ABC Corporation has the following costs for July July 1, Beginning Work in Process Inventory (20,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
ABC Corporation has the following costs for July July 1, Beginning Work in Process Inventory (20,000 units); Direct Materials (65% complete) Conversion Costs (70% complete) $ Total WIP July 1 122,400 76,800 $199,200 During July: Units Started Units Completed and Transferred Out Costs incurred during July Direct Materials Conversion $180,000 $288,000 92,000 98,000 July 31, Ending Work in Process Inventory (14,000 units): Direct Materials (60% complete) Conversion (50% complete) Answer the following questions for July (1.6 points each): Part 1: Determine the number of units started and finished during July Part 2: Determine the costs transferred out to finished goods using FIFO Part 3: Determine the equivalent units for Conversion Costs using Weighted Average Part 4: Determine the cost per equivalent unit for Conversion Costs using Weighted Average Part 5: Determine the costs transferred out to finished goods during July using Weighted Average ABC Corporation has the following costs for July July 1, Beginning Work in Process Inventory (20,000 units); Direct Materials (65% complete) Conversion Costs (70% complete) $ Total WIP July 1 122,400 76,800 $199,200 During July: Units Started Units Completed and Transferred Out Costs incurred during July Direct Materials Conversion $180,000 $288,000 92,000 98,000 July 31, Ending Work in Process Inventory (14,000 units): Direct Materials (60% complete) Conversion (50% complete) Answer the following questions for July (1.6 points each): Part 1: Determine the number of units started and finished during July Part 2: Determine the costs transferred out to finished goods using FIFO Part 3: Determine the equivalent units for Conversion Costs using Weighted Average Part 4: Determine the cost per equivalent unit for Conversion Costs using Weighted Average Part 5: Determine the costs transferred out to finished goods during July using Weighted Average
Expert Answer:
Answer rating: 100% (QA)
Part 1 Determine the number of units started and finished during July To determine the number of units started and finished during July we need to calculate the change in work in process WIP inventory ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
This exercise relates to the Double Diamond Skis' Shaping and Milling Department that was discussed earlier in the chapter. The Excel worksheet form that appears below consolidates data from Exhibits...
-
Materials Work in Process-Mixing Dept Work in Process-Bottling Dept Finished Goods Beg Inventory + Purchases Direct Materials End Inventory Beg Inventory Cost of Units + Direct Materials transferred...
-
This exercise relates to the Double Diamond Skis Shaping and Milling Department that was discussed earlier in the chapter. The Excel worksheet form that appears below consolidates data from Exhibits...
-
On January 1, 2010, Phelps Company purchased an 85% interest in Sloane Company for $955,000 when the retained earnings of Sloane Company were $150,000. The difference between implied and book value...
-
Explain the distinction between a type x and a reference type ref(x). Underwhat circumstances would you choose to use a reference type?
-
Select a CDS on a sovereign country's CDS. From the SECF screen (SECF ), click "Fixed Income" in the "Category" dropdown, click the "CDS" tab, and type in the name of the country (e.g., Greece) in...
-
Under U.S. GAAP, the interest cost associated with borrowings used in the self-construction of a business asset may be capitalized to the balance sheet as part of the self-constructed assets cost...
-
Your five-year-old daughter has just announced that she would like to attend college. The College Board has reported that the average cost of tuition, room, board, and other expense at public...
-
Negative amortization results when the amount owed increases despite repayments.docx
-
McGuire decides to start slow with a project testing the increased automation of their horse feed line. Below are the projected cost of the expansion in automation, given a 5 year useful life of the...
-
A Gaussian beam is transmitted through a thin lens of focal length f. (a) Show that the locations of the waists of the incident and transmitted beams, z and z', respectively, are related by (b) The...
-
Your t-shirt company sees that shirts of a certain variety have demand function q = -90p + 900 where q is the number of shirts you can sell in one week if you charge $p per shirt. You have fixed...
-
Inc. hasa 10.0% coupon, with semiannual payments. YTM is11.00%. Maturity is9 yrs. What's the price? Hint: remember for semi-annual, divide both the coupon rate and YTM by 2, and multiply the number...
-
Feather Friends, Incorporated, distributes a high-quality wooden birdhouse that sells for $120 per unit. Variable expenses are $60.00 per unit, and fixed expenses total $180,000 per year. Its...
-
Question 1 0/1 point The figure below shows the market for a good. An improvement in EQ would shift the supply curve for the good from S to S. What would be the total willingness to pay of market...
-
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 410 units. Ending inventory at January 31 totals 150 units. Units Unit...
-
The following table shows the market demand and supply schedules for cups of coffee at the Campus Coffee Shop. Graph the demand and supply curve and find the equilibrium price and equilibrium output....
-
Suppose that A is an m n matrix with linearly independent columns and the linear system LS(A, b) is consistent. Show that this system has a unique solution.
-
Develop brief answers to each of the following questions: 1. What is one way a company can improve its earnings per shares without improving its earnings or net income? 2. Why is comprehensive income...
-
Interior designers often use the deluxe carper products of Lux Mills, Inc. the Maricpa blend is the companys top product line. In Marc, Lux produced and sold 174,900 square yards of Maricopa blend....
-
The Golden Nursery School Company provides baby-sitting and child-care programs. On January 31, 2011, the company had the following trial balance; During the month of February, the company completed...
-
Define cash equivalents and give three examples.
-
B-You is a consulting firm that works with managers to improve their interpersonal skills. Recently, a representative of a high-tech research firm approached B-Yous owner with an offer to contract...
-
Two supplementary schedules frequently accompany a statement of cash flows prepared by the direct method. Briefly explain the content of these schedules.
Study smarter with the SolutionInn App