Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion activity occurs uniformly throughout production. The beginning work-in-process inventory is 60% complete with respect to conversion; the ending work-in-process inventory is 20% complete. The following data pertain to May: Units Work in process, May 1 15,000 Units started during May 60,000 Units completed and transferred out 68,000 Work in process, May 31 7,000 Total Direct Materials Conversion Costs Costs: Work in process, May 1 $41,250 $16,500 $24,750 Costs incurred during May 234,630 72,000 162,630 Totals $275,880 $88,500 $187,380 Using the weighted-average method of process costing, the total costs remaining in work in process on May 31 are:

Answers

Answer 1

Answer:

$5,000

Explanation:

Note that Lakeland Chemical manufactures uses weighted-average method of process costing

Equivalent units

Materials  = 9,000

Conversion Costs = 7,500

Total Costs

Materials = $20,500

Conversion Costs = $15,000

Cost per equivalent units

Materials =

Conversion Costs =

Total Cost in remaining in work in process

Total Cost

The total costs remaining in work in process on May 31 are $5,000.


Related Questions

Corbel Corporation has two divisions: Division A and Division B. Last month, the company reported a contribution margin of $42,100 for Division A. Division B had a contribution margin ratio of 35% and its sales were $220,000. Net operating income for the company was $34,200 and traceable fixed expenses were $50,100. Corbel Corporation's common fixed expenses were:

Answers

Answer:

Common fixed costs= $34,800

Explanation:

First, we need to calculate the contribution margin for Division B:

Contribution margin Division B= slaes*contribution margin ratio

Contribution margin Division B= 220,000*0.35

Contribution margin Division B= $77,000

Now, the segmented margin for both Divisions:

Segmented margin= (42,100 + 77,000) - 50,100

Segmented margin= $69,000

Finally, the common fixed costs:

Common fixed costs= segmented margin - net income

Common fixed costs=  69,000 - 34,200

Common fixed costs= $34,800

The following information applies to the questions displayed below.
On October 29, 2014, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company’s cost per new razor is $20 and its retail selling price is $75 in both 2014 and 2015. The manufacturer has advised the company to expect warranty costs to equal 8% of dollar sales. The following transactions and events occurred.
2014
Nov. 11 Sold 105 razors for $7,875 cash.
30 Recognized warranty expense related to November sales with an adjusting
entry.
Dec. 9 Replaced 15 razors that were returned under the warranty.
16 Sold 220 razors for $16,500 cash.
29 Replaced 30 razors that were returned under the warranty.
31 Recognized warranty expense related to December sales with an adjusting
entry.
2015
Jan. 5 Sold 150 razors for $11,250 cash.
17 Replaced 50 razors that were returned under the warranty.
31 Recognized warranty expense related to January sales with an adjusting
entry.
Required
1. Prepare journal entries to record these transactions and adjustments.
2. How much warranty expense is reported for November and for December?
3. How much warranty expense is reported for January?
4. What is the balance of the Estimated Warranty Liability account as of December 31?
5. What is the balance of the Estimated Warranty Liability account as of January 31?

Answers

Answer:

Lobo Co.

Journal Entries:

Nov. 11 Debit Cash $7,875

Credit Sales Revenue $7,875

To record the sale of 105 razors for cash.

Nov. 11 Debit Cost of Goods Sold $2,100

Credit Inventory $2,100

To record the cost of goods sold for 105 razors at $20 each.

Dec. 16: Debit Cash $16,500

Credit Sales Revenue $16,500

To record the sale of 220 razors for cash.

Debit Cost of Goods Sold $4,400

Credit Inventory $4,400

To record the cost of goods sold.

Jan. 5: Debit Cash $11,250

Credit Sales Revenue $11,250

To record the sale of 150 razors for cash.

Debit Cost of Goods Sold $3,000

Credit Inventory $3,000

To record the cost of goods sold.

Adjusting Journal Entries:

Nov. 30: Debit Warranty Expense $630

Credit Warranty Liability $630

To record the warranty expense for November sales.

Dec. 9: Debit Warranty Liability $300

Credit Inventory $300

To replace 15 razors.

Dec. 16: Debit Warranty Expense $1,672

Credit Warranty Liability $1,672

To record the warranty expense for December sales.

Dec. 29: Debit Warranty Liability $600

Credit Inventory $600

To replace 30 razors.

Dec. 31: Debit Income Summary $2,302

Credit Warranty Expense $2,302

To recognize the warranty expense for the period.

Jan. 5: Debit Warranty Expense $900

Credit Warranty Liability $900

To record warranty expense for January sales.

Jan. 17: Debit Warranty Liability $1,000

Credit Inventory $1,000

To record the replacement of 50 razors.

Jan. 31: Debit Warranty Expense $100

Credit Warranty Liability $100

To recognize warranty expense for January sales.

