Answer:
1.Dr Cash 1,200,000
Cr Bonds Payable 1,200,000
2. Dr Interest Expense 42,000
Cr Cash 42,000
Explanation:
1. Preparation of the Journal entry to record the issuance of the bond payable on January 1, 2018.
Since the company issued the amount of $1,200,000 this means that the transaction will be recorded as:
January 1 2018
Dr Cash 1,200,000
Cr Bonds Payable 1,200,000
( To record Issued bonds at par)
2. Preparation of the Journal entry to record the payment of semiannual interest on July 1, 2018.
Since the company issued the amount of $1,200,000 with 7 %, and 10-year bond payable at face value, this means the transaction will be recorded as;
July 1 2018
Dr Interest Expense 42,000
Cr Cash 42,000
($1,200,000 × 0.07 × 6/12)
(To record paid semiannual interest payment)
A process that is considered to be in control measures an ingredient in ounces. Below are the last ten samples (each of size n=5) taken. The population standard deviation is 1.36.
SAMPLE
1 2 3 4 5 6 7 8 9 10
5 6 9 10 9 10 9 12 8 9
8 9 9 8 12 11 9 9 6 10
6 8 5 7 10 8 10 9 4 12
4 7 3 8 8 6 12 10 4 11
5 4 2 9 8 6 8 6 5 7
Using information from the above table:
Calculate the standard deviation of the sample means, σ×.
Determine the control limits for the mean chart, using A2 and σ× if z=3.
Determine the control limits for the range chart.
Construct mean (using A2) and range control charts by using information from (ii) and (iii).
Comment on your results.
Answer:
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Question : A process that is considered to be in control measures an ingredient in ounces. Below are the last ten samples (each of size n=5) taken. The population standard deviation is 1.36. SAMPLE 1 2 3 4 5 6 7 8 9 10 5 6 9 10 9 10 9 12 8 9 8 9 9 8 12 11 9 9 6 10 6 8 5 7 10 8 10 9 4 12 4 7 3 8 8 6 12 10 4 11 5 4 2 9 8 6 8 6 5 7 Using information from the above table: Calculate the standard deviation of the sample means, σ×. Determine the control limits for the mean chart, using A2 and σ× if z=3. Determine the control limits for the range chart. Construct mean (using A2) and range control charts by using information from (ii) and (iii). Comment on your results.
Question : A process that is considered to be in control measures an ingredient in ounces. Below are the last ten samples (each of size n=5) taken. The population standard deviation is 1.36. SAMPLE 1 2 3 4 5 6 7 8 9 10 5 6 9 10 9 10 9 12 8 9 8 9 9 8 12 11 9 9 6 10 6 8 5 7 10 8 10 9 4 12 4 7 3 8 8 6 12 10 4 11 5 4 2 9 8 6 8 6 5 7 Using information from the above table: Calculate the standard deviation of the sample means, σ×. Determine the control limits for the mean chart, using A2 and σ× if z=3. Determine the control limits for the range chart. Construct mean (using A2) and range control charts by using information from (ii) and (iii). Comment on your results.
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Asked Apr 22, 2020
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Question :
A process that is considered to be in control measures an ingredient in ounces. Below are the last ten samples (each of size n=5) taken. The population standard deviation is 1.36.
SAMPLE
1
2
3
4
5
6
7
8
9
10
5
6
9
10
9
10
9
12
8
9
8
9
9
8
12
11
9
9
6
10
6
8
5
7
10
8
10
9
4
12
4
7
3
8
8
6
12
10
4
11
5
4
2
9
8
6
8
6
5
7
Using information from the above table:
Calculate the standard deviation of the sample means, σ×.
Determine the control limits for the mean chart, using A2 and σ× if z=3.
Determine the control limits for the range chart.
Construct mean (using A2) and range control charts by using information from (ii) and (iii).
Comment on your results.
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Expert Answer
Step 1
Note- We’ll answer the first three subparts of the question since the exact one wasn’t specified. Please submit a new question specifying the one you’d like answered.
