Work in process, (July 1)ª Physical Units (Banners) 600 Direct Conversion Materials Costs $100,000 $2,000 Started in July2020 ? Good units completed and transferred out in July 50,000 Normal spoilage 4,000 Abnormal spoilage 3,500 Work in process, July31b 5,000 Total costs added during July2020 $150,000 $28,000 a Decorepletion: direct materials 100%; conversion costs, 50% b Decoepletion: direct materials, 100% onversion costs 50%

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
None
Work in process, (July 1)ª
Physical Units
(Banners)
600
Direct
Conversion
Materials
Costs
$100,000
$2,000
Started in July2020
?
Good units completed and transferred out in July
50,000
Normal spoilage
4,000
Abnormal spoilage
3,500
Work in process, July31b
5,000
Total costs added during July2020
$150,000
$28,000
a Decorepletion: direct materials 100%; conversion costs, 50%
b
Decoepletion: direct materials, 100% onversion costs 50%
Transcribed Image Text:Work in process, (July 1)ª Physical Units (Banners) 600 Direct Conversion Materials Costs $100,000 $2,000 Started in July2020 ? Good units completed and transferred out in July 50,000 Normal spoilage 4,000 Abnormal spoilage 3,500 Work in process, July31b 5,000 Total costs added during July2020 $150,000 $28,000 a Decorepletion: direct materials 100%; conversion costs, 50% b Decoepletion: direct materials, 100% onversion costs 50%
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education