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N76 [4]
2 years ago
12

The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been o

btained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts.
Direct Materials Inventory
Beg. Bal. 8,200 ? Transferred Out
Purchases ?
End. Bal. 6,600
Cost of Goods Sold
59,000
Work-in-Process Inventory
Beg. Bal. 7,700 ? Transferred Out
Materials 18,400
Labor 13,700
Overhead 8,200
End. Bal. ?
Finished Goods Inventory
Beg. Bal. ? ? Transferred Out
Transferred in 39,700
End. Bal. 4,400
What is the value of the ending Work-in-Process inventory balance?
a. $4,400.
b. $0.
c. $8,200.
d. $8,300.
Business
1 answer:
kvasek [131]2 years ago
8 0

Answer:

d. $8,300.

Explanation:

             Direct Materials

Beginning     8,200

Purchases   *16,800

Requisitions             18,400

Ending          6,600

We solve for purchases:

6,600 + 18,400 - 8,200 = 16,800

WIP Inventory

Beginning                7,700

Materials                18,400

Labor                     13,700

Overhead               8,200

Transferred Out    <u>             39,700*</u>

Ending                    8,300

The transferred-out from WIP inventory is the transferred-in for Finished Goods

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The Ruff Jeans Company produces two different types of jeans, Simple Life, and Fancy Life. The company sales budget estimates th
sashaice [31]

Answer:

Explanation:

\left[\begin{array}{ccc}-&Simple Jeans&Fancy Jeans\\Production&353,500&196,000\\Ending&3,500&3,500\\Beginning&2,000&2,000\\Purchase&355,000&197,500\\\end{array}\right]

We need to purchase to fullfil the inventory for this amount of units.

<u>Now we have to calculate each component:</u>

\left[\begin{array}{cccc}&denim material&zipper&thread\\Simple per unit&3&1&25\\Simple Quantity&106,5000&355,000&887,5000\\Fancy per unit&4.5&1&40\\Fancy Quantity&888,750&197,500&7,900,000\\Total Quantity&1,953,750&552,500&16,775,000\\Cost per unit&3.25&0.75&0.02\\Total Cost&6,349,687.5&414,375&335,500\\\end{array}\right]

Next, we multply the purchase requirement per amount per tpye of unit. Once we got total quantity me multiply by the cost.

5 0
2 years ago
Rachel and Hogan have three children. To save on haircuts, Rachel cuts the three kids and Hogan's hair. Doing this saves them ab
Dvinal [7]

Answer:

They will have $37,595.23 in mutual fund in 15 years

Explanation:

<em>Step 1: Determine the present value of savings</em>

This can be expressed as;

Present value=monthly savings×number of months in 15 years

where;

monthly savings=$50

number of months in 15 years=12×15=180 months

replacing;

Present value=50×180=$9,000

<em>Step 2: Determine the future value of savings including interest</em>

This can be expressed as;

FV=PV(1+R)^N

where;

FV=future value

PV=present value

R=annual interest rate

N=number of years

In our case;

FV=unknown

PV=$9,000

R=10%=10/100=0.1

N=15 years

replacing;

FV=9,000(1+0.1)^15

FV=9,000(1.1)^15

FV=$37,595.23

They will have $37,595.23 in mutual fund in 15 years

3 0
2 years ago
The following are nine technical accounting terms introduced or emphasized in this chapter. Responsibility margin Transfer price
Ostrovityanka [42]

Answer: Please refer to Explanation

Explanation:

The terms will be listed in bold at the end of the statement. If you require further clarification please do comment.

a. The costs deducted from the contribution margin to determine the responsibility margin. TRACEABLE FIXED COSTS.

b. Cost to produce plus a predetermined markup. COST-PLUS TRANSFER PRICE

c. Fixed costs that are readily controllable by the manager. NONE

d. A subtotal in a responsibility income statement, equal to responsibility margin plus committed fixed costs. PERFORMANCE MARGIN.

e. The subtotal in a responsibility income statement that is most useful in evaluating the short-run effect of various marketing strategies on the income of the business. CONTRIBUTION MARGIN.

f. The subtotal in a responsibility income statement that comes closest to indicating the change in income from operations that would result from closing a particular part of the business. RESPONSIBILITY MARGIN.

g. The amount used in recording products or services supplied by one business unit to another. TRANSFER PRICE.

5 0
2 years ago
On January 1, 2020, Cougar Sales, Inc. issued $15,000 in bonds for $14,700. They were 6-year bonds with a stated rate of 9%, and
PSYCHO15rus [73]

Answer:

$700

Explanation:

If a bond is issued at a lower price than the face value of the bond, then the bond is issued on the discount. This discount is amortized over the bond's life. This amortization will be expensed as Interest Expense.

Discount = Face value - Issuance price = $15,000 - $14,700 = $300

Bond's Life = 6 years

Amortization of discount = $300 / 6 = $50 annually = $25 semiannually

Coupon Payment = Face Value x coupon Rate = $15,000 x 9% = $1.350 annually = $675 semiannually

Interest Expense Includes both the coupon payment and discount amortization for the period.

Interest Expense = $675 + $25 = $700

4 0
2 years ago
It is increasingly difficult for a firm to develop and sustain a competitive advantage because of the effects of globalization a
Alexus [3.1K]

Answer:

a. the rapid development of the Internet's capabilities.

Explanation:

It is increasingly difficult for a firm to develop and sustain a competitive advantage because of the effects of globalization and the rapid development of the Internet's capabilities.

Globalization can be defined as the process of developing technology, people, investments, informations, products in order to create international influences across cultures and national markets or borders. This makes it possible for various multinational enterprise or companies to break into different markets across world and compete effectively with other companies.

Also, the rapid development of the Internet's capabilities gives various companies the ability and privilege to technology and software applications to seamlessly meet the needs of customers over the web such as cloud computing services, Internet of things (IoT) etc.

7 0
2 years ago
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