Use the information below for Nuthatch Corporation to answer the question that follow.

Use the information below for Nuthatch Corporation to answer the question that follow.
Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business—September, October, and November—are $247,000, $310,000, and $410,000, respectively. The company expects to sell 30% of its merchandise for cash. Of sales on account, 80% are expected to be collected in the month of the sale and 20% in the month following the sale.
The cash collections expected in September from accounts receivable are estimated to be

On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in

On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 77,000. RoadTime’s December 31, 20X1, trial balance in SFr is as follows:

	Debit		Credit
Cash	SFr	8,800
Accounts Receivable (net)		24,000
Receivable from Popular Creek		6,900
Inventory		27,000
Plant & Equipment		109,000
Accumulated Depreciation			SFr	10,900
Accounts Payable				14,000
Bonds Payable				53,500
Common Stock				77,000
Sales				154,300
Cost of Goods Sold		73,000
Depreciation Expense		10,900
Operating Expense		33,500
Dividends Paid		16,600
Total	SFr	309,700	SFr	309,700
Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Its books show a $5,037 payable to RoadTime. 2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1. 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year’s depreciation is taken in the year of acquisition. The equipment was acquired on March 1. 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows:    SFr $       January 1 1 = 0.80   March 1 1 = 0.77   November 1 1 = 0.74   December 31 1 = 0.73   20X1 average 1 = 0.75 6. The U.S. dollar is the functional currency.    Required: a. Prepare a schedule remeasuring the December 31, 20X1, trial balance from Swiss francs to dollars. (If no adjustment is needed, select 'No entry necessary'.) ROADTIME COMPANY Trial Balance Remeasurement Schedule December 31, 20X1 U.S. Dollars Cash Accounts receivable (net) Receivable from Popular Creek Inventory Plant and equipment Cost of goods sold Depreciation expense Operating expense Dividends paid Total 0 Total debits $0 Accumulated depreciation Accounts payable Bonds payable Common stock Sales Total $0 Total credits $0

On January 1, 20X5, Taft Company acquired all of the outstanding stock of Vikix, Inc., a Norwegian

On January 1, 20X5, Taft Company acquired all of the outstanding stock of Vikix, Inc., a Norwegian company, at a cost of $156,600. Vikix’s net assets on the date of acquisition were 700,000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegian subsidiary’s identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and patents acquired. The fair value of Vikix’s property, plant, and equipment exceeded its book value by $18,000. The remaining useful life of Vikix’s equipment at January 1, 20X5, was 10 years. The remainder of the differential was attributable to a patent having an estimated useful life of 5 years. Vikix’s trial balance on December 31, 20X5, in kroner, follows:
 

	Debits			Credits
Cash	NKr	152,000
Accounts Receivable (net)		218,000
Inventory		291,000
Property, Plant & Equipment		605,000
Accumulated Depreciation				NKr	159,000
Accounts Payable					101,000
Notes Payable					204,000
Common Stock					460,000
Retained Earnings					240,000
Sales					736,000
Cost of Goods Sold		415,000
Operating Expenses		123,000
Depreciation Expense		53,000
Dividends Paid		43,000
Total	NKr	1,900,000		NKr	1,900,000
Additional Information: 1. Vikix uses the FIFO method for its inventory. The beginning inventory was acquired on December 31, 20X4, and ending inventory was acquired on December 15, 20X5. Purchases of NKr420,000 were made evenly throughout 20X5. 2. Vikix acquired all of its property, plant, and equipment on July 1, 20X3, and uses straight-line depreciation. 3. Vikix’s sales were made evenly throughout 20X5, and its operating expenses were incurred evenly throughout 20X5. 4. The dividends were declared and paid on July 1, 20X5. 5. Taft’s income from its own operations was $271,000 for 20X5, and its total stockholders’ equity on January 1, 20X5, was $3,500,000. Taft declared $170,000 of dividends during 20X5. 6. Exchange rates were as follows: NKr $   July 1, 20X3 1 = 0.15   December 30, 20X4 1 = 0.18   January 1, 20X5 1 = 0.18   July 1, 20X5 1 = 0.19   December 15, 20X5 1 = 0.205   December 31, 20X5 1 = 0.21   Average for 20X5 1 = 0.20 Required: a. Prepare a schedule translating the trial balance from Norwegian kroner into U.S. dollars. Assume the krone is the functional currency. (If no adjustment is needed, select 'no entry necessary'.) VIKIX INC. Trial Balance Translation December 31, 20X5 Item Balance Dollars Cash Accounts Receivable (net) Inventory Property, Plant and Equipment Cost of Goods Sold Operating Expenses Depreciation Expense Dividends Paid Total $0 Total Debits $0 Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Total $0 Total Credits $0

b.

