Business, 19.10.2020 21:01, xonyemaa12
Suppose that Hoffman Company uses the FIFO method instead of the weighted-average method in all of its departments. The only changes to under the FIFO method are that total transferred-in costs of beginning work in process on October 1 are $2,879,000 (instead of $2,931,000) and that total transferred-in costs added during October are $9,048,000 (instead of $8,094,000). Using the FIFO process-costing method, complete Problem.
Hoffman Company, as you know, is a manufacturer of car seats. Each car seat passes through the assembly department and testing department. This problem focuses on the testing department. Direct materials are added when the testing department process is 90% complete. Conversion costs are added evenly during the testing department’s process. As work in assembly is completed, each unit is immediately transferred to testing. As each unit is completed in testing, it is immediately transferred to Finished Goods. Hoffman Company uses the weighted-average method of process costing. Data for the testing department for October 2017 are as follows:
Physical Units Transferred Direct Conversion
(Car Seats) In Costs Materials Costs
Work in process, October 1ÂŞ 5,500 $2,931,000 $0 $499,790
Transferred in during October 2017 29,800
Completed during October 2017 1,700
Work in process, October 31 $8,094,000 $10,877,000 $4,696,260
Total costs added during October 2017
"Degree of completion: transferred-in costs,?%; direct materials,?%; conversion costs, 65%.
"Degree of completion: transferred-in costs,?%; direct materials,?%; conversion costs, 45%.
Answers: 2
Business, 22.06.2019 07:10, Pipemacias1711
9. tax types: taxes are classified based on whether they are applied directly to income, called direct taxes, or to some other measurable performance characteristic of the firm, called indirect taxes. identify each of the following as a “direct tax,” an “indirect tax,” or something else: a. corporate income tax paid by a japanese subsidiary on its operating income b. royalties paid to saudi arabia for oil extracted and shipped to world markets c. interest received by a u. s. parent on bank deposits held in london d. interest received by a u. s. parent on a loan to a subsidiary in mexico e. principal repayment received by u. s. parent from belgium on a loan to a wholly owned subsidiary in belgium f. excise tax paid on cigarettes manufactured and sold within the united states g. property taxes paid on the corporate headquarters building in seattle h. a direct contribution to the international committee of the red cross for refugee relief i. deferred income tax, shown as a deduction on the u. s. parent’s consolidated income tax j. withholding taxes withheld by germany on dividends paid to a united kingdom parent corporation
Answers: 2
Business, 22.06.2019 16:30, AriaMartinez
Corrective action must be taken for a project when (a) actual progress to the planned progress shows the progress is ahead of schedule. (b) the technical specifications have been met. (c) the actual cost of the activities is less than the funds received for the work completed. (d) the actual progress is less than the planned progress.
Answers: 2
Suppose that Hoffman Company uses the FIFO method instead of the weighted-average method in all of i...
Mathematics, 11.10.2019 17:30