Ashley Corporation uses a process-cost accounting system. The company adds direct materials and direct labor at the start of its production process; overhead cost is incurred evenly throughout manufacturing. The firm has no beginning work-in-process inventory; its ending work in process is 40% complete. Which of the following sets of percentages would be used to calculate the correct number of equivalent units in the ending work-in-process inventory?

a. Materials, 100%; labor, 100%; overhead cost, 40%.
b. Materials, 100%; labor, 100%; overhead cost, 100%.
c. Materials, 100%; labor 40%; overhead cost, 40%.
d. Materials, 40%; labor, 40%; overhead cost, 60%.
e. Materials, 40%; labor, 40%; overhead cost, 100%.

Answers

Answer 1

Answer:

a. Materials, 100%; labor, 100%; overhead cost, 40%

Explanation:

Since Materials and Labor are added at the start of its production process, they will always be 100 % complete at the the end of the period as this mark is already passed. Overheads will be complete up to the extent of the work done in work in process that is 40%.


Related Questions

Xercise Cycles Company has provided its year ended accounts receivables that were uncollected. The Controller has asked you to help prepare the Aging of Accounts Receivable Schedule and the corresponding journal entries. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.
1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx).
2) Use the information above to complete the Aging of Accounts Recievable Schedule Below.
Create a formula for each age category, using the Excel IF and AND FUNCTION (fx) to determine where each customer amount belongs.
3) Prepare the adjusting journal entry for recording bad debt expense if the allowance for doubtful accounts had the following unadjusted balance:
4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance:

Answers

Answer:

In the number of days unpaid column (E8), input the formula; "=DAYS(D8, C8)" then copy it down to the last item on the table.

Explanation:

Answering just the first question, the DAYS function is used to calculate the difference between day timelines. The function accepts two parameters, the first date which is the current date we are subtracting from, and the second date which is the previous date.

Assume Italy and Chad can both produce grain and dates, and that the only limited resource is the farming labor force, meaning that land, water, and all other resources are plentiful in both countries. Each farmer in Italy can produce 10 t of grain or 5 t of dates in a season. Each farmer in Chad can also produce 10 t of grain or 25 t of dates.
1. Which country has the absolute advantage in producing dates?
A. Italy.
B. Chad.
C. Neither.
2. Which country has the absolute advantage in producing grain?
A. Italy.
B. Chad.
C. Neither.
3. Which country has the competitive advantage in producing dates?
A. Italy.
B. Chad.
C. Neither.
4. Which country has the comparative advantage in producing grain?
A. Italy.
B. Chad.
C. Neither.

Answers

Answer:

chad

neither

chad

Italy

Explanation:

A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries.

The opportunity cost of  Italy in producing one unit of grain = 5/10 = 0.5t dates

The opportunity cost of  Italy in producing one unit of dates = 10/5 = 2grains

The opportunity cost of  Chad in producing one unit of grain =  25/10 = 2.5 dates

The opportunity cost of  Chad in producing one unit of dates = 10/25 = 0.4 grains

Italy has a comparative advantage in the production of grains while Chad has a comparative advantage in the production of dates

A country has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries. Chad produces 25t of dates while Italy produces 5t of dates, this shows that Chad has an absolute advantage in the production of dates. Both Italy and Chad produces the same quantity of grains so neither have an absolute advantage in the production of grains.

You've selected the formula for the turmeric shake. You now need to decide on the best packaging style. Your design team has come up with three options for the pre-mixed shakes. Based on what you learned from your focus group, what is the best packaging style

Answers

Answer:

Drink Pouch - 12 ounces drink pouch with screw top that are resealable, portable and light weight. The pouches are fairly inexpensive.

Explanation:

Customer prefer the packaging style which is easy to store. Turmeric shakes, juices and bottled energy drinks are preferred in small packaging which has one serving. This packaging is easy to store and consume by one person. The pouches are easy to be carried in bag as they are light weight and portable. The price is also low which is a plus for customers.

A local partnership is liquidating and has only two assets (cash of $10,000 and land with a cost of $35,000). All partnership liabilities have been paid. All partners are personally insolvent. The partners have capital balances and share profits and losses as follows. Brown, capital (40%) $ 25,000 Fish, capital (30%) 15,000 Stone, capital (30%) 5,000 If the land is sold for $25,000, how much cash does each partner receive in a final settlement

Answers

Answer:

The amount of cash that each partner receives in a final settlement is as follows:

Brown  = $14,000

Fish =     $10,500

Stone =  $10,500

Explanation:

a) Data and Calculations:

Partnership assets:

Cash = $10,000

Land (cost) = $35,000

Capital balances and sharing of profits and losses:

Brown, capital (40%) $ 25,000

Fish, capital (30%) 15,000

Stone, capital (30%) 5,000

Cash realized from land = $25,000

Total cash available for distribution = $35,000 ($10,000 + $25,000)

Distribution:

Brown (40%) = $14,000 (40% of $35,000)

Fish (30%) =     $10,500 (30% of $35,000)

Stone (30%) =  $10,500 (30% of $35,000)

Total                $35,000

b) When a partnership is liquidated, the partners share the net assets of the partnership in their profit and loss sharing ratios.  If the net assets are negative, they also share the balance in their profit and loss sharing ratios and make the required contributions.

GenX Furnishings Company manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows:
Fabric $24,900
Polyester filling 7,500
Lumber 55,800
Glue 2,400
The materials purchased during June are summarized from the receiving reports as follows:
Fabric $121,300
Polyester filling 168,600
Lumber 332,400
Glue 11,500
Materials were requisitioned to individual jobs as follows:
Fabric Polyester Filling Lumber Glue Total
Job 601 $43,700 $55,100 $147,300 $246,100
Job 602 33,600 59,900 128,900 222,400
Job 603 31,000 40,600 71,700 143,300
Factory overhead-indirect materials $5,700 5,700
Total $108,300 $155,600 $347,900 $5,700 $617,500
The glue is not a significant cost, so it is treated as indirect materials (factory overhead).
a. Journalize the entry to record the purchase of materials in June.
b. Journalize the entry to record the requisition of materials in June.
c. Determine the June 30 balances that would be shown in the materials ledger accounts.

Answers

Answer:

a. Date     Account Titles and Explanation               Debit         Credit

  June 1   Raw materials inventory - Fabric A/c       $121,300

                Raw materials inventory - Polyster A/c    $168,600

                Raw materials inventory - Lumber A/c     $332,400

                Raw materials inventory - Glue A/c          $11,500

                      To account payable                                               $633,800

                (Being recorded for the purchase of materials in June)

b. Date     Account Titles and Explanation                  Debit        Credit

   June 3  Work in process - Job 601 A/c                   $222,400

                    Raw materials inventory - Fabric A/c                        $43,700

                    Raw materials inventory - Polyster A/c                     $55,100

                    Raw materials inventory - Lumber A/c                      $147,300

              Work in process - Job 602 A/c                     $143,300

                    Raw materials inventory - Fabric A/c                         $31,000

                    Raw materials inventory - Polyster A/c                      $40,600

                    Raw materials inventory - Lumber A/c                       $71,700

               Work in process - Job 603 A/c                   $222,400

                    Raw materials inventory - Fabric A/c                        $33,600

                    Raw materials inventory - Polyster A/c                     $59,900

                    Raw materials inventory - Lumber A/c                      $128,900

                 Factory Overhead A/c                                  $5,700

                        To Raw materials inventory - Glue A/c                   $5,700

c. Particulars                            Fabrics    Polyster    Lumber      Glue

Beg. Inventory June 1             $24,900   $7,500      $55,800    $2,400

Add: Purchases                       $121,300  $168,600   $332,400  $11,500

                                                 $146,200 $175,100   $388,200 $13,900    

Less: Issued to production     $108,300  $155,600  $347,900  $5,700

End. Inventory June 30         $37,900   $20,500    $40,300   $8,200

A risk management program must be implemented and periodically monitored to be effective. This step requires the preparation of a risk management policy statement. The cooperation of other departments is also necessary. a. What benefits can the firm expect to receive from a well-prepared risk management policy statement

Answers

Answer: The ability to see risks that are not predicted and accessing funds from financial institutions

Explanation:

Here are some of the benefits of well-prepared risk management policy statement;

1) The ability to see risks that are not expected; a team of experts would be engaged to identify and give an overview of all forms of risk that could be possibly involved.

