Equivalent Units of Conversion Costs The Rolling Department of Oak Ridge Steel Company had 10,712 tons in beginning work in process inventory (70% complete) on July 1. During July, 82,400 tons were completed. The ending work in process inventory on July 31 was 7,416 tons (60% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit. 83,636 units

Answers

Answer 1

Answer:

Total equivalent unit          86,688

Explanation:

We will use the weighted average method of valuation.

Under the weighted average method of valuation, to account for completed units, it is assumed that the entire degree of work required is done in the period under consideration. So there is no separation of the completed units into opening inventory and fully worked.

Equivalent units = Degree of completion (%) × Number of units

Item                       Tons                Working                  Equivalent units

Completed unit    82,400               82,400× 100%            82,400

Closing inventory  7,416               7,416  × 60%               7,416        

Total equivalent unit                                                         86,687.6

                         


Related Questions

In 2021, Holyoak Inc. offers a coupon for $15 off qualifying purchases of its new line of products. Holyoak sold 10,600 of these products during the year. By year-end of 2021, 7,700 coupons had been redeemed and the $15 reduction of purchase price provided to customers. Holyoak's historical experience with such coupons indicates that 80% of customers use the coupon. Holyoak recognizes coupon expense in the period coupons are issued. What is the expense that Holyoak should report for its promotional coupons in its 2021 income statement

Answers

Answer: $127200

Explanation:

Promotional codes are simply the alphanumeric strings which are offered by online stores in order to encourage purchases. It is a marketing strategy

Based in the information provided in the question, the expense that Holyoak should report for its promotional coupons in its 2021 income statement will.be calculated as:

= $10,600 × 80% × $15

= $10,600 × 0.8 × $15

= $127200

At the beginning of 2021, Angel Corporation began offering a two-year warranty on its products. The warranty program was expected to cost Angel 5% of net sales. Net sales made under warranty in 2021 were $194 million. Fifteen percent of the units sold were returned in 2021 and repaired or replaced at a cost of $4.40 million. The amount of warranty expense on Angel's 2021 income statement is:

Answers

Answer:

$9.7 million

Explanation:

The amount of warranty expense on Angel's 2021 income statement = Net sales x 5%

= $194 million x 5%

= $9.7 million

Thus, the amount of warranty expense on Angel's 2021 income statement will be $9.7 million

Torino Company has 2,700 shares of $10 par value, 6.0% cumulative and nonparticipating preferred stock and 27,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $1,000 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is:

Answers

Answer: $2240

Explanation:

Preferred shareholders have priority over the income of a company as they're paid dividends before the common shareholders. The common stockholders are the ones that are paid last after the preferred shareholders and creditors have all been paid.

The dividend on the preferred shares will be calculated as:

= 2700 × 10 × 6%

= 2700 × 10 × 0.06

= 1620

Tge dividend in arrears fir the first year will be calculated as:

= 1620 - 1000

= 620

Dividend for the second year will be:

= 1620

Dividend that'll be paid to preferred shareholders will be:

= $620 + $1620

= $2240

On January 12, 2021, Jefferson Corporation purchased bonds of Rose Corporation for $52 million at par and classified the securities as available-for-sale. On December 31, 2021, these bonds were valued at $46 million. Nine months later, on October 3, 2022, Jefferson Corporation sold these bonds for $62 million. As part of the multistep approach to record the 2022 transaction, Jefferson Corporation should finally take the third step of recording a sales transaction with a gain of:

Answers

Answer:

Transaction gain = $16 million

Explanation:

Given:

Purchase amount = $52 million

December 31, 2021, bonds value = $46 million

October 3, 2022, bonds sold = $62 billion

Computation:

Using multi-step approach

Transaction gain = October 3, 2022, bonds sold - December 31, 2021, bonds value

Transaction gain = $62 million - $46 million

Transaction gain = $16 million

Multiple Choice Question The following selected information pertains to Wilson Company. Current liabilities: $100; long-term liabilities: $150; contributed capital: $120; retained earnings: $50; accumulated other comprehensive income: $20. The company's debt to equity ratio (rounded to two digits after the decimal point) is

