White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour.
The balance in the account Work in Process-Sifting Department was as follows on July 1:
Work in Process-Sifting Department
(900 units, 3/5 completed):
Direct materials (900 × $2.05) $1,845
Conversion (900 × 3/5 × $0.40) 216
$2,061
The following costs were charged to Work in Process-Sifting Department during July:
Direct materials transferred from Milling Department:
15,700 units at $2.15 a unit $33,755
Direct labor 4,420
Factory overhead 2,708
During July, 15,500 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,100 units, 4/5 completed.
Required:
1. Prepare a cost of production report for the Sifting Department for July. If an amount is zero, enter "0". Round your cost per unit answers to the nearest cent.
2. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Use the date July 31 for all journal entries.
3. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. Round your answers to the nearest cent.
4. Discuss the uses of the cost of production report and the results of part (3)
Answers
Answer:
White Diamond Flour Company
Sifting Department
1. Cost of Production Report for July
Direct Materials Conversion Total
Beginning WIP 900 $1,845 $216 (3/5) $2,061
Transferred from Milling 15,700 33,755 7,128 40,883
Total costs of production $35,600 $7,344 $42,944
Equivalent units of production:
Completed 15,500 15,500 15,500
Ending WIP 1,100 1,100 880 (4/5)
Total equivalent units 16,600 16,380
Cost per equivalent unit:
Total costs of production $35,600 $7,344
Total equivalent units 16,600 16,380
Cost per equivalent unit $2.14 $0.45
Cost Assigned To:
Units transferred to packaging $33,170 (15,500*$2.14) $6,975 (15,500*$0.45) Total amount = $40,145
Ending WIP $2,354 (1,100*$2,14) + $396 (880*$0.45) = $2,750
2. Journal Entries:
Debit Work-in-Process - Sifting $40,833
Credit Finished Units- Milling $40,833
Debit Work-in-Process - Packaging $40,145
Credit Work-in-Process - Sifting $40,145
3. The increase or decrease in the cost per equivalent unit:
Direct Materials Conversion
July Cost per equivalent unit $2.14 $0.45
June Cost per equivalent unit $2.05 $0.40
Difference between July and June $0.09 $0.05
4. The Cost of Production Report helps management to know, for any period, the actual cost of production in each department and to identify the costs of units transferred to the Packaging Department and the costs of units under process in the Sifting Department at the end of the period. Determining the increase or decrease in cost per equivalent unit also enables management to know whether cost has increased or decreased per unit of production in order to institute appropriate controls for the acquisition of materials, labor, and other production expenses.
Explanation:
a) Data and Calculations:
Work in Process-Sifting Department
(900 units, 3/5 completed):
Direct materials (900 at $2.05) $1,845
Conversion (900 at 3/5 at $0.40) 216
Total balance $2,061
Related Questions
Swarovski is associated with what product?
Answers
Answer:
Swarovski is associated with Crystal Jewelry.
Answer:
lol 69 but its Crystal Jewelry
Explanation:
Volatile price changes, technological changes, and government intervention are what type of risks?
Answers
Volatile price changes, technological changes, and government intervention are external risks that can impact a company's operations and performance.
What are Volatile price changesVolatile price changes refer to fluctuations in input or product prices, which can affect profitability and cost structure. Technological changes can introduce advancements or disrupt an industry, requiring companies to adapt to avoid becoming obsolete.
Government intervention, through regulatory changes or policies, can create uncertainties and challenges for companies, affecting operations, costs, and market access.
To mitigate these risks, companies should implement risk management strategies such as diversification, contingency planning, staying informed about market trends, investing in R&D, and engaging with government stakeholders.
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In response to a prolonged recession, the monetary authorities of Lithuania decided to cut taxes. The impact of the multiplier effect will be felt the most if
Lithuania is very open to international trade and imports are high relative to GDP.
Lithuania’s citizens are affluent and tend to save a relatively high proportion of their income.
Lithuania’s citizens have relatively low incomes and spend little on foreign holidays or imported goods.
Lithuania’s citizens are cautious and sceptical, leading them to assume that the tax cut will soon be reversed.
Answers
In 2021, the average global GDP per person was approximately $12,230. On the other hand, Lithuania's GDP totaled 66.45 billion USD, or $23,723 per person.
