Please present in good accounting form. Thank you. A. Using FIFO, compute for the total cost transferred to finished goods if thelosses were discovered at the end of process and were consideredabnormal.B. Using average costing, compute for the ending balance of work in processthat will be included in the statement of financial position if the losses werediscovered at the end of process and were considered abnormal.Malleynila Company manufactures a single product in two process departments. Costs andproduction data to the month of November follows:COSTSASSEMBLY FINISHINGWip, beg (50% materials, 30% labor, 20% overhead)9,750.0018,000.00Materials64,000.00Labor47,250.0085,800.00Factory overhead31,500.0047,200.00QUANTITYWip, beg 1/2 complete3,000.004,000.00Started in process33,000.00Completed and transferred30,000.0025,000.00Wip, end 40% to complete5,000.006,000.00

Working Note 1: Prepare a production cost report for Assembly Department as follows:

Answered: te for the ending balance of ement of…

Business

Accounting

te for the ending balance of ement of financial position if ess and were considered ab

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Describe the various types of individuals who use accounting information and how they use that…

Q: Define each service rendered Financial accounting service rendered Managerial accounting service…

A: Services rendered are the services that a company completes for the client or customer prior to…

Q: Explain why the accounting standards are necessary in financial reporting.

A: Accounting Standards are the rules and guidelines that are used for preparation of financial…

Q: explain the relationship between culture and the adoption of accounting practices

A: Culture includes the beliefs, ideas and customs followed by the individuals in a particular society.…

Q: vide your course introduction. In addition, please respond to the following question. Explain what…

A: Generally Accepted Accounting Principles are standard accounting rules for reporting on financial…

Q: Describe the audit documentation review process in a public accounting firm.

Q: implementation and application of Achieves Accounting Uniformity

A: The financial statement shows the financial activities of the company. It involves the preparation…

Q: ich of the following services cannot be performed for a no O Signing payroll checks. O Preparing…

A: Nonissuer client refers to the person or the client or companies who cannot issue securities nor…

Q: Give instances of judgments that can be backed up by accounting data.

A: Introduction: Accounting information is the financial information about a firm that is beneficial to…

Q: Discuss the fundamental principles of accounting and their significance in ensuring accurate and…

A: Principles of accounting refer to the fundamental concepts and guidelines that guide the practice of…

Q: Explain certified public accountant (CPA).

A: Accountant refers to the professional who performs the accounting functions like financial statement…

Q: Discuss the importance of Accounting Research in the practice of of Accounting profession.

A: Accounting research Accounting research examines however accounting is employed by people,…

Q: Explain the concept of double-entry accounting, and discuss its importance in maintaining accurate…

A: Double-entry accounting is a system of bookkeeping in which every financial transaction is recorded…

Q: oes the conceptual framework assists accountants in the application of accounting standards? Please…

A: The conceptual framework assists accountants in several ways when applying accounting standards:

Q: Discuss and elaborate the

A: In this question, we will discuss the term "Assurance" in the practice of public accounting The term…

Q: Users of accounting information can be identified as internal and external users. List two of users…

A: The 4 financial statement A balance sheet is a financial statement that represents the financial…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

Q: Principles of professional accountancy? Expalin

A: Professional accounting may be defined as an accounting field that would be defined by a statutory…

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing: In auditing, auditors verify the correctness and fair presentation of financial…

Q: Describe the ethics in accounting.

A: Accountants and the accountancy profession exist as a means of public service; the distinction which…

Q: While analyzing a financial reporting problem, demonstrate the three basic methods of matching…

A: The financial reporting has been analyzed by comparing the financial statement of 2 accounting…

Q: How can you ensure that your accounting records are accurate?

Q: Explain the process of double-entry accounting, including its fundamental principles, the concept of…

A: Accounting is a fundamental method used in financial accounting to ensure accurate and reliable…

Q: What is GASB, Government Accounting Standards Board ?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic…

Q: What duties/responsibilities impacted you most and why?  on your accounting practicum training

A: The question is asking about the duties or responsibilities that had the most impact during my…

Q: Why should you as accounting student need to understand normalization

A: Normalization techniques are important because they help in proper storage of data by eliminating…

Q: Write down about the Accounting Principles Board in detail.

A: Accounting: Accounting is the process of recording the financial transaction of the organization…

Q: May you tell me where I can get reliable IFRS relevant to accounting changes

A: This question explains about reliable IFRS relevant to accounting changes

Q: Distinguish between the following two accounting positions:controller and treasurer.

A: Accounting positions: The following are the listed accounting jobs that are important at different…

Question

Please present in good accounting form. Thank you.

A. Using FIFO, compute for the total cost transferred to finished goods if the
losses were discovered at the end of process and were considered
abnormal.
B. Using average costing, compute for the ending balance of work in process
that will be included in the statement of financial position if the losses were
discovered at the end of process and were considered abnormal.
Malleynila Company manufactures a single product in two process departments. Costs and
production data to the month of November follows:
COSTS
ASSEMBLY FINISHING
Wip, beg (50% materials, 30% labor, 20% overhead)
9,750.00
18,000.00
Materials
64,000.00
Labor
47,250.00
85,800.00
Factory overhead
31,500.00
47,200.00
QUANTITY
Wip, beg 1/2 complete
3,000.00
4,000.00
Started in process
33,000.00
Completed and transferred
30,000.00
25,000.00
Wip, end 40% to complete
5,000.00
6,000.00

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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

Account
Classify the following activities as part of the identifying (I), recording (R), or communicating (C) aspectsof accounting. Analyzing and interpreting reports
Q#01: Discuss with example about auditor’s opinion and why they need financial information?
Using sec.gov, go to Regulations then Staff Interpretations. Locate Staff Accounting Bulletin No. 99 (“SAB 99”) and summarize the issue addressed by this guidance
Please give an overall description about Revenue Recognition for service company( Like Educational Institution) references IFRS. Please highlight main main things. Thank you in advance.
Define certified public accountants.
compliance requirements in terms of documenting transactions and reporting .you should list the elements required in a tax invoice which a computerized accounting system will quickly and accurately procedure
Draft a recommendation directed to the CEO explaining the findings, recommendations, and benefits of installing an accounting information system. Make sure you are specific in your recommendations.
describe book keeping in financial accounting in detail
This is a question from the Accounting Information Systems by James Hall. What is a source document? List down all source documents in the revenue cycle and their functions.
Hello! I need help with the following accounting principles question. It states that for each box, we can either select the user as being an external or internal user. Thank you in advance!
.Explain the concept of double-entry accounting and its significance in maintaining accurate financial records.