answer:
$593,440.00
Explanation:
Calculation to determine What net pension liability should Tiffany report in its balance sheet for the year ended December 31, 2019
First step is to Compute the Interest Cost for 2019
Balance of Projected benefit Obligation on January 1, 2019 600,000.00
Interest Cost for 2019 (600000*10%) 60,000.00
Second step is to Balance of Plan assets on January
Beginning Balance of Plan Assets as on Jan 1, 2018 $
Funding on Jan 1, 2018 400,000.00
Asd Actual return on December 31, 2018 (400000*8%) 32,000.00
Balance of Plan assets on December 31,2018 432,000.00
Add Current Funding on Jan 1, 2019 400,000.00
Balance of Plan assets on January 1, 2019 832,000.00
Third step is to Compute the Actual return for 2019
Actual return on December 31, 2019 (832000*8%) 66,560.00
Now let Compute The PENSION EXPENSE for the year 2019 $
Service cost 600,000.00
Add Interest cost (600000*10%) 60,000.00
Less Expected return on the plan assets (66,560.00)
(832000*8%)
Pension Expense for the year ended December 31, 2019 593,440.00
Therefore the net pension liability that Tiffany should report in its balance sheet for the year ended December 31, 2019 is $593,440.00
Healthway uses a process-costing system to compute the unit costs of the minerals that it produces. It has three departments: Mixing, Tableting, and Bottling. In Mixing, at the beginning of the process all materials are added and the ingredients for the minerals are measured, sifted, and blended together. The mix is transferred out in gallon containers. The Tableting Department takes the powdered mix and places it in capsules. One gallon of powdered mix converts to 1,600 capsules. After the capsules are filled and polished, they are transferred to Bottling where they are placed in bottles, which are then affixed with a safety seal and a lid and labeled. Each bottle receives 50 capsules. During July, the following results are available for the first two departments (direct materials are added at the beginning in both departments):
Mixing Tableting
Beginning inventories:
Physical units 5 gallons 4,000 capsules
Costs:
Direct materials $120 $32
Direct labor 128 20
Overhead
Transferred in 140
Current production
Transferred out 125 gallons 198,000 capsules
Ending inventory 6 6,000
Costs:
Direct materials $3,144 $1,584
Transferred in
Direct labor 4,096 1,944
Overhead
Percentage of completion
Beginning inventory 40% 50%
Ending inventory 50 40
Overhead in both departments is applied as a percentage of direct labor costs. In the Mixing Department, overhead is 200% of direct labor. In the Tableting Department, the overhead rate is 150% of direct labor.
Required:
1. Prepare a production report for the Mixing Department using the weighted average method.
2. Prepare a production report for the Tableting Department.
Answer:
Healthway
Cost of production:
Mixing Tableting
Beginning inventory $504 $222
Current period 15,432 22,007
Total cost $15,936 $22,229
Equivalent units:
Mixing Tableting
Transferred out 125 gallons 198,000 capsules
Ending inventory 3 (6 * 50%) 2,400 (6,000 * 40%)
Total equivalent unit 128 200,400
Cost per equivalent unit:
Mixing Tableting
Total cost $15,936 $22,229
Total equivalent units 128 200,400
Cost per equivalent unit $124.50 $0.11
Assignment of costs:
Mixing Tableting
Transferred out $15,563 ($124.50 * 125) $21,780 ($0.11 * 198,000)
Ending inventory 373 ($124.50 * 3) 264 ($0.11 * 2,400)
Total costs $15,936 $22,044
Explanation:
a) Data and Calculations:
1 gallon of powered mix = 1,600 capsules
50 capsules = 1 bottle
Departments Mixing Tableting Bottling
Beginning inventories:
Physical units 5 gallons 4,000 capsules
Costs:
Direct materials $120 $32
Direct labor 128 20
Overhead 256 30
Transferred in - 140
Total costs $504 $222
Current production
Transferred out 125 gallons 198,000 capsules
Ending inventory 6 6,000
Costs:
Direct materials $3,144 $1,584
Transferred in - 15,563
Direct labor 4,096 1,944
Overhead 8,192 2,916
Total costs $15,432 $22,007
Percentage of completion
Beginning inventory 40% 50%
Ending inventory 50 40
Overhead applied:
Mixing department = 200% of direct labor
Tableting department = 150% of direct labor
When receiving a bomb threat, security should record:? (A)The caller exact words, (B)A summary of the conversation
Answer:
A
Explanation:
Suppose that people expect inflation to equal 6 percent, but in fact, prices rise by 4 percent. Indicate whether this unexpectedly low inflation rate helps or hurts each of the following groups or individuals.
a. The government
b. A homeowner with a fixed-rate mortgage
c. A union worker in the second year of a labor contract
d. A college that has invested some of its endowment in government bonds that are not indexed Treasury bonds
Answer:
a. Hurts the government.
