FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Please try this Question and provide answerarrow_forwardIn the month of April, a department had 500 units in the beginning work in process inventory that were 60% complete. These units had $64000 of materials costs and $42000 of conversion costs. Materials are added at the beginning of the process and conversion costs are added uniformly throughout the process. During April, 10000 units were completed and transferred to the finished goods inventory and there were 2200 units that were 25% complete in the ending work in process inventory on April 30. During April, manufacturing costs charged to the department were: Materials $1583000; Conversion costs $1857000.(Round unit matrial and coversion cost to 0 decimal place, e.g. 135.)The cost assigned to the units transferred to finished goods during April was $3256000. $3172000. $3128000. $3150000.arrow_forwardNeed Helparrow_forward
- Jonas and Partners, a law firm, worked on a total of 1,000 cases this month, 800 of which were completed during the period. The remaining cases were 40% complete. The firm incurred $180,000 in direct labor and overhead costs during the period and had $4,800 in direct labor and overhead costs in beginning inventory. Using the weighted average method, what was the total cost of cases completed during the period? a) $16,800 b) $17,520 c) $168,000 d) $175,200 Uncle Butch's Hunting Supply Shop reports the following information related to inventory: Cost Retail Beginning inventory $35,000 $92,000 Purchases $75,000 $200,000 Net additional markups $15,000 Net markdowns $(22,000) Goods available for sale $110,000 $285,000 Sales Ending inventory at retail $(178,000) $107,000 Calculate Uncle Butch's Hunting Supply Shop's ending inventory using the retail inventory method under the average cost assumption.arrow_forwardSolve thisarrow_forwardRasmussen Corporation expects to incur indirect overhead costs of $80,000 per month and direct manufacturing costs of $12 per unit. The expected production activity for the first four months of the year are as follows. January February March April Estimated production in units 6,000 7,000 3,000 4,000 Required Calculate a predetermined overhead rate based on the number of units of product expected to be made during the first four months of the year. Allocate overhead costs to each month using the overhead rate computed in Requirement a. Calculate the total cost per unit for each month using the overhead allocated in Requirement b.arrow_forward
- Department M had 2,000 units 60% completed in process at the beginning of June, 12,000 units completed during June, and 800 units 33% completed at the end of June. What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories?arrow_forwardHardevarrow_forwardCan you please check my workarrow_forward
- During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 52,000 were in process in the production department at the beginning of April, and 210,000 were started and completed in April. April's beginning inventory units were 40% complete with respect to materials and 60% complete with respect to labor. At the end of April, 58,000 additional units were in process in the production department and were 70% complete with respect to materials and 50% complete with respect to labor. Compute the number of units transferred to finished goods.arrow_forwardAt the start of June, the Polishing Department of Corona Counters, Inc. had 15,000 units in beginning inventory. During the month, it received 25,000 units from the Machining Department. It started and completed 17,000 units and transferred 32,000 units to the Packaging Department. It had 8,000 units in ending Work-in-Process Inventory. Direct materials are added at the beginning of the process. Units in beginning Work-in-Process Inventory were 50% complete in respect to conversion costs. Units in ending Work-in-Process Inventory were 40% complete with respect to conversion costs. Prepare the production cost report for the Polishing Department for the equivalent units of production for the month of June. Use the FIFO method.arrow_forwardNeed help with this Questionarrow_forward
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