Recycle Industries of Toronto recycles galvanized steel from automobile bodies in two processes: shredding and degalvanizing. It processes galvanized steel auto bodies in the shredding process and send the shredded steel to the newly developed degalvanizing process which removes zinc by electrolysis. Zinc, which has a relatively high value, is the principal product of the process. The company transferred 6,000 metric tons of steel to the devalvanizing process this month. Neither process had any spoilage.
Because the galvanized steel is homogeneous and shredded in a continuous process, the company uses a process-costing accounting system to assign costs to it. The following information is available for the degalvanizing process during the last year.
RECYCLE INDUSTRIES, INC
Degalvanizing Process Last Year
Degalvanizing Process
Units Shredding
Process
Costs Direct
Materials Conversion
Costs
Physical flow (metric tons) Beginning inventory…………………….. 1,000 60% complete 75% complete
Ending inventory…………………………. 2,700 80% complete 45% complete
Transferred in……………………………… 6,000 Cost incurred Beginning inventory……………………………………. $ 7,100,000 $ 600,000 $ 420,000
Current costs…………………………………..…………. 43,200,000 2,500,000 6,475,000
Required
A) Prepare a production cost report for the degalvanizing process using weighted-average costing.
B) What journal entry would be made after preparing the production cost report for the degalvanizing process?
Answers
A) The production cost report for the degalvanizing process using weighted-average costing summarizes units, costs, and equivalent units.
B) The journal entry after preparing the production cost report debits Work in Process Inventory and credits Raw Materials Inventory and Conversion Costs.
A) Production Cost Report for Degalvanizing Process using Weighted-Average Costing:
Physical Flow of Units:
Beginning inventory: 1,000 metric tons (60% complete for direct materials, 75% complete for conversion costs)
Transferred in: 6,000 metric tons
Ending inventory: 2,700 metric tons (80% complete for direct materials, 45% complete for conversion costs)
Costs Incurred:
Beginning inventory costs:
Direct materials: $7,100,000
Conversion costs: $600,000
Current costs:
Direct materials: $43,200,000
Conversion costs: $2,500,000
Equivalent Units Calculation:
Direct materials:
Beginning inventory: 1,000 metric tons x 60% = 600 equivalent units
Transferred in: 6,000 metric tons
Ending inventory: 2,700 metric tons x 80% = 2,160 equivalent units
Total equivalent units for direct materials: 8,760 equivalent units
Conversion costs:
Beginning inventory: 1,000 metric tons x 75% = 750 equivalent units
Transferred in: 6,000 metric tons
Ending inventory: 2,700 metric tons x 45% = 1,215 equivalent units
Total equivalent units for conversion costs: 7,965 equivalent units
Cost per Equivalent Unit:
Direct materials cost per equivalent unit: ($7,100,000 + $43,200,000) / 8,760 equivalent units
Conversion costs per equivalent unit: ($600,000 + $2,500,000) / 7,965 equivalent units
B) Journal Entry after preparing the production cost report for the degalvanizing process:
Debit: Work in Process Inventory (Degalvanizing) - Direct materials cost
Debit: Work in Process Inventory (Degalvanizing) - Conversion costs
Credit: Raw Materials Inventory (for the cost of direct materials)
Credit: Conversion Costs (for the cost of conversion costs)
Hence, the production cost report provides information on the physical flow of units, costs incurred, and the equivalent units calculation. The journal entry records the transfer of costs from raw materials inventory to the work in process inventory for the degalvanizing process.
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Related Questions
what are the major jobs of MBBS doctor?
Answers
Surgeon
Professor
Scientist
A new manufacturing technology makes it easier to make the
product and causes a shift in the supply curve. What is the new
equilibrium point after implementing the new technology? (Hint:
Determine which direction a easier production shifts the supply
curve and use that direction to pick the resulting equilibrium
point.)
O $6 and 20,000
O $4 and 30,000
O $6 and 30,000
O $4 and 20,000
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Duracell, a company well-known for manufacturing alkaline batteries, derives its strategic position from which source
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Duracell is able to derive its strategic position from Few competitors, broad market.
Why is Duracell popular?
Duracell is popular because they have a great strategic position. This position comes from the fact that they have few competitors in a market that serves a very broad base.
As a result, they are able to sell to a lot of entities which makes them very successful.
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there are dozens of laptop manufacturers around the world. according to the idea of efficient production, there should only be one laptop manufacturer, making laptops at the lowest marginal cost. government regulation will ensure that every firm produces at the lowest marginal cost. each firm independently decides how many laptops to produce, and the marginal cost of the last unit produced will be the same for all firms. a competitive market will drive most manufacturers out of business, leaving just a few firms to produce at the lowest possible cost.
Answers
Each firm independently decides how many laptops to produce and the marginal cost of the last unit produced will be the same for all firms.
Marginal cost refers back to the increase or decrease inside the price of manufacturing one extra unit or serving one greater consumer. It's also referred to as incremental price.
What is marginal cost give example?
Marginal cost is the brought price to produce an extra suitable. As an example, say that to make one hundred vehicle tires, it expenses $100. To make one extra tire could value $80 then the marginal cost: how a good deal it expenses to create one additional unit of a great or service. The fees of manufacturing determine the marginal cost.
What does marginal cost formula?
Marginal cost is calculated as the overall fees required to manufacture one extra good. Therefore, it could be measured via modifications to what expenses are incurred for any given extra unit. Marginal fee = change in general fees / alternate in amount of units Produced.
Why marginal cost is vital?
The marginal cost of manufacturing is used to measure the trade within the fee of a product resulting from the manufacturing of an additional unit of output. While the enterprise reaches the gold standard manufacturing degree, producing extra units will boom the price of manufacturing per unit.
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Sometimes applicants are not hired solely because of a wrong impression the employer received during the interview.
Please select the best answer from the choices provided
OT
OF
Answers
The correct answer is T (True)
Explanation:
In the process of hiring a new employee, there are many factors employers consider such as experience, knowledge, communicational skills, among others. Besides this, one of the factors that influence employers in this process is the impression they have about candidates. For example, a candidate without enough experience or knowledge might still be hired if the employer had the impression that the candidate is willing to learn and is interested in the job. In the same way, applicants with enough experience and knowledge might not be hired if the employer has a negative impression of them. Thus, it is true some applicants might not be hired only because of a wrong or negative impression the employer had about them during the interview.
Answer:
true
Explanation:
What are 3 examples of good communication when dealing with conflict management?
Answers
There are many communication strategies that can be used to manage conflicts. This includes actively listening, writing about conflicts, asking questions, developing empathy and compassion, recognizing differences, using open body language.
What are the 5 Communication Styles of Conflict Management?According to the Thomas-Kilmann Conflict Mode Instrument (TKI), used by HR practitioners worldwide, there are primarily five styles of conflict management - Collaborative, Competitive, Avoidant, Conformative and Compromising.
What are the types of conflict communication?Types of conflict and how to deal with them: task conflict. relationship conflict and conflict of values.
What are some good examples of how to deal with conflict?Listen to what the other person is saying instead of preparing a reaction. Please do not disturb others. When the other person has finished speaking, restate what they said to make sure you understand. Ask questions for better understanding
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What's a curling iron?
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Answer:
A curling iron is a tool that is used on hair to create a tight or loose curl.
Ria Private Corporation is into mobile phones manufacturing field. It has seen a major improvement in cost reduction as it has instituted a four-week training program for all of its employees who are under probation. During training sessions, new joiners are encouraged to express their views and ideas and asked to make it a two-way communication while interacting with the speaker. Trainers have rewarded the good ideas immediately to make the session more effective as a token of encouragement. Which of the following factors would better describe the success of training? Answer choices: a. Task analysis b. Situational constraints c. Social support d. Cognitive ability
Answers
The success of training in Ria Private Corporation, which is into mobile phones manufacturing field, would be better described by social support. Social support would better describe the success of training.
"What is social support"? Social support refers to the encouragement and aid provided to an individual by their social network. Social support is the notion of being able to rely on others when in need. It can take a variety of forms, including emotional, practical, or informational assistance.What is the importance of social support?Social support has a number of advantages, including improved physical health, mental well-being, and the ability to cope with adverse events.