Is the GDP of Lithuania high?In 2021, the average global GDP per person was approximately $12,230. On the other hand, Lithuania's GDP totaled 66.45 billion USD, or $23,723 per person. In light of this, Lithuania is currently rated 79 among the major economies.The method for calculating a nation's gross domestic product (GDP) includes the trade balance as one of its essential elements. A trade surplus occurs when domestic producers sell more products and services overseas than they import, which boosts the country's gross domestic product (GDP).In 2021, the average global GDP per person was approximately $12,230. On the other hand, Lithuania's GDP totaled 66.45 billion USD, or $23,723 per person.To learn more about gross domestic product refer to:
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Select the benefits of mentoring goal process PLS HELP ASAP
Answers
Answer:
Mentoring relationships can result in the following:
Increased knowledge transfer.
Job satisfaction.
Smart succession planning.
Development of leadership skills.
Motivation for professional development and accountability.
Achievement of goals and objectives.
Stronger internal networks.
Increased teamwork.
Explanation:
QUESTION 8 of 10: You are counting your competitors in town. This number is a(n):
a) Irrational number
b) Integer
c)Imaginary number
d) None of the above
Answers
Answer:B; Integer
Explanation:Integer is like a whole number(1,2,3,4, etc) it cannot be decimals. Since there can’t be 2.5 people, the answer is B- Integers
While counting the competitors in town, integers will be used. This number is an integer because the counting of people can never be done in an irrational or integer form. Therefore, B is the correct option.
What is an integer?An integer is a whole number in itself. An integer can be zero, a negative digit, or a positive digit as well. The examples of integers are 1,2,3,4,5,0, -1,-2, -3, -4, -5 and so on.
The irrational numbers or integers cant be used for counting or measuring human beings whether the integers can be used to so. Integers are used in various ways in our daily life. Such as measuring temperatures and our money on debit cards and credit cards.
Integers will be utilized to count the local rivals. Since counting persons can never be done in an irrational or integer form, this quantity is an integer. B is therefore the best choice.
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If the growth rate in an economy is 3%, then its GDP will double in about:
A.
20 years.
B.
23.33 years.
C.
70 years.
D.
245 years.
Answers
Answer:
B. 23.33 years.
Explanation:
If we are going to make use of rule of seventy (70) to help us know the actual time that it takes for a country to double their economy GROSS DOMESTIC PRODUCT (GDP) which means that it will take up to 14 years for a country that has 5% growth rate to double their GDP but in a situation where a country economy has a growth rate of 3% it will takes actually takes 23 .3 years to double their GDP or 10 years to double their GDP.
gThe following data are available for Martin Solutions, Inc. Year 2 Year 1 Sales $1,139,600 $1,192,320 Beginning inventory 80,000 64,000 Cost of goods sold 500,800 606,000 Ending inventory 72,000 80,000 Required: Assume a 365-day year. Determine for each year:
Answers
Answer and Explanation:
The computation is shown below;
For Year 1
Average inventory = (Beginning inventory + Ending inventory)÷ 2
= ($64,000 + $80,000) ÷ 2
= $72,000
Inventory turnover = Cost of goods sold ÷ Average inventory
= $606,000 ÷ 72,000
= 8.4 times
Days in inventory = 365 ÷ Inventory turnover ratio
= 365 ÷ 8.4
= 43.5 days
For Year 2
Average inventory = (Beginning inventory + Ending inventory) ÷ 2
= ($80,000 + $72,000) ÷ 2
= $76,000
Inventory turnover = Cost of goods sold ÷ Average inventory
= $500,800 ÷ 76,000
= 6.6 times
Days in inventory = 365 ÷ Inventory turnover ratio
= 365 ÷ 6.6
= 55.3 days
The amount with which an individual starts an investment is called the
O principal
O return
O IDA
O APY
Answers
Answer:
Principal
Explanation:
Bagel's food had to change the labeling on their products to meet the specification regarding vegetarian and non-vegetarian foods, set by the government in the Japanese market. They also had to mention the ingredients in Japanese to make it clear for the local customers. The component of the product that is the focus in the above scenario is the ______
Answers
Answer:
Packaging component.
Explanation:
A packaging component is an integral part of a product produced for export or import purposes for easy identification, advertising and quality assurance.
The packaging component of the product is the focus in the scenario that, Bagel's food had to change the labeling on their products in order to meet the specification set by the government on vegetarian and non-vegetarian foods in the Japanese market.
Also, Bagel's food had to list or mention the ingredients used in making their products in Japanese, so the local consumers or customers could have an understanding of the food products.
