Eclipse Energy Co. has a manufacturing process where the finished goods at the end of the period amount to 12,000 units, valued at $600,000. Additionally, there are 3,000 units in the closing work-in-progress (WIP) inventory, valued at $90,000.Calculate the percentage completion of the closing WIP, considering the following information:Finished goods: 12,000 units valued at $600,000Closing WIP: 3,000 units valued at $90,000Opening WIP: 2,000 units valued at $50,000Total production costs for the period: $700,000Number of units started during the period: 15,000 unitsQuestion 10Answera.40%b.60%c.70%d.50%

A manufacturing firm is preparing its production budget for the year. Projected sales are as follows: Q1 Q2 Q3 Q4 Sales budget (units) 75 122 203 188 The firm's policy is to have finished goods inventory equal to 25% of next month's projected sales. The opening inventory in Q1 is 120 units. How many units need to be produced in Q3? (hint - you need to remember to calculate the opening inventory for Q3)

A company has the following data for the month of July:Production: 1,500 unitsSales: 1,200 unitsSelling price: $25 per unitVariable manufacturing costs: $10 per unitFixed manufacturing costs: $6,000Variable selling and administrative costs: $3 per unit soldFixed selling and administrative costs: $2,000Calculate the closing inventory value using absorption costing.

Unit operating expenses for an item costing $80 are estimated at 50% of cost, and the desired operating profit is 15% of cost.a. Determine the selling price. (Do not round intermediate calculations and round your final answer to 2 decimal places.)Selling price           $ b. Determine the rate of markup on cost. (Do not round intermediate calculations and round your final answer to 1 decimal place.)Markup on cost            %c. Determine the rate of markup on selling price. (Do not round intermediate calculations and round your final answer to 1 decimal place.)Markup on selling price            %

The following information relates to a business at its year end Item Amount (Sh) Item Amount (Sh) Sales 600,000 Opening stocks: Purchases of raw materials 100,000 Raw materials 20,000 Returns inwards 10,000 Work in progress 4,000 Returns outwards 15,000 Finished goods 68,000 Carriage inwards 8,000 Closing stocks: Carriage outwards 12,000 Raw materials 22,000 Direct labour 80,000 Work in progress 8,000 Factory overheads 150,000 Finished goods 60,000 Determine the following: (Write your answers with commas, e.g. 10,000 not 10000) 1. Cost of manufacturing during the year = Sh 2. Cost of goods manufactured = Sh 3. Cost of goods sold = Sh 4. Gross profit = Sh

Which of the following is a possible method for compiling progress claims?Question 18Select one:Using a percentage of profit and marginUsing the actual costs incurred in a specific periodSetting a fixed amount for each element of the projectUsing the  accepted price breakdown to assess the percentage of work completed.