The following information concerns production in the Forging Department for April. The Forging Department uses the average
Question:
a. Determine the cost per equivalent unit.
b. Determine the cost of units transferred to Finished Goods.
c. Determine the cost of units in ending Work in Process.
Transcribed Image Text:
ACCOUNT NO. ACCOUNT Work in Process-Forging Department Balance Credit Debit Debit Credit Date Item Apr. 1 Bal., 500 units, 40% completed 30 Direct materials, 4,900 units 30 Direct labor 30 Factory overhead 30 4,400 60,475 92,075 116,775 56,075 31,600 24,700 Goods transferred, 4,700 units 30 Bal., 700 units, 70% completed
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
a b Cost of units transferred to Finished Goods 105750 4700 u...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
Question Posted:
Students also viewed these Business questions
-
The following information concerns production in the Forging Department for June. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred...
-
The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are...
-
The following information concerns production in the Extruding Department for August. All direct materials are placed in process at the beginning of production. a. Determine the number of units in...
-
Consider the following loan information. . Total acquisition price: $3,000,000. Property consists of twelve office suites, five on the first floor and seven on the second. Contract rents: three...
-
Refer to the situation described in BE 11-10. Assume that 2016 depreciation was incorrectly recorded as $32,000. This error was discovered in 2018. How should Robotics account for the error? What is...
-
1. DOMA forced same-sex couples to live as married for the purpose of state law, but unmarried for the purpose of federal law. Why is this a problem? 2. The Court states that DOMA frustrates New...
-
Describe the purpose of an Affirmative Action Plan.
-
Refer to Problem 13-30. Assume that in 2013, Dransfield has changed its processes and trained workers to recognize quality problems and fix them before products are finished and shipped to customers....
-
As of December 31, 2014, Toyota company: had assets of 13,050,000, liabilities of 4,650,000, share capital of 3,300,000 and retained earnings of 5,100,000. What is the Total equity as of that date?
-
We contend that the current sustainability discourse has been captured by large asset managers and other players in the ESG investing eco-system whose sustainability motives and credentials are...
-
The manufacturing costs of Fuld Industries for three months of the year are provided below. Using the high-low method, determine (a) The variable cost per unit (b) The total fixed cost. Total Costs...
-
The charges to Work in ProcessBaking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials...
-
Walberg Associates, antique dealers, purchased the contents of an estate for $ 75,000. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates...
-
What are some criticisms of the target income approach to SID? In the target income model, what determines the physicians target income? Would target incomes differ between physicians in practice?...
-
Some critics argue that providers do not have suffi cient fi nancial incentives to provide quality care. Describe some of the existing safeguards. Evaluate the potential role of P4P. How are ACOs...
-
In the Lakdawalla-Philipson model, why do the authors claim that the minimum average cost of the for-profi t will determine the industry price?
-
In Figure 15.2, suppose that the initial profi t is $1 per unit of inducement ( m = 1). Suppose then, that increased competition lowers m from 1 to 0.5. (a) Draw the new profi t line = mQ o + mI ....
-
Suppose that Medicaids hospital reimbursement rates do not cover the variable costs of patient care. Will a profi t-maximizing hospital accept Medicaid patients? If not, under what circumstances will...
-
In a ____, all the cases in the population have an equal chance of being selected.
-
In a nonmagnetic medium, E = 50 cos (10 9 t 8x) a y + 40 sin (10 9 t 8x) a z V/m find the dielectric constant r and the corresponding H.
-
The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year: The selling price of the company?s product is $20 per unit. Management expects...
-
Daisy Products Limited of Shenzhen, China, manufactures and distributes toys throughout Southeast Asia. Three cubic centimetres (cc) of solvent Q80 are required to manufacture each unit of Fineclay,...
-
Risky Rolling, Inc. is a rapidly expanding manufacturer of skateboards that have been modified for use on ski slopes during the off-season. This years sales are considerably higher than last years...
-
ABC Inc. curently has a share price of $44. If they are paying a dividend of $1.13, with a cum dividend date of November 1, would would you expect their share price to be on November 2nd? Please give...
-
Does China benefit from a weak currency?Does Us benefit from a strong currency? Why? Please explain
-
You purchased 10 ASD June 45 puts and the company declares a 10% stock dividend. How are the terms of the option contract then changed?
Study smarter with the SolutionInn App