User Account

All Pages

Determine the value of firms ending wip

Assignment Help Accounting Basics
Reference no: EM13157144

Guymon Company reported a cost of goods manufactured of $313,000. Supplemental information shows raw materials purchases of $60,000, raw materials used in production of $90,000, direct labor of $107,000, and manufacturing overhead of $113,000. You also know that the company's ending work in process was 40% of its beginning work in process (WIP).

Determine the value of the firm's ending WIP.

Reference no: EM13157144

Questions Cloud

Effect on the amount of vitamin c present in the juice : Why do you think that being exposed to air can have an effect on the amount of vitamin C present in the sample of juice?
What volume will the gas fill if the pressure is changed : A gas occupies 4.04 L at 860 torr and 10C. What volume will it fill if the pressure is changed to 731 torr and the temperature is raised to 43C
Show the current economic situation : Use the AD/AS model to explain and show the current economic situation. Then suggest a fiscal approach to solve the current economic situation without adding any more debt. The current MPC = .80.
What are the negative effects of each : If the federal government chooses to increase government expenditures explain the three methods of financing the expenditures in terms of: which is the most expansionary, what are the negative effects of each, and which is the most inflationary.
Determine the value of firms ending wip : Supplemental information shows raw materials purchases of $60,000, raw materials used in production of $90,000, direct labor of $107,000, and manufacturing overhead of $113,000. You also know that the company's ending work in process was 40% of it..
Statement of cash flow : Statement of Cash Flow: Describe what the purpose of a statement of cash flow is and its components. Why is it important for internal and external users? Compare the statement of cash flows for a for-profit entity (e.g., Wal-Mart, Apple, Wells Fargo)..
Probability customers in sample buy coffee during visit : If the store owner's claim is correct, what is the probability that fewer than 24 customers in the sample buy coffee during their visit on that certain day of the week?
Determine the volume occupied by .582 moles of a gas : determine the volume occupied by .582 moles of a gas at 15*C if the pressure is 622 mm Hg?
What way may we be able to take advantage of retrotransposon : In what way may we be able to take advantage of retrotransposons in human gene therapy? How would this differ from our current use of retroviruses?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determining the consolidated income statement

Squid reported net income of $100,000 for 2005. Minority interest income that will appear in the consolidated income statement for 2005 is

  Adjusting journal entries for year end

McCallister & Speass Plowing Company is completing the accounting process for the year ending December 31, 2009. The transactions during 2009 have been journalized and posted.

  Deternine the depreciation expense

The straight-line method is used for depreciation. In 2008, George Martin changed its estimates to a total useful life of 5 years with a salvage value of $50,000. What is 2008 depreciation expense?

  Effect of the refund on yellow tax liability

Yellow's taxable income in 2010 was $70,000, and in 2011 Yellow's taxable income was $20,000 after deducting the refund. The applicable tax rate schedule is 15% on the first $50,000 of income and 25% on income in excess of $50,000. What is the eff..

  Calculate the breakeven point in units

Provide for a general definition of the income statement, its purpose as well as its relation to the Balance Sheet and Cash Flow statements

  Estimating compensation expense

An option-pricing model estimates the fair value for the options to be $5 on the date of grant. What amount should M recognize as compensation expense for 2009?

  Activity variance for plane operating costs

The actual cost for plane operating costs in September was $214,430. The activity variance for plane operating costs in September would be closest to:

  Determining profit margin of burger company

Burger Corp has $500,000 of assets, and it uses only common equity capital (zero debt). Its sales for the last year were $600,000, and its net income after taxes was $25,000.

  Equity securities-expressing losses

Boulter, Inc. began business on January 1, 2006. At the end of December 2006, Boulter had the following investments in equity securities:

  Advantages of the four different special journals

What are the advantages of the four different special journals? When would you use each type? What is a subsidiary ledger and what purpose does it serve?

  What is the amount of gain or loss on transaction

Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $30,000. What is the amount of the gain or loss on this transaction?

  Transactions associated to shareholders equity

Roberto Corporation was organized on January 1, 2011. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2011, Roberto had the following transactions relating to shareholders' equity:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd