Sheridan Company has gathered the following information. Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Costs incurred: Direct materials Direct labor Overhead The equivalent units of production Unit costs Transferred out Materials Ending work in $ Compute equivalent units of production for materials and for conversion costs. Materials 20,900 process 249,100 26,100 $ 60 Determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 2.25.) 100 $108,000 $580,202 $185,500 Conversion Costs Show the assignment of costs to units transferred out and in process. Conversion Costs % %

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Please do not give solution in image format thanku 

Sheridan Company has gathered the following information.
Units in beginning work in process
Units started into production
Units in ending work in process
Percent complete in ending work in
process:
Conversion costs
Materials
Costs incurred:
Direct materials
Direct labor
Overhead
The equivalent units
of production
Unit costs
Transferred out
Materials
Ending work in
$
Materials
20,900
Compute equivalent units of production for materials and for
conversion costs.
process
249,100
26,100
$
60
100
Determine the unit costs of production. (Round unit costs to 2
decimal places, e.g. 2.25.)
$108,000
$580,202
$185,500
Conversion
Costs
Show the assignment of costs to units transferred out and in
process.
Conversion Costs
%
%
Transcribed Image Text:Sheridan Company has gathered the following information. Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Costs incurred: Direct materials Direct labor Overhead The equivalent units of production Unit costs Transferred out Materials Ending work in $ Materials 20,900 Compute equivalent units of production for materials and for conversion costs. process 249,100 26,100 $ 60 100 Determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 2.25.) $108,000 $580,202 $185,500 Conversion Costs Show the assignment of costs to units transferred out and in process. Conversion Costs % %
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
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