Time line for the Fermenting Department.

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Answer 1

Question

Chapter 5, Problem 5.47BE

1.

To determine

Time line for the Fermenting Department.

2.

To determine

Summarized physical flow of units.

To compute: Total equivalent units.

3.

To determine

Summarize total cost to account for during the process.

To compute: Equivalent cost per unit for direct material costs and conversion costs.

4.

To determine

Total cost assigned to:

(a) Units completed and transferred out of Fermentation Department.

(b) Units in ending work in process inventory – Fermentation Department.

5.

To determine

Average cost per gallons transferred out of fermenting department to packaging department.

To conclude: Manager’s intentions behind knowing the average cost of the units transferred from Fermenting Department to Packaging Department and justify the same.

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JH, Inc., is a calendar year, accrual basis corporation with Joe as its sole shareholder (basis in his stock is $90,000). On January 1 of the current year, JH Corporation has accumulated E & P of $200,000. Before considering the effect of the distribution described below, the corporation’s current E & P is $50,000. On November 1, JH distributes an office building to Joe. The office building has an adjusted basis of $80,000 (fair market value of $100,000) and is subject to a mortgage of $110,000. Assume that the building has been depreciated using the ADS method for both income tax and E & P purposes. What are the tax consequences of the distribution to JH and to Joe? (In your answer, be sure to describe the effects on taxable income for both JH and Joe, the impact of the distribution on JH’s E & P, and Joe’s basis in the building.)

Joe is the sole shareholder of JH Corporation. Joe sold his stock to Ethan on October 31 for $150,000. Joe’s basis in JH stock was $50,000 at the start of the year. JH distributed land to Joe immediately before the sale. JH’s basis in the land was $20,000 (fair market value of $25,000). On December 31, Ethan received a $75,000 cash distribution from JH. During the year, JH has $20,000 of current E & P and its accumulated E & P balance on January 1 is $10,000. Which of the following statements is true? a. Joe recognizes a $110,000 gain on the sale of his stock. b. Joe recognizes a $100,000 gain on the sale of his stock. c. Ethan receives $5,000 of dividend income.d. Joe receives $20,000 of dividend income. e. None of the above.

Answer 2

Question

Chapter 5, Problem 5.47BE

1.

To determine

Time line for the Fermenting Department.

2.

To determine

Summarized physical flow of units.

To compute: Total equivalent units.

3.

To determine

Summarize total cost to account for during the process.

To compute: Equivalent cost per unit for direct material costs and conversion costs.

4.

To determine

Total cost assigned to:

(a) Units completed and transferred out of Fermentation Department.

(b) Units in ending work in process inventory – Fermentation Department.

5.

To determine

Average cost per gallons transferred out of fermenting department to packaging department.

To conclude: Manager’s intentions behind knowing the average cost of the units transferred from Fermenting Department to Packaging Department and justify the same.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 5, Problem 5.47BE

1.

To determine

Time line for the Fermenting Department.

2.

To determine

Summarized physical flow of units.

To compute: Total equivalent units.

3.

To determine

Summarize total cost to account for during the process.

To compute: Equivalent cost per unit for direct material costs and conversion costs.

4.

To determine

Total cost assigned to:

(a) Units completed and transferred out of Fermentation Department.

(b) Units in ending work in process inventory – Fermentation Department.

5.

To determine

Average cost per gallons transferred out of fermenting department to packaging department.

To conclude: Manager’s intentions behind knowing the average cost of the units transferred from Fermenting Department to Packaging Department and justify the same.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 5, Problem 5.47BE

1.

To determine

Time line for the Fermenting Department.

2.

To determine

Summarized physical flow of units.

To compute: Total equivalent units.

3.

To determine

Summarize total cost to account for during the process.

To compute: Equivalent cost per unit for direct material costs and conversion costs.

4.

To determine

Total cost assigned to:

(a) Units completed and transferred out of Fermentation Department.

(b) Units in ending work in process inventory – Fermentation Department.

5.

To determine

Average cost per gallons transferred out of fermenting department to packaging department.

To conclude: Manager’s intentions behind knowing the average cost of the units transferred from Fermenting Department to Packaging Department and justify the same.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 5.47BE

1.

To determine

Time line for the Fermenting Department.

2.

To determine

Summarized physical flow of units.

To compute: Total equivalent units.

3.

To determine

Summarize total cost to account for during the process.

To compute: Equivalent cost per unit for direct material costs and conversion costs.