2) The organization attracts credit easily; Organisations attract credit from financial institutions when they are able to provide assessments that they carried out regarding risks. This gives the client's confidence that they can entrust their finance to the organization due to the firm have considered all forms of pending failures and that which would occur.

You would like to lock in the selling price on 50,000 bushels of wheat, which you plan to harvest and deliver to the market in September. The September futures price quote is currently 899?4. If you write September futures contracts on your wheat, you will be guaranteed a total price of ________ for your crop. Each contract is quoted in cents and 1/8ths of a cent per bushel with a contract size of 5,000 bushels.
a. $45.637.50.
b. 50 $541650.00.
c. $449750.00.
d. $297700.50.
e. $2.971.000.

Answers

Answer:

c. $449750.00.

Explanation:

1/8 of 10 lots of bushels of 5,000 per lot = 1.25

Therefore, the price quote of 899'4 cents is written as 899'4+1.25 = $8.995

Total value = Wheat(bushels) * Price Quote

Total value = 50,000 * $8.995

Total value = $449,750

On April 1, Cyclone Co. purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value of $40,000. Exercise 8-12 Double-declining-balance, partial-year depreciation LO C2 Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. (Enter all amounts as positive values.)

Answers

Answer:

Year 1 = $84,000Year 2 = $78,400

Explanation:

Double declining means that the asset is depreciating at double the rate that it would with straight method:

Straight line depreciation = 280,000 / 5 years

= $56,000

Rate = 56,000 / 280,000 = 20%

Double declining will be:

= 20 * 2 = 40%

Year 1 Depreciation:

= 40% * 280,000 * 9/12 months

= $84,000

Year 2 Deprecation:

= 40% * Net book value

= 40% * (280,000 - 84,000)

= $78,400

Ayala Inc. has conducted the following analysis related to its product lines, using a traditional costing system (volume-based) and an activity-based costing system. Both the traditional and the activity-based costing systems include direct materials and direct labor costs.
Products Sales Revenue Traditional ABC
Product 540X $195,000 $56,000 $46,600
Product 137Y 158,000 55,000 37,000
Product 249S 84,000 10,000 37,400
Instructions
a) For each product line, compute operating income using the traditional costing system.
b) For each product line, compute operating income using the activity-based costing system
c) Using the following formula, compute the percentage difference in operating income for each of the product lines of Ayala:{Operating Income (ABC)-Operating Income traditional cost)]divided operating Income (traditional cost)(round the percentage to two decimals).

Answers

Answer:

a. Operating income of Product 540X under traditional costing system: Operating income = Revenue - Operating cost = $195,000 - $56,000 = $139,000

Operating income of Product 137Y under traditional costing system: Operating income = Revenue - Operating cost = $158,000 - $55,000 = $103,000

Operating income of Product 249S under traditional costing system: Operating income = Revenue - Operating cost = $84,000 - $10,000 = $74,000

b. Operating income of Product 540X under  activity-based costing system: Operating income = Revenue - Operating cost = $195,000 - $46,600 = $148,400

Operating income of Product 137Y under  activity-based costing system: Operating income = Revenue - Operating cost = $158,000 - $37,000 = $121,000

Operating income of Product 249S under  activity-based costing system: Operating income = Revenue - Operating cost = $84,000 - $37,400 = $46,600

c. % of the difference between the operating income of Product 540X under traditional costing system and ABC system = Operating Income (ABC) - [Operating Income (Traditional cost)/Operating Income (Traditional cost)] * 100

= $148,400 - $139,000/$139,000 * 100

= $9,400/$139,000 * 100

= 0.0676258992805755 * 100

= 6.76%

% of the difference between the operating income of Product 137Y under traditional costing system and ABC system = Operating Income (ABC) - [Operating Income (Traditional cost)/Operating Income (Traditional cost)] * 100

= $121,000 - $103,000/$103,000 * 100

= $18,000/$103,000*100

= 0.1747572815533981 * 100

= 17.48%

% of the difference between the operating income of Product 249S under traditional costing system and ABC system = Operating Income (ABC) - [Operating Income (Traditional cost)/Operating Income (Traditional cost)] * 100