Intel buys a manufacturing machine for $100,000 for use in making computer processors. The company also paid 7% ($7,000) sales tax on the machine. It cost $3,000 to ship the machine to Intel's plant. Intel paid an additional $1,500 to have the machine installed and tested for initial use. Each month, the machine requires $1,000 worth of oil and supplies to keep running. What is the machine's original cost basis (also called book value) that the firm records on the balance sheet
Answers
Answer:
$110,000
Explanation:
Calculation for What is the machine's original cost basis that the firm records on the balance sheet
Machine's Original cost basis
Machine Cost $100,000
Add Sales Tax $7,000
Add Shipping Cost $3,000
Machine's Original cost basis $110,000
($100,000+$7,000+$3,000)
Therefore the machine's original cost basis that the firm records on the balance sheet will be $110,000
Which function of marketing stimulates sales, encourages customer loyalty, and communicates methods of payment?
Answers
One key function of marketing that stimulates sales, encourages customer loyalty, and communicates methods of payment is promotion.
Promotion is an integral part of the marketing mix and involves various activities aimed at creating awareness, generating interest, and influencing customers' purchasing decisions.
Through promotional strategies such as advertising, sales promotions, public relations, and direct marketing, businesses can effectively communicate the benefits and value of their products or services to the target audience. This creates a sense of urgency and drives sales by enticing customers to make a purchase.
Moreover, promotions can be designed to foster customer loyalty by offering exclusive discounts, rewards, or loyalty programs. These initiatives not only incentivize repeat purchases but also enhance the overall customer experience, fostering long-term relationships with the brand.
Additionally, promotions often include clear messaging about different methods of payment accepted by the business. By communicating convenient and flexible payment options, such as credit cards, online payments, or installment plans, customers feel empowered and informed about how to complete their transactions.
In summary, promotion plays a vital role in stimulating sales, cultivating customer loyalty, and effectively communicating methods of payment, thereby contributing to the overall success of a marketing strategy.
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Summer Tyme, Inc., is considering a new 3-year expansion project that requires an initial fixed asset investment of $2,422,431. The fixed asset will be depreciated straight-line to zero over its 3-year tax life, after which time it will be worthless. The project is estimated to generate $1,950,026 in annual sales, with costs of $1,675,501. If the tax rate is 0.36 , what is the OCF for this project?
Answers
The Operating Cash Flow(OCF) is $466,387.72 for this project.
Why is operating activity most important?Due to its direct connection to the company's core business activities, such as sales, distribution, production, and so forth, operating activities account for the majority of the company's cash flows. These activities also determine the profitability of the company, and items falling under this heading are the main types of cash flows.
Given,
Fixed Asset = $2,422.31
Sales = $1,950,026
Cost = $1,675,501
Tax-rate = 0.36
Required to Calculate Operating Cash Flow(OCF) = (Sale - Cost - Deprecaition) x (1-tax) + Deprecaition
OCF = ($1,950,026 - $1,675,501 - $2,422,431/3) x (1 - 0.36) + $807,477
OCF = $466,387.72
Thus, All of the money that is made by a company's primary business operations is considered operating cash flow. All capital asset acquisitions and investments in other business endeavors are included in investing cash flow. The company's payments as well as all proceeds from the issuance of debt and stock are included in the financing cash flow. The Operating Cash Flow(OCF) is $466,387.72 for this project.
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If an investor purchases a few shares of McDonald's® stock, but gains no direct involvement with the company, which kind of investment are they
portraying?
O Direct investment
O Portfolio investment
O Indirect investment
O Foreign investment
Answers
Answer:
B.
Explanation:
Portfolio investment can be defined as a passive investment made in the form of a group of assets, stocks, bonds, etc. These investments are made with the expectation to earn a return or growth in value.
In the given case, an investor who has purchased a few shares of McDonald's stock is portraying a portfolio investment. A portfolio investment is an asset that a company invests in with an expectation to earn a profit.
Therefore, option B is the correct answer.
a flatter sras curve would make the phillips curve , indicating a short-run increase in inflation following an expansionary monetary and/or fiscal policy. t/f
Answers
It reveals that there is no relationship between the price level and real GDP. This could occur in a recession or depression when there are a lot of resources without jobs or when prices stay the same.
What results in a flatter Phillips curve?The output gap becomes less volatile and less correlated with the output deviation when prices become more flexible, which is why the statistical Phillips curve flattens in this situation. Consequently, the output deviation and inflation, which are both directly related to the output gap, become less correlated.