Given data,
Samples
Observation
1
2
3
4
5
6
7
8
9
10
1
5
6
9
10
9
10
9
12
8
9
2
8
9
9
8
12
11
9
9
6
10
3
6
8
5
7
10
8
10
9
4
12
4
4
7
3
8
8
6
12
10
4
11
5
5
4
2
9
8
6
8
6
5
7
Step 2
The method of standard deviation is similar to the population standard deviation.
Operations Management homework question answer, step 2, image 1
The standard deviation of the sample mean can be calculated by the following formula.
Operations Management homework question answer, step 2, image 2
On substituting the given value in the formula.
Operations Management homework question answer, step 2, image 3
Hence, the standard deviation for the sample mean is 0.60
Step 3
Ans 2:
(x-bar) is calculated by calculating the average of given numbers in a column and Range is calculated by subtracting the largest value from the smallest value.
Samples
Observation
1
2
3
4
5
6
7
8
9
10
1
5
6
9
10
9
10
9
12
8
9
2
8
9
9
8
12
11
9
9
6
10
3
6
8
5
7
10
8
10
9
4
12
4
4
7
3
8
8
6
12
10
4
11
5
5
4
2
9
8
6
8
6
5
7
5.6
6.8
5.6
8.4
9.4
8.2
9.6
9.2
5.4
9.8
Range R
(8-4)
= 4
(9-4)
= 5
(9-2)
= 7
(10-7)
= 3
(12-8)
= 4
(11-6)
= 5
(12-8)
= 4
(12-6)
= 6
(8-4)
= 4
(12-7)
= 5
...
Explanation:
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Financial leverage: Group of answer choices is the ratio of a firm's revenues to its fixed expenses. is equal to the market value of a firm divided by the firm's book value. increases the potential return to the stockholders. is inversely related to the level of debt. increases as the net working capital increases.
Answer: Increases the potential return to the stockholders.
Explanation:
Financial Leverage is the use of more debt to fund company assets. This can lead to higher potential returns to the Stockholders if the interest rate attached to the debt is less than the Company's required rate of return. That way, the difference between the rates will bring about a positive return for shareholders.
Also, having more debt provides a sort of tax shield to the earnings of the Stockholders because Debt is Tax Deductible. This will therefore increase the earnings going to the Stockholders.
Which income statement line item had the largest percentage increase from the prior year to the current year? Current Year Prior Year Sales $120,000 $100,000 Cost of Goods Sold 80,000 60,000 Depreciation Expense 30,000 20,000 Interest Expense 2,000 5,000
Answer:
the depreciation expense increased by 50% during the current year.
Explanation:
Current Year Prior Year % change
Sales $120,000 $100,000 +20%
Cost of Goods Sold $80,000 $60,000 +33.33%
Depreciation Expense $30,000 $20,000 +50%
Interest Expense $2,000 $5,000 -60%
Even though the interest expense changed in a higher percentage (-60%), the question asked for which item increased the most, but the interest expense decreased.
Given the agile manifesto 4 values, describe what value would be the easiest and what value would be the hardest for you to implement in your organization and why.
Answer and explanation:
values of agile manifesto are:
1. Individual and interactions over process and tools.
2. Working software over comprehensive documentation.
3. Customer collaboration over contract negotiation.
4. Responding to change over following a plan.
Customer collaboration is by far the easiest to implement given the very fact that we are able to communicate and collaborate with the customers in every step of the way during development ensuring that we produce exactly what the customer wants through continuous feedback
The hardest however is the responding change over plan agile value. This is indeed one of the most important as it ensures a dynamic system in development but not quite easy to implement given the need to make changes to features as at when required while sticking to and modifying plans as needed
Interviewers believe that when a candidate says negative things about their current employer, it shows the candidate is emotionally ready to switch to a new company.
a) Mostly true
b) Mostly false
Answer:
b) Mostly false
Explanation:
An Interview is the most essential part for the interviewer or an interviewee. The Interview is a part of a formal meeting where two or more people engage for evaluating, consulting etc. so that both the parties can determine their requirement.
Therefore according to the given situation, it is false to think that interviewer can judge that when the interviewee says the bad things for this current organization or their profile, this does not mean that the employee is ready to switch the job.
So, the right answer is b.