2. The Warranty Expense for November is $630 and for December is $1,602.

3. The Warranty Expense for January is: $1,000

4. The balance of the Estimated Warranty Liability account as of December 31 is:

= $1,402

5. The balance of the Estimated Warranty Liability account as of January 31 is:

= $1,302

Explanation:

a) Data and Calculations:

Cost per new razor = $20

Retail selling price = $75

Expected warranty costs = 8% of dollar sales

b) Estimated Warranty Liability Account:

Nov. 30: Credit Warranty Liability  $630

Dec. 9: Debit Warranty Liability    ($300)

Dec. 16: Credit Warranty Liability $1,672

Dec. 29: Debit Warranty Liability  ($600)

Dec. 31: Balance                           $1,402

Jan. 5: Credit Warranty Liability    $900

Jan. 17: Debit Warranty Liability ($1,000)

Jan. 31 Balance                            $1,302

Warranty Expense Account:

Nov. 30: Debit Warranty Expense  $630

Dec. 16: Debit Warranty Expense $1,672

Dec. 31: Debit Income Summary $2,302

Jan. 5: Debit Warranty Expense $900

Jan. 31: Debit Warranty Expense $100

Jan. 31: Debit Income Summary $1,000

Crystal lives in the fictional country of Cuse, which raises government revenue by taxing everyone the same amount. The government of Cuse has just implemented a tax cut that reduces annual taxes by $2,500 per person. However, government spending has not changed, nor is it likely change in the future. The tax cut has raised Crystal's income by $2,500. If Crystal acts according to the prediction of new classical economics (and doesn't plan to leave Cuse), her consumption is likely to increase by_______ .
Suppose that instead of cutting taxes while keeping its spending the same, the government did the oppo it increased its spending by $2,500 per person while keeping taxes the same. If everyone in Cuse acted like Crystal, the likely increase in aggregate demand would be_______ per person.

Answers

Answer: $0; $0

Explanation:

New classical economists believe that any fiscal policy that the government embarks on is ineffective on the goods demanded by people.

If the government reduces taxes, Crystal (according to the New classical) will believe that the government will raise taxes in future to make up for the shortfall so she will send the $2,500 to savings so she can be able to pay off the future taxes.

If the government increases spending, Crystal will believe that this will be financed by future tax increases so she will still save the money to pay off future taxes.

The US Government is forecasting that the nominal risk-free rate of return on Treasury Notes maturing in 7 years is 2.5% and is expected to be constant for the foreseeable future. Apple Computer's Treasury department is considering issuing a 7 year corporate bond and they know that Apple's corporate bonds generally yield investors 100 basis points or 1% over the nominal risk free rate at the time of issuance. The bonds will be issued at par value. What is the coupon percentage and total yield expected on these new 7 year bonds?
a. 3.5%
b. 10%
c. 2.5
d. Cannot determine

Answers

Answer:

a. 3.5%

Explanation:

If the nominal interest rate of the Treasury bonds is 2.5%, and Apple's corporate bonds yield 1%, just add 2.5% + 1% = 3.5%.

when you are talking about bonds, 100 points = 1%. This many times confuses people that are not aware of this since you hear that a bond will pay 50 points more and you imagine a really high interest rate.

Answer:

A

Explanation:

Last year, Hever Inc. had sales of $500,000, based on a unit selling price of $250. The variable cost per unit was $175, and fixed costs were $75,000. The maximum sales within Hever Inc.'s relevant range are 2,500 units. Hever Inc. is considering a proposal to spend an additional $33,750 on billboard advertising during the current year in an attempt to increase sales and utilize unused capacity. Required: 1. Construct a cost-volume-profit chart on your own paper, indicating the break-even sales for last year. Break-even sales (dollars) Break-even sales (units) 2. Using the cost-volume-profit chart prepared in part (1), determine (a) the income from operations for last year and (b) the maximum income from operations that could have been realized during the year. Income from operations Maximum income from operations 3. Construct a cost-volume-profit chart (on your own paper) indicating the break-even sales for the current year, assuming that a noncancelable contract is signed for the additional billboard advertising. No changes are expected in the unit selling price or other costs. Dollars Units

Answers

Answer:

1. Break-even sales (dollars) $ 250,000

Break-even sales (units) 1000

2. Income from operations $ 75,000

Maximum income from operations $ 112,500

3. Break-even sales (dollars) $ 362,500

Break-even sales (units) 1450

4. Income from operations at 2,000 units $41,250

Maximum income from operations $ 78,750

Explanation:

1. Calculation to Construct a cost-volume-profit chart , indicating the break-even sales for last year.

First step is to calculate the Contribution margin using this formula

Contribution margin = unit selling price - variable costper unit

Let plug in the formula

Contribution margin =250-175

Contribution margin = 75

Second step is to calculate the Contribution margin Ratio using this formula

Contribution margin Ratio = Contribution margin /unit selling price

Let plug in the formula

Contribution margin Ratio = 75/250

Contribution margin Ratio = 30%

Now let calculate the Break-even sales (dollars) using this formula

Break-even sales (dollars) = fixed costs /Contribution margin Ratio

Let plug in the formula

Break-even sales (dollars) = 75,000/30%

Break-even sales (dollars) = $250,000

Therefore Break-even sales (dollars) is $250,000

Calculation for Break-even sales (units) using this formula

Break-even sales (units) = fixed costs /Contribution margin

Let plug in the formula

Break-even sales (units) = 75,000/75

Break-even sales (units) = 1000

Therefore Break-even sales (units) is 1000

2a. Calculation to determine the income from operations for last year Using the cost-volume-profit chart prepared in part (1)

First step is to calculate the No of Unit sold using this formula

No of Unit sold = Sale /Sale Price

Let plug in the formula

No of Unit sold = 500000/250

No of Unit sold= 2000

Now let calculate the Income from operations for last year Using this formula

Income from operations for last year = Contribution margin*No of Unit sold - Fixed cost

Let plug in the formula

Income from operations for last year = 75*2000 - 75000

Income from operations for last year = $ 75,000

Therefore Income from operations for last year is $75,000

2b. Calculation to determine the maximum income from operations that could have been realized during the year Using the cost-volume-profit chart prepared in part (1)

Using this formula

Maximum income from operations = Contribution margin*No of Maximum Unit can be sold - Fixed cost

