Answer Happy

The present value of $74,000 to be received in two years, at 12% compounded annually, is Present Value of $1 at Compound Interest Periods 5% 6% 7% 10% 12% 1 0.95238 0.94340 0.93458 0.90909 0.89286 2 0.907031 0.89000 0.87344 0.82645 0.79719 3 0.86384 0.83962 0.81630 0.75132 0.71178 4 0.82270 0.79209 0.76290 0.68301 0.63552 5 0.78353 0.74726 0.71299 0.62092 0.56743 6 0.74622 0.70496 0.66634 0.56447 0.50663 7 0.71068 0.66506 0.62275 0.51316 0.45235 0.67684 0.62741 0.58201 0.46651 0.40388 0.64461 0.59190 0.54393 0.42410 0.36061 0.32197 0.61391 0.55840 0.50835 0.38554 8 9 10 a. $58,992 b. $64,635 c. $65,860 Od. $61,157 (rounded to nearest dollar). Use the following table, if needed.
Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000, $60,000, and $70,000, respectively. Department 2 has transferred-in costs of $390,000 for the current period. In addition, work in process at the beginning of the period for Department 2 totaled $75,000, and work in process at the end of the period totaled $90,000. The journal entry to record the flow of costs into Department 3 during the period is a Work in Process-Department 3 375,000 Work in Process-Department 2 375,000 b. Work in Process-Department 3 $70,000 Work in Process Department 2 $70,000 $55,000 C. Work in Process-Department 3 Work in Process-Department 2 555,000 Od. Work in Process Department 31 490,000 490,000 Work in Process Department: