The Miracle Company had 20,000 units in process on December 31, 2016 which was 80% complete as to materials but only 40% complete as to conversion costs. The company's records show 40,000 units were transferred to the Finished Goods Inventory during January 2017. On January 31, 2017, 15,000 units were on hand which were 30% complete as to conversion costs and 60% complete as to materials. What are the equivalent units of production for the conversion costs in January, assuming Miracle uses first-in, first-out (FIFO)? a. 34,000. b. 35,000. c. 36,500. d. 41,500.
Q: Do not use Ai
A: Step 1: Read the problem carefully and analyze what is being asked. Step 2: In writing a letter, use…
Q: need answer
A: To calculate the number of cups of coffee you need to sell to achieve an after-tax profit of…
Q: Do not use Ai
A: Let's break down the financial reporting and considerations for the Northwest Ballet Association…
Q: True answer please
A: To understand how to calculate a firm's asset turnover using the DuPont analysis, let's break down…
Q: Harper Company recently experienced a temporary delay in cash collections and needed to borrow…
A: To record the issuance of the note by Harper Company on November 1, the journal entry would…
Q: kau.3 answer must be correct or i will give down vote
A: The §1244 stock loss deduction is a tax break for small business owners who have lost money on the…
Q: Please help
A: Step 1:Given:Face value of the bond: $1,000,000Unamortized premium: $10,000Unamortized issuance…
Q: Provide correct solution
A: 1. Calculate the Weighted Average Shares Outstanding The calculation of the weighted average shares…
Q: Solve this problem with
A: Step 1: Given Value for Calculation Initial Investment = i = $42,000Profitability Index = pi = 1.239…
Q: 17. Pab Corporation decided to establish Sollon Company as a wholly owned subsidiary by transferring…
A: Detailed Explanation1. Journal Entry for Pab Corporation:Pab Corporation is transferring assets and…
Q: Divine Candy Company is considering purchasing a second chocolate dipping machine in order to expand…
A: 2. Other Factors to Consider Divine Candy Company should also consider the following…
Q: Harrison Corporation borrowed $39,000 from F&M Bank on June 1 of the current year. The bank required…
A: Step 1:• Calculate the total interest for the entire note period Step 2:• Determine how much…
Q: Python acquired 75% of Slither's stock for $316 million in cash on January 2, 2015. The fair value…
A: consolidated financialstatements combine python and Slither, incorporating acquisition adjustments…
Q: answr must be in table format or i will give down vote mi.2
A: Step 1: Preparation of journal entries for Josh Smith.Sr. No.Account Titles and…
Q: None
A: Step 1: Introduction to the CreditorsCreditors refer to the organizations or individuals to whom the…
Q: need answer with given information please
A: Step 1: Definition of Activity Rate:An activity rate is a concept used in activity-based costing. It…
Q: Provide correct solution
A: Step 1: Step 2: Step 3: Step 4:
Q: Your company is considering a machine that will cost $1,000 at Time 0 and which can be sold after 3…
A: Project's NPV CalculationInitial Investment (Year 0): Cost of the Machine: $1,000Investment in…
Q: Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Baker purchases…
A: Computation of the cost of goods sold is as follows:Computation of Cost of Goods SoldBeginning…
Q: Depreciation and Rate of Return Burrell Company purchased a machine for $20,000 on January 2, 2019.…
A:
Q: None
A: Disclosed in notes to the financial statements of the hospital:Explanation: This option suggests…
Q: Hi expart give correct solution
A: Step 1: Introduction to the Net IncomeNet income for an accounting period is calculated by deducting…
Q: Need help with this question
A: Step 1: Calculate Earnings Before Interest and Taxes (EBIT):• Subtract Operating Expenses and…
Q: need answer please provide it
A: To find the amount by which Logan Co. should increase its Held-to-Maturity Debt Securities account…
Q: What is the PI for Berra's current project ?
A: Here's a detailed explanation for better understanding. Initial Outlay (Cost): $120,000Annual Cash…
Q: Want answer
A: Part 1: Calculating the Price/Earnings (P/E) Ratio for MC Software CorporationGiven:Profit (Earnings…
Q: ! Required information [The following information applies to the questions displayed below.] Wardell…
A: First, we need to calculate the depreciation for the first two years (2022 and 2023) using the…
Q: Give correct answer otherwise I don't rating
A: The calculation is done in two main steps: a) Calculate the discount amount b) Subtract the…
Q: Need help with required 2
A: Approach to solving the question: To complete "Required 2" correctly, let's calculate the missing…
Q: Hello Tutor please help with this question
A: The given yields and premiums are for AA-rated corporate bonds, and the premiums are constant for…
Q: kau.3 answer must be in table format or i will give down vote
A: Step 1:1. Journal Entry at December 31, 2023 to record asset impairment, if…
Q: None
A: Step 1: Introduction to the Income StatementThe income statement of an organization can be used to…
Q: Harrison Corporation borrowed $35,000 from F&M Bank on June 1 of the current year. The bank required…
A: Harrison Corporation borrowed $35,000 from F&M Bank on June 1 of the current year, and the bank…
Q: Current Attempt in Progress Pharoah Corporation was formed on January 1, 2025. At December 31, 2025,…
A: The issues with Pharaoh Corporation's balance sheet stem from incorrect accounting practices that…
Q: For its most recent year, a certain company had sales (all on credit) of $830,000 and cost of goods…
A: Step 1:Formula for accounts receivable turnover ratio= Net credit sales / average accounts…
Q: Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company…
A: 3. Rewrite the text using the same language and word count: Cash Flow Report for the Month of MayTHE…
Q: Answer
A:
Q: None
A: Step 1: Introduction to the Shareholder's EquityShareholder's equity is the last component of a…
Q: A company going through a Chapter 7 bankruptcy has the following account balances: Cash Receivables…
A: To determine how much will be paid to each category in a Chapter 7 bankruptcy, we need to follow the…
Q: Provide answer
A: Office Mate Co. Cost Analysis:Wages for production workers amounting to $191,000: This cost is…
Q: Need help
A: The Accounts Receivable Turnover Ratio measures how efficiently a company collects its credit sales…
Q: answer must be correct or i will give down vote
A: Step 1: Definition of deductible amountA deductible amount is an expense that can be legally…
Q: A B C E 1 Year Asset Value 2 2001 192,793 3 2003 224,803 4 2004 202,542 5 2005 199,643 6 2007…
A: This would be the final answers. To check if we input the same formula, we should arrive at the same…
Q: AP 4 please help.....