Let plug in the formula

Maximum income from operations = 75*2500 - 75000

Maximum income from operations = $ 112,500

Therefore Maximum income from operations is $ 112,500

3. Calculation to Construct a cost-volume-profit chart indicating the break-even sales for the current year

First step is to calculate the Contribution margin using this formula

Contribution margin = unit selling price - variable costper unit

Let plug in the formula

Contribution margin =250-175

Contribution margin = 75

Second step is to calculate the Contribution margin Ratio using this formula

Contribution margin Ratio = Contribution margin /unit selling price

Let plug in the formula

Contribution margin Ratio = 75/250

Contribution margin Ratio = 30%

Third step is to calculate the Total fixed costs

Total fixed costs = 75,000+33,750

Total fixed costs = $108,750

Now let calculate the Break-even sales (dollars) using this formula

Break-even sales (dollars) = Fixed costs /Contribution margin Ratio

Let plug in the formula

Break-even sales (dollars) = 108,750/30%

Break-even sales (dollars) =$362,500

Therefore the Break-even sales (dollars) is $362,500

Calculation for the Break-even sales (units) using this formula

Let plug in the formula

Break-even sales (units) = Fixed costs /Contribution margin

Break-even sales (units) = 108,750/75

Break-even sales (units) = 1450

Therefore the Break-even sales (units) is 1450

4a. Calculation to determine (a) the income from operations if sales total 2,000 units Using the cost-volume-profit chart prepared in part (3)

First step is to calculate the No of Unit sold Using this formula

No of Unit sold = Sale /Sale Price

Let plug in the formula

No of Unit sold = 500,000/250

No of Unit sold 2000

Now let calculate the Income from operations for last year using this formula

Income from operations for last year = Contribution margin*No of Unit sold - Fixed cost

Let plug in the formula

Income from operations for last year = 75*2000 - 108,750

Income from operations for last year = $ 41,250

Therefore Income from operations for last year is $41,250

4b. Calculation to determine (b) the maximum income from operations that could be realized during the year Using the cost-volume-profit chart prepared in part (3)

Using this formula

Maximum income from operations = Contribution margin*No of Maximum Unit can be sold - Fixed cost

Let plug in the formula

Maximum income from operations = 75*2500 -108,750

Maximum income from operations = $ 78,750

Therefore Maximum income from operations is $ 78,750

The break-even sales are the point where the total revenue is equal to total costs. The break-even sales for the current period after the calculation is $$362,500.

What do you mean by Break-even sales?

Break-even sales are the amount of revenue in which the business gains zero profit. This sale price includes exactly the core fixed costs of the business, as well as all the variable costs associated with the sale.

As per the information available:

1. We will construct a cost-volume-profit chart, indicating the break-even sales for last year. The first step is to calculate the Contribution margin using this formula:

[tex]\rm\,Contribution \;margin = Unit \;Selling \; Price - Variable \; Cost \;Per \;Unit[/tex]

[tex]\rm\,Contribution\; Margin =250-175\\\\Contribution \;margin = \$75[/tex]

Next, we have to calculate the contribution margin ratio:

[tex]\rm\,Contribution \; Margin \; Ratio = \dfrac{Contribution \;Margin \;}{Unit \;Selling \;Price}\\\\[/tex]

[tex]\rm\,Contribution \;Margin\; Ratio = \dfrac{75}{250}\\\\Contribution \;Margin\; Ratio = 30\%[/tex]

Calculation of the Break-even sales (dollars) using this formula:

[tex]\rm\,Break- \;Even \;Sales \;(dollars) = \dfrac{\; Fixed \;Costs }{Contribution \;Margin \; Ratio \;}[/tex]

[tex]\rm\,Break- \;even \;sales (dollars) = \dfrac{75,000}{30\%}\\\\Break- \;even \; sales \; (dollars) = \$250,000[/tex]

Thus Break-even sales are $250,000

The calculation for Break-even sales (units) using this formula:

[tex]\rm\,Break-\,even \,sales \,(units) =\dfrac{ Fixed\, Costs}{Contribution\, margin}[/tex]

[tex]\rm\,Break-even \;Sales (units) = \dfrac{75,000}{75}\\\\Break \;-even \;Sales \;(units) = 1000[/tex]

Similarly, we can apply the same formula of the above calculation for number 3. that is to calculate the break-even sales for the current year which is equal to Break-even sales (dollars) is $362,500 and  Break-even sales (units) is 1450.

2. Calculation to determine the income from operations for last year Using the cost-volume-profit chart prepared in part (1):

The number of units sold will be equal to sale divided by selling price per unit:

[tex]\dfrac{\$500,000}{\$250} = 2,000\rm\,Units[/tex]

[tex]\rm\,Income \;from\; operations\; for \;last \;year = Contribution\; margin\times No \;of \;Unit\; sold - \;Fixed\; cost[/tex]

[tex]\rm\,Income \;from\; operations \;for \;last \;year = 75\times2000 - 75000\\\\Income\; from \;operations \;for \;last \;year = \$75,000[/tex]

Similarly, By applying the same formula as above, Income from operations for the current period is equal to $112,500.

Hence, break-even sales for the last year and the current period are calculated where the break-even sales for the last year are equal to $250,000 and for the current period is equal to $362,500.

To learn more about break-even sales, refer to the link:

https://brainly.com/question/9212451

Margerit is reviewing a project with projected sales of 1,500 units a year, a cashflow of $40 a unit and a three-year project life. The initial cost of the project is$95,000. The relevant discount rate is 15%. Margerit has the option to abandonthe project after one year at which time she feels she could sell the project for$60,000. At what level of sales should she be willing to abandon the project

Answers

Answer: 923 units

Explanation:

Margerit should abandon the project in a year if the cashflow associated with the project brings in a present value of less than or equal to $60,000 in a year.