4.

To determine

Total cost assigned to:

(a) Units completed and transferred out of Fermentation Department.

(b) Units in ending work in process inventory – Fermentation Department.

5.

To determine

Average cost per gallons transferred out of fermenting department to packaging department.

To conclude: Manager’s intentions behind knowing the average cost of the units transferred from Fermenting Department to Packaging Department and justify the same.

Answer 6

Chapter 5, Problem 5.47BE

1.

To determine

Time line for the Fermenting Department.

Answer 7

Chapter 5, Problem 5.47BE

1.

To determine

Time line for the Fermenting Department.

Answer 8

2.

To determine

Summarized physical flow of units.

To compute: Total equivalent units.

Answer 9

2.

To determine

Summarized physical flow of units.

To compute: Total equivalent units.

Answer 10

3.

To determine

Summarize total cost to account for during the process.

To compute: Equivalent cost per unit for direct material costs and conversion costs.

Answer 11

3.

To determine

Summarize total cost to account for during the process.

To compute: Equivalent cost per unit for direct material costs and conversion costs.

Answer 12

4.

To determine

Total cost assigned to:

(a) Units completed and transferred out of Fermentation Department.

(b) Units in ending work in process inventory – Fermentation Department.

Answer 13

4.

To determine

Total cost assigned to:

(a) Units completed and transferred out of Fermentation Department.

(b) Units in ending work in process inventory – Fermentation Department.

Answer 14

5.

To determine

Average cost per gallons transferred out of fermenting department to packaging department.

To conclude: Manager’s intentions behind knowing the average cost of the units transferred from Fermenting Department to Packaging Department and justify the same.

Answer 15

5.

To determine

Average cost per gallons transferred out of fermenting department to packaging department.

To conclude: Manager’s intentions behind knowing the average cost of the units transferred from Fermenting Department to Packaging Department and justify the same.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 5 - (Learning Objective 1) Which of the following is...Ch. 5 - (Learning Objective 2) Conversion costs consist of...Ch. 5 - (Learning Objective 2) Which of the following is...Ch. 5 - (Learning Objective 3) Which of the following is...Ch. 5 - Prob. 5QC Ch. 5 - (Learning Objective 4) The journal entry needed to...Ch. 5 - (Learning Objective 4) A company has two...Ch. 5 - Prob. 8QC Ch. 5 - Prob. 9QC Ch. 5 - Prob. 10QC

Time line for the Fermenting Department.

Solution Summary: The author explains the time line for the Fermenting Department. It is prepared to show the process development and its details.

Concept explainers

Videos

Time line for the Fermenting Department.

Summarized physical flow of units.

To compute: Total equivalent units.

Summarize total cost to account for during the process.

To compute: Equivalent cost per unit for direct material costs and conversion costs.

Total cost assigned to:

(a) Units completed and transferred out of Fermentation Department.

(b) Units in ending work in process inventory – Fermentation Department.

Average cost per gallons transferred out of fermenting department to packaging department.

To conclude: Manager’s intentions behind knowing the average cost of the units transferred from Fermenting Department to Packaging Department and justify the same.

Want to see the full answer?

Chapter 5 Solutions

Time line for the Fermenting Department.

Solution Summary: The author explains the time line for the Fermenting Department. It is prepared to show the process development and its details.

Concept explainers

Videos

Time line for the Fermenting Department.

Summarized physical flow of units. To compute: Total equivalent units.

Summarize total cost to account for during the process. To compute: Equivalent cost per unit for direct material costs and conversion costs.

Total cost assigned to: (a) Units completed and transferred out of Fermentation Department. (b) Units in ending work in process inventory – Fermentation Department.

Average cost per gallons transferred out of fermenting department to packaging department. To conclude: Manager’s intentions behind knowing the average cost of the units transferred from Fermenting Department to Packaging Department and justify the same.

Want to see the full answer?

Chapter 5 Solutions

Summarized physical flow of units.

To compute: Total equivalent units.

Summarize total cost to account for during the process.

To compute: Equivalent cost per unit for direct material costs and conversion costs.

Total cost assigned to:

(a) Units completed and transferred out of Fermentation Department.

(b) Units in ending work in process inventory – Fermentation Department.

Average cost per gallons transferred out of fermenting department to packaging department.

To conclude: Manager’s intentions behind knowing the average cost of the units transferred from Fermenting Department to Packaging Department and justify the same.