Weighted Average Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment, ABC
Swasey Fabrication, Inc., manufactures frames for bicycles. Each frame passes through three processes: Cutting, Welding, and Painting. In September, the Cutting Department of the Tulsa, Oklahoma, plant reported the following data:
In Cutting, all direct materials are added at the beginning of the process.
Beginning work in process consisted of 41,500 units, 20 percent complete with respect to direct labor and overhead. Costs in beginning inventory included direct materials, $1,205,000; direct labor, $222,800; and applied overhead, $150,000.
Costs added to production during the month were direct materials, $2,440,000; direct labor, $3,474,700. Overhead was assigned using the following information:
Activity Rate Actual Driver Usage
Inspection $150 per inspection hour 4,000 inspection hours
Maintenance $750 per maintenance hour 1,600 maintenance hours
Receiving $300 per receiving order 2,000 receiving orders
At the end of the month, 121,600 units were transferred out to Welding, leaving 13,400 units in ending work in process, or 25 percent complete.
Required:
1. Prepare a physical flow schedule.
Swasey Fabrication, Inc.
Physical Flow Schedule
Units to account for: Units, beginning work in process Units started (transferred in) Total units to account for Units accounted for: Units completed and transferred out Units, ending work in process Total units accounted for 2. Calculate equivalent units of production for direct materials and conversion costs.
Equivalent Units
Direct Materials Conversion Costs 3. Compute unit cost under weighted average.
Unit direct materials cost $
Unit conversion costs Total unit cost $
4. Calculate the cost of goods transferred to Welding at the end of the month. Calculate the cost of ending inventory.
Cost of goods transferred out $
Ending WIP $
5. Prepare the journal entry that transfers the goods from Cutting to Welding.
Work in Process-Welding Work in Process-Cutting
Answers
The Weighted Average Method is used to calculate the equivalent units of production for both direct materials and conversion costs.
This method takes into account the amount of work completed on partially completed units in the beginning inventory as well as the work done on units that have been completed and transferred out.
For Swasey Fabrication, Inc., the physical flow schedule is as follows:
Units to Account For:
- Units, beginning work in process: 41,500
- Units started (transferred in): 121,600
- Total units to account for 163,100
Units Accounted For:
- Units completed and transferred out: 121,600
- Units, ending work in process: 13,400
- Total units accounted for: 135,000
The equivalent units of production for both direct materials and conversion costs are calculated using the Weighted Average Method, as follows:
Direct Materials:
(41,500 x 0.2) + 121,600 = 141,400
Conversion Costs:
(41,500 x 0.8) + 121,600 = 135,000
The unit cost under weighted average is then computed as follows:
Unit direct materials cost = $2,440,000/141,400 = $17.24
Unit conversion costs = $3,474,700/135,000 = $25.76
Total unit cost = $17.24 + $25.76 = $43.00
The cost of goods transferred out is then calculated as follows:
Cost of goods transferred out = 121,600 x $43.00 = $5,216,800
The cost of ending inventory is then calculated as follows:
Ending WIP = 13,400 x $43.00 = $573,200
The journal entry that transfers the goods from Cutting to Welding is as follows:
Work in Process-Welding $5,216,800
Work in Process-Cutting $5,216,800
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Related Questions
jack has money which he would like to set aside for future use. he could put it in savings or he could invest it. what is the difference between the two options?
Answers
The difference between saving and investing is primarily in the purpose and the potential return.
Saving is the process of setting aside money for future use, usually in a bank account or similar financial product. The goal of saving is to preserve the value of the money and to have access to it when needed. Savings accounts typically offer low or no interest rates, but they are a safe and convenient way to keep money readily available.
On the other hand, investing involves putting money into stocks, bonds, mutual funds, real estate, or other assets with the goal of generating a profit. The potential returns on investments can be much higher than with saving, but there is also a higher risk involved. Investments are subject to market fluctuations and can lose value, but they also have the potential to increase in value significantly.
In general, saving is a more conservative approach to managing money, while investing is more aggressive. Both options have their advantages and disadvantages, and the best choice for Jack depends on his financial goals, risk tolerance, and time horizon.
If Jack wants to preserve his wealth and have easy access to his funds, he might opt for a savings account. If he is willing to take on more risk for the potential of higher returns, he might consider investing in the stock market or other assets. It is important for Jack to do his research and consult with a financial advisor before making any investment decisions.
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Assume that you would like to put money in an account today to make sure your child has enough money in 10 years to buy a car. If you would like to give your child $10,000 in 10 years, and you know you can get 5% interest per year from a savings account during that time, how much should you put in the account now?
Answers
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment
P = the principal (initial investment)
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the time period (in years)
Using this formula, we can solve for P, the amount of money we need to put in the account now:
A = $10,000 (the future value we want)
r = 0.05 (the annual interest rate)
n = 1 (since interest is compounded annually)
t = 10 (the time period in years)
P = A / (1 + r/n)^(nt)
P = $10,000 / (1 + 0.05/1)^(1*10)
P = $10,000 / (1.05)^10
P = $10,000 / 1.62889
Therefore, you should put approximately $6,131.41 in the savings account now to ensure that you will have $10,000 in 10 years, assuming a 5% annual interest rate compounded annually.
Which examples demonstrate common education and qualifications for Management and Entrepreneurship careers? Check all that apply.
Horatio is good at following instructions.
Marissa has strong visual design skills for arranging displays.
Letisha has a bachelor’s degree in marketing.
Quentin has many years of experience in public relations.
Devon is able to stand for long periods of time.
Lloyd is skilled at planning and managing budgets.
Answers
Answer:
3- Letisha has a bachelor’s degree in marketing.
4-Quentin has many years of experience in public relations.
6-Lloyd is skilled at planning and managing budgets.
Explanation:
The example that shows qualification are
Letisha bachelor’s degree in marketing.Quentin years of experience in PR.Lloyd skills at planning and managing budgets.What are management and enterpreneurship?Management and the entrepreneurship both terms refer to the part of administration of an organization that can be the business, the nonprofit, or even the government body.
Entrepreneurship is a process of discovering the new ways to combine resources. These resources have a greater value than the market.
Find out more information about the qualifications.
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What are some of the advantages of incorporating?
A. All businesses are required by law to incorporate.
B. Business owners are protected from liability and lawsuits.
C. Incorporation is the least expensive business structure.
D. Incorporation makes a business more likely to succeed.
Answers
according to mark benioff, ceo of salesforce, an economic system that benefits all major stakeholders so they share in the benefits of capitalism is
Answers
Mark Benioff, CEO of Salesforce, claims that compassionate capitalism is an economic system that benefits all significant stakeholders so they can enjoy the advantages of capitalism.
A school of economics known as compassionate capitalism aims to make a lot of money, do a lot of good, and have a lot of fun. In other words, businesses must engage in a form of capitalism that is more considerate, sympathetic, just, and fair.
Compassionate capitalism requires businesses to take responsibility for the harm they cause to the environment, the local communities near their offices and manufacturing facilities, the employees they employ, whom they must treat more humanely, and the customers and other stakeholders to whom they must answer.
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Which of the following factors is unique to B2B buying and is not typically found in B2C buying?
Multiple Choice
- Decisions are usually made by individuals
- Most purchases are made at “list price” with cash or credit cards.
- There are a limited number of large buyers, often geographically concentrated in a specific area.
- Demand is based on consumer needs and preferences.
- Buyers engage in limited term or one-time-only relationships with many different sellers.
Answers
Answer:
There are limited number of large buyers, often geographically
Explanation:
after journal entries are recorded, they are posted to the where ending balances of each account are calculated.
Answers
After journal entries are recorded, they are posted to the ledger where the ending balances of each account are calculated. The ledger is the main answer.
The ledger contains all the accounts of a company and shows all of the financial transactions of the company that have been recorded in the journal. It is used to record and track the various monetary transactions such as accounts receivable, accounts payable, and inventory.The ledger is the core of the company's accounting system.