Assume that Taft uses the fully adjusted equity method. Record all journal entries that relate to its investment in the Norwegian subsidiary during 20X5. Provide the necessary documentation and support for the amounts in the journal entries, including a schedule of the translation adjustment related to the differential. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Income from Taft’s operations for 20X5, exclusive of income from the Norwegian subsidiary Taft’s Net Income $0 Taft’s Consolidated Comprehensive Income $0 d. Compute Taft’s total consolidated stockholders’ equity at December 31, 20X5.

Coastal Cabinets produces cabinets for new home builders. You have been called in to settle a dispute

Coastal Cabinets produces cabinets for new home builders. You have been called in to settle a dispute between Coastal Cabinets and Executive Homes, a builder of custom homes.
Executive Homes buys 20,000 units of a particular cabinet from Coastal Cabinets every year. It insists that Coastal keep a one-month inventory to accommodate fluctuations in Executive’s demand. Coastal does not want to keep any inventory and says that Executive Homes should buy components in advance and store them.
You determine that the inventory storage costs per unit are $50 at Coastal and $125 at Executive Homes.
Required:
How do you suggest the two companies settle their dispute?

	To minimize costs in the supply chain, Coastal Cabinets should carry the inventory and the two firms could share the inventory savings through price discounts or other contractual agreements.
	Coastal Cabinets should carry the inventory, but Executive Homes should cover all the inventory carrying costs.
	There is no need for Coastal Cabinets to carry the inventory. Executive Homes should buy in advance.

After six months of study, much political arm wrestling, and some serious financial analysis, Dr. Martin Starr,

After six months of study, much political arm wrestling, and some serious financial analysis, Dr. Martin Starr, president of southwestern University, had reached a secision. To the delight of its students, and to the disappointment of its athletic boosters. SWU would not be relocating to a new football site but would expand the capacity at its on-compaus stadium.
Adding 21,000 seats, including dozens of luxury skyboxes, would not please everyone. The influential football coach, Billy Bob Taylor, had long argued the need for a first-class stadium, one with built-in domitory rooms and a palatial office appropriate for the coach of a future NCAA champion team. But the decision was made, and everyone, including the coach, would learn to live with it.
The job now was to get construction going immediately after the current season ended. This would allow exactly 270 days until the upcoming season opening game. The contractor, Hill Contruction (Bob Hill being an alumnus, of course), signed the contract. Bob Hill looked at the tasks his engineers had loutlined and looked President Starr in the eye. "I guarantee the team will be able to take the field on scheduled next year", he said with a sense of confidence. I sure hope so, replied Starr. The contract penalty of $10,000 per day for running late is nothing compared to what Coach Bill Bob Taylor will do to you if our opening game with Penn State is delayed or cancelled. Hill, Sweating slightly, did not respond. In football-crazy texas, Hill Construction would be mud if the 270-day targed were missed.
Back in his office, Hill again reviewed the data. (See Table 11.11 below and note that optimistic time estimates can be used as crash times.) He then gathered his foremen. "People, if we're not 75% sure we'll finish this stadium in less than 270 days, I want this project crashed! Give me the cost figures for a target date of 250 days, and also for 240 days. I want to be early, not just on time!"
Discussion Questions
3) Develop a forecasting model, justifying its selection over other techniques, and project attendance through 2017.