= $46,600 - $74,000/$74,000 * 100

= -$27,400/$74,000 * 100

= -0.3702702702702703 * 100

= -37.03%

Prepare a journal entry for the purchase of office equipment on February 19 for $31,700, paying $7,600 cash and the remainder on account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Answers

Answer:

Dr Office equipment 31,700

Cr cash 7,600

Cr Accounts payable 24,100

Explanation:

Preparation of the journal entry for the purchase of office equipment on February 19

Based on the information given the if asset was purchased on February 19 for the amount of $31,700 in which the company paid the amount of $7,600 cash and the remainder on account which means that the journal entry will be:

February 19

Dr Office equipment 31,700

Cr cash 7,600

Cr Accounts payable 24,100

(31,700-7,600)

Assume the following adjustment data.

a. Supplies on hand at October 31 total $520.
b. Expired insurance for the month is $120.
c. Depreciation for the month is $135.
d. As of October 31, services worth $950 related to the previously recorded unearned revenue had been performed.
e. Services performed but unbilled (and no receivable has been recorded) at October 31 are $250.
f. Interest expense accrued at October 31 is $75.
g. Accrued salaries at October 31 are $1,520.

Required:
Prepare the adjusting entries for the items above.

Answers

Answer:

a.

Debit : Balance Sheet $520

Credit : Supplies $520

b.

Debit : Insurance expense $120

Credit : Prepaid Insurance $120

c.

Debit : Depreciation expense $135

Credit : Accumulated depreciation expense $135

d.

Debit : Unearned Revenue $950

Credit : Revenue Earned $950

e.

Debit : Trade Receivable $250

Credit : Service Revenue $250

f.

Debit : Interest expense $75

Credit : Note Payable $75

g.

Debit : Salaries expense $1,520

Credit : Accounts Payables $1,520

Explanation:

So adjusting entries are done at the end of the reporting period, in this case it is the end of October.

For most of these entries we recognize expenses and a corresponding decrease in assets or increase in liabilities.

As for revenue previously unearned, we have to recognize the revenue portion now earned.

19. What are conflicting responsibilities? Why do conflicts arise in professions?​

Answers

Because you will always have conflicts

Answer:  being in the military

Explanation:  reason is, because if your in the military you get to miss out on holidays , birthdays and even extra time with family and thats a big problem

Which of the following statements is most accurate regarding sufficient and appropriate documentation?
A. Audit documentation is the property of the client, and sufficient and appropriate copies should be retained by the auditor for at least 5 years.
B. Sufficient and appropriate documentation should include evidence that it has been reviewed.
C. Accounting estimates are not considered sufficient and appropriate documentation.
D. If additional evidence is required to document significant findings or issues, the original evidence is not considered sufficient and appropriate and therefore should be deleted from the working papers.

Answers

Answer:

A

Explanation:

List at least one of each transaction related to all of the following business events:

a. Purchase of goods or services for cash
b. Providing services for cash
c. Providing services on account
d. Purchase of goods or services on account
e. Payment of a previously recorded expense
f. Receipt of a previously recorded revenue earned

Answers

Answer:

a. Purchase of goods or services for cash

Transaction: Cash paid towards the dresses and shoes for security guards.

Accounts affected: Cash and Purchases

b. Providing services for cash

Transaction: Cash received against Bill raised towards Security services to M/s Major Computers for November month

Accounts affected: Cash and Service Revenues

c. Providing services on account

Transaction: Bill raised towards Security services to M/s Prime innovators for November month

Accounts affected: Accounts Receivables and Service Revenues

d. Purchase of goods or services on account

Transaction: Purchases the dresses and shoes for security guards on credit form M/s Immediate Dress.

Accounts affected: Accounts Payable and Purchases

e. Payment of a previously recorded expense

Transaction: Payment of bill raised by M/s Immediate Dress towards purchase of security guards dresses and shoes last month.

Accounts affected: Accounts Payable and Cash

f. Receipt of a previously recorded revenue earned

Transaction: Received payments towards Bill raised to M/s Prime innovators for Security services for November month

Accounts affected: Accounts Receivables and Cash

Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2013, net credit sales totaled $4,900,000, and the estimated bad debt percentage is 1.90%. The allowance for uncollectible accounts had a credit balance of $46,000 at the beginning of 2013 and $42,000, after adjusting entries, at the end of 2013.
If the company uses the direct write-off method, what would bad debt expense be for 2013?