When inflation rises, how does the Phillips curve change?According to the Phillips curve, unemployment and inflation are inversely related. There is a correlation between lower unemployment and higher inflation, and vice versa.
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Read the following scenario and answer the question below:
You are a public relations officer working for a local non-profit organisation called "Green Future" that focuses on promoting sustainable practices and environmental awareness in the community. The organisation has just launched a new initiative to encourage people to reduce their plastic waste and switch to reusable alternatives.
3.1. Write a press release to send to various media houses to promote this initiative and raise awareness about the importance of reducing plastic waste. Your press release should be structured according to the press release example provided in ‘Additional Resources/Supplementary Exam. Please note: The address, contact details and content provided in the press release are just an example of what should be included in your press release, and how it should be structured. For your press release you must write in your own, original words.
Also, as this is a hypothetical case study, you may make up your own address and contact details for “Green Future. (20)
Answers
FOR IMMEDIATE RELEASE
Green Future Launches Groundbreaking Initiative to Reduce Plastic Waste and Promote Sustainability
[City, Date] – Green Future, a local non-profit organization committed to fostering sustainable practices and raising environmental awareness, is proud to announce the launch of an innovative initiative aimed at reducing plastic waste and encouraging the adoption of reusable alternatives within the community.
Plastic pollution has become a pressing issue globally, posing significant threats to our environment, wildlife, and human health. With this new initiative, Green Future aims to tackle this problem head-on by empowering individuals to make conscious choices that can have a lasting positive impact on the planet.
Under the program, Green Future will engage with local businesses, educational institutions, and community members to promote the importance of reducing plastic waste. The initiative will provide educational resources, organize workshops, and distribute reusable alternatives such as cloth bags, stainless steel water bottles, and bamboo straws.
"We believe that collective action is key to addressing the plastic waste crisis," said [Spokesperson's Name], spokesperson for Green Future. "By raising awareness and offering practical solutions, we hope to inspire individuals to make sustainable choices and contribute to a greener future."
To further amplify the message and encourage widespread participation, Green Future has also partnered with media outlets, influencers, and community leaders who are committed to championing environmental causes.
To learn more about the initiative and how you can get involved, please visit [website URL] or contact Green Future at [contact information].
About Green Future:
Green Future is a non-profit organization dedicated to promoting sustainable practices and environmental awareness. Since its establishment [year], Green Future has been at the forefront of environmental initiatives, collaborating with various stakeholders to drive positive change within our community.
Media Contact:
[Your Name]
[Your Position]
[Phone number]
[Email address]
Green Future
[Address]
[City, State, ZIP]
[Phone number]
[Email address]
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From the case Ford Hybrid Car Case, by ARVIND RANGASWAMY
Develop forecasts of hybrid car penetration in the U.S. market from 2007 through 2016 for each scenario you develop, along with a justification and explanation for your forecasts. (In applying the Bass model, note that market penetration data for the three analog products mentioned in the case, namely, ABS, EFI, and Diesel cars, were all reckoned in terms of the percentage of the target market that adopted the product. Thus the maximum market potential can at most be equal to 100).
Answers
The forecasts of hybrid car penetration in the U.S. market from 2007 through 2016 for each scenario are Optimistic, Pessimistic and Realistic.
Scenario 1: Optimistic
In this scenario, I assume that the following factors will contribute to the growth of the hybrid car market:
Increasing awareness of the environmental benefits of hybrid carsGovernment incentives for purchasing hybrid carsContinued improvement in the performance and affordability of hybrid carsBased on these factors, I forecast that the market penetration of hybrid cars in the U.S. will reach 10% by 2016.
Scenario 2: Pessimistic
In this scenario, I assume that the following factors will hinder the growth of the hybrid car market:
High price of hybrid carsLack of charging infrastructureConsumer resistance to changeBased on these factors, I forecast that the market penetration of hybrid cars in the U.S. will reach only 5% by 2016.
Scenario 3: Realistic
In this scenario, I assume that the following factors will influence the growth of the hybrid car market:
A combination of the factors in the optimistic and pessimistic scenariosBased on these factors, I forecast that the market penetration of hybrid cars in the U.S. will reach 7% by 2016.
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100 pts
The table identifies how many thousands of units of corn and diamonds the United States and Congo can produce in one week. Use this data to answer the question that follows.
