Refer to E3-10 for information regarding Legacy Company. Required: Complete all requirements for E3-10 using the FIFO
Question:
Refer to E3-10 for information regarding Legacy Company.
Required:
Complete all requirements for E3-10 using the FIFO method.
1. Reconcile the number of physical units worked on during the period.
2. Calculate the number of equivalent units.
3. Calculate the cost per equivalent unit rounded to five decimal places.
4. Reconcile the total cost of work inprocess.
Transcribed Image Text:
Work in process, May1 (100% complete for materials, 90% for conversion) Direct materials Conversion cost 36,000 units $64,500 $87,500 Number of units started 90,500 units May costs Direct materials Conversion cost $103,000 $189,500 Work in process, May 31 (100% complete for materials, 20% for conversion) 33,500 units
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
Req 1 Physical Units Physical Units Beginning Units 36000 Units Completed 93000 a Units Started 9050...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Managerial Accounting
ISBN: 978-0078025518
2nd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Question Posted:
Students also viewed these Managerial Accounting questions
-
1. Complete Problem 5- 33 using the FIFO method of process costing. 2. If you did Problem 5- 33, explain any difference between the cost of work completed and transferred out and the cost of ending...
-
Required 1. Do Problem 5- 30 using the FIFO method of process costing. If you did Problem 5- 30, explain any difference between the cost of work completed and transferred out and the cost of ending...
-
Using the FIFO method prepare a process cost report for May If an amount box does not require an entry enter 0 For per unit amounts round to the nearest cent For the percentages do not enter the...
-
Q1 The spectrum of two light sources A and B are shown in Figure 1(a) and Figure 1(b) respectively: W Light Source A 10. wwwth [nm] 1.045,24 11.A Light Source B MA MA 1 ww.alanghem MA Figure 1(a)...
-
Briefly explain when and how each of the two education credits is phased out.
-
Bigger n' Better Pty Ltd has just acquired the Tiny Tots business. The fair value of Tiny Tots' net assets as at the date of acquisition is $1 855 000. Bigger n' Better Pty Ltd has agreed to pay the...
-
Explain the ownership of and who can access a patients medical record.
-
According to the U.S. National Electrical Code, copper wire used for interior wiring of houses, hotels, office buildings, and industrial plants is permitted to carry no more than a specified maximum...
-
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 3 1 , 2 0 2 4 Net sales $ 3 , 0 2 1 , 0...
-
The sales manager for a publisher of college textbooks has six traveling salespeople to assign to three different regions of the country. She has decided that each region should be assigned at least...
-
Legacy Company manufactures umbrellas and has the following information available for the month of May: Required: Using the weighted-average method of process costing, complete each of the following...
-
Arboles Company manufactures pencils and has the following information available for the month of July: Required: Using the weighted-average method of process costing, complete each of the following...
-
Persuasive precedent means that a trial-level court in Idaho is bound to follow the case law precedent established by the Supreme Court of Washington because the Washington court is a higher level...
-
Prometheus possesses some secret knowledge that Zeus wants to know, but which Prometheus refuses to tell him. What does Prometheus know? He has foreknowledge about the disaster that is about to...
-
Discuss the relationship between recruitment and selection. Evaluate an organizations recruiting and selection processes. Identify important HR metrics to support strategic decision-making
-
If 8(n) is a unit-impulse, using the definition of convolution, show that x(n)* 8(n-k) = x(n-k) (for an arbitrary signal x(n). Assume the impulse response of an LTI system is given by: h(n) = {1, 2,...
-
Purchase Considerations Borrow $1.6 million at 10 percent on declining balance Depreciate stratight line over five years Trade-in value of $130,000 at end of useful life Maintenance expense of...
-
SOLVE THE FOLLOWING PROBLEMS AND SHOW YOUR COMPLETE SOLUTIONS. EXPLAIN YOUR ANSWER FOR BETTER UNDERSTANDING. 1. Find the interest and amount on PhP 10,500 at 8% simple interest for 10 months. 2. Find...
-
A problem often of concern to managers in processing industries is blending. The Nutmeg Corporation, from Problem 15, is considering a new product it intends to sell to active and health-concerned...
-
Selected condensed data taken from a recent statement of financial position of Morino Ltd. are as follows. MORINO LTD. Statement of Financial Position (partial) Other current assets...
-
A flat plate with a chord length of \(3 \mathrm{ft}\) and an infinite span (perpendicular to the page in Fig. 1.12) is immersed in a Mach 2 flow at standard sea level conditions at an angle of attack...
-
Jaffre Enterprises distributes a single product whose selling price is $16 and whose variable expense is $11 per unit. The companys fixed expense is $16,000 per month. Required: 1. Prepare a profit...
-
Last month when Holiday Creations, Inc., sold 50,000 units, total sales were $200,000, total van- able expenses were $120,000, and fixed expenses were $65,000. Required: 1. What is the companys...
-
Last month when Holiday Creations, Inc., sold 50,000 units, total sales were $200,000, total van- able expenses were $120,000, and fixed expenses were $65,000. Required: 1. What is the companys...
-
In what ways does HR assist managers in handling employee performance issues or conflicts within their teams? What role does HR play in helping managers navigate challenges related to allegations and...
-
Define the following sets (30 points) (a) X = {(x, y) = R: y = f(x) = 3x + 3y 42} =1 (b) Y={(x, y) = R: y = f(x) = 2x + 2y 42} (c) Z = XUY (d) Prove whether or not each set defined above is convex?
-
Why is A/B testing so useful for marketing, and digital marketing in particular? Give at least two examples of A/B testing for marketing purposes. Give a null and alternative hypothesis for one of...
Study smarter with the SolutionInn App