Using the data given below, calculate the income from unknown sources for years 2 and 3 respectively.Year 1 Year 2 Year 3Total Assets $252,000 $266,000 $309,000Total Liabilities 244,000 134,000 64,000Known Income 30,000 69,000 74,000Total Living Expenses 17,500 10,800 8,800a. (i) -3,200; -26,200b. (i) 65,800; 47,800c. (i) 76,600; 56,600d. (i) 69,000; 74,000

Answers

Answer 1

Use the accounting equation to calculate the unknown income. The income from unknown sources for years 2 and 3 respectively are $193,000 and $187,000.

Step 1: Calculate the owner's equity for each year. The income from unknown sources for years 2 and 3 respectively can be calculated as follows:

                                              Year 1        Year 2           Year 3

Total Assets                       $252,000   $266,000   $309,000

Total Liabilities                    244,000    134,000        64,000

Known Income                      30,000      69,000      74,000

Total Living Expenses            17,500       10,800       8,800

Year 1 :

Owner’s Equity = Assets - Liabilities

= $252,000 - $244,000

= $8,000

Year 2 :

Owner’s Equity = Assets - Liabilities

= $266,000 - $134,000

= $132,000

Year 3 :

Owner’s Equity = Assets - Liabilities

= $309,000 - $64,000

= $245,000

Step2: The income from unknown sources for year 2 can be calculated as:

Change in Owner’s Equity = Owner’s Equity (Year 2) - Owner’s Equity (Year 1)

= $132,000 - $8,000 = $124,000

Income from unknown sources(2 Year) :

= Change in Owner’s Equity + Known Income

= $124,000 + $69,000

= $193,000

The income from unknown sources for year 3 can be calculated as:

Change in Owner’s Equity = Owner’s Equity (Year 3) - Owner’s Equity (Year 2)

= $245,000 - $132,000

= $113,000

Income from unknown sources = Change in Owner’s Equity + Known Income

= $113,000 + $74,000

= $187,000

Therefore, the income from unknown sources for years 2 and 3 respectively are $193,000 and $187,000.

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Related Questions

what is transactions amount​

Answers

Do you got a picture or something

Answer:

Transaction Amount means the total amount due to the state for any goods, service or license or anything else of value.


Type the correct answer in the box. Spell all words correctly.

What is the term for the account balances of commercial banks held by the central bank?
The account balances of commercial banks held by the central bank are termed _______

Answers

Answer:

Money Supply

Explanation:

Hope it helps, if its right it would be much appreciated if you could give me brainliest!

Answer: Money Supply

Explanation: The total amount of money-cash, coins, and balances in bank accounts-in circulation.

According to the lesson, texas ranks _____ highest in the country for unemployment rate.

Answers

Answer:

The answer should be 9th

Explanation:

texas ranks 9th highest in the country for unemployment rate.

I NEED THIS FAST PLEASE
Due today!

Which of the following scenarios best reflects a list price?

A. Earrings that are buy one get one free

B. A bike that is half off because of a holiday promotion

C. Socks that have a suggested retail value of $39.99

D. A dress that is 25% off

I NEED THIS FAST PLEASE Due today!Which of the following scenarios best reflects a list price?A. Earrings

Answers

Answer:

C. Socks that have a suggested retail value of $39.99

I NEED THIS FAST PLEASE Due today!Which of the following scenarios best reflects a list price?A. Earrings

The following scenarios best reflect a list price of Socks that have a suggested retail value of $39.99. Thus the correct option is C.

What is the list price?

The specified price at which some is advertised for sale through a specific channel, such as a factory, a retail store, a catalog, or a retail, wholesale, or distributor website is The list price.

The difference between the listing price and the sale price of a property is known as the "listing price," also referred to as the "asking price."The highest price at which a thing may be sold is its list price.

The cost at which a seller decides to put their house on the market is known as the list price. You can specify a particular range of costs and make them exclusive to a certain clientele using a pricing list.

Therefore, option C is appropriate.

