Bentwood Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Beginning work-in-process inventory:
Units in beginning work-in-process inventory 1,700
Materials costs $32,300
Conversion costs $18,700
Percent complete with respect to materials 70%
Percent complete with respect to conversion 25%
Units started into production during the month 8,900
Units transferred to the next department during the month 7,700
Materials costs added during the month $154,600
Conversion costs added during the month $253,900
Ending work-in-process inventory:
Units in ending work-in-process inventory 2,900
Percent complete with respect to materials 80%
Percent complete with respect to conversion 35%
The cost per equivalent unit for conversion costs for the first department for the month is closest to:____.
a. $29.33.
b. $29.00.
c. $31.78.
d. $35.51.

Answer:

$31.28

Explanation:

Calculation to determine what The cost per equivalent unit for conversion costs for the first department for the month is closest to:

First step is to calculate the Total Conversion Cost

Total Conversion Cost=$253,900+$18,700

Total Conversion Cost=$$272,600

Second step is to calculate the Equivalent Units

Equivalent Units =( 7,700 x 100%) + (1,700 + 8,900 - 7,700 ×35%)

Equivalent Units =( 7,700 x 100%) + (2,900 x 35 %)

Equivalent Units =7,700+1,015

Equivalent Units = 8,715 units

Now let calculate the Cost per Equivalent Units using this formula

Cost per Equivalent Unit = Total Cost ÷ Total Equivalent Units

Cost per Equivalent Unit = $272,600 ÷ 8,715 units

Cost per Equivalent Unit = $31.28

Therefore The cost per equivalent unit for conversion costs for the first department for the month is closest to:$31.28

The Landrum Company provides the following standard cost data per unit of product: Variable overhead $ 8.00 Landrum anticipated that they would produce and sell 24,000 units. During the period, the company produced and sold 25,000 units, incurring $210,000 of variable overhead costs. The variable overhead flexible budget variance was: Multiple Choice $8,000 unfavorable. $8,000 favorable. $10,000 unfavorable.

Suppose the initial inflation rate and inflation target are both 2%, that the real federal funds rate is 2%, and that the economy is at the full employment level of output. According the Taylor Rule, the federal funds target should be . Suppose now that the inflation rate changes to 6%. The Taylor Rule now prescribes that the federal funds target should be

Tolbotics Inc. is considering a three-year project that will require an initial investment of $44,000. If market demand is strong, Tolbotics Inc. thinks that the project will generate cash flows of $29,500 per year. However, if market demand is weak, the company believes that the project will generate cash flows of only $2,000 per year. The company thinks that there is a 50% chance that demand will be strong and a 50% chance that demand will be weak.
If the company uses a project cost of capital of 14%, what will be the expected net present value (NPV) of this project if the company is ignoring the timing option?
a. -$3,435
b. -$3,779
c. -$3,092
d. -$3,607

Pina Colada Corp. just began business and made the following four inventory purchases in June: June 1 171 units $1026 June 10 228 units 1596 June 15 228 units 1824 June 28 171 units 1539 $5985 A physical count of merchandise inventory on June 30 reveals that there are 228 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is $1995. $2052. $1369. $1425.

n an arm's length channel system where the supplier/steward exerts little direct control over channel intermediaries, the channel steward may have to resort to performing value-adding activities itself, such as TV advertising, consumer promotions, and so on, so that even before the consumer enters the store, she or he is looking only for the supplier's brand. Which promotional strategy does this discussion describe

Why is a bank more likely to offer you credit if you have a co-singer with good credit?

what is the role of education to become a manager ?​

Heidi (age 57) invested $4,000 in her Roth 401(k) on January 1, 2012. This was her only contribution to the account. On July 1, 2020, when the account balance was $6,000, she received a nonqualified distribution of $4,500. What is the taxable portion of the distribution and what amount of early distribution penalty will Heidi be required to pay on the distribution

