Use below information for Questions 1 to 4: The smelting department of Company X has following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Use below information for Questions 1 to 4: The smelting department of Company X has following production and cost data for September: Production: Beginning WIP 200 units that are 100% complete as to materials and 84% complete as to conversion costs; units started into production 1,000 units; units transferred out to next department 920 units; ending WIP are 100% complete as to materials and 49% complete as to conversion costs. Manufacturing costs: Beginning WIP TL8,900 materials, TL9,250 labor and TL2,900 MOH costs. In current period, TL50,200 worth of materials, TL25,500 worth of labor and TL34,000 worth of MOH costs are incurred. Q-1) Compute the material cost portion of the ending inventory if the company uses WA method to compute equivalent units. Q-2) Compute the conversion cost portion of the ending inventory if the company uses FIFO method to compute equivalent units. Q-3) Compute the material cost portion of the transferred out inventory if the company uses FIFO method to compute equivalent units. Q-4) Compute the conversion cost portion of the transferred out inventory if the company uses WA method to compute equivalent units. Use below information for Questions 1 to 4: The smelting department of Company X has following production and cost data for September: Production: Beginning WIP 200 units that are 100% complete as to materials and 84% complete as to conversion costs; units started into production 1,000 units; units transferred out to next department 920 units; ending WIP are 100% complete as to materials and 49% complete as to conversion costs. Manufacturing costs: Beginning WIP TL8,900 materials, TL9,250 labor and TL2,900 MOH costs. In current period, TL50,200 worth of materials, TL25,500 worth of labor and TL34,000 worth of MOH costs are incurred. Q-1) Compute the material cost portion of the ending inventory if the company uses WA method to compute equivalent units. Q-2) Compute the conversion cost portion of the ending inventory if the company uses FIFO method to compute equivalent units. Q-3) Compute the material cost portion of the transferred out inventory if the company uses FIFO method to compute equivalent units. Q-4) Compute the conversion cost portion of the transferred out inventory if the company uses WA method to compute equivalent units.
Expert Answer:
Answer rating: 100% (QA)
Q1 Beginning WIP materials TL8900 Materials added TL50200 Total materials TL8900 TL50200 TL59... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
Posted Date:
Students also viewed these accounting questions
-
QUESTION 1 (25 Marks) Define business ethics and explain why it is important for organisations. Provide THREE (3) examples of unethical behaviour in business. QUESTION 2 (15 Marks) Explain the...
-
b. You are considering invest in a riskless project in Canada. The project has an initial cost of C$1.5 million and is expected to produce cash inflows of C$600,000 a year for 3 years. The project...
-
The smelting department of Company X has following production and cost data for September: Production: Beginning work in process 200 units that are 100% complete as to materials and 87% complete as...
-
A projectile launcher fires a marble of mass 2 5 grams perfectly vertical. The launcher uses a spring with a constant, k , of 6 0 . 0 Newtons / meter . If the spring is depressed 1 5 centimeters and...
-
What determines the amount of labor that households plan to supply?
-
Carla has been asked to join the team responsible for designing the audit program for a new client, Gaskin Industries Ltd. (Gaskin), a manufacturing and wholesaling firm. Gaskin recently went public...
-
Shawnee Co. set up a petty cash fund for payments of small amounts. The following transactions in volving the petty cash fund occurred in May (the last month of the companys fiscal year): Required I....
-
Aguilera Acoustics, Inc. (AAI), projects unit sales for a new seven-octave voice emulation implant as follows: Year ______________Unit Sales 1 ............................. 87,500 2...
-
Following are the financial statements for Sedgwick Corporation for the year ended December 31, 2020: ASSETS Current Assets Cash $ 76,593 Accounts receivable 119,221 Inventory 248,738 Supplies 6,703...
-
9. You are responsible for estimating the duration of an upcoming project, i.e., how long the project will last once it has started. You have reviewed the project requirements. This is a type of...
-
2. Assuming ideal gas behavior: How much heat is required to heat 1000g N2 from -20C to 100C at constant pressure? What is the change of internal energy for the process described in (a)? What is the...
-
The 1961 price index base 100 = 2012 is equal to 11.84 and the annual nominal interest rate between 1961 and 2012 is 4.4% on average. Answer the following questions, expressing your answer in...
-
Everybody knows that email is important, but should each company develop, own, support, and maintain its own email infrastructure, or should it instead use lower-cost or free services? That is the...
-
In what ways can the application of the Job Characteristics Model enhance employee motivation and job satisfaction in a repetitive task environment? Explain
-
Show the inference of Z using the knowledge based and the initial database using forward chaining. Show intermediate steps. Knowledge Base Y & D -> Z X & B & E ->Y A -> X C -> L L & M -> N 2 Database...
-
Question 20 While being operated on a highway, Off Road Vehicles are governed by the Off Road Vehicles Act. A True B) False 0.6 Points Question 21 0.6 Points The operation of off-road vehicles (ORVS)...
-
Tell whether the angles or sides are corresponding angles, corresponding sides, or neither. AC and JK
-
What is a semi-variable cost?
-
What does the term operational gearing refer to and why is this important?
-
From the data and your answers from question 5, sketch two graphs showing the following against level of activity: (i) variable cost; and (ii) fixed cost. Clearly label each line on your graphs.
Study smarter with the SolutionInn App