Problem 5-15 Comprehensive Problem-Weighted-Average Method [LO5-2, LO5-3, LO5-4, LO5-5] Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Units Materials Conversion Work in process, beginning 20,000 100% 75% Started into production 180,000 Completed and transferred out 160,000 Work in process, ending 40,000 100% 25% Materials Conversion Work in process, beginning $ 25,200 $ 24,800 Cost added during June $ 334,800 $ 238,700 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June.

Answer:

1.                                Blending Department

                       Equivalent units of production (EUP)

                                      Units   %material   EUP     %Conversion    EUP

Units Completed and  160000  100%      160000     100%           160000

transferred out

Units of Ending work   40000   100%        40000      25%            10000  

in process

Equivalent units of production                200,000                     170,000

2. Cost per Equivalent unit

                                                               Material    Conversion

Cost of Beginning Work in Process     $25,200      $24,800

Cost added during June                       $3,34,800   $238,700

Total Costs                                             $360,000   $263,500

/Equivalent units of Production              200000      170000  

Cost per Equivalent unit of Production $1.80           $1.55

3. Cost of ending WIP                

                                                    EUP     Cost per EUP   Total Cost

Material                                     40000          $1.80            $72,000

Conversion                                10000           $1.55           $15,500

Total Ending work in process                                            $87,500

4. Cost of Units Transferred Out

                                        EUP Cost per EUP    Total Cost

Material                          160000           $1.80           $288,000

Conversion                     160000           $1.55          $248,000

Total transferred out                                                $536,000

5.                    Blending Department

                Cost Reconciliation Report  

Particulars                                        Amount

Costs to be accounted for

Cost of beginning WIP inventory   $50,000

($25200+$24800)  

Cost added to production              $573,500

($334800+$238700)                                        

Total Cost to be accounted for     $623,500

Costs accounted for as follows:

Cost of unit transferred out $536,000

Cost of Ending WIP              $87,500

Total cost accounted for     $623,500

Crown Co. is expecting to receive 100,000 British pounds in one year. Crown expects the spot rate of the British pound to be $1.49 in a year, so it decides to avoid exchange rate risk by hedging its receivables. The spot rate of the pound is quoted at $1.51. The strike price of put and call options are $1.54 and $1.53, respectively. The premium on both options is $.03. The one-year forward rate exhibits a 2.65 percent premium. Assume there are no transaction costs. What is the best possible hedging strategy and how many U.S. dollars Crown Co. will receive under this strategy?

In January, Tongo, Inc., a branding consultant, had the following transactions.

a. Received $13,200 cash for consulting services rendered in January.
b. Issued common stock to investors for $8,000 cash.
c. Purchased $11,200 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.
d. Received $11,800 cash for consulting services to be performed in February.
e. Bought $1,750 of supplies on account.
f. Received utility bill for January for $2,060, due February 15.
g. Consulted for customers in January for fees totaling $19,900, due in February.
h. Received $13,300 cash for consulting services rendered in December.
i. Paid $875 toward supplies purchased in (e).

Account Title Debit Credit
Cash $14,200
Accounts Receivable 17,200
Supplies 1,260
Equipment 4,800
Accounts Payable $6,100
Unearned Revenue 3,250
Note Payable 0
Common Stock 10,000
Retained Earnings 18,110
Service Revenue 0
Utilities Expense 0

Required:
Prepare an unadjusted trial balance for Tongo, Inc. for the month ended January 31.

For each scenario, calculate the cross-price elasticity between the two goods and identify how the goods are related. Please use the midpoint method when applicable, and specify answers to one decimal place.

a. A 20% price increase for Product A causes a 10% decrease in its quantity demanded, but no change in the quantity demanded for Product B.
b. Product C increases in price from $3 a pound to $4 a pound. This causes the quantity demanded for Product D to increase from 44 units to 85 units.
c. When the price of Product E decreases 9% , this causes its quantity demanded to increase by 14% and the quantity demanded for Product F to increase 12% .

Which of the following items is not a part of planning?