Most governments owe debts and inflation is good for borrowers as opposed to lenders because it reduces the real value that they will have to pay back. With less inflation therefore, the government will be hurt because they will have to pay back more real debt.
b. Hurts the homeowner.
As already mentioned, lower inflation hurts borrowers and this case is no different. The homeowner will have to pay back more real dollars to the lending institution so they are definitely hurt.
c. Helps the Union worker.
Lower inflation means that goods and services are cheaper which is good for people like this union worker who are on contract and so will not see their salaries rise with inflation. They are helped because they can afford more goods and services on their salary.
d. Helps the college.
The government bonds that the college invested in are not indexed which means that they are not adjusted for inflation. With inflation not being as high as it was supposed to be therefore, these ones are helped because they get to receive more real return even though they do not have inflation adjusted securities to protect them.
Hudson Co. reports the contribution margin income statement for 2019. HUDSON CO. Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (11,300 units at $175 each) $ 1,977,500 Variable costs (11,300 units at $140 each) 1,582,000 Contribution margin 395,500 Fixed costs 315,000 Pretax income $ 80,500 1. Compute Hudson Co.'s break-even point in units. 2. Compute Hudson Co.'s break-even point in sales dollars.
Answer:
Part 1
9,000 units
Part 2
$1,575,000
Explanation:
Break even point is the level of activity where a company makes neither a profit nor a loss.
Break-even point in units = Fixed Cost ÷ Contribution per unit
= $315,000 ÷ ($175 - $140)
= 9,000 units
Break-even point in sales dollars = Fixed Costs ÷ Contribution margin
= $315,000 ÷ ($35/$175)
= $1,575,000
Mr. Jernigan owns a piece of land on which he grows corn. Corn production annually requires $ in seed, $ in fertilizer, and $ in pesticides. Mr. Jernigan uses his own labor to grow the corn and therefore hires no workers. If Mr. Jernigan did not use his time to grow corn, he would instead be able to sell insurance, earning $ per year. Suppose another farmer has just offered to pay Mr. Jernigan rent of $ per year for use of the land. If Mr. Jernigan refuses to rent the land to another farmer, then what will be his accounting costs from farming corn himself on his land? What will be his economic costs?
Answer:
$21,000
$55,000
Explanation:
Here is the complete question :
Mr. Jernigan owns a piece of land on which he grows corn. Corn production annually requires $6,000 in seed, $9,000 in fertilizer, and $6,000 in pesticides. Me. Jernigan uses his own labor to grow the corn and therefore hires no workers. If Mr. Jernigan did not use his time to grow corn, he would instead be able to sell insurance, earning $35,000 per year.
Suppose another farmer has just offered to pay Mr Jernigan rent of $20,000 per year for use of this land.
If Mr. Jernigan refuses to rent the land to another farmer, then what will be his accounting costs from farming corn himself on this land? What will be his economic costs?