Tomorrow Publications collects magazine subscriptions from customers at the time subscriptions are sold. Subscription revenue is recognized over the term of the subscription. Tomorrow Publications collected $20 million in subscription sales during its first year of operations. At December 31, the average subscription was one-fourth expired. When Tomorrow Publications collects the subscriptions from customers, which of the following account will be credited?
a. Subscriptions Expense.
b. Unearned Subscriptions Revenue.
c. None of the other three answers is correct.
d. Cash

A speculator purchases a put option for a premium of $4, with an exercise price of $30. The stock is presently priced at $29, and rises to $32 before the expiration date. What is the maximum profit per unit to the speculator who owned the put option assuming he or she exercises the option at the ideal time

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(a) Prepare a schedule showing the distribution of net income assuming net income is
(1) $50,000 and
(2) $ 36,000
(b) Journalize the allocation of net income in each of the situation above .

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Trainees are put through a two-month school. The fixed cost of running one session of this school is $150,000. Any number of sessions can be run during the year but must be scheduled so that the airline always has enough flight attendants. The cost of having excess attendants is simply the salary that they receive, which is $15,000 per month. How many sessions of the school

Prepare a corrected trial balance by changing incorrect amounts and placing each amount in the proper column.

Davenport's European Tours Trial Balance October 31, 20--
Account Title Debit Credit
Cash 15,560
Accounts Receivable 406
Supplies 246
Prepaid Insurance 589
Equipment 24,450
Accounts Payable 6,012
Davenport, Capital 30,500
Davenport, Drawing 1,800
Repair Fees 9,274
Wages Expense 4,250
Rent Expense 1,300
Advertising Expense 290
Utilities Expense 495
47,586 47,586

Classify each of the following based on the macroeconomic definitions of saving and investment.
Saving Investment
Edison purchases a certificate of deposit at his bank.
Maria purchases stock in NanoSpeck, a biotech firm.
Hilary purchases new ovens for her cupcake-baking business.
Kevin takes out a loan and uses it to build a new cabin in Montana.

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If an adjusting entry is not made for an accrued expense,
a. expenses will be overstated,
b. liabilities will be understated.
c. net income will be understated.
d. equity will be understated.​

Pina Company has the following two temporary differences between its income tax expense and income taxes payable.

2020 2021 2022
Pretax financial income $864,000 $917,000 $909,000
Excess depreciation expense on tax return (30,400) (38,500) (9,800 )
Excess warranty expense in financial income 19,400 10,100 8,300
Taxable income $853,000 $888,600 $907,500

The income tax rate for all years is 20%.

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c. Prepare the income tax expense section of the income statement for 2019, beginning with the line "Pretax financial income."

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When following up with a customer it is important to ___.
a. make the process easy on the employee
b. make the process a little unpleasant
c. keep it in the store's best interest
d. use a method suited to the customer

You are comparing two companies in the same industry. You have determined that Gore Corp. depreciates its plant assets over a 40-year life, whereas Ross Corp. depreciates its plant assets over a 20-year life. Discuss the implications this has for comparing the results of the two companies.

Teecorp Company provides the following ABC costing information: Activities Total Costs Activity-cost drivers Labor $320,000 8,000 hours Gas $36,000 6,000 gallons Invoices $40,000 2,500 invoices Total costs $396,000 The above activities used by their three departments are: Lawn Department Bush Department Plowing Department Labor 2,500 hours 1,200 hours 4,300 hours Gas 1,700 gallons 800 gallons 3,500 gallons Invoices 1,600 invoices 400 invoices 500 invoices How much of the labor cost will be assigned to the Bush Department

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Required:
a. Prepare the journal entry for Rasheed's collection of $350,000 of the accounts receivable during the period from April 1, 2014, through June 20, 2020.
b. On July 1, 2020, Rasheed paid Third National all that was due from the loan it secured on April 1, 2020. Prepare the journal entry to record this payment.