Given the quantity of DM added in June, Novak Corporation determined there were still 3,800 gallons...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Given the quantity of DM added in June, Novak Corporation determined there were still 3,800 gallons of cleaning solution in process at the end of the month; these units were 80% complete for conversion costs. During June, Novak began work on 21,200 new gallons. The company finished production of 18,500 gallons in June. At the beginning of June, there were 1,100 gallons in process, 10% complete for conversion costs. All DM resources are added at the beginning of the process. Complete Step 1 of the process costing template for Novak Corp. using the FIFO method. STEP 1 Verify Physical Units in Period and Identify Degree of Completion Physical Units Units in Beginning WIP Inventory Units Started this Period Units Completed and Removed from WIP Inventory this Period Units in Ending WIP Inventory 1100 21200 18500 3800 Degree of Con DM 100 % 100 % DM Degree of Completion Conversion Costs 100 % do 100 % do 10 % 80 60 % Verify Physical Units in Period and Identify Degree of Completion Units in Beginning WIP Inventory Total Units Accounted for Total Units to Account for Units Completed and Removed from WIP Inventory this Period Units in Beginning WIP Inventory Units in Ending WIP Inventory Units Started this Period Given the quantity of DM added in June, Novak Corporation determined there were still 3,800 gallons of cleaning solution in process at the end of the month; these units were 80% complete for conversion costs. During June, Novak began work on 21,200 new gallons. The company finished production of 18,500 gallons in June. At the beginning of June, there were 1,100 gallons in process, 10% complete for conversion costs. All DM resources are added at the beginning of the process. Complete Step 1 of the process costing template for Novak Corp. using the FIFO method. STEP 1 Verify Physical Units in Period and Identify Degree of Completion Physical Units Units in Beginning WIP Inventory Units Started this Period Units Completed and Removed from WIP Inventory this Period Units in Ending WIP Inventory 1100 21200 18500 3800 Degree of Con DM 100 % 100 % DM Degree of Completion Conversion Costs 100 % do 100 % do 10 % 80 60 % Verify Physical Units in Period and Identify Degree of Completion Units in Beginning WIP Inventory Total Units Accounted for Total Units to Account for Units Completed and Removed from WIP Inventory this Period Units in Beginning WIP Inventory Units in Ending WIP Inventory Units Started this Period
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Project L costs $ 6 3 , 9 3 4 . 1 6 , its expected cash inflows are $ 1 4 , 0 0 0 per year for 9 years, and its WACC is 1 1 % . What is the project's IRR? Round your answer to two decimal places.
-
Explain the layers of multilayer perceptron and give an example. (please give answer in detail and long with example clear)
-
Part 2 Instructions: Page 2 After all of the transactions for the year ended December 31, 20X1 have been posted (including the transactions recorded in part 1), the data below is given for the...
-
Assuming 250 days of operation per year and a lead time of five days, what is the reorder point for Westside Auto in Problem 15? Show the general formula for the reorder point for the EOQ model with...
-
It may seem odd, but biologists can tell how old a lobster is by measuring the concentration of pigment in the lobsters eye. The authors of the paper Neurolipofuscin Is a Measure of Age in Panulirus...
-
A uniform door weighs 50.0 N and is 1.0 m wide and 2.6 m high. What is the magnitude of the torque due to the door's own weight about a horizontal axis perpendicular to the door and passing through a...
-
This exercise shows why microinsurance may work. Empirical evidence suggests that an individuals degree of absolute risk aversion, A, is decreasing, where A is defined as (-u/u), with u( ) being the...
-
Top managers of Video Avenue are alarmed by their operating losses. They are considering dropping the DVD product line. Company accountants have prepared the following analysis to help make this...
-
A cone is a solid made from a polygonal base, a point not in the same plane as the base, and all points between them. A. True B. False
-
Problem 26-30 (LO. 6) Eggers Corporation filed an amended Form 1120, claiming an additional $400,000 deduction for payments to a contractor for a prior tax year. The amended return was based on the...
-
1. If a company is to be successful, risk management should be a big part of their every day operations. This week, I would like you to present a company and describe at least 1 way that they are...
-
An operating system is a collection of software that manages computer hardware resources and provides common services for computer programs. You are required to choose THREE (3) operating system...
-
How similar or unlike are agency performance management and employee performance reviews What is your definition of government privatization? Is this a wise course of action for the state? Which,...
-
20 write a polynomial of lowest degree in with zeros of -3 (multiplicity 2) and 2 F(0)=32. Write answer and with standard Form.
-
Basing on the "Artificial Intelligence for the Real World" article by Thomas H. Davenport, Rajeev Ronanki and published by the Harvard Business Review. Answer the following questions: Discuss the...
-
QUESTION 1 - Services & Servers, Directory services a) [i] "If you aren't monitoring it, you aren't managing it."-Explain the consequences of not monitoring IT services in an organisation. [ii]...
-
What are the key elements of a system investigation report?
-
Guarantee Oil Companys internal land department incurred costs of $150,000 in acquiring leases. Of the 1 million acres of prospects, only 450,000 acres were leased. a. How much, if any, of the...
-
Given the following data for Float Energy: a. Give the entries to record the abandonment of both Lease A and Lease B. b. Give the entries assuming instead that both Lease A and Lease B were proved,...
-
Gusher Oil Corporation obtained shooting rights only for \($10,000\) on 5,000 acres owned by Mr. Q and shooting rights coupled with an option to lease for \($12,000\) on 4,000 acres owned by Mr. S....
Study smarter with the SolutionInn App