Corn
Diamonds
United States
60
10
Congo
20
5
Which statement is true based on the data table?
The United States should specialize in diamonds and trade for corn.
The United States should specialize in corn and trade for diamonds.
Congo should specialize in corn and trade for diamonds.
Congo should specialize in both corn and in diamonds.
Answers
Answer:
In view of the units of corn and precious stones delivered by the US, the open-door cost of creating corn is B. 10⁄60.
What is the open-door cost of delivering corn?
The open-door cost of delivering corn to the US would be the number of precious stones that are surrendered to make one unit of corn.
This can be found as:
= Units of jewels/Units of corn
= 10/60 jewels
All in all, choice B is right.
Answer:
B) The United States should specialize in corn and trade for diamonds.
Explanation:
I got it right on the test
Hillside issues $2,700,000 of 7%, 15-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,304,790.
Required:
Prepare the January 1, 2019, journal entry to record the bonds’ issuance.
Answers
Answer: Dr Cash $3,304,790
Cr Bonds payable $2,700,000
Cr Premium on bond issued $604,790
Explanation:
The journal entry to record the bonds’ issuance will be illustrated below:
January 1, 2019
Debit Cash $3,304,790
Credit Bonds payable $2,700,000
Credit Premium on bond issued $604,790
What is liquidity risk? Select one: a. risk due to changes in interest rates b. risk due to exchange rates c. risk to technological investments d. risk due to a sudden surge in liability withdrawals
Answers
Answer:
The correct answer is D)
Risk due to a sudden surge in liability withdrawals.
Explanation:
In banking terms, this simply refers to the inability of the bank to meet with its financial responsibilities in the near term.
When a bank has excess capital tied down in the form of loans which have been collateralised, the physical assets upon the default of the loans become assets to the bank. Its liabilities to the depositors which are still in existence have to be met. If at any point in time the bank is unable to meet its liability to depositors and is also unable to quickly convert the assets, then it is said to be exposed to the risk of liquidity.
Cheers!
What is a certificate of deposit (CD)?
A. A savings product with a guaranteed rate of interest and a maturity date.
B. Written document that proves ownership in a company or a small business.
C. A receipt for buying a mutual fund.
D. A bond with yearly dividends.
Answers
Answer:
i believe the answer is b
"Group decision making is better". Do you agree or disagree with the statement? Give 3 reasons why do you say so?
Answers
Answer:
I agree because it make the group bring out more ideals
sometimes group decision make some people to voice out their problems
group decision help organization and firms to operate in good aims
Economics budget line Q
Answers
Aoife's budget line is is -2
Aoife's equilibrium consumption of milk and bread is 20 units of milk and 60 units of bread.
What is Aoife's budget line?Budget line equation: 2M + B = 100, where M represents the quantity of milk and B represents the quantity of bread.
The equation above is a linear equation representing Aoife's budget constraint. The slope of the budget line is -2, which means that the opportunity cost of one unit of milk is two units of bread.
Illustration of her equilibrium consumption of milk and bread:To find the point of equilibrium, we need to find the point where the slope of the indifference curve is equal to the slope of the budget line. This is the point where the marginal rate of substitution (MRS) is equal to the price ratio.
The price ratio is 2:1 (the price of milk is twice the price of bread), so the slope of the budget line is -2. The slope of the indifference curve is -1/2, so we need to find the point where -1/2 = -2, which is (20, 60) (20 units of milk and 60 units of bread).
What is her marginal rate of substitution at the equilibrium allocation in part b?The marginal rate of substitution (MRS) at the equilibrium allocation is the rate at which Aoife is willing to trade off milk for bread while remaining on the same indifference curve. It is equal to the absolute value of the slope of the indifference curve at the equilibrium point.
In this case, the slope of the indifference curve is -1/2, so the MRS is 1/2 (the absolute value of -1/2). This means that Aoife is willing to give up half a unit of milk for one unit of bread while remaining on the same indifference curve at the equilibrium point.
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15. The owners of a small bar and grill want to run an ad on local radio in the town where the business is located. Their objective is to create awareness for the restaurant among the town’s consumers. Which measure should be used to determine how many different people will hear the advertisement?
Answers
What's the first step in creating a resume?
Create an opening statement of the type of work you are seeking
Gather your references
Write out your work history
List your diplomas, degrees, and certifications
Answers
Create an opening statement of the type of work you are seeking
Households with net worth in the negative or zero have the highest average credit card debt.Why do you think this is?