Answers

Answer:

The debt to equity ratio is 1.32

Explanation:

The computation of the debt to equity ratio is shown below;

Debt to equity ratio is

= Debt ÷ equity

where, Debt is long term + current liabilities

And, the equity is contributed capital + retained earnings + other incomes

= ($100 + $150) ÷ ($120 + $50 + $20)

= $250 ÷ $190

= 1.32

Hence, the debt to equity ratio is 1.32

Costello Corporation reported pretax book income of $500,900. During the current year, the reserve for bad debts increased by $6,800. In addition, tax depreciation exceeded book depreciation by $40,900. Finally, Costello received $3,450 of tax-exempt life insurance proceeds from the death of one of its officers. Costello's deferred income tax expense or benefit would be:

Answers

Answer:

Deferred income tax expense = $7,161

Explanation:

Given:

Bed debts increase = $6,800

Depericiation increase = $40,900

Tax-exempt life insurance = $3,450

Computation:

Assume tax rate = 21%

Taxable difference = 40,900 - 6,800

Taxable difference = 34,100

Deferred income tax expense = 34,100 × 21%

Deferred income tax expense = $7,161

Sustainability and ERP (Enterprise resource planning) systems are helping companies track their energy consumption. SAP and Walmart are not only teaming up for the implementation of the retail giant’s financial software, but they are also promoting a unified front on sustainability—focusing on reducing pollution while increasing profits—through the use of ERP software. Many SAP customers have cut energy usage; for example, 7-Eleven reduced its cooling energy usage by 12 percent, Dannon cut its fuel costs by 22 percent with better management of its transportation system, all through the use of enhanced information from their ERP system. Companies can use the software to track and report on their energy consumption; however, in order to make changes, a company must determine the baseline of its energy consumption. For instance, Walmart was surprised to find that only 8 percent of its carbon footprint was under the direct control of the company, the remaining 92 percent was in the company’s supply chain. Since 85 percent of Walmart’s suppliers run SAP, Walmart saw an opportunity to encourage energy savings on the part of the companies that supply the Walmart stores. SAP sustainability software application allows Walmart and its suppliers to track their energy usage, emissions, and consumption of other natural resources.

Answers

Answer:

SCM by kashif shafiq? :D

Explanation:

Presented below are three transactions. Mark each transaction as affecting owner's investment (I), owner's drawings (D), revenue (R), expense (E), or not affecting owner's equity (NOE). ________(a) Received cash for services performed ________(b) Paid cash to purchase equipment ________(c) Paid employee salaries g

Answers

Answer:

a. revenue (R), affecting owner's investment (I)

b. not affecting owner's equity (NOE)

c. expense (E) and affecting owner's investment (I)

Explanation:

Revenues and Expense form Profits which are included in the statement of changes in equity through the Retained Income line item, thus these two also affect owners investment.

A broad differentiation strategy works best in situations where Select one: A. buyers have a low degree of bargaining power and purchase the product frequently. B. buyers incur low costs in switching their purchases to rival brands. C. technological change is slow-paced and new or improved products are infrequent. D. buyer needs and uses of the product or service are diverse. E. buyer needs and uses of the product or service are very similar.

Answers

Answer:

D. buyer needs and uses of the product or service are diverse.

Explanation:

broad differentiation strategy helps company to stand out among her competitors, it involves development of business strategy to carry out activities in the company to increase productivity and low production cost in the company.

It should be noted that broad differentiation strategy works best in situations where buyer needs and uses of the product or service are diverse.

The Mifflin Cable store in Buffalo is currently offering a fabulous marketing strategy for potential new cable and Internet customers. Mifflin Cable offers new customers who purchase a cable and Internet package a DVR, modem, and all other necessary equipment with a two year contract. In terms of Porter's Five Forces what is Mifflin Cable attempting to achieve with this marketing strategy

Answers

Answer:

C. Decrease buyer power

Explanation:

Since in the question it is mentioned that the Mifflin Cable store offers a great marketing strategy that the combos of all the things would be based on the two year contract

So this given situation represents the decrease in buyer power as if there is less bargaining power so the company is able to rise the profit that is actually motive of every organization

Therefore the option C is correct

Many checking accounts offer multiple ways of accessing money in addition to checks. Which of these can be used to access money in a checking account? A) debit card B) credit card C) certificate of deposit D) passbook

Answers

Answer:

A,  debit card

Explanation:

The correct option is A.