A: The given information includes:Firms spending $155 on machinery used in productionHome buying…
Q: The controller of Pelly Corporation prepared the following projected income statement: Sales -…
A: A) Calculation of the contribution margin ratio: Contribution margin ratio = (Contribution margin /…
Q: Provide solution
A:
Q: Need help with this question
A: We determine how much cash you will receive when Winter Company pays you in full on the maturity…
Q: Required:a)Analyseand evaluatethe financial performance over the twoyear period by using appropriate…
A: The liquidity ratios measure the ability of a company to pay off its short-term liabilities when…
Q: Define Weighted acverage method
A: The weighted average method is a common method used in accounting to assign average costs to each…
Q: a-2. What is the net cash cost for the year under this target cash balance? (Negative amount should…
A: Explanation of Cash Budget: A cash budget is a financial plan that estimates a company's cash…
Need answer with this question
Step by step
Solved in 2 steps
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
- Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?Mazomanie Farm completed 20,000 units during the quarter and has 2,500 units still in process. The units are 100% complete with regard to materials and 55% complete with regard to conversion costs. What are the equivalent units for materials and conversion?A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion?
- There were 1,700 units in beginning inventory that were 40% complete with regard to conversion. During the month, 8,550 units were started and 9,000 were transferred to finished goods. The ending work in process was 60% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method?The Morning Star Company had 25,000 units in process on December 31, 2019 which was 80% complete as to materials but only 40% complete as to conversion costs. The company's records show 45,000 units were transferred to the Finished Goods Inventory during January 2020. On January 31, 2017, 17,000 units were on hand which were 30% complete as to conversion costs and 60% complete as to materials. What are the equivalent units of production for the conversion costs in January, assuming Morning Star uses first-in, first-out (FIFO)?The GH company uses a cost accounting system by process and presents the following information for the month of July 2017: Its products are electronic components, manufactured in series for which its Elaboration is paid for by work cards. 37,000 units were started, the Material requisitions were $ 83,000, conversion costs were $ 98,000 and 33,000 units were completed. Starting inventory as of July 1 was 8,500 units with a cost of $ 31,000 of raw material and $ 39,000 conversion costs (100% material advance premium and 80% conversion costs). The ending inventory is 12,500 units, which have 100% raw material and the 40% conversion costs. Based on previous information: a) Evaluate with the three inventory valuation methods (FIFO, LIFO and CPP) and determine the unit cost of production
- The GH company uses a cost accounting system by process and presents the following information for the month of July 2017: Its products are electronic components, manufactured in series for which its Elaboration is paid for by work cards. 37,000 units were started, the Material requisitions were $ 83,000, conversion costs were $ 98,000 and 33,000 units were completed. Starting inventory as of July 1 was 8,500 units with a cost of $ 31,000 of raw material and $ 39,000 conversion costs (100% material advance premium and 80% conversion costs). The ending inventory is 12,500 units, which have 100% raw material and the 40% conversion costs. Based on previous information: a) Prepare the certificates of physical units, that of equivalent production and that of cost allocation. b) Evaluate with the three inventory valuation methods (FIFO, LIFO and CPP) and determine the unit cost of productionThe production data for Department 1 for August 2015 are as follows:Actual UnitsWIP, August 1 (1/4 done as to conversion costs) 100,000Started in August 740,000Transferred out during August 610,000Spoiled units 80,000Cost of Beginning work-in process:Materials 1,250,000Conversion Costs 150,000Current Costs:Materials 7,400,000Conversion Costs 4,710,000Unit costs:Materials ?Conversion Costs 6Materials are added at the start of the process.Conversion costs are added evenly during the process.The company uses the FIFO method of costing.Inspection occurs, when production is 100% complete.Normal spoilage is 11% of good units transferred out during August.Req: What is the cost allocated to next department, work-in-process end in Department 1, and period cost?Sunland Company has the following production data for March 2027: no beginning work in process, units started and completed 28,200, and ending work in process 4,700 units that are 100% complete for materials and 40% complete for conversion costs. Sunland uses the FIFO method to compute equivalent units. If unit materials cost is $7 and unit conversion cost is $11, determine the costs to be assigned to the units completed and transferred out and the units in ending work in process. The total costs to be assigned are $561,180. Completed and transferred out Ending work in process $ $