FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Hook Bait Incorporated processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2020 are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 3,400 85 87 Work-in-process inventory — June 30 4,700 60 37 Started processing during June 9,600 Total equivalent units for materials under the weighted-average method are calculated to be: Multiple Choice 10,496 equivalent units. 8,010 equivalent units. 11,120 equivalent units. 7,865 equivalent units. 10,039 equivalent units.arrow_forwardQ-toric Company manufactures a single product, mushroom soup, which undergoes three production processes (chopping, mixing and packaging) before it can be transferred to finished goods. In the month of February, the chopping department incurred $8,100 and $8,500 for material cost and conversion cost respectively during the month. Beginning inventory was 40 % complete as to conversion costs and materials are added at the beginning of the period at each department. Beginning work in process inventory has 13,733 units, which are attached with $4,400 material costs and $530 conversion costs. The chopping department started 7,100 units during the period. There are 3,600 units remaining in the chopping process at the end of the month, which are 55 % complete as to conversion cost. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole unit or whole dollar. a) Calculate the number of units transferred from the chopping department to the mixing…arrow_forwardBlossom Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2025, inventories consisted of Raw Materials $26,520, Work in Process- Mixing $0, Work in Process-Packaging $255,000, and Finished Goods $294,780. The beginning inventory for Packaging consisted of 10,200 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 51,000 units were started into production in the Mixing Department and the following transactions were completed. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased $306,000 of raw materials on account. Issued direct materials for production: Mixing $214,200 and Packaging $45,900. Incurred labor costs of $284,478. (Use Wages Payable.) Used factory labor: Mixing $186,150 and Packaging $98,328. Incurred $826,200 of manufacturing overhead on account. Applied manufacturing overhead on the basis of $23 per machine…arrow_forward
- A manufacturer completed the production of goods costing $350,000 and transferred them to finished goods. The journal entry to record the transfer of units from the Shaping department to Finished Goods Inventory includes a: Multiple Choice Debit to Work in Process Inventory- Shaping for $350,000. Credit to Work in Process Inventory- Shaping for $350,000. Credit to Finished Goods Inventory for $350,000. Debit to Raw Materials Inventory for $350,000. Credit to Raw Materials Inventory for $350,000.arrow_forwardSkysong Productions produces all of its parts in the machining department and puts them together in the assembly department. At the very end of the assembly process, packaging material is added-it's the new DM added in the assembly department. Once the packaging material is added, the units are ready for sale. There were 310 units in beginning WIP Inventory-Assembly in March, having already received 60% of their conversion costs. During March, 2,480 more units were transferred-in to assembly from the machining department. By the end of March, 2,710 units had been completed in the assembly department, leaving 80 units in ending WIP Inventory-Assembly. Those units were 20% complete as to conversion work. Determine Skysong's equivalent units of production in March for all three categories of costs using the FIFO method. Total equivalent units of work done this period Transferred-in 2480 DM 2480 Conversion Costs 2540arrow_forwardHook Bait Incorporated processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2020 are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 1,500 90 80 Work-in-process inventory — June 30 2,800 60 40 Started processing during June 7,800 Total equivalent units for materials under the FIFO method are calculated to be: Multiple Choice 6,830 equivalent units. 8,180 equivalent units. 6,980 equivalent units. 7,140 equivalent units. 7,620 equivalent units.arrow_forward
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