Select one:
a. Contingency plan
b. Strategic plan
c. Tactical plan
d. Operational plan
e. Objective plan

On January 1, 2021, Calloway Company leased a machine to Zone Corporation. The lease qualifies as a sales-type lease. Calloway paid $280,000 for the machine and is leasing it to Zone for $40,000 per year, an amount that will return 11% to Calloway. The present value of the lease payments is $280,000. The lease payments are due each January 1, beginning in 2021. What is the appropriate interest entry on December 31, 2021? Multiple Choice Cash 26,400 Interest receivable 26,400 Cash 30,800 Interest revenue 30,800 Interest receivable 26,400 Interest revenue 26,400 Interest receivable 30,800 Interest revenue 30,800

Sunspot Beverages, Ltd., of Fiji uses the FIFO method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Units Materials Conversion Work in process, beginning 20,000 100 % 75 % Started into production 180,000 Completed and transferred out 160,000 Work in process, ending 40,000 100 % 25 % Materials Conversion Work in process, beginning $ 25,200 $ 24,800 Cost added during June $ 334,800 $ 238,700 Required: 1. Compute the Blending Department's equivalent units of production for materials and conversion for June. 2. Compute the Blending Department's cost per equivalent unit for materials and conversion for June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the next department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June.

iRobot designs andmanufactures robots for consumer, commercial, and military use. For the fiscal year ended January 2, 2016, the company reported the following on its balance sheet and income statement(amounts in thousands):

Accounts receivable, net of allowance of $33 at January 2, 2016, and $67 at December 27,2014, of $104,679 and $71,056, respectively.
Revenue for fiscal 2015 (i.e., the year ended January 2, 2016) of $616,778.
Bad debt expense for fiscal 2015 of $0.

Required:
Compute the amount of cash collected from customers during fiscal 2015.

Assume AuctionCo takes control of this used bicycle before the sale and pays $200 to the supplier. Under this assumption, how much revenue would AuctionCo recognize at the time of the sale to the customer?Assume AuctionCo never takes control of this used bicycle before the sale. Instead, the bicycle is shipped directly to the customer by the original bicycle owner, and then AuctionCo pays $200 to the supplier. Under this assumption, how much revenue would AuctionCo recognize at the time of the sale to the customer?Assume AuctionCo promises to pay $200 to the supplier regardless of whether the bicycle is sold, but the bicycle will continue to be shipped directly from the supplier to the customer. Under this assumption, how much revenue would AuctionCo recognize at the time of the sale to the customer?

Carlos is a 25 percent owner of CEBJ Builders, a company that specializes in residential construction. The other 75 percent of CEBJ is owned by his three brothers. During the year, Carlos spends 1,800 hours managing the operations of CEBJ. He also is the 100 percent owner of four rental properties and spends 125 hours a year maintaining the properties, more than any other individual. During the current year, the four properties generate a loss of $18,500. His adjusted gross income before considering the rental loss is $118,000. What amount of the loss can Carlos deduct in the current year? Assume that Carlos’s ownership interest in CEBJ is 4 percent. What amount of the loss can he deduct? Assume that Carlos spends only 600 hours managing CEBJ Builders and 1,200 hours managing a microbrewery he acquired earlier in the year. What amount of the loss can he deduct? Assume that Carlos hires his brother-in-law to help him manage the properties. Carlos spends 125 hours and his brother-in-law spends 225 hours managing the rental properties. What amount of the loss can Carlos deduct?

A transaction against a consumer's normal buying behavior can be used to do which
of the following?

A) Create promotional campaigns

B) Detect fraudulent credit card transactions

C) Group the customer into a different category

Which of the following is NOT a responsibility of a process owner? a. monitoring how a process performs b. ensuring operators within the process have the resources and training they need to succeed. c. comparing performance between both DMAIC and DMADV methodologies on an on-going basis during the project. d. understanding how the process fits into the overall business strategy

Jacques, who is age 45, has just resigned from his current job. He worked for Ace, which sponsors a cash balance plan and a standard 401(k) plan. Each of the plans uses the longest permitted vesting schedule and both plans are top heavy. He has a balance of $40,000 in the cash balance plan, has deferred $20,000 into the 401(k) plan and has employer matching contributions of $10,000. If he has been employed for three years, but only participating in the plans for the last two years, how much does he keep if he leaves today? a. $60,000 b. $20,000. c. $64,000 d. $30,000.

a. She estimates that the per year cost to attend a local university in Texas including room and board is $26,346. She also assumes the costs of attendance will rise by 2.8% per year. How much is a 4-year degree going to cost Scarlett

Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional
questions
Online Content Site 1
When doing career research online, you always want to make sure you are viewing a reliable source, what factors about the
website do you want to consider?