Accounting cost or explicit cost includes the amount expended in running the business. Accounting cost is used in calculating accounting profit. They include :
cost of the seed cost of fertilizer cost of pesticidesAccounting cost = $6,000 + $9,000+ $6,000 = $21,000
Economic cost or implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives. Economic costs and accounting cost is used in calculating economic profit. Economic cost include :
amount he would have earned selling issuance amount he would have earned if he rented out the landEconomic cost = $35,000 + $20,000 = $55,000
Classification of Cash Flows The following are several transactions and events that might be disclosed on a company's statement of cash flows: Required: 1. Identify in which section (if any) of the statement of cash flows each of the preceding items would appear and indicate whether it would be an inflow (addition) or outflow (subtraction). a. issuance of common stock Financing activities; inflow (addition) b. purchase of building Investing activities; outflow (subtraction) c. net income Operating activities; inflow (addition) d. increase in accounts receivable Operating activities; inflow (addition) e. depreciation expense Operating activities; outflow (subtraction) f. sale of land at cost Operating activities; inflow (addition) g. conversion of bonds to common stock Financing activities; inflow (addition) h. increase in accounts payable Investing activities; outflow (subtraction) i. payment of cash dividends Financing activities; outflow (subtraction) j. issuance of a stock dividend Operating activities; outflow (subtraction)
Answer:
Classification of Cash Flows
Transaction Statement of Cash Flows Section
a. issuance of common stock Financing activities; inflow (addition)
b. purchase of building Investing activities; outflow (subtraction)
c. net income Operating activities; inflow (addition)
d. increase in accounts receivable Operating activities; outflow (subtraction)
e. depreciation expense Non-cash flow activities; No flow (but addition to net income)
f. sale of land at cost Investing activities; inflow (addition)
g. conversion of bonds to common stock Non-cash Financing activities; No flow (No addition or subtraction)
h. increase in accounts payable Operating activities; inflow (addition)
i. payment of cash dividends Financing activities; outflow (subtraction)
j. issuance of a stock dividend Non-cash financing activity; No flow (No addition or subtraction)
Explanation:
Sections of the Statement of Cash Flows:
Operating Activities section records the inflow and outflow of cash generated from normal business activities.
Investing Activities section records the inflow and outflow of cash resulting from the procurement and sale of non-current assets and other investments in securities, including stocks and bonds.
Financing Activities section records the inflow and outflow of cash from short-term and long-term liabilities and owner's equity. The inflows are used for financing the business activities while the outflows are for repayments.
Primary data collection for a gaming software company could include the following methods except: Group of answer choices A SurveyMonkey survey sent out to the company's existing customers A gaming software report from Gartner Group, a market research firm Select 8-10 customers and get them to try a new product and ask them what they think of the product Talk to customers who comes into your store to return their purchases'
Answer:
A gaming software report from Gartner Group, a market research firm
Explanation:
Primary data collection is when data is collected through first hand research.
Primary data collection methods include
Surveys : this can take the form of questionnaires (including online questionnaires e.g. survey monkeyInterviews : this includes focus group interviews and interviewing customersAdvantages of primary data collection
Directly addresses the reason for data collection Provides unique insight that might be unavailable elsewhereDisadvantages of primary data collection
It can be expensiveit can be time consuming compared to other methodsSecondary data collection is collecting data that has already been collected in the past e.g. A gaming software report from Gartner Group, a market research firm
If a store has a “buy one, get one free” sale and an item costs $10, what is the marginal cost of the second item?
Answer:
D). $0
Explanation:
Marginal cost is described as the 'increase in cost that accompanies a unit increase in the output.' It is characterized as the partial derivative of the cost function with respect to the output. It is calculated by the change in cost divided by the change in quantity. In the given case, the marginal cost for the second item would be $0 because it is for free and if we divide 0/1, we get 0. Thus, there is no additional cost for producing that extra good and hence, option D is the correct answer.
Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions:
a. Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit.
b. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required, at standard, to produce one air conditioner.
Answer:
I would bet that it is A
Explanation:
Hope this helps
Month Maintenance Machine Health Number of Shipping Units
costs Hours Insurance Employees Costs Shipped
January 4500 165 8600 68 25778 7160
February 4452 120 8600 75 29664 8240
March 4600 230 8600 92 28674 7965
April 4850 318 8600 105 23058 8405
May 5166 460 8600 89 21294 5915
June 4760 280 8600 87 33282 9245
July 4910 340 8600 93 31428 8730
August 4960 360 8600 88 30924 8415
September 5070 420 8600 95 25110 6975
October 5250 495 8600 102 25866 7185
November 5271 510 8600 97 20124 5590
December 4760 275 8600 94 34596 9610
1. Which of the preceding costs is variable? Fixed? Mixed? Explain.
2. Using the high-low method, determine the cost function for each cost.
3. Combine the preceding information to get a monthly operating cost function for the Stein Corporaton. the total operating cost for the month
4. Next month, Stein expects to use 400 machine hours, have 80 employees, and ship 9,000 units. Estimate total operating cost for month.
Answer:
1. Variable cost = Shipping costs
Fixed cost = Health Insurance
Mixed cost = Maintenance costs
Shipping costs are variable because a unit shipped costs $3.60. The total shipping cost for each month varies according to the units shipped in the month.
