Financial & Managerial Accounting
13th Edition
ISBN: 9781285866307
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 13MJ, Problem 3DQ
To determine
Expenses:
The costs that are incurred to earn revenues in the process of operating activities of the business are referred to as expenses.
Functional expense:
The expense is classified by function when the expense is related to its purpose. Some examples are administration expenses, marketing expenses, selling expenses, distribution expenses.
To indicate: The disclosure requirements which are necessary, when an expense is classified by function on the statement of comprehensive income
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On March 1, 2019, Baltimore Company's beginning work in process inventory had 9,500 units. This is its only production department. Beginning WIP units were 50% done as to conversion costs. Baltimore introduces direct materials at the beginning of the production process. During March, a total of 22,400 units were started and the ending WIP inventory had 6,200 units which were 60% done as to conversion costs. Baltimore uses the weighted average method. Use this information to determine for March 2019 the equivalent units of production for conversion costs. (Round the answer to the nearest whole number of units.)
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Financial & Managerial Accounting
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