Answers

Answer:

$97,100

Explanation:

Calculation for If the company uses the direct write-off method, what would bad debt expense be for 2013

Beginning Balance $46,000

Add Bad debt expense for 2013

(1.90% x $4,900,000) $93,100

Less Ending balance ($42,000)

Bad debt Expense $97,100

Therefore If the company uses the direct write-off method, what would bad debt expense be for 2013 is $97,100

The 2017 Annual Report of Tootsie Roll Industries contains the following information.
(in millions) December 31, 2017 December 31, 2016
Total assets $930.9 $920.1
Total liabilities 197.1 208.6
Net sales 515.7 517.4
Net income 80.7 67.2
Compute the following ratios for Tootsie Roll for 2017.
(a) Asset turnover (Round answer to 3 decimal places, e.g. 0.851 times.)
(b) Return on assets (Round answer to 2 decimal places, e.g. 4.87%.)
(c) Profit margin on sales (Round answer to 2 decimal places, e.g. 4.87%.)

Answers

Answer:

1.108 times

8.66%

16%

Explanation:

A. 2017 Asset turnover

Net sales / Average total assets

= 515.7/[(930.9 + 0)/2]

= 515.7/465.45

= 1.108 times

B. Return on assets

Net income/Total assets

= 80.7/930.9

= 0.0866 × 100

= 8.669%

C. Profit margin on sales

= Net income/Net sales

= 80.7/515.7

= 0.16 × 100

= 16%

Exchanged all of the securities for shares of preferred stock, which were not mandatorily redeemable. Market values at the date of the exchange were for the securities and per share for the preferred stock. The shares were retired immediately. What journal entries should record in connection with this transaction?

Answers

Answer:

The full question is as follows "The following accounts were among those reported on Good Corp.'s balance sheet at December 31, year 1: Available-for-sale securities (market value $140,000) $80,000 Preferred stock, $20 par value, 20,000 shares issued and outstanding 400,000 Additional paid-in capital on preferred stock 30,000 Retained earnings 900,000 On January 20, year 2, Good exchanged all of the available-for-sale securities for 5,000 shares of Good's preferred stock. Market values at the date of the exchange were $150,000 for the available-for-sale securities and $30 per share for the preferred stock. The 5,000 shares of preferred stock were retired immediately after the exchange. Prepare the general journal entry, without explanation, to record this event."

Date    General Journal Entry                                  Debit             Credit

            Preferred stock A/c                                   $100,000

             (5000*$20)          

            Add. paid-in capital on preferred stock   $7,500

             (30000 * 1/ 4)          

            Retained earnings                                     $42,500

                  Trading securities A/c                                               $140,000

                  Gain on exchange of securities                                $10,000

The balanced scorecard: Multiple Choice Fails to reflect environmental and social effects of the firm's operations. Helps focus managers' attention to bottom line profits. Is not comprehensive, since it doesn't include all the critical success factors which contribute to competitive success. Is forward looking, stressing nonfinancial measures that can lead to benefits in the future. Is heavily weighted toward the financial critical success factors.

Answers

Answer:

Is forward looking, stressing nonfinancial measures that can lead to benefits in the future.

Explanation:

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.

In Financial accounting, Horizontal analysis can be defined as an analysis and evaluation of a financial statement which illustrates or gives information about changes in the amount of corresponding financial statement items, benchmarks or financial ratio over a specific period of time. It is one of the most important technique that is used to measure how a business is doing financially.

Hence, the balanced scorecard is forward looking, stressing nonfinancial measures that can lead to benefits in the future and as such it is a strategic management planning technique.

Return to questionItem 4 Required information Skip to question Retained earnings at the beginning of the period was $300. During the period, Kilgore Company earned revenue of $1,100 and incurred expenses of $400. Assuming dividends paid to stockholders were $200, the ending balance in retained earnings must have been:

Answers

Answer:

$800

Explanation:

The first task here is to determine the amount of net income recognized in the year which is the earned revenue minus incurred expenses as shown thus:

net income=earned revenue-incurred expenses

earned revenue= $1,100

incurred expenses=$400

net income=$1,100-$400=$700

retained earnings for the period=net income-dividends paid

dividends paid=$200

retained earnings for the period=$700-$200=$500

ending balance of retained earnings=beginning retained earnings+retained earnings for the period

beginning retained earnings=$300

ending balance of retained earnings=$300+$500=$800

During its first year of operations, Fisher Plumbing Supply Co. had sales of $480,000, wrote off $7,700 of accounts as uncollectible using the direct write-off method, and reported net income of $52,800. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 1/2% of sales would be uncollectible.

