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Question :
Sea Eagles, Inc. uses weighted-average process costing. During the current period 60,000 units were started, starting WIP consisted of 8,000 units, 60% complete, and ending WIP was 10,000 units, 30% complete. Normal rework is 2% of the 60,000 units inspected. The inspection point is at the 70% point, and rejected units are returned to the 40% point. The spoilage inspection point is at 80%. Normal spoilage is 3% of the unit's inspected, and 2,000 units were rejected. Materials are added at the beginning of the process and conversion costs are applied evenly. Starting WIP costs were: materials $39,000 and conversion costs $140,000. Current costs were: materials $301,000 and conversion costs $1,084,000.
Evaluate the cost of abnormal rework and spoilage, goods completed, and ending work in process.
Mitchell's usual billing rate is $720 per hour, and Fink's stock has a book value of $340 per share. Illustrate by what amount will Fink's Paid-in capital – excess of par increase for this transaction?
Be sure to include an evaluation of the Footnote disclosures regarding Lucent's inventories in your examination. Does the explanation for the earnings shortfall provided by Lucent's managers make sense in light of your analysis?
Determine the earnings after taxes and compute the percentage increase in these earnings from the answers you derived in part b. d. Why are the percentage changes different?
How should this transaction be reported on the statement of cash flows
Prepare the journal entry to record the stock split if it is not to be effected in the form of a stock dividend. Illustrate what is the par per share after the split? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
Calculation of product cost and breakeven point - Evaluate the product cost of training a student over the entire course (there are 75 students in this particular course)?
What is the difference between an upstream and a downstream transfer - does it matter illustrate what it is that is sold upstream or downstream (fixed assets, inventory, etc.)?
Critique systems oriented theories that you have learnt in this subject (See Deegan, 2014, Financial Accounting Theory, 4th edition, Chapter 8) and the literature about the empirical application of the these theories
A U.S. manufacturer wants to conduct business through a foreign subsidiary organized in a low tax jurisdiction. Expalin how might it do so without being currently taxed on the subsidiary's foreign earnings?
Wilson Company is considering replacing equipment which originally cost $500,000 and which has $460,000 accumulated depreciation to date. A new machine will cost $790,000. What is the sunk cost in this situation?
Purpose adjusting entries necessary at the end of the year - Prepare any adjusting entries necessary at the end of the year.
Compare resultsfor the three cost flow assumptions. What cost flow resultsin the lowest inventory value.
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