Refer to the financial statements of Burnaby Mountain Trading Company. The firm's asset turnover ratio for 2017 is _________. (Please keep in mind that when a ratio involves both income statement and balance sheet numbers, the balance sheet numbers for the beginning and end of the year must be averaged.)
Answer:
1.69
Explanation:
asset turnover ratio = net sales / average assets
I looked up the missing information and found the following:
total assets year 1 = $4,000,000
total assets year 2 = $4,300,000
net sales year 2 = $7,000,000
average assets = ($4,000,000 + $4,300,000) / 2 = $4,150,000
asset turnover ratio = $7,000,000 / $4,150,000 = 1.6867 = 1.69
The higher the asset turnover ratio, the more efficient a company is. Therefore, a higher asset turnover ratio is always better although there is no fixed parameter.
Galvatron Metals has a bond outstanding with a coupon rate of 6.1 percent and semiannual payments. The bond currently sells for $947 and matures in 23 years. The par value is $1,000 and the company's tax rate is 40 percent. What is the company's aftertax cost of debt
All of the following are items typically included in the job specification EXCEPT ________. educational requirements required compensation physical capabilities personality traits g
Answer:
Required compensation.
Explanation:
Job Specification provides details about the job as well as education, experiences and traits required to perform the job. Job Specification does not however disclose the required compensation as this follows agreement with successful candidates taking into account both the employer and employee circumstances.
The job specification does not provide the compensation.
What is job specification:
It gives the details related to the job also the education, experience are needed for performing the job. Moreover, the job specification provides the type of the job that the employee need to do perform. In additonal to this, it does not disclose the compensation requirement
Therefore, the second option is correct.
learn more about job here: https://brainly.com/question/24332840
Garfield Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity bases are as follows: Activity Budgeted Activity Cost Activity Base Casting $282,600 Machine hours Assembly 150,360 Direct labor hours Inspecting 20,790 Number of inspections Setup 52,150 Number of setups Materials handling 42,770 Number of loads Corporate records were obtained to estimate the amount of activity to be used by the two products. The estimated activity-base usage quantities and units produced follow: Activity Base Entry Dining Total Machine hours 4,990 4,430 9,420 Direct labor hours 4,300 6,440 10,740 Number of inspections 1,440 450 1,890 Number of setups 280 70 350 Number of loads 720 190 910 Units produced 10,000 5,000 15,000 a. Determine the activity rate for each activity. If required, round the rate to the nearest dollar.
Answer:
Casting = $ 30 per machine hour
Assembly = $ 14 per labor hour
Inspecting = $ 11 per inspection
Setup = $ 149 per setup
Materials handling = $ 47per load
Explanation:
Garfield Inc. Manufacturers
Activity Budgeted Activity Cost Activity Base
Casting $282,600 Machine hours
Assembly 150,360 Direct labor hours
Inspecting 20,790 Number of inspections
Setup 52,150 Number of setups
Materials handling 42,770 Number of loads
Activity Base Entry Dining Total
Machine hours 4,990 4,430 9,420
Direct labor hours 4,300 6,440 10,740
Number of inspections 1,440 450 1,890
Number of setups 280 70 350
Number of loads 720 190 910
Units produced 10,000 5,000 15,000
Activity Budgeted Activity Cost Activity Rate
Casting $282,600 $282,600/9420= $ 30 per machine hour
Assembly 150,360 150,360 / 10,740 = $ 14 per labor hour
Inspecting 20,790 20,790/1890= $ 11 per inspection
Setup 52,150 52,150 /350= $ 149 per setup
Materials handling 42,770 42,770/910= $ 47per load
The formula for Activity rate = Activity Cost/ Activity Base Cost
Suppose that Second Republic Bank currently has $150,000 in demand deposits and $97,500 in outstanding loans. The Federal Reserve has set the reserve requirement at 10%.