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Demand for C&A Resort has a seasonal pattern. Total demand next year is expected to be 1,525. Given the historical data of last two years, what is the forecast for summer next year?Season Year 1 Year 2Fall 352 391Winter 156 212Spring 489 518Summer 314 352

Answers

Based on the historical data for the last two years, it is possible to estimate the demand for C&A Resort in the coming summer. The demand for the resort has a seasonal pattern, which means that the demand in each season is not the same.

To make a forecast for the summer next year, we can look at the demand in the summer season for the last two years. According to the historical data, the demand for the resort in the summer season was 314 in Year 1 and 352 in Year 2.

To make a forecast for the summer season next year, we can use a time series forecasting method such as exponential smoothing or ARIMA. These methods will help us to identify any trends in the data and make a forecast for the coming year.

Without using any forecasting methods, we can make a rough estimate by assuming that the seasonal pattern will repeat itself next year.

We can estimate the demand for the summer next year to be somewhere between 314 and 52, with the average being around 333.5. This rough estimate can serve as a baseline for further analysis using advanced forecasting methods.

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Education is the basic requirement for profession.Explain this statement​

Answers

Answer:

The answer is below

Explanation:

Education is considered the basic requirement for the profession because, through education, people get to learn the basic knowledge required to perform a profession.

For example, a medical doctor or physician profession requires education in core biological science subjects such as microbiology, human anatomy, medical rehabilitation, dentistry, etc.

Education gives the professional the knowledge to anticipate, predict, and carry out the right solution to any problem that needs to be solved under his or her profession.

For example, a civil engineer needs education in architectural and engineering drawing to translates the drawing into reality or an actual project.

Education can be regarded as the basic requirement for profession because is gives a room to facilitate learning, or the acquisition of knowledge, skills that is required for that profession.

This is because every profession requires thorough training and basic knowledge which is required to build on for further training.

Therefore, Education can be regarded as the basic requirement for profession.

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Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5,600 on each September 30 , beginning on September 30,2024 . (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. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30 , 2021, assuming that an interest rate of 8% properly reflects the time value of money in this situation.

Answers

On September 30, 2021, the amount at which Lincoln should record the note payable and corresponding purchases is $26,003. The amount that the Lincoln Company should record on September 30, 2021, is the present value of the payments using an interest rate of 8% to determine the value of the six payments, i.e.

The discounted present value of the payments made is the amount of the note payable. So, in this scenario, we have to determine the present value of the note. The formula for present value of an annuity is: PVA = Payment amount * PVA Factorat 8%, for 6 years, the PVA factor for 1 will be 4.6231 and for 5, it will be 4.0373.Then, PVA = $5,600 * 4.0373 = $22,710.48. Therefore, the amount that Lincoln should record as of September 30, 2021, is $22,710.48 using a 8% rate. However, the question is asking for the value of the merchandise as well as the note payable.

To calculate the value of merchandise, we subtract the present value of the note payable from the amount of the payments:$5,600 * 6 = $33,600$33,600 - $22,710.48 = $10,889.52. Thus, Lincoln should record the merchandise and note payable for $10,889.52 and $22,710.48, respectively. Therefore, the total amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, is $26,003.

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define economics according to adam Smith .​

Answers

Smith defined economics as “an inquiry into the nature and causes of the wealth of nations.”

Using SMART goal-Written criteria blank refers to asking how ?
A.measurable
B.timely
C.specific
D.realistic
E.attainable

Answers

Answer:

A.measurable

Explanation:

Smart is an acronym Specific, Measurable, Achievable,

Realistic and Timely. These are attributes that guide how goals or objectives should be set.

The question of " how" is answered by the attribute 'measurable.'

In this criterion, measurable describes the specific criteria to be used and the ways of measuring progress toward accomplishing the goal. The path to achieving the objective must be meaningful and motivating.

Answer:

Measurable

Explanation:

Labor charges that cannot be easily traced to a job are considered ______. multiple select question. manufacturing overhead direct labor indirect labor

Answers

Labor charges that cannot be easily traced to a job are considered direct labor cost. So the correct option is (b).

What is  Direct labor cost?

Wages paid to employees directly related to producing goods or rendering customer services are referred to as direct labor costs. The overall direct labor cost exceeds wages paid by a significant amount. It also includes any payroll taxes related to those salaries, as well as the cost of any additional corporate benefits such as medical, life, and workers' compensation insurance that are paid for by the employer. If staff work on a variety of different items, this might be a significant task.

Therefore correct answer is (b).

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Which of the following tasks would be completed by a radio announcer

Answers

Answer:

Research questions for interviewing guests.

Explanation:

A Radio Announcer has several responsibilities among which could be research questions for interviewing guests, and be the voice of the show, he would have to do troubleshooting, nor train customers, he shouldn´t need to install telecommunication equipment, so the only responsibility that the radio announcer would have from the options would be D) Research questions for interviewing guests.

Question 1
A producer is someone who?

Answers

A producer is someone who manufactures goods and services for the market.

Who is a producer?

A producer is someone who creates or manufactures a good or service. Producers can be individuals, companies, or organizations that are involved in the process of making a product or providing a service.

They can range from small-scale producers, such as a farmer growing crops, to large-scale producers, such as a manufacturing company making cars. Producers are an important part of the economy, as they are responsible for creating the goods and services that are consumed by consumers.

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How can we apply accounting and bookkeeping in our daily lives?

Answers

Draw up a monthly budget. A monthly budget can do wonders for managing your month-to-month living expenses

TRUE / FALSE. Is the following statement true or false?

"This is a linear programming (LP) model where the objective function is a maximization. "

Answers

The statement is true. The given scenario describes a linear programming (LP) model with a maximization objective function.

In linear programming, the objective is to optimize a linear objective function subject to a set of linear constraints. The statement indicates that the objective function in the LP model is to be maximized, which means the goal is to find the maximum value of the objective function within the feasible region defined by the constraints.

Linear programming models involve linear relationships and constraints, allowing for the use of mathematical optimization techniques to determine the best solution. The objective function can be formulated to maximize or minimize a certain quantity, such as profit, cost, or utility. In this case, the objective function is set to maximize a certain measure or value. Therefore, the statement that this is a linear programming (LP) model with a maximization objective function is true.

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your employee is flying from detroit to phoenix with a stop in atlanta. the flight from detroit to atlanta is on time 70% of the time, while the flight from atlanta to phoenix is on time 80% of time. what will your employee tend to conclude about the chances of arriving at phoenix on time?
A. Overestimate the chances of arriving on time
B. Underestimate the chances of arriving on time
C. Neither overestimate nor underestimate the chances of arriving on time
D. Underestimate the chances of arriving at Atlanta on time
E. and overestimate the chances of arriving at Phoenix on time

Answers

C. Underestimate the chances of arriving on time. Probability is a measure of the likelihood of an event occurring. It is usually expressed as a decimal or fraction between 0 and 1, with 0 indicating that the event will not occur and 1 indicating that the event will definitely occur.

To determine the probability that your employee will arrive at Phoenix on time, you need to multiply the probabilities of the two flights being on time. Probability can be used to make predictions about the outcome of an event or to understand the likelihood of different outcomes occurring.

The probability that the flights will both be on time is:

70% x 80% = 56%.

This is less than the probability of either flight being on time individually, so your employee would tend to underestimate the chances of arriving on time.

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tricare is subject to state regulatory agencies that control insurance policies.true or false?

Answers

Tricare is a healthcare program run by the United States Department of Defense Military Health System. It provides medical benefits to active and retired military personnel, as well as their dependents and survivors.

The regulatory agencies that control insurance policies are mostly state-level entities. Since Tricare is a federal program, it is not subject to state regulatory agencies that control insurance policies. Therefore, the statement "Tricare is subject to state regulatory agencies that control insurance policies" is False. Tricare is a healthcare program run by the United States Department of Defense Military Health System. It provides medical benefits to active and retired military personnel, as well as their dependents and survivors. The regulatory agencies that control insurance policies are mostly state-level entities.