Mira Mesa Appliances makes and sells kitchen equipment for offices and hotel rooms. Mira Mesa management believes that a new model of refrigerator made out of a synthetic material would sell well at a price of $260 per unit. Labor costs are estimated at $32 per unit and overhead costs would be $24 per unit. The major uncertainty is the price of the synthetic material. Mira Mesa is in negotiations with several suppliers for the material. Because of the risk associated with the new product, Mira Mesa will only proceed if the estimated return is at least 30 percent of the selling price.

Required:
What is the most Mira Mesa can pay for the synthetic material per unit (refrigerator) and meet its profitability goal?

What knowledge or skill is most important for a front desk clerk? A. ability to handle a telephone exchange B. accounting skills C. communication skills D. knowledge of food production E. observation skills

I need a congratulations to a department at work for there good work. it's also there 1 yr anniversary at a different sight
need verbiage indicating how proud we are. ​

Who is the primary regulator over the
mortgage banking industry?

Which of the following is an example of architecture technology?

A: GPS devices
B: Blueprints
C: Prototypes

you think the way you talk is important to listener?​

Office Productsâ (MOP) produces three different paper products at its Vaasa lumberâ plant: Supreme,â Deluxe, and Regular. Each product has its own dedicated production line at the plant. It currently uses the followingâ three-part classification for its manufacturingâ costs: directâ materials, direct manufacturingâ labor, and manufacturing overhead costs. Total manufacturing overhead costs of the plant in July are million â( million of which areâ fixed). This total amount is allocated to each product line on the basis of the direct manufacturing labor costs of each line. Summary dataâ (in millions) for July are asâ follows:


Supreme Deluxe Regular
Direct material costs $89 $57 $60
Direct manufacturing labor costs $16 $26 $8
Manufacturing overhead costs $48 $78 $24
Units produced â 125 â 150 â 140

Required:
a. Compute the manufacturing cost per unit for each product produced in July 2017.
b. Suppose that, in August 2017, production was 150 million units of Supreme, 190 million units of Deluxe,and 220 million units of Regular. Why might the July 2017 information on manufacturing cost per unit bemisleading when predicting total manufacturing costs in August 2017?

Bonita is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.

April 1 Invested $18,000 cash in her business.
1 Hired a secretary-receptionist at a salary of $500 per week payable monthly.
2 Paid office rent for the month $1,100.
3 Purchased dental supplies on account from Dazzle Company $4,200.
10 Performed dental services and billed insurance companies $4,700.
11 Received $1,400 cash advance from Leah Mataruka for an implant.
20 Received $2,100 cash for services performed from Michael Santos.
30 Paid secretary-receptionist for the month $2,000.
30 Paid $2,720 to Dazzle for accounts payable due.
(a)
Partially correct answer icon
Your answer is partially correct.
Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date
Account Titles and Explanation
Debit
Credit
choose a transaction date
enter an account title to record the owner’s investment of cash in business
Owner's investment of cash in business
enter a debit amount
$18,000
enter a credit amount
enter an account title to record the owner’s investment of cash in business
enter a debit amount
enter a credit amount
(Owner’s investment of cash in business)
choose a transaction date
enter an account title to record a recruitment of secretary-receptionist
enter a debit amount
enter a credit amount
enter an account title to record a recruitment of secretary-receptionist
enter a debit amount
enter a credit amount
(Hired a secretary-receptionist)
choose a transaction date
enter an account title to record the payment of monthly office rent
enter a debit amount
enter a credit amount
enter an account title to record the payment of monthly office rent
enter a debit amount
enter a credit amount
(Paid monthly office rent)
choose a transaction date
enter an account title to record the purchase of supplies on account from Dazzle Company
enter a debit amount
enter a credit amount
enter an account title to record the purchase of supplies on account from Dazzle Company
enter a debit amount
enter a credit amount
(Purchased supplies on account from Dazzle Company)
choose a transaction date
enter an account title to record billing the clients for services performed
enter a debit amount
enter a credit amount
enter an account title to record billing the clients for services performed
enter a debit amount
enter a credit amount
(Billed clients for services performed)
choose a transaction date
enter an account title to record the receipt of the cash for future service
enter a debit amount
enter a credit amount
enter an account title to record the receipt of the cash for future service
enter a debit amount
enter a credit amount
(Received cash for future service)
choose a transaction date
enter an account title to record the receipt of the cash for services performed
enter a debit amount
enter a credit amount
enter an account title to record the receipt of the cash for services performed
enter a debit amount
enter a credit amount
(Received cash for services performed)
choose a transaction date
enter an account title to record the payment of monthly salary
enter a debit amount
enter a credit amount
enter an account title to record the payment of monthly salary
enter a debit amount
enter a credit amount
(Paid monthly salary)
choose a transaction date
enter an account title to record the payment to Dazzle Company on account
enter a debit amount
$2,720
enter a credit amount
enter an account title to record the payment to Dazzle Company on account
enter a debit amount
enter a credit amount
(Paid Dazzle Company on account)

