Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units:Beginning Inventory: 25,000 units, 100% complete as to materials and 55% complete as to conversion.Units started and completed: 110,000.Units completed and transferred out: 135,000.Ending Inventory: 30,000 units, 100% complete as to materials and 30% complete as to conversion. Costs:Costs in beginning Work in Process - Direct Materials: $43,000.Costs in beginning Work in Process - Conversion: $48,850.Costs incurred in February - Direct Materials: $287,000.Costs incurred in February - Conversion: $599,150. Calculate the equivalent units of materials.
A. 144,000
B. 140,000
C. 165,000
D. 110,000
E. 130,250
Answer: B
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The balance in the Work in Process Inventory account on April 1 was $26,800, and the balance on April 30 was $22,600 . Costs incurred during the month were as follows: direct materials, $41,250; direct labor, $21,300; and overhead, $32,600 . What amount was transferred to the Finished Goods Inventory account for April?
a. $99,350 b. $4,200 c. $90,350 d. $121,950
Non-equity alliances:
a. Involve contractual agreements b. Refer to any form of cooperative relationship between two or more firms c. a and b d. Are not based on contractual agreements
Alice makes a material misrepresentation of fact to Lila, and based upon the misrepresentation, Lila enters into a contract. Lila now realizes she was deceived and wants to get out of the contract. This contract is voidable at Lila's option
Indicate whether the statement is true or false
In July, Meers Corporation sold 3,700 units of its only product. Its total sales were $107,300, its total variable expenses were $66,600, and its total fixed expenses were $34,800. Required:a. Construct the company's contribution format income statement for July.b. Redo the company's contribution format income statement assuming that the company sells 3,400 units.
What will be an ideal response?