All of the accounts that are kept on the ledger are summarized in the trial balance. This is done to ensure that the total debit balances are equal to the total credit balances in the company's accounting system.
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Question 1 (7 points) Samuel just moved to Radford and plans to live here for 5 years. He just found a "perfect" house to live in with his family. The current owner is willing to sell or rent the house to Samuel. The selling price will be $295000. Samuel has 20% of the house's price for down payment and also 2% of the house's price for mortgage closing cost if he buys the house. Samuel is eligible for a 30-year 6% fixed -rate mortgage loan to finish the purchase. If Samuel owns the house, he needs to pay $2100 annually for insurance and property tax, and expects the house price to increase by 4% over the 5 years. When he sells the house, he needs to pay 6% of the selling price to the realtors. If Samuel rents the house, the annual rent will be $25000. Samuel is confident that he can have an annual after-tax investment return of 7% over the next five years. Samuel does not itemize tax deductions. Assume that all the expenses, payments, and investment payoffs occur at the end of the year. For living in the house for 5 years, what is the difference in the present value of costs between buying and renting (please report the absolute value of the difference and keep zero decimal places)? Hints
Answers
Therefore, the absolute value o the difference in the present value of costs between buying and renting is $ -44 534.786
What is the explanation for the above ?Present value = PV = C / (1 + r)\(^{t}\)
where
PV is the present value
C is the cost
r is the discount rate
t = the number of years
PV = $59,000 + $ 5,900 + $ 2,100 x (1 + 0.07)⁵ + $17,700 x (1 + 0.07)⁻⁵
= $80, 465.214
The present value of the costs of renting the house is simply the total cost of renting for 5 years, which is $ 25,000 x 5
= $ 125,000.
Difference in present value
$ 80, 465.214 - $125,000 = $ -44 534.786
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besides flat rolling and shape rolling, identify additional bulk forming process that uses rolls or dies to effect the deformation
Answers
Extrusion is an additional bulk forming process that uses rolls or dies to effect deformation.
One additional bulk forming process that uses rolls or dies to effect deformation is extrusion. In extrusion, a billet or a heated metal is forced through a die using a ram or screw mechanism. The die has a specific shape or profile, and as the metal is pushed through, it takes on the shape of the die opening. This process is commonly used to create long and continuous objects with a consistent cross-sectional shape, such as rods, tubes, and various profiles. It allows for precise control over the dimensions and properties of the extruded product. Extrusion is a bulk forming process that involves forcing a metal or plastic material through a shaped opening using rolls or dies. This process allows for the creation of complex shapes and profiles by exerting high pressure on the material, causing it to flow and take on the desired form.
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Will the grading period effect what college you will go to later on?
A (True)
B (False)
Answers
Answer: A
Explanation:
Answer:
NO
Explanation:
Using a brokerage firm, a qualified investor buys 1000 shares of a common stock at $50 a share on 50% margin. This means that the:.
Answers
If the common stock is $50 a share on 50% margin. This means that the: brokerage firm is lending the investor 50% of the money.
BrokeageCommon stock:
Common stock=1,000 shares×$50 per share×(50% margin)
Common stock=$50,000×50% margin
common stock=$25,000
Based on the above calculation the 50% margin simply means that the brokeage company is borrowing the investor the 50% of the money which is $25,000.
Therefore this means that the: brokerage firm is lending the investor 50% of the money.
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Which level of government are Planning workers most likely to work for?
A) state
B) federal
C) local
D) international
Answers
The level of government is Planning workers most likely to work for local. Thus, the correct option is (C).
A single sovereign state's lowest levels of public administration are collectively referred to as "local government" in the United States.
When the word "government" is used in this context, it explicitly alludes to a level of bureaucracy that is geographically confined and has a set of responsibilities.
A variety of essential services for residents and companies in certain areas are handled by the local government.
Therefore, the correct option is "C".