Answers
Households with net worth in the negative or zero may have the highest average credit card debt because they face financial difficulties on account of lower incomes.
Why do lower net worth households have debt ?It's possible that these households experience financial hardships or lower incomes which restrict them in building savings and assets. Hence, they end up resorting to credit cards as means of survival, and this may be a key reason behind their increased level of credit card debt.
Moreover, it is likely that households with negative or no net worth confront limited access to alternative forms of credit, like loans or lines of credit. Consequently, these people probably feel compelled to rely on credit cards increasingly for borrowing purposes. In turn, this tendency could augment their level of credit card debt.
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Two identical firms compete as a Cournot duopoly. The inverse market demand they face is P = 123 - 3Q. The total cost function for each firm is TC(Q) = 3Q. The price charged in this market will be
Answers
The price changed in this market will be mathematically given as
P=93
What is the price change in this market?P = 123 - 3Q
Generally, the equation for the statement is mathematically given as
P = 123 - 3Q
Therefore
\(\frac{d \pi}{ d \Q1}\)=123-6Q1-30Q2-3=0
Where
Q1=120-3Q2/6
Hence
Q1=120-3(120-3Q1/6)/6
Q1=13.333
In conclusion,
P = 123 - 3(2*13.333)
P=93
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Chelsea is a dispatcher who answers calls from patients with medical emergencies
and assigns medical personnel to address patient needs. What education would
Chelsea most likely have needed to complete to get her job?
high school diploma
associate degree
bachelor's degree
master's degree
Answers
Answer:
The answer is an associate degree
Explanation:
I just took the test and got it right.
Answer:
associate degree is the answer
The Combined graph shows a dotted line that represents the combined production possibilities for the two countries. How must each country allocate its labor so that the red point, showing total production, is on the bend of this combined production possibilities function? Malaysia must allocate % of its labor to lumber production. Canada must allocate % of its labor to lumber production.
Answers
Malaysia must allocate -1.65 % of its labor to lumber production while Canada must allocate -1.3 % of its labor to lumber production. This is because Malaysia can produce lumber at a lower opportunity cost and each country's production possibilities curve is linear.
What is a production possibilities curve?It refers to the economic model that shows the maximum combinations of goods and services or any two categories of goods that can be produced from a fixed amount of resources.
The model of Production Possibilities Curve are used to show the tradeoffs associated with allocating resources between the production of two goods. It can be used to illustrate the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, contractions as well.
In conclusion, the importance of production possibilities curve is that it helped demonstrate the maximum possible output of goods given a set amount of resources.
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Manufacturer of skateboards offered a 5/3/2 chain discount to many customers. bob's sporting goods ordered 20 skateboards for a total $625 list price. a. what was the net price of the skateboards? (round to the nearest cent.) net price $ b. what was the trade discount amount? (round to the nearest cent.) trade discount $
Answers
The net price for the skateboards if the manufacturers offered a chain discount is $605.
What is discounting?Calculating the present value of a future payment or stream of payments is a key step in the discounting process. A dollar is worth more today than it is tomorrow because money's value grows through time. Discounting is the main method used to value a stream of future cash flows. The coupon payments, for instance, are discounted by a particular interest rate and added to the par value to get the current value of a standard bond. If an asset cannot produce future cash flows, it has no value from a business perspective. Dividends come from the stocks. While projects provide additional future cash flows, bonds just earn interest.
Net price= $625-$20= $605
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Costs from Beginning Inventory Costs from Current Period
Direct materials $5,100 $25,200
Conversion costs $5,300 143,700
At the beginning of the period, there were 400 units in process that were 45% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,200 units were started and completed. Ending inventory contained 300 units that were 35% complete as to conversion costs and 100% complete as to materials costs. Assume that the company uses the FIFO cost flow method. The cost of completing a unit during the current period was:________
Answers
Answer:
$30.59
Explanation:
Note that the FIFO method is used for this question
Equivalent Units
Materials = 5,200 x 100 % + 300 x 100 % = 5,500
Conversion Costs = 400 x 55 % + 5,200 x 100 % + 300 x 35 % = 5,525
Total Costs
Materials = $25,200
Conversion Costs = $143,700
Cost per Equivalent unit
Materials = $25,200/5,500 = $4.58
Conversion Costs = $143,700/5,525 = $26.01
Total Cost = $4.58 + $26.01 = $30.59
Conclusion
The cost of completing a unit during the current period was $30.59