(a) What is meant by the term equivalent production? (b) At Earith Industries at the beginning of...

Question:

(a) What is meant by the term equivalent production?

(b) At Earith Industries at the beginning of April there were no partially finished goods on hand. During the month, 6,000 completed units were produced, together with 800 units partially completed. Details of the partially finished items were:

Calculate:

(i) The total equivalent production,

(ii) The cost per complete unit,

(iii) The total value of work in progress.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting Volume 2

ISBN: 9780273693109

10th Edition

Authors: Frank Wood, Alan Sangster

See More Books

Question Posted: Sep 10, 2023 06:04 AM

See More Questions

What is meant by the term equivalent production as used in the process cost system?
What is meant by the term equivalent units of production?
Harry is a recent graduate of the Beauxbatons Academy of Managerial Accountants and has recently been hired by Hogwarts Inc to reinforce the ranks of its already well-established accounting...
11. Assume that the total cost function (TC) is given by the following equation: TC = 100+ 2.5y + 0.05 y2, where y is output. a. What is the total fixed cost (TFC)? b. What is the average total cost...
Using the graph below, answer the following questions: a. What is the shift from S1 to S2 called? b. What is the movement from a to b called? c. What is the movement from b to a called? d. What is...
Construct a 95% confidence interval for the average value of y for Problem 12.6. Use x =25. 17 15 22 19 24
What are the different types of organizational forms that corporations use for international operations?
The income statement accounts for the Monroe Realty Company at the end of its fiscal year are shown below. Prepare the required closing entries in journal form. Chris Ross is theowner. Account Name...
Find an article or TedTalk about team decision making and then discussing/analyzing the following information: What was learned how can it help you? How can you plan to implement it and how can you...
Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019, the end of the current year, Pitman Company's accounting clerk prepared the following...
(a) Explain the difference between the terms overhead allotment, overhead apportionment and overhead absorption. (b) Why are estimated figures used in calculating overhead absorption rates? (c) The...
(a) Define the term equivalent production and state when the principle is used. (b) During May 20X1, M Wurzel & Co. Limiteds output was 4,000 finished items plus 600 partly finished items. There was...
An open rectangular box is to be 4 feet long and have a volume of 200 cubic feet. Find the dimensions for which the amount of material needed to construct the box is as small as possible.
Define and show steps for determining a confounder. What are two ways you can adjust for a confounder? 2. Define and show steps for determining an effect modifier. What are two ways you can adjust...
The business is still going well. I was going through a list of items I would need to buy for my business. I came across a mention of supplies and inventory. What's the difference between the two?...
What causes Psychological Disorders? Explain with Example
You've helped an investor client with several purchases over the last few years. You're beginning to wonder if you'll actually get the chance to list one of her properties, but she is happy to rent...
Harbor Realty had the following account balances taken from their adjusted trial balance for year ending Dec. 31, 20Y1: Depreciation Expense: $12,744 Fees Earned: $886,029 Rent Revenue: $62,731...
The data sets represent simple random samples from a population whose mean is 100. (a) Compute the sample mean of each data set. (b) For each data set, construct a 95% condence interval about the...
What are the two methods used to translate financial statements and how does the functional currency play a role in determining which method is used?
RST Limited is a family-controlled company which operates a chain of retail outlets specialising in motor spares and accessories. Branch inventory is purchased by a centralised purchasing function in...
Paper Products has a head office in London and a branch in Bristol. The following information has been extracted from the head office books of account as at 31 March 2016: Additional information: 1...
EG Company Limited, a manufacturing business, exports some of its products through an overseas branch whose currency is florins, which carries out the final assembly operations before selling the...
In Exercises 1 through 4, describe the associated sample space. 1. A coin is tossed three times and the sequence of heads and tails is recorded. 2. Two letters are selected simultaneously at random...
A system can be subdivided into what elements? Explain Briefly.
Compare and contrast the gram negative, gram positive, acid fast and, archaea cell walls. with Example

(a) What is meant by the term equivalent production? (b) At Earith Industries at the beginning of...

Question:

Materials Labour Overheads Total cost (£) 12,540 8,476 7,084 Percentage completed 75 65 55

Step by Step Answer:

a Equivalent production is a concept used in process costing to measure the amount of work done on p...View the full answer

Frank Woods Business Accounting Volume 2

Students also viewed these Business questions