HiSing manufactures beverages for the Taiwanese market. The following data reiate to its July 31, 2017...

  

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HiSing manufactures beverages for the Taiwanese market. The following data reiate to its July 31, 2017 fiscal year end: $185,000 140,000 25,000 Raw materials inventory, August 1, 2016 Raw materials inventory, July 31, 2017 Work in process inventory, August 1, 2016 Work in process inventory, July 31, 2017 Finished goods inventory, August 1, 2016 Finished goods inventory, July 31, 2017 35,000 375,000 390,000 Đirect labour 1,200,000 Sales commissions 400,000 Factory supervisors" wages Company president's salary 240,000 250,000 Purchases of raw materials 3,250,000 Property taxes (75% factory, 25% office) Depreciation (90% factory, 10% office) Repairs and maintenance (95% factory, 5% office) Utilities expense (90% factory, 10% office) 100,000 1,700,000 200,000 600,000 Sales revenue 10,300,000 2,000,000 Advertising Required: Based on the information above: d.) Prepare a schedule of cost of goods manufactured. c.) Prepare a schedule of cost of goods sold. £) Prepare an income statement (assuming a tax rate of 25%.) For September 2020, the beginning work in process inventory in the Kiln Handling Department was 3,300 units that were 35% complete with respect to materials and 25% complete with respect to conversion costs. The ending work in process inventory was 6,800 units averaging 40% completion with respect to materials and 20% complete for conversion costs. Production data shows that 95,000 units were started in production during the month. Beginning work in process inventory costs included $12,548 for materials and $10,440 for conversion costs. For the period, aditional costs of $580,650 for materials and $852,600 for conversion costs were added. a. How many units were completed and transferred out of the Kiln Handling Department? (2 points) b. Calculate the number of equivalent units of materials for the period. (2 points) c. Calculate the number of equivalent units of conversion costs for the period. (2 points) d. What are the total costs that must be accounted for? (2 points) e. What is the cost per equivalent unit for material? Please provide your answer to 3 decimal places. (2 points) f. What is the cost per equivalent unit for conversion costs? Please provide your answer to 3 decimal places. (2 points) g. What was the cost of units completed and transferred out of the department? (2 points) HiSing manufactures beverages for the Taiwanese market. The following data reiate to its July 31, 2017 fiscal year end: $185,000 140,000 25,000 Raw materials inventory, August 1, 2016 Raw materials inventory, July 31, 2017 Work in process inventory, August 1, 2016 Work in process inventory, July 31, 2017 Finished goods inventory, August 1, 2016 Finished goods inventory, July 31, 2017 35,000 375,000 390,000 Đirect labour 1,200,000 Sales commissions 400,000 Factory supervisors" wages Company president's salary 240,000 250,000 Purchases of raw materials 3,250,000 Property taxes (75% factory, 25% office) Depreciation (90% factory, 10% office) Repairs and maintenance (95% factory, 5% office) Utilities expense (90% factory, 10% office) 100,000 1,700,000 200,000 600,000 Sales revenue 10,300,000 2,000,000 Advertising Required: Based on the information above: d.) Prepare a schedule of cost of goods manufactured. c.) Prepare a schedule of cost of goods sold. £) Prepare an income statement (assuming a tax rate of 25%.) For September 2020, the beginning work in process inventory in the Kiln Handling Department was 3,300 units that were 35% complete with respect to materials and 25% complete with respect to conversion costs. The ending work in process inventory was 6,800 units averaging 40% completion with respect to materials and 20% complete for conversion costs. Production data shows that 95,000 units were started in production during the month. Beginning work in process inventory costs included $12,548 for materials and $10,440 for conversion costs. For the period, aditional costs of $580,650 for materials and $852,600 for conversion costs were added. a. How many units were completed and transferred out of the Kiln Handling Department? (2 points) b. Calculate the number of equivalent units of materials for the period. (2 points) c. Calculate the number of equivalent units of conversion costs for the period. (2 points) d. What are the total costs that must be accounted for? (2 points) e. What is the cost per equivalent unit for material? Please provide your answer to 3 decimal places. (2 points) f. What is the cost per equivalent unit for conversion costs? Please provide your answer to 3 decimal places. (2 points) g. What was the cost of units completed and transferred out of the department? (2 points)

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Hising Cost of Goods Manufactured schedule Opening WIP 25000 Direct Materials OP RM Inventory 185000 ... View the full answer