Dance Like You Mean It, Inc. began operations on August 1st of this year. The company...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Dance Like You Mean It, Inc. began operations on August 1st of this year. The company manufactures dance bags in three sequential production departments. During the month of August, 12,000 bags were started in department 1. Department 1 incurs product costs uniformly throughout its production process. At month end, 2,500 bags remained in process in department 1 and were assigned a cost of $30,000 on the department's production cost report. Management estimates that 60% more in costs need to be added to these bags in department 1 before then can be transferred to department 2. What was the cost of units completed and transferred to department 2 during August? A. $315,000 B. $360,000 C. $285,000 D. $114,000 O E. $190,000 Dance Like You Mean It, Inc. began operations on August 1st of this year. The company manufactures dance bags in three sequential production departments. During the month of August, 12,000 bags were started in department 1. Department 1 incurs product costs uniformly throughout its production process. At month end, 2,500 bags remained in process in department 1 and were assigned a cost of $30,000 on the department's production cost report. Management estimates that 60% more in costs need to be added to these bags in department 1 before then can be transferred to department 2. What was the cost of units completed and transferred to department 2 during August? A. $315,000 B. $360,000 C. $285,000 D. $114,000 O E. $190,000
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Maxmarine plc builds boats. Earlier this year the company accepted an order for 15 specialized Crest boats at a fixed price of 100 000 each. The contract allows four months for building and delivery...
-
X-cell Inc. began operations on January 1, 2013. Its adjusted trial balance at December 31, 2014 and 2015 is shown below. Other information regarding X-cell Inc. and its activities during 2015 follow...
-
Recording of all business transactions is based on A Sales journal B Accounting equation C D Formula Policies
-
What types of costs are associated with a Stance" sock vending machine located in an airport? At Cleveland Hopkins International Airport in northeastern Ohio, a vending machine that dispenses socks...
-
Use bond energies to estimate H for the combustion of 1 mole of acetylene: C2H2(g) + 5/2 O2(g) 2CO2(g) + H2O(g)
-
Consider an idealized class-B output stage shown in Figure P8.22. (The effective turn-on voltages of devices A and B are zero, and the effective "saturation" voltages of \(v_{A}\) and \(v_{B}\) are...
-
Simpson Manufacturing Company has four operating divisions. During the first quarter of 2002, the company reported aggregate income from operations of \($120,000\) and the following divisional...
-
Strutledge (see Case Problem 1.3) is a small liberal arts college faced with rising costs and decreasing enrollments. It would like to increase revenues (including tuition, donations, and grants) by...
-
Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new...
-
1. A converging mirror has a radius of curvature of 20.0 cm. An object sits 15.0 cm from the mirror. Draw its image. 2. A converging mirror has a radius of curvature of 20.0 cm. An object sits 5.00...
-
In general, there is one quarter of the chance that the economy will be in a recession. We observe that, on average, 80% of the one-year ahead recession is associated with a current inverted yield...
-
What are "alternative procedures" and when are they performed?
-
What particular problems are encountered in the audit of property, plant, and equipment, and goodwill when another entity is purchased? Explain the specific audit implications when the acquisition is...
-
Which of the following is not one of the independent auditors objectives regarding the examination of inventories? a. Verifying that inventory counted is owned by the client b. Verifying that the...
-
During the audit of a new client, you uncover an accounting policy stating that all purchases of equipment or other items under $500 will be expensed, regardless of their nature. When you ask the...
-
Inshalla Retail Company keeps its inventory on a perpetual FIFO basis for internal reporting, but adjusts the year-end FIFO balance to a LIFO basis using a dollar-value LIFO index. The auditor is...
-
Evan's Espresso is considering a weekend promotion reducing the price of espressos from $2.50 to $2.00. Advertising costs $500. Evan expects espresso sales to rise by 50%, with a 20% drop in latte...
-
Economic feasibility is an important guideline in designing cost accounting systems. Do you agree? Explain.
-
You are the management accountant of the SSA Group that manufactures an innovative range of products to provide support for injuries to various joints in the body. The group has adopted a divisional...
-
How do subjective probabilities differ from objective probabilities?
-
Why are sales variances based on contribution margin s rather than sales revenues?
-
Assume that the Federal Reserve wants to reduce the value of the euro with respect to the dollar. How could it attempt to use indirect intervention to achieve its goal? What is a possible adverse...
-
Assume that interest rate parity exists. The 1-year nominal interest rate in the United States is 7 percent, while the 1-year nominal interest rate in Australia is 11 percent. The spot rate of the...
-
Tennessee Co. purchases imports that have a price of 400,000 Singapore dollars, and it has to pay for the imports in 90 days. It will use a 90-day forward contract to cover its payables. Assume that...
Study smarter with the SolutionInn App