It provides medical benefits to active and retired military personnel, as well as their dependents and survivors. The regulatory agencies that control insurance policies are mostly state-level entities.  Since Tricare is a federal program, it is not subject to state regulatory agencies that control insurance policies. Therefore, the statement "Tricare is subject to state regulatory agencies that control insurance policies" is False. Tricare is a healthcare program run by the United States Department of Defense Military Health System. It provides medical benefits to active and retired military personnel, as well as their dependents and survivors. The regulatory agencies that control insurance policies are mostly state-level entities.

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The cost of making a shirt is half of what the shirt normally sells for. Today, however, the shirt is at a 15% discount from its normal price. What is the current price of the shirt?
(A) 1.8 times the cost to make the shirt.
(B) 0.85 times the cost to make the shirt.
(C) 1.85 times the cost to make the shirt.
(D) 1.7 times the cost to make the shirt.
(E) 0.7 times the cost to make the shirt.

Answers

Let's assume the normal selling price of the shirt is P. According to the information given, the cost of making the shirt is half of the normal selling price, which is P/2.

The shirt is currently at a 15% discount from its normal price. This means the current selling price is 85% of the normal price, or 0.85P.

We are asked to find the relationship between the current price and the cost to make the shirt.

The current price (0.85P) should be related to the cost to make the shirt (P/2).

Dividing the current price by the cost to make the shirt:

(0.85P) / (P/2) = (0.85/1) * (2/P) = 1.7/P

Therefore, the current price of the shirt is 1.7 times the cost to make the shirt.

The correct answer is (D) 1.7 times the cost to make the shirt.

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What is a similarity between a term life insurance policy and a whole life insurance policy?
OA
OB
Both provide coverage for the policyholder's medical and outpatient surgery costs
Both can be held by the policyholder for a minimum of 5 years and a maximum of 25 years,
Both include a cash value component that the policyholder can receive at the end of the policys term,
Both provide financial compensation to the beneficiaries upon the policyholder's death,
Ос. .
OD

Answers

Both provide financial compensation to the beneficiaries upon the policyholder’s death.

A similarity between a term life insurance policy and a whole life insurance policy is that both provide financial compensation to the beneficiaries upon the policyholder's death. The correct option is d.

Term and whole life insurance are two of the most frequent types of life insurance. Whole life insurance is a type of permanent life insurance that lasts as long as you live (provided you pay your premiums). It also includes a cash value account, which is a form of savings account that grows tax-free over time and can be withdrawn or borrowed from while you are living. Term life insurance, on the other hand, is only valid for a set number of years (the term) and has no monetary value.

Term insurance only protects you for a set number of years, whereas whole life insurance protects you for the rest of your life—if you can keep up with the premium payments. Whole life insurance rates might be five to fifteen times higher.

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A major corporation wants to issue a bond; they have a reputation for being a trustworthy company. They want to use their credit rating to guarantee the bond. What type of bond
would they issue? Why?

A. Corporate
B. Municipal
C. Agency
D. US Treasury

Explain why

Answers

Answer:

A. Corporate

Explanation:

Corporate bonds are debt securities(loans) issued by public and private corporations. They present an investment opportunity to the investor(the purchaser of the bond). Corporations with a good reputation with a solid financial background use bonds to raise additional capital for business use.

The corporation assures the investor of a regular interest payment of the amount borrowed. At maturity, the investor gets back the principal amount.  Bonds issued by private and public companies are referred to as corporate bonds, just as the name suggests.

A product's target market can influence where it is placed on the shelf.
True
False

Answers

Answer:

I'm pretty sure false! Hopefully this helps

Setting up equipment, placing purchase orders, and arranging shipments to customers are all examples of

Answers

Setting up equipment, placing purchase orders, and arranging shipments to customers are all examples of: Batch Level activities.

What is Batch Level activities?

Batch Level activities are activities that are incurred when a batch of product or goods are produced.

This Batch -level activities are:

Setting up equipmentPurchase ordersArranging shipments to client etc

Inconclusion Setting up equipment, placing purchase orders, and arranging shipments to customers are all examples of: Batch Level activities.

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Congress has passed laws requiring that a certain percentage of retail gasoline be from ethanol produced from corn. How would this destroy wealth?