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This source of revenue for IOC came into being after the 1984 Olympic Games and is now one of the IOC's most significant sources of revenue. a. Licensing b. Broadcast Revenue C. TOPS program O d. Attendance Revenue
Answers
The source of revenue for the IOC that came into being after the 1984 Olympic Games and is now one of the IOC's most significant sources of revenue is the TOPS program (Option C).
The TOPS program, which stands for The Olympic Partner Program, was established by the International Olympic Committee (IOC) after the 1984 Olympic Games. This program involves partnerships and sponsorship agreements with various companies and brands, allowing them to become official sponsors and supporters of the Olympic Games. These sponsorships provide significant financial contributions to the IOC and play a crucial role in funding the Olympic Games. The TOPS program has become one of the IOC's primary sources of revenue, generating income through sponsorships, licensing, and marketing agreements with global companies.
Option C is answer.
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What is the marginal revenue and marginal cost for this diagram?
What type of market is this? Explain your answer
Answers
Marginal revenue :
2060120200300420560Marginal cost :
108210192640It is a Monopolistic market structure because marginal revenue is greater than the marginal cost.
Marginal Revenue is the increase in the revenue by selling one extra product in the market. It is calculated by the Change in revenue divided by the change in output.
Marginal cost is the change in cost by producing one extra unit of output. It is calculated by a change in cost divided by the change in units.
Monopolistic market structure is where there are multiple companies producing similar products in the market.Example for monopolistic structure can be a grocery store.
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refer to the above graph. it shows short-run cost curves for a competitive firm. at what price would the firm face the same profit or loss whether it chooses to produce or not?
Answers
The firm would face the same profit or loss whether it chooses to produce or not at a price of $40 per unit.
To find the price at which the firm would face the same profit or loss whether it chooses to produce or not, we need to identify the shutdown point, which is the point at which the price falls below the minimum average variable cost (AVC) of production.
In the graph, the shutdown point is where the AVC curve intersects the marginal cost (MC) curve, which is at a quantity of 30 units. At this point, the AVC is $20 per unit.
To calculate the price, we need to find the point on the demand curve that corresponds to a quantity of 30 units. In the graph, this is at a price of $40 per unit.
Therefore, the firm would face the same profit or loss whether it chooses to produce or not at a price of $40 per unit.
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what is the principal of a 15-month, 6.5% note that will earn $1,200 of interest?
Answers
The principal of a 15-month, 6.5% note will earn $1,200 in interest is $14,769.23.
To calculate the principle of a note, we can use the formula:
Principal = Interest / (Rate x Time)
In this case, the interest earned is $1,200, the rate is 6.5% (or 0.065 as a decimal), and the time is 15 months.
First, we need to convert the time from months to years:
Time = 15 months / 12 months/year = 1.25 years
Now we can calculate the principal:
Principal = $1,200 / (0.065 x 1.25)
= $1,200 / 0.08125
= $14,769.23
Therefore, the principal of the 15-month, 6.5% note that will earn $1,200 of interest is approximately $14,769.23.
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If my revenue is one million and my expenses are 1,386,000, what's my profit in percentage
Answers
The profit in percentage given the revenue and the expenses is -38.60%
What is the profit in percentage?Percentage is the fraction of a number expressed as a value out of 100. The sign that is used to represent percentage is %. In order to convert a number to percentage, multiply by 100.
Profit is the difference between revenue and expenses. Revenue is the total income earned by a company before any deductions are made. Expenses include all the cost incurred in running a business.
Profit = revenue - expenses
1,000,000 - 1,386,000 = -386,000
Profit in percentage = (profit / revenue) x 100
(-386,000 / 1,000,000) x 100 = -38.6%
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carla has just received her annual performance review. because carla had the highest productivity of anyone in her department, she will get the largest raise this year. this is an example of:
Answers
This is an example of a merit-based compensation system, where an employee's performance and productivity are rewarded with a larger raise compared to other employees in the same department.
This system incentivizes employees to work harder and perform better, and it also helps to retain top-performing employees. The fact that Carla received the largest raise indicates that her performance was recognized and valued by her employer, and this can also boost employee morale and motivation.
