In: Accounting
Question A:
The costs per equivalent unit of direct materials and conversion in the Bottling Department of Rocky Springs Beverage Company are $1.25 and $0.65, respectively. The equivalent units to be assigned costs are as follows:
Equivalent Units | ||||
Direct Materials | Conversion | |||
Inventory in process, beginning of period | 0 | 2,500 | ||
Started and completed during the period | 50,000 | 50,000 | ||
Transferred out of Bottling (completed) | 50,000 | 52,500 | ||
Inventory in process, end of period | 5,000 | 2,500 | ||
Total units to be assigned costs | 55,000 | 55,000 |
The beginning work in process inventory had a cost of $1,550. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.
Completed and transferred-out production | $ |
Inventory in process, ending | $ |
Question B:
Dividing Partnership Net Income
Required:
Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows:
Conyers and Poodle had $77,600 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $310,000. How much is distributed to Conyers and Poodle?
Note: Compute partnership share to two decimal
places. Round final answers to the nearest whole dollar.
Conyers: $
Poodle: $
PS: 48144(Conyers) and 261896(Poodle) - are not the correct answer and I need the correct answer. thank you