The following costs were incurred in the first processing department during the month: The ending inventory was 90% complete with respect to materials and 45% complete with respect to conversion costs. Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. 8. award: 1 out of 1.00 point How many units are in ending work in process inventory in the first processing department at the end of the month?
All sales are made on account at $20 per unit. Sixty percent of the sales are collected in the month of sale; the remaining 40% are collected in the following month. Forecasted sales for the first five months of 20X2 are: January, 1,500 units,- February, 1,600 units; March, 1,800 units; April, 2,000 units; May, 2,100 units. 2. Management wants to maintain the finished goods inventory at 30% of the following month's sales.
3a. What is the shortest loan (36 months, 48 months, 60 months or 72 months) that has a monthly payment within your $500 budget that will allow you to buy the $45,000 car? Answer: Through Bank of America, I found a rate of 2.99% for the 36, 48 and 60 month loans. We are able to put down 20% and will need to finance $36,000. There is no loan period for the $45,000 car that would be under our $500
To get the gross amounts we add the total amount of reserve for obsolete inventory ($20,129 for 2007 and $17,315 for 2006)) to the net Inventories for ’06 and ’07. iii. What portion of the reserve for obsolete inventory do you think attributable to each of the three types of inventory held by Callaway? Total = $20,129.00; Raw Materials Inventory= ; Work-in-Process Inventory= ; Finished Goods Inventory= . d. Recreate the journal entries Callaway prepared to record the activity in the reserve for obsolete inventory account during 2007 (in thousands).
3.1.10 Cash Budget The cash budget is “an estimation of the cash inflows and outflows for a business for a specific period of time. Cash budget are used to assess whether the entity has sufficient cash to fulfil regular operations and whether too much cash is being left in unproductive capacities”. (Reference 2) The cash budget is prepared in advance for the first 6 months, and a cash deficit of £20,364 and £2,228 were incurred in January and February. A second-hand bottling plant was purchased in January which cost £420,000. The business required £30,000 cash for working capital.
• begins when the firm uses its cash to purchase raw materials and ends when the firm collects cash payments on its credit sales. • shows how long the firm keeps its inventory before selling it. Click here to download STR 581 Week 4 Capstone 2 19. Ajax Corp. is expecting the following cash flows - $79,000, $112,000, $164,000, $84,000, and $242,000 – over the next five years. If the company’s opportunity cost is 15 percent, what is the present value of these cash flows?
5, 6) Lima Parts, Inc., shows the following overhead information for the current period: Actual overhead incurred $ 29,400 2/3 of which is variable Budgeted fixed overhead $ 8,640 per hour Standard variable overhead rate per direct labor-hour $ 9.00 Standard hours allowed for actual production 2,350 hours Actual labor-hours used 2,200 hours ________________________________________ Required: What are the variable overhead price and efficiency variances and fixed overhead price variance? (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.) Amounts Variable overhead: Price variance $ (0%) (0%) Efficiency variance $ (0%) (0%) Fixed overhead: Price variance $ (0%) (0%) ________________________________________ P16-45 Overhead Variances (L.O.
For business alpha the total current asset calculation is to add all the assets In order to receive the full current assets. For business alpha the full current asset value is 251,000. The stock amount was 242,000 whilst the debt having 6,000 and the cash was 3,000. The current liabilities are something’s that are owned by the business which should be paid back by in less than one year. Examples of current liabilities are creditors.
The firm has following inventory policies: ▪ Closing stock of finished goods inventory equals 20% of the following month’s sales plus an additional 5,000 units. ▪ Raw material opening inventory is maintained at 25% of that month’s production requirement. ▪ The company uses First-In First-Out (FIFO) as the method of inventory valuation. There is no beginning or ending work in process inventory. REQUIRED: a) Prepare a Direct Material Purchases Budget and Usage Budget in both units and dollars for the month of April.
Chapter 15 52. [LO 3] Evon would like to organize SHO as either an LLC or as a C corporation generating an 11 percent annual before-tax return on a $200,000 investment. Assume individual and corporate tax rates are both 35 percent and individual capital gains and dividend tax rates are 15 percent. SHO will pay out its after-tax earnings every year as a dividend if it is formed as a C corporation. Assume Evon is the sole owner of the entity and ignore self-employment taxes.