The following information regarding the debit card is:

The debit card is the card where the funds for the amount with respect to the purchased should be considered for the checking account. By this we can do shopping, travelling, etc.The products should be purchased to the maximum balance mentioned in the account.

Learn more: brainly.com/question/17429689

The City of Willford levies a flat 7% tax on individual income in excess of $55,000. Individuals who earn $55,000 or less pay no income tax. Ms. Vello earned $127,200 income this year. Compute her city income tax and determine her average tax rate. Mr. Sui earned $68,900 income this year. Compute his city income tax and determine his average tax rate. Does Willford have a proportionate, progressive, or regressive tax rate structure?

Answers

Answer:

Explanation:

• Ms. Vello earned $127,200 income this year. Compute her city income tax and determine her average tax rate.

Ms. Vello's tax is calculated as:

= $72,200 × 7%

= $72000 × 0.07

= $5054

Her average tax rate will be:

= $5,054/$127,200

= 3.97%

• Mr. Sui earned $68,900 income this year. Compute his city income tax and determine his average tax rate.

Mr. Sui's tax will be:

= $13,900 × 7%

= $13900 × 0.07

= $973

His average tax rate will be:

= $973/$68,900

= 1.41%

• Does Willford have a proportionate, progressive, or regressive tax rate structure

Willford has a progressive tax rate. This is because as the base rises, the tax rate also increases. The higher the income, then the higher the tax rate will also be.

Ban Co purchased 50, 5% Waylan Company bonds on January 1, 2016 for $50,500 cash Interest is payable annually on January 1 the January 1, 2017 annual interest payment would include a:__________.
a. debit to Interest Revenue for $2,500 B.
b. credit to Interest Revenue for $2,525
c. The entry to record C credit to Interest Receivable for $2,500 D.
d. credit to Debt Investments for $2.525

Answers

Answer:

a. debit to Interest Revenue for $2,500

Explanation:

Based on the information given we were told that Ban Company made a purchased of 50, 5% Waylan Company bonds for the amount of $50,500 which is a cash Interest that is payable annually which means that the annual interest payment would include a: DEBIT to Interest Revenue for $2,500 calculated as :

Interest Revenue=[(50 x $1,000)×5%]

Interest Revenue=$50,000×0.05

Interest Revenue =$2,500

At the start of the current year, SBC Corp. purchased 25% of Sky Tech Inc. for $46 million. At the time of purchase, the carrying value of Sky Tech's net assets was $62 million. The fair value of Sky Tech's depreciable assets was $10 million in excess of their book value. For this year, Sky Tech reported a net income of $62 million and declared and paid $10 million in dividends. The total amount of additional depreciation to be recognized by SBC over the remaining life of the assets is:

Answers

Answer:

The total amount of additional depreciation to be recognized by SBC over the remaining life of the assets is $2,500,000

Explanation:

The total amount of additional depreciation to be recognized by SBC over the remaining life of the assets is:

= $10,000,000 * 25%

= $10,000,000 * 0.25

= $2,500,000

Below is the complete list of accounts of Cobras Incorporated and the related balance at the end of March. All accounts have their normal debit or credit balance. Supplies, $1,100; Buildings, $53,000; Salaries Payable, $300; Common Stock, $33,000; Accounts Payable, $2,100; Utilities Expense, $3,500; Prepaid Insurance, $1,100; Service Revenue, $19,300; Accounts Receivable, $4,000; Cash, $3,300; Salaries Expense, $6,200; Retained Earnings, $17,500. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses.

