Holly Company has the following information for December 1 to December 31. All direct materials are 100%
Question:
Required
1. Calculate equivalent units using the weighted-average and FIFO methods.
2. Use the given information to determine whether Holly Company is using the FIFO or weighted-average method.
Transcribed Image Text:
Work-In-Process Beglnning balance December 200 unts, Completed 800 units and transferred to Finlshed $131,182 20% complete Goods Inventory $14,000 for converslon Direct materlals 54,000 Direct labor 34,000 Factory overhead Property taxes Depreclation 6,000 32,000 Utilitles 18,000 4,000 Indirect labor Ending balance December 31, 300 units, 40% complete 30,818
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
1 Equivalent Units WeightedAverage Direct Materials 800 100 300 ...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Cost Management A Strategic Emphasis
ISBN: 9781259917028
8th Edition
Authors: Edward Blocher, David F. Stout, Paul Juras, Steven Smith
Question Posted:
Students also viewed these Business questions
-
Baker Company has the following information for December 1 to December 31. All direct materials are 100 percent complete; beginning materials cost $12,000. Required Calculate equivalent units using...
-
The weighted average and FIFO methods generally result in approximately the same unit costs because costs do not usually vary dramatically from period to period. Discuss some reasons for exceptions...
-
The Cake Factory has the following information for the month of March. Prepare a (a) schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) prepare only...
-
On April 12, 2011, BAM Technologies floated a $100 million bond issue. Each $1,000 bond entitled the bondholder to receive $50 every six months (October 12th and April 12th) until April 12, 2041, at...
-
Son Corporation is a 70 percent-owned subsidiary of Pop Corporation. On January 2, 2016, Son purchased $600,000 par of Pop's $900,000 outstanding bonds for $602,000 in the bond market. Pop's bonds...
-
Sublette Companys manufacturing overhead budget for the first quarter of 2022 contained the following data: Actual variable costs were as follows: indirect materials $13,900; indirect labour $9,500;...
-
Examination of Fig. 6.5 shows that a relatively abrupt threshold in values of \(\tilde{\lambda}_{n}\) occurs as \(n\) is varied. In particular, as a rough approximation, \[ \tilde{\lambda}_{n}...
-
Allcott Computer Services (ACS) provides computer training and repair services for schools and local businesses. Sales for year 1 totaled $1,350,000. Information regarding resources for the year...
-
Task 1: Create a JavaBean Coffee Bean with the following: - Data members: int numSugar; double price; String typeCoffee; Methods: Constructor Accessor Mutator Task 2: Create a HTML CoffeeOrder.html...
-
In addition to photocopying services, ABC Printers provides secretarial and printing services. The unit variable cost and selling price are Br 0.75 & Br 1.00, for secretarial, respectively, and Br...
-
Explain activity-based process costing.
-
Pablo Company calculates the cost for an equivalent unit of production using process costing. Work-in-Process Inventory, June 1: 30,000 units Direct materials: 100%...
-
Choose an appropriate forecasting technique for the data in the Excel file Coal Consumption and find the best forecasting model. Explain how you would use the model to forecast and how far into the...
-
How do you take your best skill (identify it) and relate it to the three management skills - (technical, human, conceptual), and how will that help you grow to challenge yourself and improve?
-
How do you explain that leadership and followership are co-created in a given situation by the individuals involved?
-
What are potential risk factors associated with crisis situations for local challenges and designated tourism in Banff, Alberta?
-
Develop a communications strategy to inform staff, clients and other stakeholders of the relocation of a community service organisation to a larger venue in a nearby suburb. The new location is well...
-
A researcher has a population of five people (N = 5) who participated in a recall test. The participants recalled 4, 6, 9, 5, and 6, respectively. From this example, what is the mean of the sample...
-
Together, the income statement and balance sheet answer two basic questions. What are they?
-
The Adjusted Trial Balance columns of a 10-column work sheet for Webber Co. follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by...
-
Most manufacturers have long adopted quality improvement techniques to reduce or eliminate errors and defects, waste, and speed the flow of product to the consumer. Many retailers are now following...
-
In 2017 a manufacturing company instituted a total quality management (TQM) program producing the report shown below: On the basis of the above report, which one of the following statements is most...
-
Pack-and-Go, a new competitor to FedEx and UPS, does intra city package deliveries in seven major metropolitan areas. The performance of Pack-and-Go is measured by management as: (1) delivery time...
-
Novak Corporation's statement of financial position as at December 31, 2023, showed the following amounts: Cash $140; Accounts Receivable $610; Land $1,050; Accounts Payable $430; Bonds Payable $470;...
-
Submit a brief summary of this case study 'Arcelor and the global steel industry' found on pages 484-501. This a brief section often read by executives or people who want a quick read on your...
-
The following cost data pertain to the operations of Montgomery Department Stores, Incorporated, for the month of July. Corporate legal office salaries $ 6 2 , 2 0 0 Apparel Department cost of sales...
Study smarter with the SolutionInn App