Fourth One 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 ofJune 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 themonth of June?39,000 units34,000 unitsO 37,000 units35,000 units5. 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$8.706. 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 and20% is cash sales, the adjusting entry for the December 31, 200A will includeAccounts Receivable $90,000Allowance for Bad Debts $ 72,000Bad Debts Expense $ 18,000An adjusting entry is not necessary

4. The process costing method is used where the product is homogenous in nature. During the work in…

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 O 35,000 units

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 O 35,000 units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

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 them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Fourth One

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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