Magnus Industries has the following data: Beginning raw materials inventory $75,000 Materials purchased Ending raw materials inventory $40,000 $60,000 Calculate the cost of raw materials used.
Q: Solve the problem
A: Question 1. Estimated defective units= 5% of units Sold= 400 Units x 5%= 20 UnitsThe Liablity for…
Q: I need the soulation in table in detail please
A: 1a. Adjusted Taxable Profit CalculationNet Profit: RO 8,000 (per statement)Additions to…
Q: Financial accounting
A: Step 1: Define Debt-to-Equity RatioThe debt-to-equity ratio is the ratio between total debts and…
Q: general account questions
A: Steps for DRD Calculation:Calculate Tentative DRD Limit:Dividends received: $60,000For a corporation…
Q: Financial Accounting Question
A: The Lower-of-Cost-or-Market (LCM) rule is used in inventory valuation to ensure the inventory is not…
Q: Give me accurate answer
A: Explanation of Proportional Consolidation:Proportional consolidation is a method used in financial…
Q: Complete the following table using the perpetual FIFO method of inventory flow. Purchases Cost of…
A: Step 1:FIFO-Perpetual: First-purchased merchandise is sold first under this method. So, the cost of…
Q: expert please answer this general account question
A: Step 1: Calculate Taxable IncomeTaxable Income from Operations: $65,000Interest Income: $5,000…
Q: Please provide correct answer the following requirements a. and b.
A: In this problem, we analyzed the rate of return for two types of investors in a closed-end fund: one…
Q: Provide correct answer general accounting
A: Step 1: Define Overhead Allocation BaseIn determining the predetermined overhead rate, the company…
Q: None
A: 1. Bond Issuance (November 1, 2025)Culver issued bonds with:Face value (Par) = $530,400Issue price =…
Q: Hi expart answer do fast and step by step calculation with explanation for these general accounting…
A: Step 1: Define Operating Cycle and Cash CycleThe operating cycle for a firm represents the gross…
Q: 8 want to correct answer general accounting
A: Step 1:First calculate the return on equity: Growth rate = ROE * Retention ratio) / (1 - ROE *…
Q: Please solve these requirements a and b and give correct answer these general accounting question
A: Step 1: Define Collection PeriodThe time it takes for an entity to collect payments from customers…
Q: I want to correct answer general accounting
A: Step 1: Define Asset TurnoverAsset turnover is calculated to determine if the company is efficiently…
Q: General Accounting
A: Step 1: Define Rate of returnThe percentage of net gain or loss in a particular time period over…
Q: Accounting 1 - SLO 2 John Doe started his business, Copy Specialties, Inc., on January 5,…
A: The Income Statement shows the company's revenues and expenses during a particular period. It starts…
Q: Hi expart give correct answer the accounting question
A: Step 1: Define Leverage and ROEGenerally, firm leverage tends to increase the return on equity…
Q: 5. Jobs completed during December and the actual output were:Job No. Quantity Items3005-5 48,000…
A:
Q: Harris fabrics computes it's plantede solve questions financial accounting
A: Step 1: Define Overhead CostsThere are two types of overhead transactions to account in production:…
Q: Can you please answer the financial accounting question?
A: Step 1:The maturity date is calculated as follows: May (31-10) days21 daysJune30 daysJuly31…
Q: A business operated at 100% of capacity during its first month, with the following results: please…
A: Step 1: Calculate the Cost of Goods Sold (COGS)Under absorption costing, COGS includes all…
Q: Need help with this question solution general accounting
A: Step 1: Identify the Given InformationPrincipal amount (P): $560,000Annual interest rate (r): 5%…
Q: General accounting
A: Explanation of Base Admission Price:The base admission price is the fixed cost charged per person…
Q: ?