Value chain and classification of costs, a computer company. Dell Computer incurs the following costs:

Value chain and classification of costs, a computer company. Dell Computer incurs the following costs:
a.   Utility costs for the plant assembling the Latitude computer line of products
b.   Distribution costs for shipping the Latitude line of products to a retail chain
c.   Payment to David Newbury Designs for a design of the XPS 2-in-1 laptop
d.   Salary of computer scientist working on the next generation of servers
e.   Cost of Dell employees’ visit to a major customer to demonstrate Dell’s ability to interconnect with other computers
f.    Purchase of competitors’ products for testing against potential Dell products
g.   Payment to business magazine for running Dell advertisements
h.   Cost of cartridges purchased from outside supplier to be used with Dell printers
Required:
Classify each of the cost items (a–h) into one of the business functions of the value chain.
Why do managers consider direct costs to be more accurate than indirect costs?
Define variable cost and fixed cost. Give an example of each.

The following account balances were included in the trial balance of Twain Corporation at June 30, 2017.

The following account balances were included in the trial balance of Twain Corporation at June 30, 2017.

Sales revenue		$1,578,500		Depreciation expense (office furniture and equipment)		$7,250
Sales discounts		31,150		Property tax expense		7,320
Cost of goods sold		896,770		Bad debt expense (selling)		4,850
Salaries and wages expense (sales)		56,260		Maintenance and repairs expense (administration)		9,130
Sales commissions		97,600		Office expense		6,000
Travel expense (salespersons)		28,930		Sales returns and allowances		62,300
Delivery expense		21,400		Dividends received		38,000
Entertainment expense		14,820		Interest expense		18,000
Telephone and Internet expense (sales)		9,030		Income tax expense		102,000
Depreciation expense (sales equipment)		4,980		Depreciation understatement due to error—2014 (net of tax)		17,700
Maintenance and repairs expense (sales)		6,200		Dividends declared on preferred stock		9,000
Miscellaneous selling expenses		4,715		Dividends declared on common stock		37,000
Office supplies used		3,450
Telephone and Internet expense (administration)		2,820

The Retained Earnings account had a balance of $337,000 at July 1, 2016. There are 80,000 shares of common stock outstanding.
Using the multiple-step form, prepare an income statement for the year ended June 30, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Prepare a retained earnings statement for the year ended June 30, 2017. (List items that increase adjusted retained earnings first.)
Using the single-step form, prepare an income statement for the year ended June 30, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Prepare a retained earnings statement for the year ended June 30, 2017. (List items that increase adjusted retained earnings first.)

A parent company acquires its subsidiary by exchanging 45,000 shares of its Common Stock, with a market

A parent company acquires its subsidiary by exchanging 45,000 shares of its Common Stock, with a market value on the acquisition date of $25 per share, for all of the outstanding voting shares of the investee. a. What is the total fair value of the subsidiary on the acquisition date?
$Answer
b. Given the balance sheets of the parent and subsidiary in c. below, prepare the consolidation entry or entries on the date of acquisition.

Consolidation WorkSheet
	Description	Debit	Credit
Answer[C][E][A][D][I]	Common stock	Answer	Answer
	APIC	Answer	Answer
	AnswerEquity investmentCommon stockAPICRetained earnings	Answer	Answer
	AnswerEquity investmentCommon stockAPICRetained earnings	Answer	Answer

c. Prepare the consolidated balance sheet on the date of acquisition.

				Elimination Entries
Balance Sheet	Parent	Subsidiary		Dr	Cr		Consolidated
Assets
Cash	$405,000	$226,000					$Answer
Accounts receivable	1,280,000	348,000					Answer
Inventory	1,940,000	447,000					Answer
Equity investment	1,125,000			Answer	Answer		Answer
Property, plant and equipment (PPE), net	9,332,000	952,000					Answer
	$14,082,000	$1,973,000					$Answer
Liabilities and stockholders' equity
Accounts payable	$627,000	$127,000					$Answer
Accrued liabilities	736,000	221,000					Answer
Long-term liabilities	3,000,000	500,000					Answer
Common stock	1,370,000	100,000		Answer	Answer		Answer
APIC	3,325,000	125,000		Answer	Answer		Answer
Retained earnings	5,024,000	900,000		Answer	Answer		Answer
	$14,082,000	$1,973,000		Answer	Answer		$Answer

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: Determine the specific citation for accounting for the following: A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that generally shall be included in determining net income for the period in which the exchange rate changes.
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required: Determine the specific citation for accounting for the following:allows such a derivative contract of a foreign currency exposure of an unrecognized firm commitment to be designated as a hedge.
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required: Determine the specific citation for accounting for the following:This Subtopic requires an entity to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements.