Reserves=__________
Required Reserves=___________
Excess Reserves=__________
Answer:
Reserves= $52,500
Required reserves= $15,000
Excess reserves= $37,500
Explanation:
The Second republic bank has $150,000 in demand deposits
They also have $97,500 in outstanding loans
The reserves can be calculated as follows
Reserves= deposits-loans
= $150,000-$97,500
= $52,500
The required reserves can be calculated as follows
Required reserves= deposits × reserve ratio
= $150,000×10/100
= $150,000×0.1
= $15,000
The excess reserves can be calculated as follows
Excess reserves= reserves-required reserves
= $52,500-$15,000
= $37,500
Hence the reserves, required reserves and excess reserves are $52,500, $15,000 and $37,500 respectively
ohnson, LLC’s bonds have exhibited a substantial trading volume in the past few years. Its bonds would be referred to a
Answer:
Seasonal issue
Explanation:
The seasoned issue or seasonal issue is that issue which is made for extra securities held from the company i.e established and it considered those securities who are already traded in the secondary market. The bond which are outstanding and traded in the secondary markets is known as seasoned issued
Since in the question it is mentioned that there is a substantial trading volume in the past few years so this represents the seasoned issue
Lane Inc. just reported net income of $2,800,000, and its current stock price is $33 per share. Lane is forecasting $4,000,000 in net income next year, but it also expects it will have to issue 500,000 new shares of stock (raising its shares outstanding from 1,500,000 to 2,000,000). If Lane's forecast turns out to be right, and its price/earnings (P/E) ratio does not change, what does Lane expect its stock price to be one year from now?
Answer:
Price per share Year 1= $35.36
Explanation:
The P/E ratio or the price earnings ratio is an indicator that calculates the dollar amount that an investor is willing to invest in a company for each 1 dollar of that company's earnings. It is calculated as follows,
P/E = Price per share / Earnings per share
The first thing we do is to determine the earnings per share today.
Earnings per share = Net Income / No. of shares outstanding
Earnings per share = 2800000 / 1500000
Earnings per share = $1.867
We need to determine the P/E ratio today which is expected to remain the same for next year also.
P/E ratio = 33 / 1.867
P/E Ratio = 17.675 rounded off to 17.68
The earnings next year will be,
Earnings per share year 1 = 4000000 / 2000000
Earnings per share Year 1 = $2
Taking the constant P/E and year 1's earnings per share, we calculate the price in year 1 to be,
17.68 = Price per share / 2
17.68 * 2 = Price per share
Price per share Year 1= $35.36
research and describe an organization that you believe has been highly innovative ( excluding apple). which of the four types of innovation – radical, incremental, disruptive, or architectural did it use? did the firm use different types over time?
Answer:
The innovative Uber Company.
Explanation:
This company used disruptive innovation to disrupt the taxi industry after they started off as a ride sharing platform in 2010/2011. From humble beginnings, just after a few years after lunch, this company has over 110 million users worldwide.
However, over the years Uber has also used radical innovation to diversify into other services such as Uber Food– for deliveries etc.
Note that disruptive innovation is marked by creating a change from the status quo; which may invariably affect the normal trend– in this case commercial taxi cab.
Cheetah Copy purchased a new copy machine. The new machine cost $140,000 including installation. The company estimates the equipment will have a residual value of $35,000. Cheetah Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year Hours Used 1 3,000 2 2,000 3 2,000 4 2,000 Required: 1. Prepare a depreciation schedule for four years using the straight-line method. (Do not round your intermediate calculations.)
Answer:
Depreciation expense in year 1 = $26,250
Depreciation expense in year 2 = $26,250
Depreciation expense in year 3 = $26,250
Depreciation expense in year 4 = $26,250
Explanation:
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
($140,000 - $35,000) / 4 = $26,250
The following table shows macroeconomic data for an imaginary economy. All figures are in billions of dollars. For each account, identify which approach uses it to derive GDP by selecting either Expenditure or Resoruce Cost-Income in the Approach column.
Billions of Dollars Approach
Fixed Investment $2,183 Resource cost-income
Interest income $539 Resource cost-income
Government Consumption and Gross Investment $2,568 Expenditure
Services $5,504 Expenditure
Depreciation $1,587 Resource cost-income
Durable goods $1,090 Expenditure
Proprietor’s income $1,045 Resource cost-income
Employee compensation $7,528 Resource cost-income
Rents $107 Resource cost-income
Corporate profits $1,646 Resource cost-income
Inventories $70 Expenditure
Net income of foreigners –$110 Resource cost-income
Nondurable goods $2,735 Expenditure
Imports $1,030 Expenditure
Indirect business taxes $1,035 Resource cost-income
Exports $257 Expenditure
Required:
Use the table to calculate personal consumption, gross private investment, and net exports and complete the following table.
