Posted: April 12th, 2016

Calculate cost per equivalent unit for direct materials and conversion costs?

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02
Oct
Prepare a statement of cash flows
Categories: Business
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Prepare a statement of cash flows for 2014 using the indirect method. One attachment provides the data while the other provides the chart the data falls into.
02
Oct
My Dollar stores occurred during 2006 and 2007
Categories: Business
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The following transactions of My Dollar stores occurred during 2006 and 2007:

**2006**
Feb 3 – Purchased equipment for $10,000, signing a six-month, 9% note payable
Feb 28 – Recorded the week’s sales of $51,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax.
Mar 7 – Sent last week’s sales tax to the state
Apr 30 – Borrowed $100,000 on a four-year, 9% note payable that calls for annual payment of interest each April 30
Aug 3 – Paid the six-month, 9% note at maturity
Nov 30 – Purchased inventory at a cost of $7,200, signing a three-month, 8% note payable for that amount
Dec 31 – Accrued a warranty expense, estimated at 3% of total sales of $260,000
Dec 31 – Accrued interest on all outstanding notes payable. Accrued interest for each note separately.

**2007**
Feb 28 – Paid off the 8% inventory note, plus interest, at maturity
Apr 30 – Paid the interest for one year on the long-term note payable

TASK:
Please record the transactions in the company’s journal within the Excel sheet attached. Explanations are not required.
02
Oct
The Sarbanes-Oxley Act was enacted
Categories: Business
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The Sarbanes-Oxley Act was enacted in response to the corporate scandals that inundated the financial community in 2001 and 2002. In your opinion, what was the most important aspect of Sarbanes-Oxley? Be sure to support your answer.
01
Oct
The business of manufacturing basketball shoes
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Shambu Shoes is in the business of manufacturing basketball shoes. Accordingly the company uses the six activity cost pools listed below: Activity Cost Pool Activity Measure Maintenance Machine Hours Setups Setup Hours Cutting Supervision Setup Hours Cutting Depreciation Machine Hours Assembly supervision Direct Labor hours Assembly Depreciation Machine Hours The company has already carried out its first stage allocations of costs. The company’s annual costs and activities are summarized as follows: The company has already carried out its first stage allocations of costs. The company’s annual costs and activities are summarized as follows: Activity Cost Pool Est. Overhead Cost Expected Activity Maintenance $150,000 50,000 Machine hours Setups 0,000 300 Setup hours Cutting Supervision $270,000 300 setup hours Cutting Depreciation $160,000 80,000 Machine Hours Assembly Supervision $160,000 32,000 Direct Labor hrs Assembly Depreciation $20,000 80,000 Machine Hours Compute the activity rate for each of the activity cost pools: Show computations a. Maintenance b. Setups c. Cutting supervision d. Cutting depreciation e. Assembly supervision f. Assembly depreciation
01
Oct
-Evaluate the importance of ethics in accounting
Categories: Business
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Identify two reasons why accounting is important for business. Justify your selections.

-Evaluate the importance of ethics in accounting. Defend your evaluation.

-Analyze the importance of having a good understanding of accounting. What implications does a lack of understanding have for business?

-Determine the best way to explain accounting to a non-accountant.
30
Sep
Total Costs for July 2008
Categories: Business
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Bio Doc Corporation is a biotech company based in Milpitas. It makes a cancer-treatment drug in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Bio Doc uses the weighted-average method of process costing. The following information for July 2011 is available.

Physical Direct Conversion
Units Materials Costs
Work in process, July 1 8,500a 8,500 1,700
Started during July 35,000
Completed and transferred out during July
33,000 33,000 33,000
Work in process, July 31 10,500b 10,500 6,300

Degree of completion: direct materials, 100%; conversion costs, 20%.
Degree of completion: direct materials, 100%; conversion costs, 60%.

Total Costs for July 2008
Work in process, beginning $63,100
Direct materials 45,510
Conversion costs $108,610
Direct materials added during July 284,900
Conversion costs added during July 485,040
Total costs to account for $878,550

1. Calculate cost per equivalent unit for direct materials and conversion costs.
2. Summarize total costs to account for, and assign total costs to units completed (and transferred out) and to units in ending work in process.