Why do you think companies have a sustainable competitive advantage?

SecuriCorp operates a fleet of armored cars that make scheduled pickups and deliveries in the Los Angeles area. The company is implementing an activity-based costing system that has four activity cost pools: Travel, Pickup and Delivery, Customer Service, and Other. The activity measures are miles for the Travel cost pool, number of pickups and deliveries for the Pickup and Delivery cost pool, and number of customers for the Customer Service cost pool. The Other cost pool has no activity measure because it is an organization-sustaining activity. The following costs will be assigned using the activity-based costing system:

Driver and guard wages $960,000
Vehicle operating expense 390,000
Vehicle depreciation 270,000
Customer representative salaries and expenses 300,000
Office expenses 160,000
Administrative expenses 460,000
Total cost $2,540,000

The distribution of resource consumption across the activity cost pools is as follows:

Travel Pickup and Delivery Customer Service Other Totals

50% 35% 10% 5% 100%
70% 5% 0% 25% 100%
60% 15% 0% 25% 100%
0% 0% 90% 10% 100%
0% 20% 30% 50% 100%
0% 5% 60% 35% 100%

Required:
Complete the first stage allocations of costs to activity cost pools.

Which of the sentences below are correctly constructed? Check all that apply. However, you can make the necessary changes. Professional HR staff members now conduct individual benefits meetings and these meetings have reduced confusion during the annual benefits open-enrollment period. Advances in web interactivity have enabled design firms to more easily provide interactive portfolios; consequently, potential clients are able to view the firm’s work before making contact. When you can identify the company’s overall objectives. Executive positions in many fields require advanced degrees, but this is not always the case.

Aspen Company estimates its manufacturing overhead to be $625,000 and its direct labor costs to be $500,000 for year 2. Aspen worked on three jobs for the year. Job 2-1, which was sold during year 2, had actual direct labor costs of $195,000. Job 2-2, which was completed, but not sold at the end of the year, had actual direct labor costs of $325,000. Job 2-3, which is still in work-in-process inventory, had actual direct labor costs of $130,000. Actual manufacturing overhead for year 2 was $800,000. Manufacturing overhead is applied on the basis of direct labor costs. Required: a. How much overhead was applied to each job in year 2? b. What was the over- or underapplied manufacturing overhead for year 2?

Eduardo obtained credit to buy a car. He has failed to make any payments over the past
few months. What is MOST likely to happen?

A. He will make one giant payment to cover the past months without penalty,
B.The lender will take possession of his car.
C. The amount of debt owed will decrease the longer he waits to make a payment.
D.Nothing-people are allowed to miss several payments without consequences.

Assigning common fixed costs to segments impacts ______. Multiple choice question. neither segment margin nor total corporate profit segment margin only total corporate profit only both segment margin and total corporate profit

4. Consider the following accounts of the Second National Bank. Assets $mn Liabilities $mn ---------------------------------------------------------------------------------------------------------------- Rate-sensitive assets 50 Rate-sensitive Deposits 30 (Duration 5 years) (Duration 3 years) Fixed Rate Assets 100 Fixed rate Deposits 90 (Duration 5 years) (Duration 3 years) Share Capital 30 ---------------------------------------------------------------------------------------------------------------- a. If the interest rate rises by 5%, what is the impact on the Bank

All of the following distributions of stock dividends are taxable except: a. The shareholders have the choice to receive cash or other property instead of stock or stock rights. b. The distribution of common stock is made on a prorated basis on common stock outstanding. c. The distribution gives cash or other property to some shareholders and an increase in the percentage interest in the corporation's assets or earnings and profits to other shareholders. d. The distribution gives preferred stock to some common stock shareholders and common stock to other common stock shareholders.