Overall, a merit-based compensation system can be beneficial for both employers and employees, as it can improve productivity and performance, and also promote a fair and transparent workplace culture.
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strategic positioning attempts to achieve sustainable competitive advantage by ______.
Answers
Its achieve by preserving what is distinct about the company.
Strategic positioning is basically an effort made by an organization in order to distinguishes itself in a valuable way from its competitors and delivers value to clients in way different from others.
According to Porter, he states that a "company's relative position within its industry matters for performance".A proper strategic positioning have a way of influencing how customers perceive a product in relation with other competitors product.In conclusion, this type of positioning helps to achieve sustainable competitive advantage by preserving what is distinct about the company.
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A portfolio consists of the following two investments: • a bond with face value of $100.00 paying annual coupons of 5% maturing in 5 years • an annuity with payments of $35.00 at the end of each year for 5 years The portfolio is comprised of 72% bonds and 28% annuities. The term structure is flat and the current yield is 8% pa effective. Calculate the duration (D) of the portfolio. Give your answer to 2 decimal places. D = years
Answers
The duration (D) of the portfolio is 4.35 years.
To calculate the duration of the portfolio, we need to find the weighted average of the durations of the bond and annuity.
For the bond, we can use the formula:
Bond duration = (Number of years to maturity) x (1 - (1 + Yield)^(-Number of years to maturity)) / Yield
Plugging in the values, we get:
Bond duration = 5 x (1 - (1 + 0.08)^(-5)) / 0.08 ≈ 4.07 years
For the annuity, the duration is simply the time until the last payment, which is 5 years.
Next, we calculate the weighted average duration of the portfolio:
Portfolio duration = (0.72 x Bond duration) + (0.28 x Annuity duration)
= (0.72 x 4.07) + (0.28 x 5)
≈ 2.93 + 1.40
≈ 4.35 years
Therefore, the duration of the portfolio is approximately 4.35 years.
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Andrew jackson claimed to be a leader of the people but not all people were included in this decision which people may have been excluded from his goals check all that apply
Answers
Andrew Jackson was known for his populist approach and claimed to be a leader of the people. However, not all people were included in his decision-making process. Some of the groups that may have been excluded from his goals include Native Americans, enslaved African Americans, women, and immigrants.
Jackson's policies towards Native Americans were particularly harsh, as he signed the Indian Removal Act in 1830, which forcibly removed indigenous people from their lands. Enslaved African Americans also did not benefit from Jackson's leadership, as he was a slave owner himself and did not support the abolitionist movement. Women were also largely excluded from Jackson's political agenda, as they did not have the right to vote or hold political office at the time. Finally, immigrants faced discrimination and were not welcomed by Jackson, who supported the idea of "Manifest Destiny" and expanding the United States westward.
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You have $65 in your savings account at the beginning of a month. The bank pays you
2.75% interest on this account each year; interest payments are made each month.
Assuming you make no deposits or withdrawals over the next month, how much
interest will you earn during the month?
Answers
Answer:
$0.15
Explanation:
Interest is calculated using the formula below.
I = P x i x t
where I = interest
P= principal amount.
i=interest rate
t=time
Interest is given as an annual percentage. A 2.75 % interest will translate to 2.75/100 divided by 12 monthly interest. Therefore, the applicable interest rate is 0.00229 %
interest for the month will be
i=$65 x 0.00229 x 1
=$0.14895
=$0.15
What are most likely reasons a US corporation would open a factory in China choose four?.
Answers
Reasons for US companies to open factories in China include:
take advantage of favorable land pricesPlenty of resources to usebenefit from reduced labor coststake advantage of favorable tax lawsCompanies may decide to move their manufacturing operations overseas for a variety of reasons. Most of these reasons are shown in the options listed above.
Businesses are always looking for cheaper options. These opportunities must be able to maximize profits while reducing production costs.
Why are economic resources important?They are the natural capitals that make up other forms of capital. They contribute to tax revenue, income and poverty reduction. Sectors related to the use of natural resources provide jobs and often livelihoods for poor communities
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Statistical arbitrage is a version of a ______ strategy. A. relative value B. directional C. divergence D. market neutral
Answers
Statistical arbitrage is a version of a market neutral strategy.