Answers

Requiring a certain percentage of retail gasoline to be from ethanol produced from corn would destroy wealth by increasing the cost of gasoline and distorting the market for both gasoline and corn.

Mandating the use of corn-based ethanol would create an artificial demand for corn, which would increase the price of corn and other products that use corn as an input. This would lead to higher prices for food, livestock feed, and other consumer goods.

Furthermore, using corn-based ethanol as a fuel source is less efficient than using gasoline, which means that consumers would need to use more fuel to travel the same distance. This would result in higher fuel costs for consumers and reduce their overall purchasing power. The mandate would limit consumer choice and discourage innovation in the energy sector by favoring a particular type of fuel over others.


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The long-term bonds issued by state and local governments in the United States are callled _____ bonds

Answers

The long-term bonds issued by state and local governments in the United States are called municipal bonds.

Municipal bonds are debt securities issued by state and local governments, including cities, counties, and other governmental entities. These bonds are used to finance various public projects such as infrastructure development, schools, hospitals, and utilities. Investors who purchase municipal bonds lend money to the government entity in exchange for periodic interest payments and the return of the principal amount at maturity. Municipal bonds are generally considered to have lower default risk compared to other types of bonds, and they offer tax advantages such as exemption from federal income tax and, in some cases, state and local taxes.

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Assume a market has an equilbrium price of $4. If the market price is set at $8, which of the following statements is true? Mulitiple Choice Some surplus is transfered from consumers to producers, but total surplus falis: All wurplus is transferred from consumers to producers, and total surplus stays the same. Some surplus is transferred from producers to consumers, but total surplus falls. Some surplus is vansferred from consumers to producers, causing total surplus to incie sse

Answers

When the market price is set at $8 and the equilibrium price is $4, some surplus is transferred from consumers to producers, causing total surplus to increase. The market price refers to the current price that is decided by the buyers and sellers.

In contrast, the equilibrium price is the price where the quantity demanded is equal to the quantity supplied. If the market price is higher than the equilibrium price, it would lead to a decrease in the demand and an increase in the supply. Let us look at the different options mentioned in the question.

Some surplus is transferred from consumers to producers, but total surplus falls - This statement is incorrect. The surplus is not falling, but it is shifting from consumers to producers.B. All surplus is transferred from consumers to producers, and total surplus stays the same - This statement is incorrect. The total surplus increases in this scenario.C. Some surplus is transferred from producers to consumers.

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List 7 types of media's with notes about them. Or less.​

Answers

Answer:

good

Explanation:

Print Media (Newspapers, Magazines)

Broadcast Media (TV, Radio)

Outdoor or Out of Home (OOH) Media.

Internet.

10)
How might a mission statement help Donna with her new
business?

Answers

A mission statement can help Donna with her new business by providing clarity and direction for her venture. It serves as a guiding statement that outlines the purpose, values, and goals of the business.

It helps Donna align her decisions, actions, and strategies with the overall mission, facilitating focus and consistency in her business operations. A mission statement is a concise statement that articulates the purpose and core values of a business. It outlines what the business aims to achieve and how it intends to operate. For Donna, having a mission statement for her new business can provide several benefits.

Firstly, it helps Donna define the purpose and direction of her business. It clarifies the reason for starting the business and what it aims to accomplish, providing a sense of focus and clarity.

Secondly, a mission statement helps Donna communicate her business's values and principles to stakeholders, including employees, customers, and investors. It sets the foundation for building a strong company culture and aligning everyone's efforts toward a common goal.

Lastly, a mission statement can serve as a guide for decision-making and strategy development. When faced with choices or challenges, Donna can refer to her mission statement to ensure that her actions align with the overall purpose and values of her business.

A mission statement plays a crucial role in helping Donna with her new business by providing clarity, guiding decision-making, and aligning stakeholders toward a common vision.

In conclusion, a mission statement can significantly benefit Donna in her new business. It provides clarity and direction, communicates values to stakeholders, and guides decision-making and strategy development. By establishing a mission statement, Donna can effectively define her business's purpose and goals, foster a strong company culture, and make informed decisions that align with her business's overall mission. This helps create a solid foundation for success and growth in her new venture.

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Using productivity software ensures that the end product will look professional.

Answers

Answer: false

Explanation:

on edge 2021

Answer: The answer is false

Explanation:

props to the other dude, give them brainliest

A cover letter accompanies_____?

A. a college application

B. the FAFSA

C. a letter of recommendation

D. a résumé

Answers

I think it’s D because... well because it makes the most sense

Answer:

B brainliest?

Explanation:

Write the name of any five organic fertilizers and describe any one them.​

Answers

One example of an organic fertilizer is compost. Compost is made from decomposed organic materials such as kitchen scraps, yard waste, and other biodegradable materials.

What is Fertilizers?

Fertilizers are substances added to soil or other growing mediums to provide essential plant nutrients that are deficient or absent in the soil. They are used to enhance the growth, yield, and quality of crops, and can be organic or inorganic in nature. Fertilizers contain essential plant nutrients such as nitrogen, phosphorus, and potassium, as well as other secondary and micronutrients that are important for plant growth and development. The use of fertilizers can help increase agricultural productivity and improve food security, but it is important to use them responsibly to minimize negative impacts on the environment.

Compost

Manure

Bone meal

Fish emulsion

Blood meal

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Terophone charge is debit or credit​

Answers

Answer:

credit

Explanation:

Other Questions
When accounting for the General Fund, the Encumbrances Control account is credited when: A) A purchase order is approved. B) The budget is approved. C) An invoice is paid. D) A purchase order is filled or canceled. According to the behavior systems model, which of the following is true regarding the form of the CR?A. It will be similar to that of the URB. It will oppose the form of the URC. It will be mediated by the intertrial intervalD. It will be mediated by the CS-US interval Suppose f is a continuous function defined on a rectangle R=[a,b]X[c,d]. What is the geometric interpretation of the double integral over R of f(X,y) if f(X,y)>0 Solve the following: 2x + y = 15 y = 4x + 3 HELP ME ASAP ITS DUE TODAY! YOU WiLL BE MARKED BRAINLIEST IF YOU EXPLAIN AND SOLVE THE QUESTION! If u = i - aj + 5k and v = 3i - 6j + mk are parallel vectors, find the value of m eBay has been fined $63.2 million in damages for allowing fake and unauthorized goods to be sold through the online retailer. A Paris commercial judge ruled that eBay had not done enough to ensure goods sold on its web site around the world were not _____. In order for strategic, long-term, plans to become reality, organizations must develop tactical plans, which are designed to implement the objectives specified in the strategic plans. (true or false) Whiston Corporation uses the weighted-average method in its process costing system. The following data were taken from the records of the first processing department for a recent month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion 40 60% 50% Costs in the beginning inventory: Materials cost Conversion cost $6,200 $16,300 190 Units started into production during the month Costs added to production during the month: Materials cost Conversion cost $42,390 $136,340 Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion 30 50% 40% You are asked to prepare the cost reconciliation report for the department. Completion Materials Conversion Units 40 60% 50% Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Costs added to production during the month: Materials cost Conversion cost $6.200 $16,300 Equivalent units Materials Conversion Units 190 Work in process, beginning Units started into production in the month work in process, ending Step 1: Equivalent Units Units completed and transferred out in the month work in process, ending EU of production in the department during the month Step 2: Cost per EU Cost to be accounted for Work in process, beginning Costs added in the department $42.390 $136.340 Total cost Materials Conversion Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion 30 50% 409% Total cost Materials Conversion Equivalent Units (Som Step 1) Cost per EU Step 3: Cost assignment Work in process, ending Equivalent units Cost per EU Cost of ending WIP Units completed during the month: Units completed transferred-out Cost per EU Cost of units completed and transferred out Step 4: Cost reconciliation Cost to be accounted for: Cost of beginning WIP Costs added to production during the month Total cost to be accounted for Total cost Cost accounted for as follows: Cost of ending WIP Cost of units completed and transferred out Total cost accounted for Question.What is an adaptation?Responses:1: A change that helps a species survive.2: A change that makes a species become extinct.3: A change that prevents a species from surviving.4: A change that makes a species prettier to look at.