Several years ago, a parent company acquired all of the outstanding common stock of its subsidiary for a

Several years ago, a parent company acquired all of the outstanding common stock of its subsidiary for a purchase price of $300,000. On the acquisition date, this purchase price was $100,000 more than the subsidiary’s book value of Stockholders’ Equity. The AAP was entirely attributable to Goodwill. Since the date of acquisition, the subsidiary has reported cumulative net income of $400,000 and paid $50,000 of dividends to its parent company.

Compute the balance of the Equity Investment account on the parent’s balance sheet assuming that the Goodwill asset has not declined in value subsequent to the date of acquisition.

$Answer

Suppose the direct foreign exchange rates in U.S. dollars are

Suppose the direct foreign exchange rates in U.S. dollars are
1 British pound = $ 1.20
1 Canadian dollar = $ 0.68
Required: a. What are the indirect exchange rates for the British pound and the Canadian dollar? (Round your answers to 4 decimal places.)

	1 USD British pounds 1 USD Canadian dollars

b.	How many pounds must a British company pay to purchase goods costing $10,000 from a U.S. company? (Do not round intermediate calculations.)
	British pounds c.How many U.S. dollars must be paid for a purchase costing 4,300 Canadian dollars? (Do not round intermediate calculations.) U.S dollars

Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their

Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $187,000, qualified business income of $20,500 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $252,500 and they sold it for $302,500. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,600 of itemized deductions, and they had $4,600 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice is 18 years of age, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.)

Download the Tax Form and enter the required values in the appropriate fields. Complete the first two pages of the Jackson's Form 1040 ( use the most recent from available).

m
1040 Department of the Treasury—Internal Revenue Service (99) U.S. Individual Income Tax Return 2017 OMB No. 1545-0074 IRS Use Only—Do not write or staple in this space. For the year Jan. 1–Dec. 31, 2017, or other tax year beginning , 2017, ending , 20 See separate instructions. Your first name and initial Last name Your social security number
If a joint return, spouse’s first name and initial Last name Spouse’s social security number
▲ Make sure the SSN(s) above and on line 6c are correct.
Home address (number and street). If you have a P.O. box, see instructions. Apt. no.
City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions).
Foreign country name                                        Foreign province/state/county                        Foreign postal code 
Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. You Spouse
Filing Status
Check only one box.
1 Single 2 Married filing jointly (even if only one had income) 3 Married filing separately. Enter spouse’s SSN above and full name here. ▶
4 Head of household (with qualifying person). (See instructions.) If the qualifying person is a child but not your dependent, enter this child’s name here. ▶ 5 Qualifying widow(er) (see instructions) Exemptions 6a Yourself. If someone can claim you as a dependent, do not check box 6a . . . . . b Spouse . . . . . . . . . . . . . . . . . . . . . . . . } c Dependents: (1) First name                         Last name (2) Dependent’s social security number (3) Dependent’s relationship to you (4) ✓ if child under age 17 qualifying for child tax credit (see instructions)
If more than four dependents, see instructions and check here ▶
d Total number of exemptions claimed . . . . . . . . . . . . . . . . .
Boxes checked on 6a and 6b No. of children on 6c who: • lived with you • did not live with you due to divorce or separation (see instructions) Dependents on 6c not entered above Add numbers on lines above ▶
Income
Attach Form(s) W-2 here. Also attach Forms W-2G and   1099-R if tax was withheld.
If you did not get a W-2,   see instructions.
7 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . . . . . 7 8a Taxable interest. Attach Schedule B if required . . . . . . . . . . . . 8a b Tax-exempt interest. Do not include on line 8a . . . 8b 9 a Ordinary dividends. Attach Schedule B if required . . . . . . . . . . . 9a b Qualified dividends . . . . . . . . . . . 9b 10 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . 10 11 Alimony received . . . . . . . . . . . . . . . . . . . . . 11 12 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . 12 13 Capital gain or (loss). Attach Schedule D if required. If not required, check here ▶ 13 14 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . 14 15 a IRA distributions . 15a b Taxable amount . . . 15b 16 a Pensions and annuities 16a b Taxable amount . . . 16b 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 17 18 Farm income or (loss). Attach Schedule F . . . . . . . . . . . . . . 18 19 Unemployment compensation . . . . . . . . . . . . . . . . . 19 20 a Social security benefits 20a b Taxable amount . . . 20b 21 Other income. List type and amount 21 22 Combine the amounts in the far right column for lines 7 through 21. This is your total income ▶ 22
Adjusted Gross Income
23 Educator expenses . . . . . . . . . . . 23 24 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 or 2106-EZ 24 25 Health savings account deduction. Attach Form 8889 . 25 26 Moving expenses. Attach Form 3903 . . . . . . 26 27 Deductible part of self-employment tax. Attach Schedule SE . 27 28 Self-employed SEP, SIMPLE, and qualified plans . . 28 29 Self-employed health insurance deduction . . . . 29 30 Penalty on early withdrawal of savings . . . . . . 30 31 a Alimony paid b Recipient’s SSN ▶ 31a 32 IRA deduction . . . . . . . . . . . . . 32 33 Student loan interest deduction . . . . . . . . 33 34 Tuition and fees. Attach Form 8917 . . . . . . 34 35 Domestic production activities deduction. Attach Form 8903 35 36 Add lines 23 through 35 . . . . . . . . . . . . . . . . . . . 36 37 Subtract line 36 from line 22. This is your adjusted gross income . . . . . ▶ 37 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2017

