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Healthway uses a process-costing system to compute the unit costs of the minerals that it produces. It has three departments: Mixing, Tableting, and Bottling. In Mixing, at the beginning of the process all materials are added and the ingredients for the minerals are measured, sifted, and blended together. The mix is transferred out in gallon containers. The Tableting Department takes the powdered mix and places it in capsules. One gallon of powdered mix converts to 1,900 capsules. After the capsules are filled and polished, they are transferred to Bottling where they are placed in bottles, which are then affixed with a safety seal and a lid and labeled. Each bottle receives 60 capsules. During July, the following results are available for the first two departments (direct materials are added at the beginning in both departments): Mixing Tableting Beginning inventories Physical Units 5 gallons 4,000 capsules Costs: Direct materials 136.50 32.00 Direct labor 147.70 20.00 Overhead ? ? Transferred In - 140.00 Current Production Transferred Out 145 gallons ? capsules Ending Inventory 7 6,000 Costs: Direct materials $3,649 $1,584 Transferred In - $0 Direct labor $4,850 $1,944 Overhead ? ? Percentage of Completion Beginning inventory 45% 50% Ending Inventory 60% 40% Overhead in both departments is applied as a percentage of direct labor costs. In the Mixing Department, overhead is 240 percent of direct labor. In the Tableting Department, the overhead rate is 175% of direct labor. Materials are added at the beginning of the process. Required: 1 Prepare a production report for the Mixing Department and Tableting Department using the weighted average method. 2 Prepare a production report for each department using the FIFO method.
Modder Corporation reported net sales of $250,000, cost of goods sold of $150,000, operating expenses of $50,000, net income of $32,500, beginning total assets of $520,000, and ending total assets of $600,000. Calculate each of the following value..
In the current year, Tan Corporation redeems 300 shares of Jacob’s stock for $320,000. What are the tax consequences of the stock redemption to Jacob?
Assuming that the company’s $337,485 ending Finished Goods Inventory account for year 2011 had $137,485 of direct materials costs, determine inventory’s direct labor costs and its overhead costs.
During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000 for production workers' wages. Lease payments and utilities on the production facilities amounted to $17,000 while general, selling, and administrati..
Prepare the journal entry to record depreciation of the equipment for the first year using the straight-line method. Prepare the journal entries to record the lease payments for the first two years.
on 1st april 20x7 miller oil company purchased a pumping truck. the sole consideration was a 100000 note due in one
Vaga Optics produces medical lasers for use in hospitals. At the annual stockholders’ meeting on January 31, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $9,500,000. The plan provid..
A company reports pretax accounting income of $11.5 million, but because of a single temporary difference, taxable income is only $8.9 million. Create a appropriate journal entry to record income taxes.
What will be reported on government-wide financial statements in connection with this gift and how does the answer to need (a) change if the government decides to depreciate this asset over a 10-year period using straight-line depreciation?
Prepare the journal entry to record Hilarys bad debt expense - credit balance in the allowance for doubtful accounts is now €8600. Hilary Company's prior collection experience suggests
Which statement is true concerning the LCM (lower cost or market) application to inventory?
Ruiz Company provided services for $15,200 cash during the 2011 accounting period. Ruiz incurred $13,200 expenses on account during 2011, and by the end of the year, $3,200 of that amount had been paid with cash. Assuming that these are the only acco..
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