A company uses a process costing system and the weighted average method for inventory costs. The following information is available regarding direct labor for the current year:Work in Process, January 15,500 units, 80% completeWork in Process, December 318,800 units, 40% completeUnits completed and transferred to finished goods46,900 unitsDirect labor costs during the year$266,300(a) Calculate the equivalent units of production for direct labor for the year.(b) Calculate the cost per equivalent unit for direct labor (round to the nearest cent).
What will be an ideal response?
| ? | ? | Physical Units | % of Work Completed | Equivalent Units Produced |
| (a) | Completed and transferred out | 46,900 | 100% | 46,900 |
| ? | Ending inventory of Work in Process | 8,800 | 40% | 3,520 |
| ? | Total | 55,700 | ? | 50,420 |
| (b) Cost per equivalent unit = $266,300/50,420 = | $5.28 |
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Journey Company purchased equipment for $45,000. Total depreciation of $36,000 was recorded. On January 1, 2017, Journey exchanged the equipment for new equipment, paying $56,000 cash. The market value of the new equipment is $65,000. Prepare the journal entry to record this transaction. Assume the exchange has commercial substance. Omit explanation.
What will be an ideal response?
Stiller Company owns a machine that was bought on January 2, 2011, for $376,000 . The machine was estimated to have a useful life of five years and a salvage value of $24,000 . Stiller uses the sum-of-the-years'-digits method of depreciation. At the beginning of 2014, Stiller determined that the useful life of the machine should have been four years and the salvage value $35,200 . For the year
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________ is mostly driven by sentiment analysis and is a key element of customer experience management initiatives, where the goal is to create an intimate relationship with the customer
Fill in the blanks with correct word
On January 1, 20X8, Pullman Corporation acquired 75 percent interest in Steamship Company for $300,000. Steamship is a Norwegian company. The recording currency is the Norwegian kroner (NKr). The acquisition resulted in an excess of cost-over-book value of $25,000 due solely to a patent having a remaining life of 5 years. Pullman uses the fully adjusted equity method to account for its investment. Steamship's December 31, 20X8, trial balance has been translated into U.S. dollars, requiring a translation adjustment debit of $8,000. Steamship's net income translated into U.S. dollars is $35,000. It declared and paid an NKr 20,000 dividend on June 1, 20X8. Relevant exchange rates are as follows: January 1, 20X8NKrl=$0.20 June 1, 20X8NKrl=$0.23 December 31, 20X8NKrl=$0.24 Average for
20X8NKrl=$0.22 Assume the kroner is the functional currency.Based on the preceding information, in the journal entry to record the receipt of dividend from Steamship, A. Investment in Steamship Company will be credited for $4,000. B. Cash will be debited for $3,600. C. Investment in Steamship Company will be credited for $3,450. D. Cash will be debited for $3,300.