For the data given in the table calculate Cost of goods completed and Cost of WIP...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
For the data given in the table calculate Cost of goods completed and Cost of WIP (end) by using a) Weighted average method b) FIFO method WIP (beginning) Completion% Started During Completed During WIP (end) Completion % Costs added during Units 12,500 50,000 42,500 20,000 Direct Material $75,000 90% 20% 1,000 $350,000 Conversion $87,500 70% 50% $463,750 For the data given in the table calculate Cost of goods completed and Cost of WIP (end) by using a) Weighted average method b) FIFO method WIP (beginning) Completion% Started During Completed During WIP (end) Completion % Costs added during Units 12,500 50,000 42,500 20,000 Direct Material $75,000 90% 20% 1,000 $350,000 Conversion $87,500 70% 50% $463,750
Expert Answer:
Answer rating: 100% (QA)
Equivalent Units Calculation Direct Material a WIP beginning Units 12500 Completion 90 Equivalent units for direct material in beginning WIP 12500 90 11250 b Units started during the period 50000 Comp... View the full answer
Related Book For
Management Accounting
ISBN: 9781760421144
7th Edition
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton
Posted Date:
Students also viewed these accounting questions
-
Steelworx Ltd accumulates costs for its single product using weighted average process costing. Direct material is added at the beginning of the production process, and conversion occurs uniformly...
-
Rigby Limited's Machining Department had 20 000 units in work in process (WIP) on 1 March. These units were 40 per cent complete with respect to conversion. Direct materials are added at the...
-
For the month just ended, the following data were generated by Alonzo Corporation. Physical units Units in process, beg. 4,000 gallons Materials, chemicals (?complete) Materials, cans (0% complete)...
-
A feature of most autumns in the northeastern United States is a period of mild, sunny weather called Indian summer, which occurs when an anticyclone happens to stall for a few days off the East...
-
At a given instant in an airplane race, airplane A is flying horizontally in a straight line, and its speed is being increased at a rate of 6 m/s2. Airplane B is flying at the same altitude as...
-
To prepare the statement of cash flows, accountants for Toil-Free Calling, Inc., have summarized 2008 activity in the Cash account as follows: Requirement Prepare the statement of cash flows of...
-
Use the Peclet number [Eq. (16-111a)] to determine which model (completely mixed or plug flow) is appropriate for the distillation column calculation at \(\mathrm{x}_{\mathrm{W}}=0.48\) in Problems...
-
Consider the Custom Molds, Inc. case at the end of Chapter 3, Process Strategy.TM Prepare a flowchart of the mold fabrication process and the parts manufacturing process, showing how they are linked....
-
An exchange rate is 0 . 6 5 0 0 and the six - month domestic and foreign risk - free interest rates are 5 % and 7 % ( both expressed with continuous compounding ) . What is the six - month forward...
-
Start with the partial model in the file Ch21 P08 Build a Model.xlsx on the textbook's Web site. Kasperov Corporation has an unlevered cost of equity of 12% and is taxed at a 40% rate. The 4-year...
-
In Macroland there is $6,000,000 in currency, which is all held by the Bank of Mac as a reserve. The public does not hold any currency, and the bank's desired reserve/deposit ratio is 0.1. 1) Show...
-
How to find the energy estimated on package values(in kcal/g),percent difference(in kcal/g), and determination of calories according to Atwater factors (in kcal/g)?
-
How does the integration of artificial intelligence and machine learning in employee performance assessment impact fairness and objectivity in Human Resource Management ?
-
What are the key factors influencing the successful implementation of a comprehensive Diversity, Equity, and Inclusion (DEI) strategy in global organizations?
-
Below are departmental income statements for the guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies...
-
A 66 Kg engineer leaves her office on the 33rd floor of a skyscraper and takes an elevator up to the 59th floor. Later she descends to street level. The engineer takes the zero of potential energy at...
-
Which of the following is an example of your MVP? a. Manufacturing-ready product design b. An app with all potential features integrated c. An initial pilot connecting the customer with end users...
-
The activities listed in lines 2125 serve primarily as examples of A) Underappreciated dangers B) Intolerable risks C) Medical priorities D) Policy failures
-
Kelly manufacturing is a medium-sized company that manufactures and markets a range of products. The divisions of Kelly include White-goods, Kitchenware and Outdoor Furniture Divisions. The senior...
-
Paper Solutions Ltd manufactures three different models of paper shredders including the waste container that serves as the base. While the shredder heads are different for the three models, the...
-
Search the Internet to find a manufacturer's website that outlines new products the company has recently introduced or plans to introduce. Required: Discuss the steps you think the company would go...
-
When can a disposal group be reported as discontinued operation rather than simply as an asset held-for-sale?
-
Change the type and value of variables in the nutri data set according to Table 1.2 and save the data as a CSV file. The modified data should have eight categorical features, three floats, and two...
-
Visit the UCI Repository https://archive.ics.uci.edu/. Read the description of the data and download the Mushroom data set agaricuslepiota. data. Using pandas, read the data into a DataFrame called...
Study smarter with the SolutionInn App