The present value in year one should be set at $60,000.

The cashflow for the two years at a present value of $60,000 would be:

60,000 = Amount * Present value interest factor of an annuity, 2 periods, 15%

60,000 = Amount * 1.6257

Amount = 60,000 / 1.6257

= $36,907

The above is the amount received per sales that she should abandon the project at.

In units this is:

= 36,907 / 40 per unit

= 923 units

Rules are formally expressed as
O a code of conduct.
consequences.
O a code of ethics.
O a conflict of interest.

Answers

I believe the answer is code of conduct

A small business company is considering updating the current production line. There are two plans. For plan A, the fixed cost will be $40,000 and the variable cost will be $27 per unit after the update. For plan B, the fixed costs will be $54,000 and the variable cost will be $26 per unit after the update. Please answer the following questions: (a) Suppose the selling price is $35, what is the break-even volume for each plan

Answers

Answer:

Results are below.

Explanation:

Giving the following information:

Plan A:

Fixed costs= $40,000

Unitary varaible cost= $27

Plan B:

Fixed costs= $54,000

Unitary varaible cost= $26

Selling price per unit= $35

To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Plan A:

Break-even point in units= 40,000 / (35 - 27)

Break-even point in units= 5,000

Plan B:

Break-even point in units= 54,000 / (35 - 26)

Break-even point in units= 6,000

When the accounts of Sunland Inc. are examined, the adjusting data listed below are available on December 31, the end of the annual period.
1. Interest has accrued on a $28,800, 6% note payable, issued on May 1.
2. On September 1, Rent Revenue was credited for $7,800, representing revenue from a subrental for a 6-month period beginning on that date.
3. Purchase of supplies for $2,110 during the year was recorded in the Supplies Expense account. On December 31, supplies of $540 are on hand.
Prepare the adjusting entry for each item. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 2. 3.
Prepare the reversing entry for each item where appropriate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit

Answers

Answer:

Sunland Inc.

Adjusting Journal Entries:

Account Titles and Explanation     Debit      Credit

Interest Expense                            $1,152

Interest Payable                                          $1,152

To record accrued interest for 8 months.

Rent Revenue                               $2,600

Deferred Revenue                                       $2,600

To record deferred rent revenue for 2 months.

Supplies Expense                         $1,570

Supplies                                                       $1,570

To record supplies expense for the period.

Explanation:

a) Data and Calculations:

1. Interest Expense $1,152 Interest Payable $1,152 ( $28,800 * 6% * 8/12)

2. Rent Revenue $2,600 Deferred Revenue $2,600 ($7,800 * 2/6)

3. Supplies Expense $1,570 Supplies $1,570 ($2,110 - $540)

b) The above adjusting journal entries are made in order to reverse the earlier entries made.  The purpose is to bring the accounts in line with the accrual concept and the matching principle of generally accepted accounting principles.  These require that expenses and revenues for the period are matched and recognized whether or not cash is exchanged.

Peggy is an executive for the Tan Furniture Manufacturing Company. She purchased furniture from the company for $9,500, the price Tan ordinarily would charge a wholesaler for the same items. The retail price of the furniture was $12,500, and Tan's cost was $9,000. The company also paid for Peggy's parking space in a garage near the office. The parking fee was $600 for the year. All employees are allowed to buy furniture at a discounted price comparable to that charged to Peggy. However, the company does not pay other employees' parking fees. Peggy's gross income from the above is:

Answers

Answer:

Tan Furniture Manufacturing Company

Peggy's gross income from the above is:

= $3,000.

Explanation:

a) Data and Calculations:

Retail price of the furniture = $12,500

Discounted price for employees = $9,500

Gross income received by Peggy = $3,000 ($12,500 - $9,500)

b) The gross income represents the total amount of benefit derived by Peggy by purchasing the furniture from Tan Furniture Manufacturing Company instead of from another manufacturer.

Which of the following will not cause the production possibility frontier to shift? Group of answer choices the introduction of "fiber optic" technology a land reclamation program an increase in the working population a reduction in unemployment an explosion destroying a chemical plant

Answers

Answer:

an increase in the working population

Explanation:

The Production possibilities frontier (PPF) is a curve that shows the various combination of two goods a company can produce when all its resources are fully utilised.  

The PPC is concave to the origin. This means that as more quantities of a product is produced, the fewer resources it has available to produce another good. As a result, less of the other product would be produced. So, the opportunity cost of producing a good increase as more and more of that good is produced.  

The PPF can shift either inward or outward.

An outward shift is associated with an increase in output while an inward shift is associated with a reduction in output.

Factors that cause the PPF to shift

1. changes in technology. technological progress leads to outward shift of the PPF. introduction of "fiber optic" technology would shift the PPF outward.

2. changes in available resources. a land reclamation program would increase the land available for production and this would increase output. While an explosion destroying a chemical plant would reduce output and lead to an inward shift of the PPF

3. changes in the labour force. A decrease in unemployment would increase output and shift the the PPF outward

Working population is the number of people between 15-59.

what is the role of marketing?

Answers

The role is to advertise and sell the product and persuade the buyer to buy ! I think that’s it

Which methods can be used to run a query? Check all that apply.
On the Create tab, in the Queries group, click Run.
In query Design view, on the Design tab, click Run.
Switch to Datasheet view before any other commands.
Close the Show Table dialog box in the Datasheet view.
On the Create tab, in the Queries group, click Create Query.