Answers

Answer:

                         Cobras Incorporated

                             Trial Balance

                  For the Month Ended March 31

Account                            Debit           Credit

Cash                                  $3,300

Account Receivable         $4,000

Supplies                            $1,100

Prepaid Insurance            $1,100

Buildings                           $53,000

Account Payable                                   $2,100

Salaries Payable                                    $300

Common stock                                      $33,000

Retained earnings                                 $17,500

Service Earnings                                    $19,300

Salaries Expenses           $6,200

Utilities Expenses            $3,500                        

Total                                 $72,200        $72,200

Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received your salary of $65,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 9 percent of your annual salary in an account that will earn 10.5 percent per year. Your salary will increase at 2 percent per year throughout your career. How much money will you have on the date of your retirement 35 years from today?

Answers

Answer:

$2,171,762

Explanation:

since there is not enough room here I used an excel spreadsheet

The agency problem exists primarily in companies of which:__________.
a. ownership is widely dispersed
b. common stock is closely held
c. management has stock ownership
d. both a & c

Answers

Answer: a. ownership is widely dispersed

Explanation:

When ownership of a company is widely dispersed, it means that there are few major holders of stock and no majority shareholder.

This can lead to more instances of the Agency problem ( managers acting for their own welfare instead of that of the shareholders) as there will be fewer people able to call the managers to book unilaterally. The managers will therefore feel more empowered to do as they please.

Define the internal environments in international business for finance, production and marketing​

Answers

Answer:

International business can be defined as the trade of goods and services ( e.g technology, capital, consulting, transportation, events, hospitality) globally or across national borders.

Internal environment is composed of elements within the business that can easily be controlled by the company, this include employees, financial resources, productions, management, and marketing.

Explanation:

Internal environment determines the extent to which the business can excel in international market. Internal environment like  financial resources will determine the quantity and quality of products the company markets or exports to other nations.

Internal environment are factors that can be easily controlled or altered in order to adjust to the external environment. The external environment cannot be easily controlled but the internal environment can be adjusted constantly to ensure the company is archiving it targets in the international business.

why do you think wants is less important?​

Answers

Answer:

Wants is less important because you don't need it/them to survive, you can live with only your needs, you should only get your wants only if you can afford it and still have enough money for needs.

Explanation:

I don't know if that made sense lol

Neha is writing a report comparing the profits of three fashion design houses What type of organizational method should she use? a) Importance b) Component c) Time

Answers

Answer:

b) Component

Explanation:

Since in the question it is mentioned that the neha has written a report in which the profits of three fashion design houses could be compared

So in this situation, the component organizational method could help for knowing the strategic and the operational information so that it would be easy for comparing the profits between these three fashion houses

Therefore the option b is correct

g After preparing a bank reconciliation, a journal entry would be required for which of the following: Group of answer choices None is correct. A deposit in transit A deposit made by a company with a similar name and credited to your account. Interest earned on the company's checking account. A check for $48 given to a supplier but not yet recorded by the company's bank.

Answers

Answer:

After preparing a bank reconciliation, a journal entry would be required for which of the following:

Interest earned on the company's checking account.

Explanation:

This interest was not recorded in the company before receiving the bank statement.  A journal entry would record this by debiting Cash account and crediting Interest Earned account.  The other transactions do not require the company to make any entry in its journals because they had earlier being recorded.   The bank will make the necessary adjustment and not the company for the 'deposit made by a company with a similar name.'

Which approach describes how leaders act?
a. Trait.
b. Skills.
c. Leader-member exchange.
d. Behavioral

Answers

Answer:

d. Behavioral

Explanation:

Behavioral approach defines how a leader interact with its followers. It also includes the actions of a leader towards its followers.

In behavioral approach to leadership, anyone can become a leader if they want to, but such leader trainings and observations for effective leadership. The behavioral approach centers on interpersonal relationship between a leader and its followers. There is also an aspect of behavioral approach - task behavior which focuses on workers achieving set targets at workplace while relationship behavior help workers feel safe and comfortable by their leaders in their place of work.