It is particularly beneficial to those who have experienced traumatic events, such as disasters or interpersonal violence. It can help to reduce the harmful effects of stress, such as high blood pressure, and is linked to better recovery rates from illness.
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When your tire blows out in the middle of a drive, you should
Answers
get out of the car and change it
How a researcher knows what is topical within his or her subject and why it is important to know that
Answers
The research topic that the researcher finds is interesting and hence, he becomes anxious to complete the research work to add value to existing gap.
The research's "what," or the subject to be examined, is provided by the topic. The researcher can locate the research in the literature by defining and identifying the "what" of the study. The drive to pursue an interest is personally generated by curiosity. You can concentrate interest by concentrating on accuracy and clarity.
You must select one study topic that can be thoroughly studied. Clearly define your bounds. Take into account this illustration of topic concentration. Try this question instead of "I am interested in why children are not succeeding": "What effect does comprehending specialised academic language have on accomplishment in the natural sciences for third-grade Hispanic second-language learners?"
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If a company's leaders reject a communications budgeting method because it would take too long to prepare, odds are the budgeting method is:
A) percentage of sales
B) meet the competition
C) what we can afford
D) objective and task
Answers
If a company's leaders reject a communications budgeting method because it would take too long to prepare, odds are the budgeting method is likely to be objective and task. The objective and task budgeting method involves setting communication objectives and then determining the tasks that need to be accomplished to achieve those objectives.
It is a detailed and time-consuming process that requires a significant amount of planning, research, and analysis. This method ensures that the company's communication efforts are aligned with its business goals, target audience, and channels of communication.
Leaders who reject this method, because it takes too long to prepare, are likely to be short-sighted and not fully aware of the benefits of this approach. Objective and task budgeting methods ensure that the company's communication efforts are efficient, effective, and measurable. It also enables the company to prioritize its communication efforts and allocate resources more effectively.
In conclusion, the objective and task budgeting method is a crucial tool for any company that wants to achieve its communication goals. While it may take longer to prepare than other methods, it ensures that the company's communication efforts are aligned with its business goals and audience needs, and are more likely to yield positive results.
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Can Super PACs receive unlimited donations?
Answers
Yes, Super PACs can receive unlimited donations. There's no restrictions to donations.
- Independent-expenditure-only political committees, also known as "Super PACs," are allowed to collect a limitless amount of funding, including from businesses and labour unions.
- In order to finance independent expenditures and other independent political action, super PACs (independent expenditure only political committees) are groups that may accept an unlimited amount of contributions from people, businesses, labour organisations, and other PACs.
- Once a Super PAC has made or spent more than $1,000 in one calendar year, it is considered a political committee. Following that point, the committee must register using the Statement of Organization, Form 1 within 10 days.
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There are many – in a competitive market. Firms in this market sell very – products, and each firm also has – to the market. Each firm is also considered a price –.
Answers
There are many sellers in a competitive market. Firms in this market sell very similar products, and each firm also has free entry and exit to the market. Each firm is also considered a price taker.
What is a competitive market?A competitive market is a market where there are buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
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An elimination period for long-term care policies that is counted based on the number of days the insured receives care is called:______.
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The term used to describe an elimination period for long-term care policies that is counted based on the number of days the insured receives care is: service day elimination period.
The elimination period in long-term care policies refers to a waiting period that policyholders must satisfy before their benefits kick in. During this time, the insured individual is responsible for covering the costs of their care. In the context of a long-term care policy, if the elimination period is counted based on the number of days the insured receives care, it is known as a "service day elimination period."
This means that each day the insured receives care, whether in a nursing home or through home health services, counts towards fulfilling the elimination period requirement. Once the elimination period is satisfied, the policy's benefits become accessible to the insured for the specified duration or amount. It's important for individuals considering long-term care insurance to understand the elimination period structure and its impact on their coverage and financial responsibilities.
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What types of insurance is David likely to get through his employer?
David has just joined a new company. His employer offers a number of different insurance policies as one of its employee benefits. For example, his employer’s (Blank)
insurance covers prescription drugs and immunizations. David will also be receiving (blank) insurance at no cost from his employer.
