AP Porcha Industries works hard to keep pace with demand for its modern chandelier. To get...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
AP Porcha Industries works hard to keep pace with demand for its modern chandelier. To get it out the door, Porcha first machines raw materials into key component parts. Next, the component parts are assembled. These two processing departments work together, coordinating the output from the machining process into the assembly process. All DM resources are added at the beginning of the machining process, while conversion costs are added evenly throughout the process. For May, the following information was available for the machining process. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion Units DM Conversion Costs 600 8,500 8,000 1,100 ? $33,100 $340,000 ? 70% $19,360 $208,520 40% Required a. Determine the total cost of units completed and the cost of units in ending WIP Inventory- Machining in May by completing Steps 1-5 of the template, assuming Porcha Industries uses the FIFO method of process costing. b. Determine the total cost of units completed and the cost of units in ending WIP Inventory- Machining in May by completing Steps 1-5 of the template, assuming Porcha Industries uses the weighted-average method of process costing. c. Record the journal entry to account for the transfer of units completed out of the WIP Inventory-Machining account consistent with (1) the FIFO method and (2) the weighted- average method. AP Porcha Industries works hard to keep pace with demand for its modern chandelier. To get it out the door, Porcha first machines raw materials into key component parts. Next, the component parts are assembled. These two processing departments work together, coordinating the output from the machining process into the assembly process. All DM resources are added at the beginning of the machining process, while conversion costs are added evenly throughout the process. For May, the following information was available for the machining process. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion Units DM Conversion Costs 600 8,500 8,000 1,100 ? $33,100 $340,000 ? 70% $19,360 $208,520 40% Required a. Determine the total cost of units completed and the cost of units in ending WIP Inventory- Machining in May by completing Steps 1-5 of the template, assuming Porcha Industries uses the FIFO method of process costing. b. Determine the total cost of units completed and the cost of units in ending WIP Inventory- Machining in May by completing Steps 1-5 of the template, assuming Porcha Industries uses the weighted-average method of process costing. c. Record the journal entry to account for the transfer of units completed out of the WIP Inventory-Machining account consistent with (1) the FIFO method and (2) the weighted- average method.
Expert Answer:
Answer rating: 100% (QA)
I can provide you with a general understanding of how to approach these questions but I dont have th... View the full answer
Related Book For
Managerial Accounting An Integrative Approach
ISBN: 9780999500491
2nd Edition
Authors: C J Mcnair Connoly, Kenneth Merchant
Posted Date:
Students also viewed these general management questions
-
(b) Given complex numbers, x y 1-i + -3+i 3-i 1+3i where x and y are real numbers. Find the values of x and y.
-
What are net exports? Would the increase in foreign students coming to the US on a student visa be considered our import or export and why?
-
A small ferryboat is 4.10 m wide and 6.90 m long. When a loaded truck pulls onto it, the boat sinks an additional 4.60 cm into the river. What is the weight of the truck?
-
QUESTION Mahkota Oil Sdn Bhd has been involved in the palm oil processing industry for several years. It has a steady market and competing successfully with other more expensive vegetable oil...
-
Two polarizers are oriented at 65o to one another. Unpolarized light falls on them. What fraction of the light intensity is transmitted?
-
Calculate a direct operational expense budget and labor budget for the chemistry sectionof your laboratory for 1 year Data: Average of 2 tests per patient day Average cost per test is 50 cents....
-
What makes a question bad? Develop three examples of bad questions. Rewrite your examples so they could be judged as good questions.
-
Predecting sales and variable costs using contribution margin Bloom company management predicts that it will incur fixed costs of $160,000 and earn protax income of $164,000 in the next period. Its...
-
Image transcription text 22 21.9615 0.6588 4.0606 0.3248 0.4648 35.1371 0./891 16 15.7412 0.4739 2.6706 0.3107 0.4507 35.1685 0.0258 10 9.9197 0.2982 1.4440 0.2890 0.4291 35.2908 0.0166 6 6.6168...
-
Part C: Communication [20 marks] -99 1. Investment A offers a fixed annual interest rate of 6%, compounded annually for 15 years. Investment B offers the same fixed annual interest rate of 6%,...
-
John and Martha Holloway are married filing jointly. They are 35 and 31 years old, respectively. Their address is 10010 Dove Street, Atlanta, GA 30294. Additional information about Mr. and Mrs....
-
What is the Internet of Things (IoT)?
-
Some levels of the memory hierarchy may be hidden from the application programmer. Why should such a programmer nevertheless care about the architecture of such levels?
-
At a market price of $42, there is ____________. a) a shortage b) a surplus c) both a shortage and a surplus d) neither a shortage nor a surplus. Price ($) 49 48 47 46 45 44 43 42 41 40 Figure 2 10...
-
Carly Lloyd is arguably the best central midfielder in international womens soccer. She is also an effective attacker, scoring three goals in the Womens World Cup Final in 2015. Based on the theory...
-
Explain the terms GPU and MPSoC!
-
Draw and explain flow chart for computer operation.
-
If a test has high reliability. O the test measures what the authors of the test claim it measures O people who take the same test twice get approximately the same scores both times O scores on the...
-
What does the term target costing mean?
-
Highways End produces energy drinks that are sold in convenience stores and at rest stops along major highways. The drinks provide a burst of energy that can keep drivers alert for long distances....
-
Landry Associates produces a broad range of components for stereos and similar electronic products. It has been having problems with profitability over the past few years. It runs a number of...
-
Why are none of the bulbs in Figure 31. 24 lit? Data from Figure 31. 24 Figure 31.24 (1) (iii) NNN
-
In Figure 31. 26, bulb B is brighter than bulb C, which in turn is brighter than bulb A. Rank, largest first, \((a)\) the magnitudes of the potential differences across the bulbs, \((b)\) the...
-
In Figure 31. 25, identify the energy conversions that occur between points \(A\) and \(B, B\) and \(\mathrm{C}, \mathrm{C}\) and \(\mathrm{D}\), and \(\mathrm{D}\) and \(\mathrm{A}\). Data from...
Study smarter with the SolutionInn App