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Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1976. In 2013, the company decided to switch to the average cost method. Data for 2013 are as follows: Beginning inventory, FIFO (6,000 units @ $26) $ 156,000 Purchases: 6,000 units @ $32 $ 192,000 6,000 units @ $36 216,000 408,000 Cost of goods available for sale $ 564,000 Sales for 2013 (7,000 units @ $76) $ 532,000 Additional Information: a. The company's effective income tax rate is 40% for all years. b. If the company had used the average cost method prior to 2013, ending inventory for 2012 would have been $114,000. c. 11,000 units remained in inventory at the end of 2013. Required: 1. Prepare the 2013 journal entry to adjust the accounts to reflect the average cost method. What is the effect of the change in methods on 2013 net income?
Your wellness clinic wants to develop a product cost for the following activities using labor expense and supply expense to assign direct cost and visit minutes as a cost driver to assign indirect costs. Activity - Projected volumes - Labor expense (..
Allon Investments Corp has a new investment product (financial asset). If an investor invests $70,000 now, the investor will receive $3,000 in one year, and each year after that, the amount the investor will receive grows by 3%. The payments will con..
The PLN 980 strike price six months TECHWIG index (the technology index for the Warsaw Stock Exchange) European put option premium is 5.45 Polish Zloties (PLN) and the 980 strike price six months TECHWIG index European call option premium is PLN 35.5..
An increase in coupons increases the duration of the bond. The longer the maturity of a bond, the greater will be its duration. An increase in the interest rate decreases the duration of the bond. All other things equal, which of the following bond p..
What are the historical returns for markets and what are the advantages and disadvantages of investing in each type of market?
A company is considering a 5-year project that opens a new product line and requires an initial outlay of $85,000. The assumed selling price is $97 per unit, and the variable cost is $63 per unit. Fixed costs not including depreciation are $20,000 pe..
What is its internal rate of return and In capital budgeting, risk can be measured from three perspectives. What are those three measures of a project's risk
You have $114,000 to invest in a portfolio containing Stock X and Stock Y. Your goal is to create a portfolio that has an expected return of 15.8 percent. Stock X has an expected return of 13.6 percent and a beta of 1.22, and Stock Y has an expected ..
Sarah has rented a house from Frank. The house is only two years old, but the roof leaks every time it rains. The water that has accumulated in the attic has caused plaster to fall off ceilings in the upstairs bedrooms, and one ceiling has started to..
The Moore Corporation had operating income (EBIT) of $850,000. The company's depreciation expense is $255,000. Moore is 100% equity financed, and it faces a 35% tax rate. What is the company's net income? Comprehensive Ratio Calculations. Find the pr..
A health insurance policy pays 85 percent of physical therapy costs after a $200 deductible. In contrast, an HMO charges $20 per visit for physical therapy. How much would a person save with the HMO if he or she had 10 physical therapy sessions costi..
Summarize the types of details would you present to the hospital board of directors finance committee when seeking approval for a new fiscal year budget? Your response must be at least 200 words in length.
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