1. casualty, health, life
2. automobile, disability, renters
Answers
Answer:
1. health 2. disability
Explanation:
Answer:
health & disability
Explanation:
if you were asked to choose a profession between an agricultural expert and a veterinary doctor which one will you choose give your opinion to support your choice.
Answers
Answer:
I would choose veterinary doctor
Explanation:
I'm very good with animals, and I'd get to help an animal owner before the animals problem gets too big and can't be fixed so the owner can have a happy and healthy animal.
What was the opening price of Dow Jones Industrial Average on Jul 09, 2018 in the format of XXXXX.XX?
Answers
Answer:
According to yahoo finance, the opening price of the Dow Jones Industrial Average on Jul 09, 2018, is 24519.20.
Explanation:
Dow Jones Industrial Average is a stock indicator of the top 30 companies of the US. Other indicators include NASDAQ Composite and S&P 500.
These indicators are used to assess the performance of the market on a subsequent day. From the historical data from the Yahoo Finance, the value for any day could be found which for July 09, 2018 is 24519.20.
A theater has fixed operating costs, such as electricity, salaries, and rent. What is this break-even point called
Answers
The fixed operating cost in the question is one of the requirement to be used to calculate the Break even units not the break-even point.
Usually, the break-even point is the point where the total revenue equals the total costs of the business.
In other word, the break-even point means that the expenses and revenue are equal and thus, the company will record neither a net loss or gain.
The formula used to derive the Break even unit is [Fixed Costs / (Sales price per unit – Variable costs per unit)}
Therefore, the fixed operating cost in the question is one of the requirement to be used to calculate the Break even units not the break-even point.
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Step 3: Creating a Balanced Family Budget
a) Search for a "family budget estimator" and calculate the monthly expenses for a family living
in your city.
Insert a screenshot of the calculator you used, as well as all of the information you entered
into it. If you are unable to insert a screenshot, then list the information below. (10 points)
b) State the minimum monthly income and hourly wage per worker needed to cover monthly
expenses for the family you used in part a. Then, explain how to calculate the hourly wage
Show we’re u found your information
Answers
The family budget calculator use is attached accordingly. See relevant definition below.
What is the minimum monthly income and hourly wage per worker required to cover the monthly expenses indicated in the budget?The total budget indicated is $7,304. Hence to cover for the above expenses, one would need to work for at least 8 hours per day, and 5 days a week at the minimum income wage of $50 dollars/Hour.
This translates to:
50 x 8 x 20
= $8,000
What exactly is a family budget?A family budget is a plan for your household's incoming and outgoing funds for a specific time period, such as a month or year.
What is the definition of a Family Budget Calculator?The Family Budget Calculator calculates the amount of money required for a family to maintain a modest but decent level of life.
The budgets project community-specific expenses for ten different family types (one or two adults with zero to four children) across all counties and metro regions in the United States.
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What is an appraisal? Why is it usually included in the closing costs for buying a home?
Answers
The procedure through which a real estate evaluator attempts to discover the fair market value of a home is called a home appraisal. They are frequently used to calculate property taxes, appraisals are typically required in regions.
What is the closing cost?Additional expenses and charges that must be paid at the end of a transaction in real estate that is not included in the property's purchase price is referred to as Closing cost.
A home appraisal is employed to determine a property's worth. Lenders impose these fees in exchange for approving your loan.
Prior to comparing a home to actually acquired properties in the local housing market, licensed real estate evaluators to look at its features and state.
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negotiations illustrate the course teaching point... that procurement impacts many businesses that there is no universal solution
Answers
Negotiations are an essential part of the procurement process, and they illustrate the course teaching point that procurement impacts many businesses in various ways. When negotiating with suppliers, procurement professionals must consider many factors, such as quality, price, delivery time, and payment terms. The negotiation process requires a lot of communication and understanding between both parties to reach a mutually beneficial agreement.
One critical lesson from negotiations is that there is no universal solution when it comes to procurement. Each company has unique needs and requirements, and procurement professionals must adapt their strategies accordingly. For example, some companies may prioritize cost savings over quality, while others may focus on sustainable sourcing.
In conclusion, negotiations in procurement demonstrate that this field affects many businesses and that there is no one-size-fits-all approach. By understanding the complexities of procurement and mastering negotiation skills, professionals can help their organizations achieve their goals while maintaining positive relationships with suppliers.