Make sure to specify the sign for the Net Exports values.
Billions of Dollars
Personal Consumption
Gross Private Investment
Net Exports
The economy's GDP is
Based on the macroeconomic data given, and established economic principles, the following are true:
Personal consumption = $9,329.Gross Private Investment = $2,253.Net Exports = -$773.GDP = $13,377.What is the personal consumption?= Durable goods + Non-durable goods + Services
= 1,090 + 2,735 + 5,504
= $9,329
What is gross private investment?= Fixed investment + inventories
= 2,183 + 70
= $2,253
What are the next exports?= Exports - imports
= 257 - 1,030
= -$773
What is the GDP?= Personal consumption + Government consumption and Gross Investment + Gross private investment + Net exports
= 9,329 + 2,568 + 2,253 - 773
= $13,377
Note - All the classifications given above for the approach used to calculate GDP are correct except for the Fixed investment account which is used in the Expenditure approach.
Find out more on the expenditure approach at https://brainly.com/question/1384502.
Variable Overhead Spending and Efficiency Variances, Columnar and Formula Approaches Aretha Company provided the following information: Standard variable overhead rate (SVOR) per direct labor hour $4.70 Actual variable overhead costs $335,750 Actual direct labor hours worked (AH) 69,200 Actual production in units 14,000 Standard hours (SH) allowed for actual units produced 70,000 Required: 1. Using the columnar approach, calculate the variable overhead spending and efficiency variances. Enter amounts as positive numbers and select Favorable (F) or Unfavorable (U).
Answer:
Variable overhead spending variance $10,380 U
Variable efficiency variances $ 3,760.00 F
Total variable overhead variance $ 6,620.00 U
Explanation:
1. Calculation for the variable overhead spending and efficiency variances
AH * AH
69,200*4.85=335,620.00
AH* SR
69,200 * 4.7=325,240.00
SH * SR
70,000*4.7= 329,000.00
Hence, the variable overhead spending will be:
AH * AH- AH* SR
=335,620.00-325,240.00= $10,380 U
The efficiency variances will be:
AH* SR- SH * SR =325,240.00- $329,000.00 =$ 3,760.00 F
2.Calculation for the variable overhead spending variance.
Using this formula
Variable overhead efficiency variance = SR × (AH – SH)
Let plug in the formula
SR = Standard variable manufacturing overhead rate = $4.70
AH = Actual hours worked during the period = 69,200
SH = Standard hours allowed for actual output or production = 70,000
Variable overhead efficiency variance = SR × (AH – SH) = 4.70 (69,200 -70000)
= 4.70* 800 =3,760.00 F
3.
Using this formula
Variable Overhead Spending variance = (Actual Rate * Actual Hour - Standard Rate * Actual Hour )
= AH (AR - SR)
Let plug in the formula
AR = 33,5750/69200
= $ 4.8
AH = Actual hours worked during the period = 69,200
SR = Standard variable manufacturing overhead rate = $4.70
Variable overhead spending variance = 69200 ( 4.85 - 4.70)
$ 10,380.00 U
4. Calculation for total variable overhead variance
Using this formula
Total Variable Overhead variance = (Actual Hour * Actual Rate - Standard Hour * Standard Rate)
Let plug in the formula
AH = Actual hours worked during the period = 69,200
SH = Standard hours allowed for actual output or production = 70,000
AR = 335750/69200 = $ 4.85
SR = Standard variable manufacturing overhead rate = $4.70
Total Variable Overhead variance = (69200*4.85) - (70000*4.7)
=$ 6,620.00 U
Starbucks (Croatia). Starbucks opened its first store in Zagreb, Croatia, in October 2010. In Zagreb, the price of a tall vanilla latte is 25.70 Croatian kunas (kn or HRK). In New York City, the price of a tall vanilla latte is $2.65. The exchange rate between Croatian kunas and U.S. dollars is kn5.6288.