Answers

Answer:

Sales                                       $480,000

Less: Expenses (Bal Figure)  $419,500

Less: Write Off Account         $7,700    

Net Income                             $52,800

If Allowance Method Is Used  

Sales                                                                 $480,000

Less: Expenses                                                $419,500

Less: Write Off Account (1.5% of 480,000)    $7,200

Net Income                                                       $53,300


The clear, broad, underlying industry category or market sector of an organization's offering defines its
O shareholders.
O objectives
O culture
Ο Ο
business

Answers

Explanation:

thats difficult

You are analyzing a large stable company. For the year ending 12/31/2015 the company reported earnings of $58,900 and book value at the end of 2015 was $371,700. You expect earnings to grow at 5% a year in perpetuity, and the dividend payout ratio of 70% to continue. The company borrows at 8%, and has a cost of equity of 12%. The company has 25,000 shares outstanding. What is your estimate of price per share using the dividend discount model at 12/31/2015

Answers

Answer:

$24.74

Explanation:

Total earnings for the year ending 12/31/2015= $58,900

dividend payout ratio=70%

current year total dividends= $58,900*70%

current year total dividends=$41,230.00

current dividend per share=current year total dividends/shares outstanding

current dividend per share=$41,230.00/25,000

current dividend per share=$1.6492

expected dividend=current dividend per share*(1+growth rate)

growth rate of dividends forever=5%

expected dividend=$1.6492*(1+5%)

expected dividend=$1.73166

share price=expected dividend/(cost of equity-growth rate)

cost of equity=12%

share price=$1.73166/(12%-5%)

share price=$24.74  

Jia is considering whether to go out to dinner at a restaurant with her friend. The meal is expected to cost $40, Jia typically leaves a 20% tip, and an Uber will cost $5 each way. Jia values the restaurant meal at $25. Jia enjoys her friend s company and is willing to pay $30 just to spend an evening with her. If Jia does not go out to the restaurant, she will eat at home, using groceries that cost her $8.
a. Calculate Jia's cost associated with going out to dinner with her friend.
b. Calculate Jia's benefits associated with going out to dinner with her friend.

Answers

Answer:

a. Jia's cost associated with going out to dinner with her friend

= $58

b. Jia's benefit associated with going out to dinner with her friend

= $47

Explanation:

a) Data and Calculations:

Expected cost of meal =  $40

Tips (20%)                             8

Transport to & from =         10

Total cost of going out = $58

Benefits with going out:

Value of restaurant meal =     $25

Amount Jia is willing to pay = $30

Less of eating at home            ($8)

Total benefits with going out $47

Steelcase has received orders of 2400, 2200, 2700, and 2500 units of a special-purpose panel for each of the next four months. SC can meet these demands by producing the panel, by drawing from its inventory, or by using any combination of the two alternatives. The production costs during each of the next four months are projected to be $74, $75, $76, and $76.5 per unit. Because costs are rising each month, SC might be better off producing more panel than it needs in a given month and storing the excess. Production capacity, though, cannot exceed 4000 units in any one month. The monthly production is finished at the end of the month at which time the demand is met. Any remaining panel is then stored in inventory at a cost of $1.2 per panel for each month that it remains there. If production level is increased from one month to the next, then the company incurs a cost of $0.5 per unit of increased production to cover the additional labor and/or overtime. Each unit of decreased production incurs a cost of $0.3 to cover the benefits of unused employees. The production level during the previous month was 1800 units, and the beginning inventory is 1000 units. Inventory at the end of the fourth month must be at least 1500 units to cover anticipated demand. Formulate a production plan for SC that minimizes the total costs over the next four months

Answers

Answer:

Answer is explained in the explanation section below.