Health Insurance costs are fixed as there is no change in cost notwithstanding the number of employees in each month. The total health insurance cost remains the same every month.
Maintenance costs are mixed for each month, as there is a fixed element and a variable element.
2. Cost function for each cost:
Maintenance = $4,200 + $2.10 per machine hour
Health Insurance = $8,600
Shipping cost = $3.60 per unit
3. Cost function = $12,800 + $2.1m + $3.6s
where m = machine hours
and s = units shipped
4. The total operating cost for the month
= $46,040
Explanation:
a) Data and Calculations:
Month Maintenance Machine Health Number of Shipping Units
costs Hours Insurance Employees Costs Shipped
January 4500 165 8600 68 25778 7160
February 4452 120 8600 75 29664 8240
March 4600 230 8600 92 28674 7965
April 4850 318 8600 105 23058 8405
May 5166 460 8600 89 21294 5915
June 4760 280 8600 87 33282 9245
July 4910 340 8600 93 31428 8730
August 4960 360 8600 88 30924 8415
September 5070 420 8600 95 25110 6975
October 5250 495 8600 102 25866 7185
November 5271 510 8600 97 20124 5590
December 4760 275 8600 94 34596 9610
Cost Function for each cost:
Maintenance cost:
Machine Cost
Hours
November 510 5271
February 120 4452
Difference 390 819
Variable cost = $2.10 (819/390)
Fixed cost = $4,200 ($5,271 - ($2.10*510))
Health Insurance:
Fixed cost = $8,600
Shipping cost:
Variable cost = $3.60 per unit
Cost function = $4,200 + $2.10m + $8,600 + $3.60s
= $12,800 + $2.1m + $3.6s
February cost = $12,800 + $2.1(120) + $3.6(8240)
= $12,800 + $252 + $29,664
= $42,716
IF:
Machine hours = 400
Employees = 80
Shipped units = 9,000
The total operating cost for the month will be:
Cost function = $12,800 + $2.1m + $3.6s
= $12,800 + ($2.1 * 400) + ($3.6 * 9,000)
= $12,800 + $840 + $32,400
= $46,040
A facility is setting up an assembly line to produce 75 units per day, working 24 hours per day. Calculate the desired cycle time in minutes per unit.
Task Time (Min) Predecessors
A 4 -
B 3 -
C 5 A
D 5 A,B
E 3 C,D
Solution :
Given :
The production output per day = 75 units
Production time per day = 24 hours
Therefore, the cycle time is
= [tex]$\frac{\text{production time per day}}{\text{outpu}t \text{ per day} }$[/tex]
[tex]$=\frac{24 \times 60}{75}$[/tex]
= 19.2 mins
≈ 20 minutes
The desired cycle time = 15 minutes per unit
Given the task times of A to E from the table.
Sum of the task times (A to E) = 4 + 3 + 5 + 5 + 3
= 20 minutes
Number of workstations needed = (sun of total task times) / (cycle time)
[tex]$=\frac{20}{15}$[/tex]
= 1.33
≈ 2 work stations
Someone who is applying for a loan from a bank can expect the bank to: O A. investigate the person's parents to see if they were financially responsible B. demand that the person close all of his or her accounts at competing banks C. request proof that the person who graduated from a good college. D. check the person's credit history to make sure he or she pays debts on time, SU
Answer:D
Explanation:
Just got it right on A P E X
You are considering two different methods for constructing a new warehouse site. The first method would use prefabricated building segments, would have an initial cost of $6.5 million, would have annual maintenance costs of $150,000, and would last for 25 years. The second alternative would employ a new carbon-fibre panel technology, would have an initial cost of $8.2 million, would have maintenance costs of $650,000 every ten years, and is expected to last 40 years. Both buildings would be in CCA Class 1 (at a rate of 4 percent) and it is expected that each would have a salvage value equivalent to 25 percent of its construction cost at the end of its useful life. The discount rate the firm uses in evaluating projects is 11 percent. The tax rate is 35 percent. What is the annual cost for each option? (Enter the answers in dollars. Do not round your intermediate calculations. Round the final answers to 2 decimal places. Negative answers should be indicated by a minus sign.)
Answer:
The first method would use prefabricated building segments, would have an initial cost of $6.5 million.
2. What is the importance or advantage of acquiring skills on knitting? Give at least 4
