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1 year ago

Jordana Woolens is a manufacturer of wool cloth. The information for March is as follows:

Business

1 answer:

gregori [183]1 year ago

7 0

Answer:

Production cost worksheet

Flow of production Physical unit Direct materials Conversion

Beginning work in process 10,000

Starting during period 20,000

To account for 30,000

Unit Completed 25,000 25,000 25,000

Ending WIP 5,000 5,000 3,000

Accounted For 30,000 30,000 28,000

Cost Total Direct materials Conversion

Beginning WIP 8,600 6,000 2,600

Cost added during period 47,000 30,000 17,000

Total cost to account for A 55,600 36,000 19,600

Equivalent units 30,000 28,000

Equivalent units cost A/B 1.9 1.2 0.7

Assignment of cost

Cost of transferred out 47,500 (25,000 *1/9)

Ending wip:

Direct materials 6,000 (5,000*1/2)

Conversion 2,100(3,000*1/2)

Cost accounted for 55,600

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Henri earned a salary of $50,000 in 2001 and $70,000 in 2006. The consumer price index was 177 in 2001 and 265.5 in 2006. Henri'

gladu [14]

Answer:

Henri's 2006 salary in 2001 dollars =$46,666.66

Explanation:

A rise in the price index implies inflation

Inflation is the increase in the general price level. Inflation erodes the value of money.

This price index is the weighted average price of a basket of goods and services consumed by a typical consumer. It is used to measure the rate of inflation.

So we can determine the salary in the base year value as follows:

2006 Salary in the base year terms=

CPI base year/CPI in the current year × salary in the current year

CPI base year- 177, CPI in the current yea- 256.5,

Salary in the current year - 70,000

Henri 2006 Salary in 2001 Dollar

=177/265.5 ×70,000/265.5 = 46,666.66

Henri's 2006 salary in 2001 dollars =$46,666.66

8 0

1 year ago

Suppose that you hear about a friend who graduated from your college in performing arts. In addition, suppose that you judge tha

Radda [10]

Answer:

The Conjunction Fallacy

Explanation:

Fallacy is used to describe a misleading or deceptive statement. The conjunction fallacy however is an error in which an individual believes that two different events or conditions happening cocurrence is more feasible than one of those event or conditions happening alone. In this case, the individual believes it's more probable that her friend is engaged in both selling insurance AND actively participating in a community theater than her just doing maybe the sales of insurance alone. Individuals with this reasoning error believes that conjunction of 2 conditions is more probable than doing one of those conditions.

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1 year ago

With respect to income from services, which of the following is true?a. The income is always amortized over the period the servi

shtirl [24]

Answer:

C. If an accrual basis taxpayer sells a 36-month service contract on July 1, 2017 for $3,600, the taxpayer's 2017 gross income from the contract is $600.

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1 year ago

On May 1, 2016, Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to pr

saw5 [17]

Answer:

Varga should recognize $4,000 as revenue in 2016.

Explanation:

As the cash received in advance is recorded as unearned revenue which is a liability for the Varga Tech Services because they did not provide the services yet. On December 31, Eight months have passed and services for these month has been provided. So the revenue of 8 month months of 2016 will be recognized and recorded at year end.

Serive Contract = $6,000 for 12 months

Revenue Recognized in 2016 = $6,000 x 8/12 = $4,000

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1 year ago

On March 1, the board of directors declared a cash dividend of $0.75 per common share to shareholders of record on March 10, pay

RideAnS [48]

Answer and Explanation:

The Journal Entry is shown below:-

Mar-01

Cash dividends Dr, $98,250

(131,000 × $0.75)

To Dividends payable Dr, $98,250

(Being declaration of dividends is recorded)

Mar-10

No entry required

Mar-31

Dividends payable Dr, $98,250

To Cash $98,250

(To record payment of dividends)

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1 year ago