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Found Sound Company mass-produces miniature speakers for personal sound systems. The following cost information is available for June 2010: Beginning inventory direct material cost ..............................$4,133.20 Beginning inventory conversion cost ................................. 873.10 Direct material issued during June ....................................62,928.00 Direct labor incurred during June .....................................13,070.00 Overhead applied during June .........................................10,356.00 On June 1, the company had 1,000 units in process, which were 60 percent complete as to material and 30 percent complete as to conversion. Found Sound started 8,400 units into process during June and had 300 units still in process on June 30. The ending WIP units were 80 percent complete as to material and 70 percent complete as to conversion. a. Compute the unit costs for June under the weighted average method for direct material and for conversion. b. Determine the cost transferred out for June using the weighted average method. c. Determine the cost of June 30 ending inventory using the weighted average method. d. Compute the unit costs for June under the FIFO method for direct material and for conversion. e. Determine the total costs transferred to Finished Goods Inventory during June using the FIFO method. f. Determine the cost of June 30 ending inventory using the FIFO method. g. Prepare the entries for the direct material, direct labor, and overhead cost assigned to production during June as well as the transfer of the completed goods during June using the weighted average method.
describe the term balance sheet. why is this statement important to the company creditors and
Determine the amount of manufacturing overhead that would have been applied to units of product during the period.
If a firm issues a bond to raise money to finance a project, does this debt financing yield a zero net present value? ( assuming that the market is efficient in pricing and tax consequences are irrelevant). yes or no. explain?
area company purchased a delivery van at a cost of 30000 cash on january 1 2013. the van has an estimated useful life
payroll accounting. assume that the following tax rates and payroll information pertain to brookhaven publishingbull
NPV Project K costs $52,125, its expected net cash inflows are $12,000 per year for 8 years, and its WACC is 12 percent. What is the project's NPV?
ABC Corp distributed land to its sole shareholder, DEF Corp, in a liquidating distribution. At the time of the distribution, the land had a fair market value of $240,000 and ABC Corp's adjusted basis in the land was $200,000.
Rampart Hospital has total variable costs of 90% of total revenues and fixed costs of $50 million per year. There are 50,000 patient-days estimated for next year. What is the average daily revenue per patient necessary to breakeven?
craigs cars has assets of 4550 and stockholders equity of 3200. what is the amount of liabilities? what is the amount
The following control procedures are used at Sandwich Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is violated.
Determine the product mix for statues that allows maximization of the company's operating margin.
The startup division made 80% of 1/2 of the established division. The startup division's growth was 1/3 greater than the established division's. If the divisions made 280,000 combined, how much did the startup division make?
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