Answers

Answer:

Option B and C

Explanation:

A query can be run by selecting query option visible through deign view option. After selecting the appropriate option, the query must be run. This shall execute the function for the selected option.  

Like wise in data sheet view, one can see the action query  before running it.  

Hence, option B and C are correct

Answer:

B) In query Design view, on the Design tab, click Run.

C) Switch to Datasheet view before any other commands.

Explanation:

An investor, such as a bank, may prefer to invest in securities backed by a pool of mortgages purchased in the secondary market rather than in an equal dollar amount of mortgage loans because:_________

a. mortgage backed securities eliminate prepayment risk for the investor.
b. mortgage backed securities diversify credit risk for the investor.
c. mortgage backed securities offer higher yields than individual mortgages.
d. mortgage backed securities returns are tax-exempt.

Answers

Answer:

b. mortgage backed securities diversify credit risk for the investor.

Explanation:

An investor, such as a bank, may prefer to invest in securities backed by a pool of mortgages purchased in the secondary market rather than in an equal dollar amount of mortgage loans because mortgage backed securities diversify credit risk for the investor.

In Mortgage Backed Securities, credit risk is diversified as there are many borrowers and investors between whom credit risk diversifies. So that makes investor such as bank prefer the option.

at the best answer for the question
The selling of goods and/or services to a customer is called

A.Service Industry
B.Food Service
C.Purchasing
D.Retail

Answers

Answer:

The correct answer is D. Retail.

Explanation:

Retail is the sale to the final consumer of goods and services. It is a sector formed by different branches (such as the food industry, the fashion industry, the home industry, etc.), which constitutes the last link in the supply chain that goes from the manufacturer to the consumer, it is In other words, it is the culmination of the process of production of goods and services, when they reach the consumer. This sale is usually carried out in stores, supermarkets, pharmacies, internet platforms and any other place where goods and services can be offered to final recipients.

1. My boss asks me politely to do things, gives me reasons why, and invites my suggestions. 2. I am encouraged to learn skills outside of my immediate area of responsibility. 3. I am left to work without interference from my boss, but help is available if I want it. 4. I am given credit and praise when I do good work or put in the extra effort. 5. People leaving the company are given an 'exit interview' to hear their views on the organization. 6. I am incentivized to work hard and well. 7. If I want extra responsibility my boss will find a way to give it to me. 8. If I want extra training my boss will help me find how to get it or will arrange it. 9. I call my boss and my boss's boss by their first names. 10. My boss is available for me to discuss my concerns or worries or suggestions. 11. I know what the company's aims and targets are. 12. I am told how the company is performing on a regular basis. 13. I am given an opportunity to solve problems connected with my work. 14. My boss tells me what is happening in the organization. 15. I have regular meetings with my boss to discuss how I can improve and develop.

Answers

Question Completion:

Given the above scenario, which management theory is dominantly in operation?

Theory X

Theory Y

Answer:

The dominant management theory in this case is:

Theory Y.

Explanation:

Theory X: This theory presents a process-driven work situation, whereby workers follow rules that they did not contribute in making.  There is a lack of individual initiative and motivation because the assumption is that the workers dislike their work and must be coerced, directed, and controlled in order to achieve organizational goals.

Theory Y: With this theory, workers are treated as the most valuable assets of the company.  Employees are self-motivated and generally, there is a high sense of value placed on human esteem and self-actualization by the workers and managers.  The workers do not dislike their work, and they work to achieve goal congruence between organizational and individual goals.

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,700 cash and $33,700 of photography equipment in the company in exchange for common stock. 2 The company paid $2,300 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $900 cash. 20 The company received $3,531 cash in photography fees earned. 31 The company paid $695 cash for August utilities. Required: 1. Post the transactions to the T-accounts. 2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.

Answers

Answer:

1. See the attached excel file for the T-accounts.

2. Total of credit side = Total of debit side = $43,931

Explanation:

1. Post the transactions to the T-accounts.

Note: See the attached excel file for the T-accounts.

2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.

The trial balance will look as follows:

                                        Pose-for-Pics

                                        Trial balance

                                      For August, 31

Details                                     Debit ($)           Credit ($)    

Cash                                           6,336  

Equipment                               33,700  

Common stock                                                 40,400

Prepaid Insurance                     2,204  

Insurance Expenses                      96  

Office Supplies                            900  

Photography fees                                                3,531

Utilities Expense                          695                            

Total                                         43,931               43,931  

Port Ormond Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpet backing is added at the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories:
Finished Goods $62,000
Work in Process-Spinning Department 35,000
Work in Process-Tufting Department 28,500
Materials 17,000
Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows:
Jan.1 Materials purchased on account, $500,000
2 Materials requisitioned for use:
Fiber-Spinning Department, $275,000
Carpet backing-Tufting Department, $110,000
Indirect materials-Spinning Department, $46,000
Indirect materials-Tufting Department, $39,500
31 Labor used:
Direct labor-Spinning Department, $185,000
Direct labor-Tufting Department, $98,000
Indirect labor-Spinning Department, $18,500
Indirect labor-Tufting Department, $9,000
31 Depreciation charged on fixed assets:
Spinning Department, $12,500
Tufting Department, $8,500
31 Expired prepaid factory insurance:
Spinning Department, $2,000
Tufting Department, $1,000
31 Applied factory overhead:
Spinning Department, $80,000
Tufting Department, $55,000
31 Production costs transferred from Spinning Department to Tufting Department, $547,000
31 Production costs transferred from Tufting Department to Finished Goods, $807,200
31 Cost of goods sold during the period, $795,200
Required:
1. Journalize the entries to record the operations, using the dates provided with the summary of manufacturing operations. Refer to the Chart of Accounts for exact wording of account titles.
2. Compute the January 31 balances of the inventory accounts.*
3. Compute the January 31 balances of the factory overhead accounts.

