Our company manufactures Chemical X. Assume the company uses weighted average. Separate direct materials and conversion costs, Chemical X is comprised of two liquids, Liquid A and Liquid B. The formula of Chemical Xis 60% Liquid A, 40% Liquid B. 70% of the mixed liquid is added at the beginning of the process: 30% added at the very end. The average cost of the raw materials is $35 per gallon. At the beginning of the month, there was 1,500 gallons in process, 40% through the process (as to conversion costs). The total costs in beginning WIP is $36,750 for materials and $97,440 for conversion costs. During the month, 15,000 gallons were started. Conversion costs were $455,400 for the month. Compute direct material costs (hint use DM EUP under FIFO). At the end of the month, there were 1,200 gallons in process, 80% through the process. Answer each question separately. DO NOT just complete a table - this will result in a zero! How many units were started AND completed? Completed? a. b. Using FIFO, calculate equivalent units produced C. What is the cost of the material added? (hint: use b.). d. Using FIFO, calculate the cost per equivalent unit produced. e. Using FIFO, what is the journal entry for the transferred to finished goods?

Define cost pool, cost object and cost driver and explain. Thank you in advance!

Suppose that Target uses FIFO costing method but decided to change to the LIFOmethod. What are the steps Target would take to account for and report the change?

Compare/contrast cost assignment and cost allocation. Be sure to include direct assignment (tracing) and driver tracing in your discussion.

Classify the different costs as unit, batch, product, or facility. Answers (unit, batch, product, or facility) may be used more than once and some answers may not be used at all. Research and development Electricity                                       Building security costs   Quality control      Design costs

Decisions where relevant cost analysis might be used effective is Sell or process decisions. Explain IN YOUR OWN WORDS what "sell or process decision" is AND MUST USE EXAMPLES IN YOUR DESCRIPTION.