The Cost Principle, is an important measurement principle which is used in accounting. Describe the cost

The Cost Principle, is an important measurement principle which is used in accounting. Describe the cost principle and discuss what happens if an asset like land has an increase in the fair value. How would the company report the land?
Describe the fair value principle and for what types of assets is the fair value principle used.
Which measurement principle (cost or fair value) do companies use to record most assets?
Example question: Eve Myles Travel Agency purchased land for $90,000 cash on December 1, 2012. On December 31, 2012, the land's value had increased to $95,000. What amount should be reported for land on Eve's balance sheet on December 31, 2012?

Richie’s parents have been generous with Richie over the years. Richie is a 21 years old and works at a local

Richie’s parents have been generous with Richie over the years. Richie is a 21 years old and works at a local Hawaiin Shave Ice shack while attending college. Richie earned $2,000 at his job and received $4,000 in investment income. When not at school, Richie lived at home. Richie’s work income went to pay for his college student life-style (some road trips to away games and eating out with friends). Richie’s parents pay for his housing. What is Richie’s filing status and tax liability for 2018?

Under what conditions is an​ accrual-basis taxpayer allowed to defer reporting advance payments received

Under what conditions is an​ accrual-basis taxpayer allowed to defer reporting advance payments received for​ services?
A.
An​ accrual-basis taxpayer may defer reporting prepaid service income for the length of the service​ contract, up to five years.
B.
An​ accrual-basis taxpayer may defer reporting prepaid service income if the services are to be rendered before the end of the tax year following receipt.
C.
An​ accrual-basis taxpayer may defer reporting prepaid service income for the length of the service​ contract, up to three years.
D.
An​ accrual-basis taxpayer may not defer reporting prepaid service income. All income must be reported in the year in which payment is received.

Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the

Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in Process-Filling on April 1 and debits to the account during April were as follows: Bal., 700 units, 30% completed: Direct materials (700 × $4.20) $2,940 Conversion (700 × 30% × $1.75) 368 $3,308 From Cooking Department, 7,600 units $32,680 Direct labor 8,552 Factory overhead 5,902 During April, 700 units in process on April 1 were completed, and of the 7,600 units entering the department, all were completed except 600 units that were 90% completed. Charges to Work in Process-Filling for May were as follows: From Cooking Department, 9,100 units $40,950 Direct labor 12,026 Factory overhead 5,710 During May, the units in process at the beginning of the month were completed, and of the 9,100 units entering the department, all were completed except 450 units that were 35% completed. Required: 1. (a) Enter the balance as of April 1, in a four-column account for Work in Process-Filling. Record the debits and the credits in the account for April. (b) Construct a cost of production report, and present computations for determining i. equivalent units of production for materials and conversion. ii. costs per equivalent unit.* iii. cost of goods finished, differentiating between units started in the prior period and units started and finished in April.* iv. work in process inventory.* * If an amount is zero, enter "0". Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount. 2. (a) Provide the same information for May by recording the May transactions in the four-column work in process account. (b) Construct a cost of production report, and present the May computations (i through iv) listed in part 1(b). 3. Comment on the change in costs per equivalent unit for March through May for direct materials and conversion costs. 1(a). Enter the balance as of April 1, in a four-column account for Work in Process-Filling. Record the debits and the credits in the account for April. 2(a). Provide the same information for May by recording the May transactions in the four-column work in process account. Question not attempted. Score: 0/95 Work in Process-Filling 1 Date Item Debit Credit Balance Dr. Balance Cr. 2 Apr. 1 Balance 3 30 Cooking Department 4 30 Direct labor 5 30 Factory overhead 6 30 Finished goods 7 30 Balance 8 May 31 Cooking Department 9 31 Direct labor 10 31 Factory overhead 11 31 Finished goods 12 31 Balance Points: 0 / 19 Check My Work 1(a) and 2(a). Credit amounts are determined from the supporting cost of production reports. 1(b). Construct a cost of production report, and present computations for determining i. equivalent units of production for materials and conversion. ii. costs per equivalent unit.* iii. cost of goods finished, differentiating between units started in the prior period and units started and finished in April.* iv. work in process inventory.* * If an amount is zero, enter "0". Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount. HEARTY SOUP CO. Cost of Production Report-Filling Department For the Month Ended April 30 UNITS Whole Units Equivalent Units Direct Materials Conversion Units charged to production: Inventory in process, April 1 Received from Cooking Department Total units accounted for by the Filling Department Units to be assigned costs: Inventory in process, April 1 (30% completed) Started and completed in April Transferred to finished goods in April Inventory in process, April 30 (90% completed) Total units to be assigned costs Points: 0 / 18 Check My Work 1(b). Calculate equivalent units for materials and conversion costs. COSTS Costs Direct Materials Conversion Total Cost per equivalent unit: Total costs for April in Filling Department $ $ Total equivalent units ÷ ÷ Cost per equivalent unit $ $ Costs assigned to production: Inventory in process, April 1 $ Costs incurred in April Total costs accounted for by the Filling Department $ Costs allocated to completed and partially completed units: Inventory in process, April 1-balance $ To complete inventory in process, April 1 $ $ Cost of completed April 1 work in process $ Started and completed in April Transferred to finished goods in April $ Inventory in process, April 30 Total costs assigned by the Filling Department $ Points: 0 / 22 Check My Work 1(b). Calculate the cost per equivalent unit for materials and conversion costs. Calculate the costs assigned to the beginning inventory, the units started and completed, and the ending inventory. 2(b). Construct a cost of production report, and present computations for determining i. equivalent units of production for materials and conversion ii. costs per equivalent unit* iii. cost of goods finished, differentiating between units started in the prior period and units started and finished in April* iv. work in process inventory.* * If an amount is zero, enter "0". Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount. HEARTY SOUP CO. Cost of Production Report-Filling Department For the Month Ended May 31 UNITS Whole Units Equivalent Units Direct Materials Conversion Units charged to production: Inventory in process, May 1 Received from Cooking Department Total units accounted for by the Filling Department Units to be assigned costs: Inventory in process, May 1 (90% completed) Started and completed in May Transferred to finished goods in May Inventory in process, May 31 (35% completed) Total units to be assigned costs Points: 0 / 18 Check My Work 2(b). Calculate equivalent units for materials and conversion costs. COSTS Costs Direct Materials Conversion Total Costs per equivalent unit: Total costs for May in Filling Department $ $ Total equivalent units ÷ ÷ Cost per equivalent unit $ $ Costs assigned to production: Inventory in process, May 1 $ Costs incurred in May Total costs accounted for by the Filling Department $ Costs allocated to completed and partially completed units: Inventory in process, May 1 balance $ To complete inventory in process, May 1 $ $ Cost of completed May 1 work in process $ Started and completed in May Transferred to finished goods in May $ Inventory in process, May 31 Total costs assigned by the Filling Department