What is a market neutral strategy?A market-neutral strategy is a type of investment strategy that seeks to profit from both increasing and decreasing prices in one or more markets while attempting to completely avoid some specific form of market risk.
Known as a market-neutral strategy, the investment selections seek to avoid significant lossesThe long and short positions serve as a hedge to one another.The two main types of market-neutral strategies are fundamental arbitrage and statistical arbitrage.The main investment objective is absolute returns rather than relative returns.Learn more about market neutral strategy here:
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Statistical arbitrage is a version of a market-neutral strategy. So the correct answer is an option (D) i.e. market neutral.
What is a market-neutral strategy?A market-neutral strategy is a type of investment strategy that seeks to profit from both increasing and decreasing prices in one or more markets while attempting to completely avoid some specific form of market risk.Known as a market-neutral strategy, the investment selections seek to avoid significant lossesThe long and short positions serve as a hedge to one another.The two main types of market-neutral strategies are fundamental arbitrage and statistical arbitrage.The main investment objective is absolute returns rather than relative returns.Learn more about market neutral strategy here:
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the degree to which employees believe that, if they work toward a certain performance objective, they will be able to achieve that objective is called .
Answers
the degree to which employees believe that, if they work toward a certain performance objective, they will be able to achieve that objective is called Expectancy.
What is Victor vroom theory of motivation?Victor's expectation theory of motivation is a process theory of motivation. People's motivation is influenced by their expectations for the future.In particular, people's motivation depends on how much they attach importance to the rewards of their actions (value), how much they believe that good results will come from putting in effort (expectation), and how much they believe. Affected, he says Vroom. Achieving good results leads to reward (instrumentality).It's important to note that rewards can be intrinsic or extrinsic. Extrinsic motivation is something external, such as money or a promotion. Intrinsic motivation is something internal, such as a sense of accomplishment or accomplishment. It says that the motivation of an individual is influenced by his expectations about the future.First of all, Vroom says that an individual's motivation is influenced by how much he values the reward associated with the activity (Valence), how much he believes that by working for something, he can achieve good results (expectations). and how much he believes. they believe that achieving good results will lead to rewards (instrumentalism).It is important to note that rewards can be intrinsic or extrinsic. Extrinsic motivators are external things like money and advertising. Intrinsic motivators are internal things, such as feelings of satisfaction and fulfillment.
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When establishing an ad campaign in a foreign country, what does the difference in currency exchange rate affect the most?
A)the cost structure of the ad campaign
B)the creative strategy of the ad
C)media used for the advertisement
D)the company’s brand name
Answers
Answer:
Option A. The cost structure of the ad campaign
Explanation:
The reason is that the currency exchange rate effects the transactions of money from home to foreign or foreign country to home country. So the option with money transaction is option A.
The rest of the options are planning and are things that are not associated with the foreign transactions. So the remainder options are not the one which will be effected by the currency exchange rate.
Answer: A. The cost structure of the ad campaign
Explanation:
A computer game that can be purchased online and played right away has good _____utility.
A. Form
B. Information
C. Value
D. Time
Answers
the money represents the
Answers
Answer:
maximum
Explanation:
A one dollar increase in the monetary base causes the money supply to increase by more than one dollar. This increase in the money supply is the money multiplier.
The money multiplier represents the maximum extent to which the money supply is affected by any change in the amount of deposits
If a consumer were to pursue products and services that seemed to alleviate loneliness, such as playing team sports, going to a bar, and/or shopping in busy malls, the consumer would be expressing a need for _
Answers
What must societies do to provide goods and services given that resources are scarce?
Answers
Answer:
They have to be allocated properly. A further explanation is given below.
Explanation:
The precious resources of the social system must be an implementation of the overall organization to that same manufacturing of merchandise, throughout trying to maintain with the tastes and preferences of the members of the population. The certain apportionment of collective resources will indeed contribute throughout the concentration of a single combined effect of various merchandise.