Explanation:

Solution:

The Production Planning of the Steel Case:

Demand (units):

Month 1:  2400

Month 2:  2200

Month 3:  2700

Month 4:  2500

Production Cost ($/unit):

Month 1:  74

Month 2:  75

Month 3:  76

Month 4:  76.5

Inventory cost ($/panel):

Month 1:  1.2

Month 2:  1.2

Month 3:  1.2

Month 4:  1.2

Starting Inventory = 1000

Ending Inventory at the end of 4th month = 1500

Starting Production Level = 1800

Cost of changing production level = $0.5/unit (increase)

                                                         = $0.3/unit (decrease)

Decision Variables:

Let Pn be the production in the month n.

[tex]I_{n}[/tex] be the inventory at the end of month n.

[tex]I_{o}[/tex] be the initial inventory at the start of month 1.

Objective Function:

The production cost is given below:

74[tex]P_{1}[/tex] + 75[tex]P_{2}[/tex] + 76[tex]P_{3}[/tex] + 76.5[tex]P_{4}[/tex]

And the holding cost is given below:

1.2( [tex]I_{1} + I_{2} + I_{3}[/tex] )

And,

Constraints:

In order to meet the demand, we have the following constraints:

[tex]P_{1}[/tex] + [tex]I_{o}[/tex] [tex]\geq[/tex] 2400

[tex]P_{2}[/tex]  + [tex]I_{1}[/tex] [tex]\geq[/tex] 2200

[tex]P_{3}[/tex]  + [tex]I_{2}[/tex] [tex]\geq[/tex] 2700

[tex]P_{4}[/tex] + [tex]I_{3}[/tex] [tex]\geq[/tex]  2500

Now, considering the inventory level at the end of each month:

[tex]I_{o}[/tex] = 1000

[tex]I_{1}[/tex] = [tex]P_{1}[/tex] - [tex]I_{o}[/tex] - 2400

[tex]I_{2}[/tex] = [tex]P_{2}[/tex]  - [tex]I_{1}[/tex] - 2200

[tex]I_{3}[/tex] = [tex]P_{3}[/tex]  - [tex]I_{2}[/tex] - 2700

[tex]I_{4}[/tex] = [tex]P_{4}[/tex]  - [tex]I_{3}[/tex] - 2500

[tex]I_{4}[/tex] [tex]\geq[/tex] 1500

It is given that, at maximum 4000 units can be produced each month

So, we have the following constraints:

[tex]P_{n}[/tex] [tex]\leq[/tex] 4000 for n = 1, 2, 3 ,4

Also,

[tex]P_{n}[/tex] [tex]\geq[/tex] 0

[tex]I_{n}[/tex] [tex]\geq[/tex] 0

Lucky Strike Mine (LLC) purchased a silver deposit for $1,500,000. It estimated it would extract 500,000 ounces of silver from the deposit. Lucky Strike mined the silver and sold it, reporting gross receipts of $1.8 million, $2.5 million, and $2 million for Years 1 through 3, respectively. During Years 1 through 3, Lucky Strike reported net income (loss) from the silver deposit activity in the amount of ($100,000), $400,000, and $100,000, respectively. In Years 1 through 3, Lucky Strike actually extracted 300,000 ounces of silver as follows: Ounces extracted per year Year 1 Year 2 Year 3 50,000 150,000 100,000 What is Lucky Strike's depletion deduction for Year 2 if the applicable percentage depletion for silver is 15 percent

Answers

Answer:

$375,000

Explanation:

depletion rate musts equal the lesser between:

net income = $400,000

or

15% of gross revenues = $2,500,000 x 15% = $375,000

in this case, $375,000 is the smallest amount.

The percentage of depletion is used by extraction companies, e.g. oil & gas companies or mining companies.

Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows:

Beginning work in process, 12,000 units, 60% completed $62,400
From Department A, 55,000 units started this period
Direct materials added 115,500
Direct labor incurred 384,916
Factory overhead incurred 138,000

During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Inventories are costed by the first-in, first-out method.

Required:
Prepare a cost of production report for March.

