How do the weighted average and first-in, first-out methods of process costing differ in their treatment of
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (16 reviews)
The only difference between weighted average and FIFO equivalent units of pr...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Cost Accounting Foundations and Evolutions
ISBN: 978-1111626822
8th Edition
Authors: Michael R. Kinney, Cecily A. Raiborn
Question Posted:
Students also viewed these Managerial Accounting questions
-
How does weighted average method of process costing differ in calculating the cost of good units and spoilage?
-
The weighted average and FIFO methods generally result in approximately the same unit costs because costs do not usually vary dramatically from period to period. Discuss some reasons for exceptions...
-
Compare and contrast the weighted average and simple average methods of converting historical earnings data to a single proxy benefit.
-
Bonita Company's income statement contained the following condensed information. BONITA COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding...
-
Broadbent Insurance purchased $100,000 of 5.5% DGM bonds on January 1, 2016, at a price of 90 when the market rate of interest was 8%. Broadbent intends to hold the bonds until their maturity date of...
-
Gleed Company manufactures products Alpha, Beta, and Gamma from a joint process. Production, sales, and cost data for July follow. Required: 1. Assuming that joint costs are allocated using the...
-
Verify the principle of superposition, which states that if \(\phi_{1}\) and \(\phi_{2}\) are solutions to potential flow then \(\phi=c_{1} \phi_{1}+c_{2} \phi_{2}\) is also a solution. Also show...
-
Ensign Landscape Design designs landscape plans and plants the material for clients. On April 1, there were three jobs in process, Jobs 39, 40, and 41. During April, two more jobs were started, Jobs...
-
10. The graph of y = f(x) shown above, is the graph of a logarithmic function. Which equation below represents the inverse function? A. -(x)=***-2 C. f(x)=-3 B. f(x)=3x-2 D. -1(x)-ex-3+2
-
Imagine that you want to create your own stock index to measure the performance of the stock market over time. You decide to use a methodology similar to that used to calculate the DJIA (see Equation...
-
What are the characteristics of a company that would be more likely to use process costing than job order costing?
-
What is an equivalent unit of production, and why is it a necessary concept to employ in a process costing system?
-
As discussed in Example 4-14, the archerfish hunts by dislodging an unsuspecting insect from its resting place with a stream of water expelled from the fish's mouth. Suppose the archerfish squirts...
-
There are two events \(A\) and \(B . P(A)=7\) and \(P(B)=8 . P\left(\begin{array}{ll}A & B\end{array} ight)=1\). (a) Are \(A\) and \(B\) independent events? Explain why or why not. (b) Find...
-
Let \(Y\) be normally distributed with mean \(=120\) and variance \({ }^{2}=64\). (a) Find \(P\left(\begin{array}{ll}Y & 130\end{array} ight)\). (b) Find \(P\left(\begin{array}{ll}Y & 135\end{array}...
-
There are two events \(A\) and \(B . P(A)=4\) and \(P(B)=4 . P\left(\begin{array}{ll}A & B\end{array} ight)=\) 24 . (a) Are \(A\) and \(B\) independent events? Explain why or why not. (b) Find...
-
Derive an expression for the law of corresponding states for a gas represented by the following expression: \[p=\frac{\Re T}{v-b}-\frac{a}{T v^{2}}\] \[\left[p_{\mathrm{R}}=\frac{8 T_{\mathrm{R}}}{3...
-
Let \(Z\) have the standard normal distribution. (a) Find \(P\left(\begin{array}{lll}0 & Z & 152\end{array} ight)\). (b) Find \(P\left(\begin{array}{ll}Z & 211\end{array} ight)\). (c) Find...
-
A sample DDR2 SDRAMtiming diagram is shown in Figure 2.34. tRCD is the time required to activate a row in a bank, and column address strobe (CAS) latency (CL) is the number of cycles required to read...
-
Swifty company is a publicly held corporation whose $1 par value stock is actively traded at $30 per share. The company issued 3400 shares of stock to acquire land recently advertised at $93000. When...
-
Product cost per unit under absorption costing is a. \(\$ 11\). b. \(\$ 12\). c. \(\$ 14\). d. \(\$ 15\). e. \(\$ 16\). Units produced.... Variable costs Direct materials Direct labor...... Variable...
-
a. Depreciation on the company's equipment for 2013 is computed to be $18,000. b. The Prepaid Insurance account had a $6,000 debit balance at December 31, 2013, before adjusting for the costs of any...
-
Pearson Architectural Design uses a job-order costing system and applies studio overhead to jobs on the basis of direct staff costs. Because Pearson Architectural Design is a service firm, the names...
-
Jasmine Park encountered her boss, Rick Gompers, at the pop machine in the lobby. Rick is the vice president of marketing at Down South Lures Corporation. Jasmine was puzzled by some calculations she...
-
Find the first derivative of the following equation: a. b. y=e3x y=e(x+1) d. y=125x+16-2x y=ln x y=ln (3x+x1) y=In (x+1)
-
The Cutting Department of Lasso Company has the following production and cost data for August. Production Costs 1. Started and completed 9,600 units. Beginning work in process $0 2. Started 2,300...
-
There is sufficient evidence to support the conclusion that a robust relationship exists between drugs and crime. Explain and discuss the studies that support this conclusion. Further explain and...
Study smarter with the SolutionInn App