Answers

Answer:

Port Ormond Carpet Company

1. Journal Entries:

Jan. 31 Debit Materials $500,000

Credit Accounts payable $500,000

To record the purchase of materials on account.

Jan. 31 Debit Work-in-Process - Spinning $275,000

Credit Materials $275,000

To record the materials requisitioned.

Jan. 31 Debit Work-in-Process -Tufting $110,000

Credit Materials $110,000

To record carpet backing

Jan. 2 Debit Factory Overhead - Spinning $46,000

Debit Factory Overhead - Tufting $39,500

Credit Materials $85,500

To record indirect materials used.

Jan. 31 Debit Work-in-Process - Spinning $185,000

Debit Work-in-Process - Tufting $98,000

Credit Factory Payroll $283,000

To record direct labor costs.

Jan 31: Debit Overhead - Spinning $18,500

Debit Overhead - Tufting $9,000

Credit Factory Payroll $27,500

To record indirect labor costs.

Jan. 31: Debit Factory Overhead - Spinning $12,500

Debit Factory Overhead - Tufting $8,500

Credit Factory Depreciation Expense $21,000

To record depreciation costs.

Jan. 31:

Debit Factory Overhead - Spinning $2,000

Debit Factory Overhead - Tufting $1,000

Credit Factory Insurance $3,000

To record insurance costs.

Jan. 31 Debit Work-in-Process - Spinning $80,000

Credit Factory Overhead - Spinning $80,000

To record overhead costs applied.

Jan. 31 Debit Work-in-Process - Tufting $55,000

Credit Factory Overhead $55,000

To record overhead costs applied.

Jan. 31 Debit Work-in-Process - Tufting $547,000

Credit Work-in-Process - Spinning $547,000

To record the transfer to Tufting department.

Jan. 31 Debit Finished Goods Inventory $807,200

Credit Work-in-Process- Tufting $807,200

To record the transfer to Finished Goods.

Jan. 31 Debit Cost of Goods Sold $795,200

Credit Finished Goods $795,200

To record the cost of goods sold.

2. January 31 balances of the inventory accounts:

Finished Goods = $74,000

Work-in-Process - Spinning = $28,000

Work-in-Process - Tufting = $31,300

Materials = $46,500

3. Factory Overhead Accounts Balances:

Spinning $1,000 (Debit)  

Tufting $3,000 (Credit)

Explanation:

a) Data and Calculations:

January 1 Inventories:

Finished Goods = $62,000

Work in Process- Spinning = $35,000

Work in Process - Tufting = $28,500

Materials = $17,000

Finished Goods

Account Titles                                Debit      Credit

Jan. 1 Beginning balance           $62,000

Jan. 2 Work-in-Process-Tufting 807,200

Jan. 31 Cost of Goods Sold                     $795,200

Jan. 31 Ending balance                                74,000

Work-in-Process - Spinning

Account Titles                   Debit      Credit

Beginning balance        $35,000

Jan. 2 Materials            275,000

Jan. 31 Direct labor       185,000

   Applied overhead      80,000

    Work-in-Process -Tufting        $547,000

Jan. 31 Ending balance                   28,000    

Work-in-Process - Tufting

Account Titles                             Debit      Credit

Jan. 1 Beginning balance        $28,500

Jan. 2 Carpet backing              110,000

Jan. 31 Direct labor                   98,000

 Jan. 31 Applied overhead        55,000

Jan. 31 WIP- Spinning            547,000

Jan. 31 Finished Goods                        $807,200

Jan. 31 Ending balance                              31,300

Cost of Goods Sold

Account Titles                             Debit      Credit

Jan. 31 Finished Goods       $795,200

Materials

Account Titles                            Debit       Credit

Jan. 1 Beginning balance         $17,000

Jan. 2 Accounts payable       500,000

Jan. 31 Work-in-Process - Spinning           $275,000

Jan. 31 Work-in-Process - Spinning               46,000

Jan. 31 Factory Overhead - Tufting               39,500

Jan. 31 Factory Overhead - Tufting              110,000

Jan. 31 Ending balance                                  46,500

Factory Overhead - Spinning

Account Titles                                    Debit      Credit

Jan. 31 Materials - Spinning             46,000

Jan. 31 Payroll - Spinning                  18,500

Jan. 31 Depreciation - Spinning       12,500

Jan. 31 Factory insurance-Spinning 2,000

Jan. 31 Work in Process                                  80,000

Jan. 31 Balance                                  1,000

Factory Overhead - Tufting

Account Titles                                    Debit      Credit

Jan. 31 Materials - Tufting                39,500

Jan. 31 Payroll - Tufting                      9,000

Jan. 31 Depreciation - Tufting           8,500

Jan. 31 Factory insurance- Tufting    1,000

Jan. 31 Work in Process                                   55,000

Jan. 31 Balance                                                   3,000

Suppose that you have the following information for an economy:______.
Marginal propensity to consume - MPC 0.80 Autonomous consumption - A $500 Planned investment - PI $600 Net exports - NX -$400 Government spending - G $300
You will need this information for the questions that follow.
Part 1. When real GDP is equal to $4,500, aggregate expenditure is equal to $ _____.
Part 2. When real GDP is equal to $5,000, aggregate expenditure is equal to $ _____.
Part 3. When real GDP is equal to $5,500, aggregate expenditure is equal to $ _____.

