FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Market Efficiency
Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing t…
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Fifth Question

4. Company R uses a process costing system. The weighted average method is used in the computation of equivalent units of production. On June 1, 2020, the work-in process inventory consists of 10,000 units which were 50% completed as to conversion cost. Units transferred-in during the month of June were 35,000. The ending work-in process of 8,000 units was 25% completed as to conversion cost. What is the EUP for conversion cost for the month of June? 39,000 units 34,000 units O 37,000 units 35,000 units 5. The total direct labor variance of Company J for the month of October 2020 is $500 unfavorable. The direct labor efficiency variance is $800 favorable. How much is the standard direct labor rate per hour if the actual direct labor cost is $10,000 for 1,000 hours? $11.30 $10.00 $9.50 $8.70 6. X Company estimates that 2% of its sales on account for the year ended December 31, 200A will be uncollectible. If the total sales is $4,500,000 and 20% is cash sales, the adjusting entry for the December 31, 200A will include Accounts Receivable $90,000 Allowance for Bad Debts $ 72,000 Bad Debts Expense $ 18,000 An adjusting entry is not necessary
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Transcribed Image Text:4. Company R uses a process costing system. The weighted average method is used in the computation of equivalent units of production. On June 1, 2020, the work-in process inventory consists of 10,000 units which were 50% completed as to conversion cost. Units transferred-in during the month of June were 35,000. The ending work-in process of 8,000 units was 25% completed as to conversion cost. What is the EUP for conversion cost for the month of June? 39,000 units 34,000 units O 37,000 units 35,000 units 5. The total direct labor variance of Company J for the month of October 2020 is $500 unfavorable. The direct labor efficiency variance is $800 favorable. How much is the standard direct labor rate per hour if the actual direct labor cost is $10,000 for 1,000 hours? $11.30 $10.00 $9.50 $8.70 6. X Company estimates that 2% of its sales on account for the year ended December 31, 200A will be uncollectible. If the total sales is $4,500,000 and 20% is cash sales, the adjusting entry for the December 31, 200A will include Accounts Receivable $90,000 Allowance for Bad Debts $ 72,000 Bad Debts Expense $ 18,000 An adjusting entry is not necessary
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