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Jayden created a cell model using a glass bottle with a cork. He said that the cork could be opened to eliminate waste material that’s generated after digestion in the cell. A number of particles resembling organelles are in the bottle. Which organelle’s function will cause Jayden to open the cork to eliminate waste material?
Answers
Answer:
"Lysosome" is the correct answer.
Explanation:
Lysosomes will become the waste-removing feature, they have active enzymes as well as chemicals to absorb or even just recycle products from cells.It's indeed a subcellular organelle present in almost all forms of eukaryotic cells as well as taking responsibility for something like the absorption of molecules, older sections of cells, or even microorganisms.So that the above seems to be the right answer.
Answer:
the correect awnser is D
Explanation:
Lysosomes would be the function that eliminates waste.Lysosomes have powerful enzymes and acids to digest and recycle cell material
The government claimed that, to illegally control the market, Microsoft used
a. predatory pricing and mergers.
b. predatory pricing and buying out competitors.
c. predatory pricing and forming a cartel.
d. predatory pricing and requiring customers to buy other products.
Answers
Answer:
B. Predatory pricing and buying out competitors
2
Goods are something you can physically touch.
A True
B
False
Answers
Answer:
True
Explanation:
Toronto Corporation's financial statements include the following information: Cash $ 6,100 Net Credit Sales $315,000 Accounts receivable 52,000 Cost of Goods Sold 210,000 Merchandise inventory 92,800 Net Income $ 56,000 Prepaid Expenses 12,600 Total Current Assets $163,500 Total Current Liabilities $ 65,400 Total Stockholders' Equity $200,000 Assuming that 50,000 shares of common stock were outstanding, and the company had no preferred stock outstanding. What is the Earnings per Share (EPS) for Toronto Company: $6.30 $1.12 $4.00 $3.27
Answers
Answer:
nhfgbtrg
Explanation:
nhgnrf
Indicating when and how written and oral reports will be provided by the team, how team members will coordinate work, what messages will be sent to announce the project to interested parties, and what kinds of information will be shared with vendors and external contractors involved with the project describes: A. developing a Statement of Work B. determining project standards and procedures C. developing a communication plan D. setting a Baseline Project Plan
Answers
Answer:
hi yo Wassup
Explanation:
hi and should be therw see ya. did you know the song woman? by doja cat
outline 4 reasons why most developing countries rely on extractive levels of production
Answers
Explanation:
The World Bank helps developing countries manage their natural resource wealth responsibly and sustainably, in a way that contributes to sustainable growth and development, protects communities and reduces carbon emissions.
The variable cost per unit for a proposed project is $8.13 and the annual fixed costs are $26,900. These costs can vary by ± 4 percent. Annual depreciation is $13,190 and the tax rate is 21 percent. The sale price is $18 a unit, ± 3 percent. If the firm bases its sensitivity analysis on the expected outcome, what will be the operating cash flow for a sensitivity analysis of 9,450 units?
Question 2
What will be the operating cash flow for a sensitivity analysis of 9,350 units?
Please do not round until the final answer, and please demonstrate ALL steps. Thank you!
Answers
If the firm bases its sensitivity analysis on the expected outcome, the operating cash flow for a sensitivity analysis of 9,350 units is: $19,294.33
Operating cash flow
First/foremost step is to calculate the net income
Net income = {[9,450 ($13.190 − 8.13)] − $26,900 − $13,190}(1 − 0.21)
Net income={[9,450($5.06)] − $26,900 − $13,190}(.79)
Net income={$47,817- $26,900 −$ 13,190}(.79)
Net income=$7,727 (.79)
Net income = $6104.33
Second/next step is to calculate the operating cash flow (OCF)
OCF = $6104.33+ 13,190
OCF = $19,294.33
Therefore if the firm bases its sensitivity analysis on the expected outcome, the operating cash flow for a sensitivity analysis of 9,350 units is: $19,294.33
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Which words means finds its food; a consumer.?
Answers
Answer:
The word that means finding its food is hunting
Please help?? WILL MARK IF THERE ARE MULTIPLE ANSWERS!!!!!