Answers

Answer:

Part 1. When real GDP is equal to $4,500, aggregate expenditure is equal to $4,600.

Part 2. When real GDP is equal to $5,000, aggregate expenditure is equal to $5,000.

Part 3. When real GDP is equal to $5,500, aggregate expenditure is equal to $5,400.

Explanation:

The aggregate expenditure (AE) can be calculated using the following formula:

AE = (A + (MPC * Y)) + PI + G + NX  ………………. (1)

Where;

AE = aggregate expenditure = ?

A = Autonomous consumption = $500

MPC = Marginal propensity to consume = 0.80

Y = Real GDP

PI = Planned investment = $600

G = Government spending = $300

NX = Net exports = -$400

Based on the above, we can now proceed as follows:

Part 1. When real GDP is equal to $4,500, aggregate expenditure is equal to $ _____.

This implies that:

Y = Real GDP = $4,500

Substituting this and other values given above into equation (1), we have:

AE = ($500 + (0.80 * $4,500)) + $600 + $300 - $400 = $4,600

Therefore, when real GDP is equal to $4,500, aggregate expenditure is equal to $4,600.

Part 2. When real GDP is equal to $5,000, aggregate expenditure is equal to $ _____.

This implies that:

Y = Real GDP = $5,000

Substituting this and other values given above into equation (1), we have:

AE = ($500 + (0.80 * $5,000)) + $600 + $300 - $400 = $5,000

Therefore, when real GDP is equal to $5,000, aggregate expenditure is equal to $5,000.

Part 3. When real GDP is equal to $5,500, aggregate expenditure is equal to $ _____.

This implies that:

Y = Real GDP = $5,500

Substituting this and other values given above into equation (1), we have:

AE = ($500 + (0.80 * $5,500)) + $600 + $300 - $400 = $5,400

Therefore, when real GDP is equal to $5,500, aggregate expenditure is equal to $5,400.

The two main sources of stockholders' equity are Question 4 options: investments by stockholders and net income retained in the business investments by stockholders and dividends paid net income retained in the business and dividends paid investments by stockholders and purchases of assets

Answers

Answer:

investments by stockholders and net income retained in the business.

Explanation:

Retained earnings also known as accumulated earnings, can be defined as the total amount of net income held by a corporation for its future use after paying out dividends to its shareholders.

The retained earnings statement refers to a financial statement that enumerate changes in retained earnings for an organization over a specific period of time. The retained earnings statement is the statement of owner's equity that outlines details of changes in the amount of retained earnings (profits) over a specified period in an organization.

The main purpose of preparing a retained earnings statement is to boost investor's confidence and improve market value.

Generally, retained earnings are used to pay off debts, used for capital expenditures and working capitals.

Retained earnings represents the total stockholders' equity reinvested back into the company.

This ultimately implies that, Retained Earnings statement refers to the changes in the retained earnings account of an organization or business firm, which occurred during the accounting period and typically comprises of net income arising from the income statement.

Thus, the Retained Earnings statement is based upon;

Retained Earnings + Net Income – Dividends.

Retained Earnings statement can be defined as a financial statement that enumerate changes in retained earnings for an organization over a specific period of time. The retained earnings statement is the statement of owner's equity that outlines details of changes in the amount of retained earnings (profits) over a specified period in an organization.

Hence, the two main sources of stockholders' equity are investments by stockholders and net income retained in the business.

Manufacturing uses normal costing for its​ job-costing system, which has two​ direct-cost categories​ (direct materials and direct manufacturing​ labor) and one​ indirect-cost category​ (manufacturing overhead). The following information is obtained for:_____.
• Total manufacturing costs, $8,450,000 • Manufacturing overhead allocated, $3,750,000 (allocated at a rate of 250% of direct manufacturing labor costs) • Work-in-process inventory on January 1, 2017, $390,000 • Cost of finished goods manufactured, $8,020,000
Requirements:
1. Use information in the first two bullet points to calculate​ (a) direct manufacturing labor costs in and​ (b) cost of direct materials used in .
2. Calculate the ending​ work-in-process inventory on December​ 31, 2011.

Answers

Answer:

Results are below.

Explanation:

Giving the following information:

Total manufacturing costs, $8,450,000

Manufacturing overhead allocated, $3,750,000 (allocated at a rate of 250% of direct manufacturing labor costs)

Work-in-process inventory on January 1, 2017, $390,000

Cost of finished goods manufactured, $8,020,000

First, we need to calculate the direct material and direct labor:

Direct labor= Manufacturing overhead allocated/2.5

Direct labor=  3,375,000 / 2.5

Direct labor= $1,350,000

Total manufacturing costs= Direct material + direct labor + allocated overhead

8,450,000= Direct material + 1,350,000 + 3,375,000

Direct material= $3,725,000

Finally, the ending work-in-process:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

8,020,000= 390,000 + 8,450,000 - Ending WIP

Ending WIP= $820,000

Use the following information to answer the next question. Total Asset = $40 million Depreciation = $1.0 million. Basic earning power (BEP) ratio is 20% Lease payments = 0.6 million Times-interest-earned (TIE) ratio is 6.55 Principal payments = 4 million What is the company's EBIT? The company's interest expense? Select one: a. $8.0 million; $1.22 million b. $7.5 million; $0.75 million c. $8.0 million; $0.62 million d. $1.35 million; $0.37 million e. $3.33 million; $0.83 million​

Answers

Answer:

a. $8.0 million; $1.22 million

Explanation:

The computation is shown below:

As we know that

Basic earnings power = EBIT ÷ total assets

So,

EBIT = Basic earnings power × total assets

= 0.20 × 40 million

= $8 million

Now

Times interest earned = EBIT ÷ interest expense

So,  

Interest expense = EBIT ÷ Times interest earned

= $8 million ÷ 6.55

= $1.22 million

In 2020, Henry Jones works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. Compute Henry's QBI deduction and his tax liability for 2020.