(a) According to purchasing power parity, is the Croatian kuna overvalued or undervalued?
(b) By what percent is the kuna overvalued or undervalued?
Answer:
a. Overvalued
b. 72.3% overvalued
Explanation:
a. Purchasing power parity when held, shows that prices of a specific good is the same across the world.
Price in New York = $2.65
Price in Zagreb = kn25.70
$1 = 25.70/2.65
$1 = kn9.6981
According to PPP, Croatian Kuna is Overvalued as the exchange rate per the Vanilla Latte is higher than the official exchange rate.
b. = [tex]\frac{9.6981 - 5.6288}{5.6288.}[/tex]
= [tex]\frac{4.0693}{5.6288}[/tex]
= 72.3% overvalued
Knapp Industries began business on January 1, 2018 by issuing all of its 1,450,000 authorized shares of its $1 par value common stock for $28 per share. On June 30, Knapp declared a cash dividend of $3.00 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 290,000 of its own shares of stock for $33 per share. On December 22, Knapp resold 145,000 of these shares for $39 per share.
Required:
Prepare all of the necessary journal entries to record the events described above.
Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $7,000,000.
Answer and Explanation:
The Journal entries are shown below:-
1. Cash Dr, $4,06,00,000 (14,50,000 × $28)
To Common Stock Dr, $14,50,000 (14,50,000 × $1)
To Paid in Capital in Excess of par value - Common Stock $3,91,50,000
(Being issue of shares at the premium is recorded)
2. Dividend Dr, $43,50,000 (14,50,000 × $3)
To Dividend Payable $43,50,000
(Being declaration of the cash dividend is recorded)
3. Dividend payable Dr, $43,50,000
To Cash $43,50,000
(Being payment of cash dividend is recorded)
4. Treasury Stock Dr, $95,70,000 (2,90,000 × $33)
To Cash $95,70,000
(Being Purchase of the Treasury stock is recorded)
5. Cash Dr, $56,55,000 (1,45,000 × $39)
To Treasury Stock $47,85,000 (1,45,000 × $33)
To Paid in Capital in Excess of par value - Common Stock $8,70,000
(Being Reissue of the stock is recorded)
B. The Preparation of stockholders' equity section of the balance sheet as of December 31, 2018 is prepared below:-
Stockholder's Equity
For the year ended 31 Dec, 2018
Particulars Amount
Paid in Capital
Common Stock $14,50,000
Paid in Capital in excess of Par - Common $3,91,50,000
Paid in Capital in excess of Par - Treasury $8,70,000
Retained Earnings ($7,000,000)
Less: Dividend ($43,50,000) $26,50,000
Less: Treasury Stock ($47,85,000)
Total Stockholder's Equity $3,93,35,000
Skysong, Inc. reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 250 $5 $ 1,250 12 Purchase 500 9 4,500 23 Purchase 375 11 4,125 30 Inventory 125 Calculate Weighted Average Unit Cost
Answer:
Weighted average unit cost = $8.78
Explanation:
The weighted average method of inventory determines the average cost per unit of inventory each time a new batch is received. or every new batch received the average cost per unit is re-computed by dividing the total value of stock by the outstanding number of units.
The explanation is completed using calculation below:
Total value of stock = (250× $5) + (500×$9) + (375 × 11) = $9,875
Total units of stock = 250 + 500 + 375 = 1,125 units
Weighted average unit cost = Total value of stock / total units of stock
= $9875 / 1125 units = $8.78
Weighted average unit cost = $8.78
For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 4 percent. If, as a result of this price increase, the volume of all cereal sold by Big G changed by -5 percent, what can you infer about the own price elasticity of demand for Big G cereal
Answer:
the coefficient of elasticity is 1.25. therefore demand is elastic
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
5% / 4% = 1.25
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded
Rockville, Inc. which uses a job costing system, began business on January 1, 20X3 and applies to manufacture overhead on the basis of direct labor cost. The following information relates to 20X3: Budgeted direct labor and manufacturing overhead were anticipated to be $200,000 and $250,000, respectively. Jobs number #1, #2, and #3 were begun during the year and had the following charges for direct material and direct labor:
Job number DM DL
#1 $145,000 $35,000
#2 320,000 65,000
#3 55,000 80,000
Job #1 and #2 were completed and sold on account to customers at a profit of 60% of the cost. Job #3 remained in production. The actual manufacturing overhead by year-end totaled $233,000. Rockville adjusts all under- and overapplied to the cost of goods sold.
