The following cost information is available for July for the Crest Plant at Calvert Company: Beginning...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 56,000 35,400 $ 91,400 $ 124,000 372,600 $ 496,600 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 80,000 gallons. • Units transferred out in July, 90,000 gallons. • Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs. Cost of goods transferred out total Ending inventory total Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 56,000 35,400 $ 91,400 $ 124,000 372,600 $ 496,600 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 80,000 gallons. • Units transferred out in July, 90,000 gallons. • Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs. Cost of goods transferred out total Ending inventory total Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method.
Expert Answer:
Answer rating: 100% (QA)
To compute the cost of goods transferred out and the ending inventory using the weightedaverage meth... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Create a Resource Group for Hispanic Employees by following the Requirements. Project proposal Step 1: Define the problem Step 2: Present your solution Step 3: Define your deliverables and success...
-
A proct has the following ter toda Year Cash Flow (3) 600 O a. 16.02% O b. 15.28% O c. 14.58% O d. 14.79% O e. 14.22% O f. 15.66% O g. 15.46% Oh. 14.89% 450 300 Hint CF, is not given. First, you need...
-
Based on your leadership SWOT analysis, delineate a specific and actionable plan to achieve your professional goals as they relate to helping an organization build positive culture. Include important...
-
The key rates in the US and New Zealand are 1.61% and 1.64%, accordingly. The value of NZDUSD is 0.9756 on the Forex-market. What is the value of this currency futures with time of maturity 9 months?
-
Find the values of F1y and F2y required to give a net torque of 0.0099 N m. This is a torque that would be effective at rotating the tooth. A. F1y = -1.7 N, F2y = 3.5 N B. F1y = -3.8 N, F2y = 5.6 N...
-
Lactation promotes a temporary loss of bone mass to provide adequate amounts of calcium for milk production. The paper "Bone Mass Is Recovered from Lactation to Postweaning in Adolescent Mothers with...
-
Who can attend a deposition?
-
At the beginning of its fiscal year, Caf Med leased restaurant space from Crescent Corporation under a nine-year lease agreement. The contract calls for annual lease payments of $25,000 each at the...
-
Hinsdale Corp. issues 1,000 shares of $3 par value common stock at $20 per share. Later in the year, the company repurchased 200 shares at a cost of $22 per share. 1. Record the journal entry for the...
-
2. Firm ABC has based on nominal interest rate to compute and pay the interest payment because of its debt amount. Moreover, the firm has purchased an asset and use the Double Declining Balance Model...
-
c) Consider the simple JavaScript operation listed below. Explain the resultant value stored by the variable reorderLevel. var numOfItems = 100; var stockLevels= 500; [2 Marks] var reorderLevel =...
-
2. A car was purchased for $1200 down and payments of $226 at the end of each month for three years interest 7% compounded annually what was the purchase of the car? how much interest will be paid...
-
1. a) Find the value of cot-1 (+3) b) Define the column matrix
-
John had two passions: computers and scooting. Originally a scooter is a skateboard with handlebars, two large rollerblade wheels, and a brake. The market for scooting has been significant. The...
-
Scott Siegel, manager of an M&A hedge fund, watched the tape go across his Bloomberg screen at 4:00 p.m. on June 13, 2001. Celera Genomics, a Rockville company known for mapping the human genome,...
-
Q8: Differentiate y = (3x + 5) Q9: Find local maxima and local minima value of function f(x) =3x+4x-12x+12
-
Sofia Corp had sales of $114,566 in 2019. The operating costs were $78,943, depreciation was $27,156, interest expense was $1,236. The firm's tax rate is 21%. What is the firm's Net Income?
-
When the concentration of a strong acid is not substantially higher than 1.0 10-7 M, the ionization of water must be taken into account in the calculation of the solution's pH. (a) Derive an...
-
Guilford Boards started operations on March 3. There were no direct materials in inventory as of March 2. Data for the month of March include the following: a. Unit cost based on units produced in...
-
Refer to the information in Exercise 7-34. The amount of overhead applied in each of the inventory accounts at the end of Year 1 is as follows. Required Prepare an entry to allocate the over- or...
-
One of the major activities of the City Art Museum (CAM) is a Neighborhood Outreach Program, which was developed both as a public service and to market the museum and its other programs. One of the...
-
Preparing adjusting and subsequent journal entries Natsu Co. records prepaid expenses in balance sheet accounts. Natsus annual accounting period ends on October 31, 2008. The following information...
-
Preparing adjusting entries, adjusted trial balance, and financial statements Following is the unadjusted trial balance for Augustus Institute as of December 31, 2008, which initially records prepaid...
-
Preparing financial statements from the adjusted trial balance The adjusted trial balance for Speedy Courier as of December 31, 2008, follows. Required Use the information in the adjusted trial...
Study smarter with the SolutionInn App