Answers

Answer:

Henry's QBI deduction = $9,760

Henry's taxable income = $39,040

Henry's tax liability = $4,487.30

Explanation:

QBI deduction = (AGI - standard deduction) x 20% = ($61,200 - $12,400) x 20% = $9,760

total taxable income = $61,200 - $12,400 - $9,760 = $39,040

tax liability = $987.50 + [12% x ($39,040 - $9,875)] = $987.50 + $3,449.80 = $4,487.30

Suppose two workers could be hired, F and G, and they take the same time to complete tasks as the current five workers. F and G can be assigned to work on the same pair of tasks as one of the current workers. For example, F could be assigned tasks T1 and T2 (just like worker A) while G is assigned T5 and T6 (just like worker C). They cannot be assigned tasks that are currently assigned to two workers. For example, F cannot be assigned to tasks T2 and T3 (because they are currently being done by workers A and B). What is the capacity of this process with workers F and G included ( toothbrushes per minute)?

Answers

Answer:

Explanation:

The missing table is attached below.

Recall that:

The capacity of the interaction is controlled by the capacity of the bottleneck workers.

The extra resources accessible ought to be added to workers with the most noteworthy preparing times.  

For this situation, they are Worker A and Worker E.  

Summing up of resources halves the handling times for Worker A and E.

SO;

Worker    Old time(sec)    New time (sec)   Capacity  

A                65                       32.5                     1.85

B                 35                       35                        1.71

C                 25                       25                        2.40

D                 30                       30                        2.00

E                  60                       30                       2.00

Along these lines, the new capacity of the framework is characterized by new bottleneck B.  

So the capacity of the cycle is 60/35 = 1.71 toothbrush per each minute

A sales clerk at Schackne Company correctly prepared a sales invoice for $5,200, but the invoice was entered as $2,500 in the sales journal and similarly posted to the general ledger and accounts receivable ledger. The customer remitted only $2,500, the amount on his or her monthly statement. The most effective procedure for preventing this type of error is to:

Answers

Answer: Use predetermined totals to control posting routines

Explanation:

Based on the information given in the question, the most effective procedure for preventing this type of error is to use the predetermined total to control the posting routines.

The sales clerk should generate the control total do that the transactions can be posted. This will then be compared with the items posted to individual accounts.

On January 1, 2021, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made on January 1, 2021, but payment for the equipment of $10,100 is not due until December 31, 2021. Assuming that Wooten views the time value of money to be a significant component of this transaction and that an 12% interest rate is applicable. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) How much sales revenue would Wooten recognize on January 1, 2021

Answers

Answer: $‭9,017.89

Explanation:

Wooten will recognize the present value of $10,100 as it is to be paid to them in a year and the company sees time value of money as a significant component.

= 10,100 * Present value interest factor, 12%, 1 period

= 10,100 * 0.89286

= $‭9,017.886‬

= $‭9,017.89

Cullumber Company owns delivery equipment that cost $49,700 and has accumulated depreciation of $24,800 as of July 30, 2020. On that date, Cullumber disposes of this equipment. For parts b - d below, enter D for debit or C for credit in the first box and the amount in the second box. What is the net book value of the equipment on July 30, 2020

Answers

Answer:

The net book value of the equipment on July 30, 2020 is $24,900.

Explanation:

The net book value can be calculate using the following formula:

Net book value =  Cost of the equipment - Accumulated depreciation …………………… (1)

Where:

Cost of the equipment = $49,700

Accumulated depreciation = $24,800

Substituting the values into equation (1), we have:

Net book value = $49,700 - $24,800 = $24,900

Therefore, the net book value of the equipment on July 30, 2020 is $24,900.

Pls help me with the graph , the choices are below

Answers

the answer to your question is graph 1

A large country can gain from imposing a tariff on the import of a good if: Group of answer choices the part of the tariff paid by the foreign exporters is greater than the losses arising from the production and consumption effects of the tariff in the domestic market the tariff is high enough that the country becomes an exporter of the product. the tariff drives the quantity imported to zero. the tariff revenue collected by the domestic government is less than the losses caused by the production and consumption effects of the tariff.

Answers

Answer:

part of the tariff paid by the foreign exporters is greater than the losses arising from the production and consumption effects of the tariff in the domestic market

Explanation:

Tariff is a form of tax levied on imported goods. Tariffs increases the price of import. This would discourage foreign exporters because there would be less demand for their good.

Tariffs would reduce the consumption of foreign goods and this would lead to negative welfare effect on consumers. This negative welfare effect can be mitigated if the tariff paid is greater than the welfare losses

function of the HR manager is concerned with employing people who
possess the necessary skills, knowledge, and aptitude
O Procurement
Development
O Motivation and compensation
STOS DE
TREI
O Integration​

Answers

Answer:

Integration.

Explanation:

Human resources management (HRM) can be defined as an art of managing, controlling and improving the number of people (employees or workers), functions, activities which are being used effectively and efficiently by an organization.

Thus, human resources managers are saddled with the responsibility of recruiting, managing and improving the welfare and working conditions of the employees working in an organization.

The function of the HR manager that is concerned with employing people who possess the necessary skills, knowledge, and aptitude is known as integration. This is usually achieved through a recruitment process, which typically involves advertising a vacant position and accepting applications (resumes) from applicants who meet the minimum requirements.

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