Required:
Compute Rockville's ending WIP inventory
Compute Rockville's COG Manufactured
Compute Rockville's income statement.
Answer:
Rockville's ending WIP inventory= $ 135,000
Rockville's COG Manufactured Total Cost of Goods Manufactured = $ 815,000
Net Income $ 793,800
Explanation:
Rockville, Inc.
Budgeted Direct Labor $200,000
Manufacturing Overhead $250,000,
Job number DM DL
#1 $145,000 $35,000
#2 320,000 65,000
#3 55,000 80,000
Rockville's ending WIP inventory= Job#3 = Direct Materials + Direct Labor = 55,000 + 80,000= $ 135,000
Rockville's COG Manufactured
= Job #1 + Job #2= Direct Materials + Direct Labor = $145,000 + $35,000 + 320,000 + 65,000= 565,000
Applied Overhead $250,000
Total Cost of Goods Manufactured = $ 815,000
Less Ending Inventory $ 135,000
Cost of Goods Sold= $ 500,000
Actual Manufacturing Overhead = $ 233,000
Applied Overhead $250,000
Less Over applied Overhead $ 17,000
Adjusted Cost of Goods Sold $ 483,000
Rockville's income statement.
Sales $ 798,000*1.6= $ 1276,800
Less COGS $ 483,000
Net Income $ 793,800
Consider the market in which clothing producers operate. Suppose that the price ofthe price of a pair of jeansa pair of jeans risesrises. Explain how this event will change the quantity of jeansjeans supplied and the supply of jeansjeans today. A. The supply of jeans is unchangedsupply of jeans is unchanged and the quantity of jeans supplied decreases.and the quantity of jeans supplied decreases.
Answer:
D. The supply of jeans is unchanged and the quantity of jeans supplied increases
Explanation:
According to the law of supply if the price of the good increased than the quantity supplied is also increased and vice versa i.e it shows the direct relationship between the quantity supplied and the price
So since the price of the jeans is rises so the quantity supplied is also raised without impact the supply of jeans
Hence, the correct option is D.
g The Federal Reserve can lower short-run output by Group of answer choices lowering the real interest rate. increasing the money supply. decreasing the money supply. lowering the nominal interest rate. None of these answers is correct
Answer: Decreasing the money supply
Explanation:
When the Fed reduces money supply, it will remove the amount of excess money that people have to spend in the economy. This will lead to prices reducing because people no longer have a lot of money to spend on products therefore they will demand less goods. This will lead to the Aggregate demand curve shifting to the left. The new intersection with the Aggregate Supply curve will be at a point where prices will be lower and less quantity will be demanded which will signify a drop in the short-run output of the economy.
What is a rule of solid database design regarding calculated values?
Calculates values should not be stored in the data base.
What are calculated value?This are value computed using electronic devices such as computer.
The values are advised not to be stored in data base of the computer because it update itself as the data is worked upon.
Hence, storing it will only give access to the values that was saved and not update it
Therefore,
Calculates values should not be stored in the data base.
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Answer:
B
Explanation:
A company needs to locate three departments X, Y, and Z in the three areas I, II, and III of a new facility. They want to minimize interdepartmental transportation costs, which are expected to be $.50 per load meter moved. An analyst has prepared the following flow and distance matrices:
Distances meters Flows Loads per week
From / To I II III From / To X Y Z
I - 10 20 X - 0 80
II - - 10 Y 30 - 150
III - Z 100 130 -
If the company were to locate departments X, Y, and Z in areas 1, 2, and 3, respectively, what would be the total distance (in meters) loads would be moved each week?
A. 3,100
B. 3,600
C. 6,200
D. 7,200
E. 8,200
Answer: A. 3,100
the total distance (in meters) loads that would be moved each week is 3,100
Explanation:
First we arrange the workflow of the departments in descending order while the distance will be in ascending order.