In a general partnership, each partner is liable for the partnership's obligations only up to a percentage of the obligation equal to that partner's percentage of ownership of the partnership.
a. True
b. False

Answers

I believe that’s true but I’m not sure

Kayleigh is looking over a number of material requisition slips from her employees. She has to sign off on each request after reviewing it, which she thinks is a waste of time and effort. Kayleigh believes that having the name of the employee who requested the materials should be enough. Is she correct?

Answers

Answer: B :  No, approval by an individual other than the requestor establishes greater accountability over inventory.

Explanation:

The purpose of reviewing the material requisition slips is to ensure that there is greater accountability in inventory acquisition and this is why it is important that someone else apart from the person requesting approves the inventory request as it will reduce chances of fraud.  

If the person requesting could also approve, there is a chance that inventory that is not needed will be ordered and then used for purposes other than to benefit the business but to benefit the person who requested it.

Dave is working on some paperwork for his boss. The company has reported that their estimated indirect labor costs for the year are going to be $130,000, while the direct labor costs for the year will be $200,000. The estimated overhead costs for the year are expected to be $156,000. If overhead is applied based on direct labor cost, what is the predetermined overhead rate for the company?

Answers

Answer:

Predetermined manufacturing overhead rate= $1.28 per direct labor dollar

Explanation:

Giving the following information:

Direct labor costs= $200,000.

The estimated overhead costs for the year are expected to be $156,000.

To calculate the predetermined overhead rate, we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 200,000/156,000

Predetermined manufacturing overhead rate= $1.28 per direct labor dollar

Savings bonds differ from most other bonds in that

Answers

Answer: They provide a higher rate of return.

They are held for a shorter time. The buyer does not receive periodic interest payments in exchange for a lower purchase price.

The benefits of a reduction of corporate tax to the country

Answers

Answer:

oooooioooooooooooooo

Lower corporate taxes increase rewards for improving techniques, technology, and increasing capital investments, which increase worker productivity and earnings. ... They reduce the substantial distortions caused by the tax. And those changes benefit others, such as workers and consumers

Prepare a statement of cash flows for MED Corporation. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Cash flow from Operating Activities $ Cash flow from Investing Activities $ Cash flow from Financing Activities $ Net Change in Cash and marketable securities $

Answers

Answer:

Explanation:

Question

Prepare a statement of cash flows for MED Corporation. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Cash flow from Operating Activities $ Cash flow from Investing Activities $ Cash flow from Financing Activities $ Net Change in Cash and marketable securities $

Annuities are a series of constant cash flows that have been received over a certain period of time. However, not all annuities are created equal. Some annuities adjust the payments based on certain macroeconomic factors. Growing annuities are a series of payments that grow at aconstant rate. You invested in an aggressive growth fund and expect to earn 14.84% annually over the next five years. However, due to strong growth, inflation is expected to be 7.35%. What should be your expected real rate of return

Answers

Answer:

Real interest rate= 0.0749= 7.49%

Explanation:

Giving the following information:

You invested in an aggressive growth fund and expect to earn 14.84% annually over the next five years. However, due to strong growth, inflation is expected to be 7.35%.

The inflation rate provokes the opposite effect than the interest rate. It decreases the value of money through time, reducing the purchasing price of the nominal value of money.

Real interest rate= nominal interest rate - inflation rate

Real interest rate= 0.1484 - 0.0735

Real interest rate= 0.0749= 7.49%

Which of the following is an example of a middle manager?
Teller at a bank
O Director of marketing
O Chief executive officer
O Salesperson in a retail store

Answers

Answer:

Director of marketing

Explanation:

I just got it right in a test

The Director of marketing is an example of a middle manager. Thus, option B is correct.

Who is a manager?

A manager is a person who maintains the flow of the business, he is responsible for the smooth running of the business and coordinating between various departments. A manager tends to be the person who is delegating and is responsible for coordinating.

According to the hierarchical positions of the company, there are various positions that need to be filled like workers, staff, managers, executive managers, head of an office, CEO, etc.

From the given options, the middle manager will be the director of marketing the teller of the bank comes at a lower level, the chief executive officer will be at the top most level, and a salesperson will be at the lower middle level.  Therefore, option B is the correct option.

Learn more about managers, here:

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