McMillian Tire Company produces tires used on small trailers. The month of June ended with 500 tires
Question:
McMillian Tire Company produces tires used on small trailers. The month of June ended with 500 tires in process,90 percent complete as to direct materials, and 50 percent complete as to conversion costs;2,000 tires were transferred to finished goods during the month, and 2,400 were started during the month. The beginning Work in Process inventory was 60 percent complete as to direct materials and 40 percent complete as to conversion costs.
Required
Determine the denominators to be used in the calculations of cost per equivalent unit for material and conversion costs.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
The denominator is equal to units completed plus equivalent unit...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
The McMillian Tire Company produces tires used on small trailers. The month of June ended with 600 tires in process, 90 percent complete as to direct materials, and 50 percent complete as to...
-
Cost per equivalent unit is $2 per EU for materials and $3 per EU for conversion. There are no transferred in costs and no spoilage. What is the cost of goods completed if 10,000 units are completed...
-
The SureGrip Tire Company produces tires of various sizes and shapes. The demand for tires tends to follow a quarterly seasonal pattern with a trend. For a particular type of tire the companys...
-
Review Questions: 1. What is the theory on which Rockwell hardness testing is based? 2. What is the purpose of the minor load in Rockwell hardness testing? 3. What are the advantages of the Rockwell...
-
Consider the pipeline depiction in Figure 12.13b, which is redrawn in Figure 17.25a, with the fetch and decode stages ignored, to represent the execution of thread A. Figure 17.25b illustrates the...
-
You own a share of stock worth $80. Suppose you sell a call option with a strike price of $80 and also buy a put with a strike price of $80. What is the net effect of these transactions on the risk...
-
In September 2022, Hurricane Ian ravaged southwestern Florida, causing more than 60 deaths and $100 billion in damage. The storm destroyed more than 5,000 homes and other buildings and washed away...
-
Kansas Company uses a standard cost accounting system. In 2017, the company produced 28,000 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a...
-
Men Conference Ltd has an authorized share capital of 60,000,000 ordinary shares of Sh. 10 each and 500,000 shares of Sh. 50 each. The following trial balance of the company was extracted as at 31.12...
-
Complete Tsate's Form 1040-SR, Schedules A, B and D, Form 8949, Form 6252 and Qualified Dividends and Capital Gain Tax Worksheet. Tsate Kongia (birthdate 02/14/1954) is an unmarried high school...
-
During December, Western Solvent completed 40,000 units. At the end of December, there were 10,000 units in ending Work in Process that were 30 percent complete with respect to labor and overhead and...
-
At the start of July, Classic Car Wax Company had beginning Work in Process of 2,000 units that were 90 percent complete with respect to material and 45 percent complete with respect to conversion...
-
Find the path and sketch it. z(t) = 2 cos t + i sin t (0 t 2)
-
ANCAP Oil Co. stock has a PE ratio equal to 22, whereas VRC Oil has a PE ratio equal to 20. Both firms earnings per share are \($1.12.\) Calculate both firms stock prices. In the IPO, eBay issued...
-
Ralph, 55, has worked for Johnson Plastics, Inc. for 60 days and has now qualified to enroll in the companys group benefit plan. One of the employee benefits provided is group long-term care...
-
Suppose you want to take out a loan to buy a house in town and you want to use your farm land as collateral, but you do not have the land title. Your family has lived there for 150 years, and...
-
The Suffolk family owns a large ranching operation in Texas. It has been in the family for generations. Hal Suffolk, Sr. owns 25 percent of the ranch, and his interest represents 75 percent of his...
-
Prudent Practices for Investment Advisors outlines the best practices for fiduciaries who provide comprehensive investment advice. How is this material applicable to the activities of the CPA / PFS?...
-
Use the following financial statements for Lake of Egypt Marina to answer Problems. Spread the balance sheets and income statements of Lake of Egypt Marina, Inc. for 2021 and 2020. Lake of Egypt...
-
A routine activity such as pumping gasoline can be related to many of the concepts studied in this text. Suppose that premium unleaded costs $3.75 per gal. Work Exercises in order. Use the...
-
Draw the demand and supply curves for these two types of labor. What feature of your graph accounts for the differences in the two wage rates and what feature accounts for the differences in the...
-
Pronto Cleaners, a chain of dry-cleaning stores, has the opportunity to invest in one of two dry cleaning machines. Machine A has a four-year expected life and a cost of $30,000. It will cost an...
-
Pronto Cleaners, a chain of dry-cleaning stores, has the opportunity to invest in one of two dry cleaning machines. Machine A has a four-year expected life and a cost of $30,000. It will cost an...
-
The programs are run on computers, and the company operates an in-house production facility that manufactures and packages CDs for shipment to customers. In 2014, the production plant prepared...
-
Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Debit Balance 1/1 Debits 21,000 Credits 132,000 ? Debits Manufacturing Overhead 210,800...
-
Describe the effects of this transaction on the accounting equation in terms of debits and credits. The new equipment was purchased for 6 4 2 3 6 on January 1 st . As of that date, the property,...
-
Credit Sales Cash Collections Jan. 7 Austin Co. $14,200 Jan. 17 Austin Co. $8,000 15 Diaz Co. 6,600 24 Diaz Co. 4,400 23 Noble Co. 11,100 29 Noble Co. 11,100 Identify the balances that appear in the...
Study smarter with the SolutionInn App