Atlantic Manufacturing Company uses process costing (weighted average). All materials are added at the beginning of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Atlantic Manufacturing Company uses process costing (weighted average). All materials are added at the beginning of the process. Conversion costs are added evenly throughout the process. Normal spoilage rate calculated as a percentage of good units completed: The inspection point at which all spoilage was detected 100,000 units as follows: Materials Conversion Beginning work-in-process in the month of May was $1,600,000 $1,400,000 70% complete During the month of May 800,000 units were started with the following input costs: Materials $7,400,000 Conversion $4,190,000 Completed in May and transferred out: Ending work-in-process inventory Abnormal spoilage 30,000 units Required: Determine following values: 700,000 units. 100,000 units 10% 75% of process completion. units 60% complete Total equivalent units for conversion: Dollar value of abnormal spoilage: Cost of good units finished: Cost of ending work-in-process: Note: A production cost report is not required, but completing an abbreviated version would be useful for the discovery of part-marks. Atlantic Manufacturing Company uses process costing (weighted average). All materials are added at the beginning of the process. Conversion costs are added evenly throughout the process. Normal spoilage rate calculated as a percentage of good units completed: The inspection point at which all spoilage was detected 100,000 units as follows: Materials Conversion Beginning work-in-process in the month of May was $1,600,000 $1,400,000 70% complete During the month of May 800,000 units were started with the following input costs: Materials $7,400,000 Conversion $4,190,000 Completed in May and transferred out: Ending work-in-process inventory Abnormal spoilage 30,000 units Required: Determine following values: 700,000 units. 100,000 units 10% 75% of process completion. units 60% complete Total equivalent units for conversion: Dollar value of abnormal spoilage: Cost of good units finished: Cost of ending work-in-process: Note: A production cost report is not required, but completing an abbreviated version would be useful for the discovery of part-marks.
Expert Answer:
Answer rating: 100% (QA)
Explanation Computation of Following Values a Equivqlent unit it for Conversion Units Particular Mat... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
What impact on Jamie Lees income would the gift of $1,000 from her great aunt have on her adjusted gross income? Would there be an impact on the adjusted gross income with her $2,000 raffle prize...
-
Find the complex numbers representing the vertices of a square if one vertex represents 3 + 3i and the center of the square if one vertex represents 3+3I and the center of the square is at the origin.
-
The Cooking Department of Spicier Inc. uses a process-costing system. Direct materials are added at the beginning of the cooking process. Conversion costs are added evenly during the cooking process....
-
Harpo Marks Corporation produces and sells forklift trucks. Model 17A (the Chico) has a list price of $ 70,000. The production cost for the 20 finished Chicos in inventory at the end of 20X4 was $...
-
If a projectile is launched vertically from the Earth with a speed equal to the escape speed, how high above the Earth's surface is it when its speed is one-third the escape speed?
-
A producer generates data at 1 byte per 200 ns in bursts of 64 K bytes. A consumer, on the other hand, can read the data in 32 - bit words, but only at a rate of 1 word every 2s. Calculate the...
-
Why do you think that the increase in the number of working parents has contributed to a higher demand for food services?
-
John Donelan, the managing partner of the Dublin office of Donelan Consulting, saw the following diagram while visiting one of his clients, who owns a small manufacturing company. Mr. Donelan...
-
Janice would like to send her parents on a cruise for their 25th wedding anniversary. She has priced the cruise at $15,000 and she has 5 years to accumulate this money. To the nearest dollar, how...
-
Jackson County Senior Services is a nonprofit organization devoted to providing essential services to seniors who live in their own homes within the Jackson County area. Three services are provided...
-
KCl has the NaCl type structure which is fcc with two-atom basis, one at (0,0,0) and the other at (1/2,1/2,1/2). Assume that the atomic form factors of K* and Clare identical. In an X-ray diffraction...
-
Julia, who is 26 years old, recently graduated from the University of Chicago with her master's degree in social work. She is a confident young woman who is used to making quick decisions, and she...
-
Suppose a b, and n = Zwith n > 0. a. Prove that a 2n + bn is divisible by 9 iff a and b are both divisible by 3. b. Prove that it not true that a2n + bn is divisible by 27 iff a and b are both...
-
How will accounting help you move forward in your accounting career? When determining fair and reasonable pricing, think these factors provide enough parameters. Why or why not?
-
ELO CORP for the month of Oct 2011: Direct Materials used 10,000; Direct labor rate per hour 5.00 ; Overhead cost 2,300.00 ; Direct labor hours employed 500.00 ; Gross Profit rate 25% based on...
-
Design a Python function that accepts a variable number of arguments and returns their sum. Ensure the function can handle both positional and keyword arguments. Provide examples demonstrating its...
-
With an average service rate of six customers per hour and an average customer arrival rate of five customers per hour, calculate the probability that actual service time will be less than or equal...
-
What do you think?
-
Describe the components of the cash budget.
-
Bates & Hill Fabricators produces commemorative bricks that organizations use for fundraising projects. Aaron Bates, the companys vice president of marketing, has prepared the following sales...
-
Palmer/Davis Designs sells customized mobile phone covers. The companys controller prepared the following income statement for the upcoming monthly management meeting. Required a. Assume that...
-
You are offered the opportunity to buy a note for \($12,800.\) The note is certain to pay \($2,000\) at the end of each of the next 10 years. If you buy the note, what rate of interest will you...
-
What is the value of a 15-year annuity that pays \($500\) a year? The annuitys first payment is at the end of year 6 and the annual interest rate is 12 percent for years 1 through 5 and 15 percent...
-
Mark Weinstein has been working on an advanced technology in laser eye surgery. The technology is expected to be available to the medical industry two years from today and will generate annual income...
Study smarter with the SolutionInn App