A: Explanation of Industry Specificity Principle: This fundamental accounting principle recognizes that…
Q: P8-7 (Algo) Inferring Activities Affecting Fixed Assets from Notes to the Financial Statements and…
A:
Q: Need answer the accounting question please solve this one
A: Step 1: Define Bond Sale EntryA Bond Sale Entry is the journal entry made when a company first…
Q: Don't use ai given answer accounting questions
A: Explanation: The formula to calculate Days sales outstanding (DSO) is as follows:DSO = (Average…
Q: Need answer the general accounting question do fast and step by step calculation
A: Step 1: Define Accounts Receivable TurnoverThe accounts receivable turnover ratio represents the…
Q: tutor account expert please solve this. Short answer need
A: Step 1: Identify the Variable CostsUnder variable costing, only the variable manufacturing costs are…
Q: Hello tutor please given answer Accounting not use chart gpt
A: Step 1: Define Book ValueThe book value of a company denotes the value stated on the balance sheet…
Q: I need correct answer this question accounting question
A: Step 1: Define Operating costingIt is a combination of job costing and activity-based costing. It…
Q: Sales for the year were $400,000 General accounting
A: Step 1: Define Average Collection PeriodThe firm can sell its goods and provides services on credit…
Q: Please give me correct answer the general accounting question
A: Step 1: Define Lower of Cost or MarketLower of cost or market value is is an inventory valuation…
Q: Help me tutor
A: Explanation of Stock Rights:Stock rights give existing shareholders the opportunity to purchase…
Q: A company borrowed $560,000 by signing accounting questions solution
A: Interest = Amount Borrowed x 5% x t/360where, Amount Borrowed = $560,000 and t = 60 days Note: 360…
Q: Solve this accounting question do fast
A: determine the book value per preferred share and per common stock as of December 31, 20X2, I will…
Q: tutor of account solve this
A: Step 1: Calculate the Variable Manufacturing Cost per UnitFirst, we identify all the variable…
Q: Suppose a stock had an intial price of $52 share, please solve this financial accounting question
A: Step 1: The percentage of total return can be calculated using the formula - Percentage total return…
Q: Accounting questions solution
A: Understanding the ProblemReturn on Assets (ROA): Measures how efficiently a company uses its assets…
Q: Get the answer of this accounting question not use ai
A: Step 1: Define Inventory ValuationInventory valuation is done to calculate the amount that will be…
Q: A 12.5℅ discount on a pair of washer sovel question general account
A: Step 1: Define Net PricePrice is the amount of money to purchase a service or goods. Net Price is…
Q: Solve this accounting problem
A: Step 1: Define Standard direct material costsStandard direct material costs are the estimated costs…
Q: None
A:
Q: Hello tutor please solve these general accounting question
A: Step 1: In the high-low method, the variable cost of electricity per occupancy day and fixed cost…
Q: I need correct answer accounting question
A: Step 1: Define Average Collection Period (ACP)ACP is a financial indicator called the average…
Q: Provide correct answer accounting questions
A: Step 1: Define Work in progress inventoryMaterials awaiting assembly and sale are referred to as…
Q: General Accounting Problem
A: Understand the ProblemMaxiDrive wants to lower its costs to maintain profitability while matching…
Q: Subject: General Account The Vogelson Company accumulates the following cost and market data at…
A: Given Data:The following cost and market data are provided for Vogelson Company's inventory at…
Q: What is the accounts receivable turnover rate on these accounting question?
A: Step 1: Define Capital Intensity RatioThe capital intensity ratio is a financial metric that…
Please provide correct answer accounting questions
Step by step
Solved in 2 steps
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?What are the total costs to account for if a companys beginning inventory had $23,432 in materials and $18,450 in conversion costs, and added direct material costs ($41,392), direct labor ($23,192), and manufacturing overhead ($62,500)?The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
- A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
- Assume the following: Purchases of raw materials $ 38,000 Indirect materials used in production $ 6,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 What is the direct materials used in production?What is the amount of raw materials used?Need answer please provide correct answer with definition
- Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?Compute cost of goods manufactured and cost of goods sold from the following amounts, using the equation method. Beginning of Year $22,000 38,000 18,000 End of Year Direct materials inventory Work in process inventory Finished goods inventory Purchases of direct materials $26,000 30,000 23,000 75,000 82,000 Direct labour Manufacturing overhead 39,000Given the following data: Beginning raw materials inventory $30,000 Materials purchased 65,000 Ending raw materials inventory 40,000 What is the amount of raw materials used? a.$75,000 b.$55,000 c.$5,000 d.$30,000