TRIPS DISTANCE(metres)
1 -11 10
11 - 111 10
1 - 111 20
DEPARTMENTAL PAIR WORKFLOW
Y-Z 150
Z-Y 130
Z-X 100
X-Z 80
Y-X 30
Given that question provided to allocate departments X, Y, and Z in areas 1, 2, and 3 respectively.
So, having that in mind, allocate the distance for each suitable departmental pair;
DEPARTMENTAL PAIR WORKFLOW DISTANCE TOTAL DISTANCE
(meter loads)
Y-Z 150 10 1500
Z-Y 130 -
Z-X 100 10 1000
X-Z 80 -
Y-X 30 20 600
3100
Therefore the total distance (in meters) loads that would be moved each week is 3,100
Prepare journal entries to record these transactions:
A) Morrell Corporation disposed of two computers at the end of their useful lives. The computers had cost $4,800 and their Accumulated Depreciation was $4,800. No residual value was received.
B) Assume the same information as (a), except that Accumulated Depreciation, updated to the date of disposal, was $3,600.
Answer:
Cost of Computer= 4,800
Annual depreciation = 4,800
No residual value
a) Need to assume depreciation is 3,600 at the date of disposal
b) same information
Recording the Disposal of a Long-lived Asset
DEBIT CREDIT
a. Accumulated Depreciation $4,800
Computer Account $4,800
b. Accumulated Depreciation $3,600
Loss on disposal $1,200
Computer $4,800
Bonita Industries applies overhead to production at a predetermined rate of 80% based on direct labor cost. Job No. 130, the only job still in process at the end of August, has been charged with manufacturing overhead of $5100. What was the amount of direct materials charged to Job 130 assuming the balance in Work in Process inventory is 45000?
Answer:
Direct Materials $ 33525
Explanation:
Bonita Industries
Job No. 130,
Manufacturing overhead $5100.
Direct Labor = $ 6375
5100 80
x 100
Using cross product direct labor = 5100 *100/80= 6375.
We have
Work in Process inventory $ 45000
Less
Manufacturing overhead $5100.
Direct Labor $ 6375
Direct Materials $ 33525
The Work in Process is debited with Direct Materials, Direct Labor and Manufacturing Overheads.
As we know the Direct Labor and Manufacturing Overheads we can find out the Direct Materials by subtracting the Direct Labor and Manufacturing Overheads from the Work In Process Inventory balance.
Classify each statement about types of market structure as either true or false. Monopolies produce differentiated products.
Answer: False
Explanation:
Monopolies do not produce differentiated products, they produce unique products. This is because they are the only supplier of the goods in question and as such do not need to differentiate their goods to have a sales advantage.
Ecker Company reports $1,925,000 of net income for 2017 and declares $269,500 of cash dividends on its preferred stock for 2017. At the end of 2017, the company had 300,000 weighted-average shares of common stock.
1. What amount of net income is available to common stockholders for 2017?
2. What is the company's basic EPS for 2017?
Answer:
(A) $1,655,500
(B) $5.52 per share
Explanation:
Ecker company announced a net income of $1,925,000
They also declare a cash dividend of $269,500
The company has 300,000 weighted average shares of common stock
(A) The amount of net income available to common stockhloders for 2017 can be calculated as follows
Net income available to common stockhloders= Net income- Preferred Cash dividend
= $1,925,000-$269,500
= $1,655,500
(B) The common basic EPS for 2017 can be calculated as follows
Common basic EPS= Net income available to stockholders/weighted average outstanding shares
= $1,655,500/300,000
= $5.52 per share
Indus Corporation pays $100,000 for the trademark rights to a line of soda equipment. After several years, sales for this line of soda equipment are disappointing, and the company estimates the total future cash flows from sales will be only $110,000. The estimated fair value of the trademark is now $60,000. What is the amount of the impairment loss to be recorded
Answer:
impairment loss = $40,000
Explanation:
In accounting, impairment loss refers to the decrease of an asset's carrying value. In order to calculate the impairment loss, you need to subtract the current market value of the asset from its original carrying value.
impairment loss = carrying value - current market value = $100,000 - $60,000 = $40,000