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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Marigold Company has the following equivalent units of production for July: materials 23240 and conversion costs 18500. Production cost data are: Work in process, July 1 Costs added in July Materials $2.50 $2.50 $2.28 Materials Conversion The unit production costs for July are: $2.28 $5100 53000 Conversion Costs $2.22 $2.40 $2.40 $3400 $2.22 41000
The following information was taken from the books of Hunza Manufacturing Company for the month of January 2016 Cost of Units in process at beginning: January 1, 2016 Rs. 50,000 Cost of Raw Material used 148,000 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January [40% complete as to material and 60% complete as to conversion cost] 5,000 units Units placed in production during January 13,000 units Units in process at end of January 31 [60% complete as to material and 80% as to conversion cost]…
A company follows Process Costing and Manufactures a product in one process. The work in progress at the end of each month and is valued according to FIFO method. At the beginning of the month April 2015, the inventory of WIP showed 400 units, 40% completed, valued as follow:Material3600 Labour3400 Overheads1000 In the month of April material of Rs. 68500 was purchased, wages and overheads amounted to Rs. 79800 and 21280 respectively. Finished production taken in to stock in the month was 2500 units. There was no loss in the process.At the end of the month the work in progress inventory was 500 units, 80% completed as regards material and 60% completed as regards Labour and overhead.You are required to compute equivalent production and prepare a process Account.
The following data were taken from the records of Milo Company for the month of March: In process, beg (3/5 additional work to be done) 10,125 unitsFinished and Transferred units 15,750 units(Of the units started in process, ½ represents work in process at the end which were 20% completed during the current period)Compute the equivalent units of production of conversion cost using Average.
A production department within a company received materials of $8,000 and conversion costs of $11,000 from the prior department. It added material of $23,280 and conversion costs of $42,550. The equivalent units are 17,000 for material and 15,300 for conversion. What is the unit cost for materials and conversion? When required, round final answers to two decimal places. Unit Cost Materials $ Conversion $
Accounting The following information is given for process I for B Ltd. The average method of pricing work-in-progress is used. Work-in-progress in January: Materials on 500 units Labour on 500 units Factory overheads on 500 units Total Production costs for January: Materials Labour Factory overheads Cost for January Rs 7,800 9,150 6,125 23,075 Rs 900 1,000 400 2,300 Production completed during January: 500 units from 1 January, work-in-progress 2,000 units from products received during January 2,500 total units completed Work-in-progress on 31 January: 400 units, 25% completed as to material, labour and overhead. Calculate process I account for January. Pls be fast
The following information was taken from the books of Hunza Manufacturing Company for the month of January 2016 Cost of Units in process at beginning: January 1, 2016 Rs. 50,000 Cost of Raw Material used 148,000 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January [40% complete as to material and 60% complete as to conversion cost] 5,000 units Units placed in production during January 13,000 units Units in process at end of January 31 [60% complete as to material and 80% as to conversion cost]…
A product ‘Riddle’ is manufactured by two distinct processes, namely: Process 1 and Process 2. During the month of March 2020, the following information was obtained with respect to this product. Process 1 Direct Material 1,000 kg at RM25 per kg Direct Expenses RM24,000 Direct Labour RM15,000 Additional information: (i) Overhead is absorbed by the process on a basis of direct labour cost rate of 70%. (ii) Actual output is 950kg. Process 2 Direct Material 600 kg at RM50 per kg Direct Expenses RM12,000 Direct Labour RM10,000 Additional information: (i) Overhead is absorbed by the process on a basis of direct labour cost rate of 40%. (ii) Actual output is 1,350 kg. Normal loss is estimated at 10% of total input for each process. All losses can be sold at RM2 per kg. Required to prepare the following: Process 1 account.…
Please help me with show all calculation thanku
Department M had 2,600 units 58% completed in process at the beginning of June, 12,100 units completed during June, and 1,500 units 25% 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? Oa. 13,975 units Ob. 9,500 units Oc. 10,967 units Od. 12,475 units
A production department reports the following conversion costs. Equivalent units of production for conversion total 501,000 for this period. Calculate the cost per equivalent unit of production for conversion. The company uses the weighted-average method. Cost of beginning work in process Costs added this period 251,000 851,200

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