Department W had 2,820 units, one-third completed at the beginning of the period; 12,100 units were transferred to Department X from Department W during the period; and 1,050 units were one-half completed at the end of the period. Assume the completion ratios apply to direct materials and conversion costs. What is the equivalent units of production used to compute unit conversion cost on the cost of production report for Department W? Assume the company uses FIFO. a.11,685 units b.11,160 units c.15,970 units d.9,280 units The following information pertains to Tanzi Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $35,855 Accounts receivable (net) 29,267 Inventory 26,611 Property, plant and equipment 210,452 Total Assets $302,185 Liabilities and Stockholders' Equity Current liabilities $56,968 Long-term liabilities 96,277 Stockholders' equity-common 148,940 Total Liabilities and stockholders' equity $302,185 Income Statement Sales $86,391 Cost of goods sold 38,876 Gross margin $47,515 Operating expenses 29,876 Net income $17,639 Number of shares of common stock 5,258 Market price of common stock $32 What is the current ratio for this company? Round your answer to two decimal places. Select the correct answer. 0.63 2.22 1.61 1.14
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Department W had 2,820 units, one-third completed at the beginning of the period; 12,100 units were transferred to Department X from Department W during the period; and 1,050 units were one-half completed at the end of the period. Assume the completion ratios apply to direct materials and conversion costs.
What is the equivalent units of production used to compute unit conversion cost on the cost of production report for Department W? Assume the company uses FIFO.
The following information pertains to Tanzi Company. Assume that all
| Assets | |
| Cash and short-term investments | $35,855 |
| 29,267 | |
| Inventory | 26,611 |
| Property, plant and equipment | 210,452 |
| Total Assets | $302,185 |
| Liabilities and |
|
| Current liabilities | $56,968 |
| Long-term liabilities | 96,277 |
| Stockholders' equity-common | 148,940 |
| Total Liabilities and stockholders' equity | $302,185 |
| Income Statement | |
| Sales | $86,391 |
| Cost of goods sold | 38,876 |
| Gross margin | $47,515 |
| Operating expenses | 29,876 |
| Net income | $17,639 |
| Number of shares of common stock | 5,258 |
| Market price of common stock | $32 |
What is the
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