Answers

Solution :

 Particulars                                                         Direct materials   Conversions

Cost per equivalent unit              

Total costs for month March in Department B          115500              522915

Total equivalent units                                                   55000              58000

Cost per equivalent unit                                                 2.10               9.0158

So, total conversion cost for March in the Department B

= 384915 + 138000

= $ 522915

Costs charged to production:

                                                 Direct Materials    Conversion      Total cost

                                                Costs                        costs            

Inventory in process, March 1                                                              62400

Cost incurred in March                                                                         638415

Total costs accounted by the department                                          700815

Therefore, the cost incurred in March = 115500 + 384915 + 138000

                                                                = $ 638415

Grimaldi Chocolates projects its factory rent to be $8,000 in July when 4,000 pounds of candy are expected to be produced. If rent is a fixed cost, and if production is expected to increase to 6,000 units in August, what is the expected cost of rent in August

Answers

Answer:

$8,000

Explanation:

With regards to the above information, the expected cost of rent in August is $8,000. This is because the $8,000 is fixed in total.

We know that fixed costs are those costs that do not vary with the level of output. Invariably, it means they remained the same as activity level or output changes.

Although, production increases to 6,000 units in August from 4,000 candy pounds of candy that are expected to be produced in March, yet, the fixed cost of $8,000 would remain the same whether or not production increases or decreases.

1.Which of the following products would it not be necessary to develop HACCP flow chart?
A)Caesar salad
B)Tuna salad
C)Seafood salad
D)Citrus fruit salad

2. Which of the following criteria is least important when determining a food operation’s need for a particular piece of equipment? Will the equipment:

A)Produced a significant saving in labor and material?
B)Make the facility more attractive to customers?
C)Result in improved quality of food?
D)Improve sanitation?

Answers

Answer:

1. The product which is not necessary to develop HACCP flow chart for is:

A) Caesar salad

2. The least important criterion when determining a food operation's need for a particular piece of equipment is whether the equipment will:

B) Make the facility more attractive to customers?

Explanation:

These two regulatory bodies run the HACCP programs.  The Food and Drug Administration (FDA)regulates the program for juice, while the United States Department of Agriculture (USDA) regulates the program for meat.  Their purposes are to ensure food safety and protect public health.  A HACCP flow chart diagrammatically depicts the process flow of a food operation, starting from the incoming materials to the end product for the customer.

Answer:

A) Caesar salad is necessary to develop HACCP flow chart.

B) Will the equipment make the facility more attractive to customers? is the least important criteria when determining a food operation’s need for a particular piece of equipment

Explanation:

1.

A HACCP flow chart refers to a graphical representation of the complete manufacturing process of the business of food. This chart contains information regarding the raw material, serving the finished products, etc.

Caesar salad is necessary to develop a HACCP flow chart.

2.

To determine a need for food operation for a particular piece of equipment, it's not necessary to check if the equipment can make the facility more attractive to customers

For more information:

https://brainly.com/question/19676572?referrer=searchResults

Suppose the demand function for good X is given by: where is the quantity demanded of good X, is the price of good X, and is the price of good Y, which is related to good X. Using the midpoint method, if the price of good X is constant at $10 and the price of good Y decreases from $10 to $8, the cross price elasticity of demand is about:_________

Answers

Answer:

Quantity demanded is -0.4

Explanation:

Quantity demanded is -0.4 if the prices decline from $8 to $10. The cross price elasticity is the change in quantity demanded for the goods when the price of other goods changes. The price change can be minor and the quantity demanded change can be high.

Street Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows:
Engine parts $740,000
Shop direct labor 500,000
Shop and repair equipment depreciation 40,000
Shop supervisor salaries 133,000
Shop property taxes 22,000
Shop supplies 10,000
Advertising expense 20,000
Administrative office salaries 71,400
Administrative office depreciation expense 6,000
Total costs and expenses $1,542,400
The average shop direct labor rate is $20 per hour.
Determine the predetermined shop overhead rate per direct labor hour.

Answers

Answer:

$8.20/Direct Labor hours

Explanation:

Cost of performing engine repair work = Shop and repair equipment depreciation + Shop supervisor salaries + Shop property taxes + Shop supplies

Cost of performing engine repair work = $40,000 + $133,000  + $22,000 + $10,000

Cost of performing engine repair work = $205,000

Direct Labor Hours = Direct Labor/Direct Labor rate

Direct Labor Hours = 500,000/$20 per hour

Direct Labor Hours = 25,000 hours

Predetermined shop overhead rate per direct labor hour = $205,000 / 25,000 Hours = $8.20/Direct Labor hours

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