Believue Chemicals had beginning work-in-process inventory of $244,265 on March 1. Of this amount, $102,180 was...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Believue Chemicals had beginning work-in-process inventory of $244,265 on March 1. Of this amount, $102,180 was the cost of direct materials and $142,085 was the cost of conversion. The 24,080 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs. During March, 58,120 units were transferred out and 14,400 remained in ending inventory. The units in ending inventory were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $852,620 for direct materials and $985,151 for conversion. a-1. Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Believue Chemicals had beginning work-in-process inventory of $244,265 on March 1. Of this amount, $102,180 was the cost of direct materials and $142,085 was the cost of conversion. The 24,080 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs. During March, 58,120 units were transferred out and 14,400 remained in ending inventory. The units in ending inventory were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $852,620 for direct materials and $985,151 for conversion. a-1. Compute the cost of goods transferred out and the cost of ending inventory for March using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO?
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Refer to the data in Exercise 8-45. Data in Exercise 8-45. Bellevue Chemicals had beginning work-in-process inventory of $239,910 on March 1. Of this amount, $101,280 was the cost of direct materials...
-
Bellevue Chemicals had beginning work-in-process inventory of $239,910 on March 1. Of this amount, $101,280 was the cost of direct materials and $138,630 was the cost of conversion. The 24,000 units...
-
March 1, 2019, Bowie Company's beginning work in process inventory had 10,000 units. This is its only production department. Beginning WIP units were 50% complete to conversion costs. Bowie...
-
Consider a regulators objective formulized as: (a) Show that at most one of the four constraints (incentive compatibility and participation) can be binding in this case, that the high cost firms fee...
-
Aston plc performs year-end planning in November of each year before its calendar year ends in December. The preliminary estimated net income is £3 million. The CFO, Rita Warren, meets with the...
-
Mr. Franklin has lost at the craps table for the last ten throws of the dice. Therefore, it is extremely likely that he will win on the next throw. Identify the fallacies of relevance, weak...
-
A clerk works in a wholesale business that also operates several retail outlets. Thus, cash sales are common. This clerk is responsible for tallying the day's cash receipts and preparing the daily...
-
Information related to Harwick Co. is presented below. 1. On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs...
-
You have been offered a unique investment opportunity. If youinvest $10,400 today, you will receive $520 one year from? now,$1,560 two years from? now, and $10,400 ten years from now.a. What is 2...
-
The lifetime (in months) of a battery is modeled by a random variable X that has pdf f ( x ) = K x 1 ( x > 0 ) where K = ln ( 1 / ) for an unknown parameter ( 0 , 1 ) . (Here 1 ( x > 0 )...
-
Researchers at the Mayo Clinic have studied the effect of sound levels on patient healing and have found a significant association (louder hospital ambient sound level is associated with slower...
-
(a) What are the three requirements for successful recursion in C++? [3 marks] (b) Please explain the advantages and disadvantages of using recursion instead of an iterative approach. [2 marks] (c)...
-
Balboa Partnership is owned by the following: 2 5 % by Ann 1 0 % by Bill ( Ann ' s son ) 1 0 % by Charles ( Ann ' s brother ) 2 5 % by Dagwood ( unrelated to Ann ) 3 0 % by Acme Corporation ( owned...
-
Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,400 units (solar panels) in July and 5,400 units in August. QS 20-11 (Algo) Manufacturing: Factory...
-
The balanced scorecard approach emphasises the need to provide management with a set of information which covers all relevant areas of performance in an objective and unbiased fashion. The...
-
1. (10%) Consider the DSP system described by y(n) = [x(n) x(n 1)]/2. (a) Determine and sketch the magnitude and phase response of the system. (b) Determine the steady-state response of the system to...
-
A refrigerator is treated as real property when A - it is specifically included within the sales contract B - all of the comparables have refrigerators included in their sales C - the typical house...
-
You are a Loan Officer with an Investment Bank. Today you need to set your lending parameters. They are: LTV: 55% 10 Year T-Bill: TBD Rate Markup: 300 Basis Points Term: 30 Years Amortization: 30...
-
Mcquade Equipment is considering a new product for the road construction industry. The analyst has collected some information about the product design, summarized as follows: The marketing group at...
-
Mackenzie Mining has two operating divisions, Northern and Southern, that share the common costs of the companys human resources (HR) department. The annual costs of the HR department total...
-
Harbortown Marine Products (HMP) manufactures and sells various fixtures for boat cabins. One fixture uses a specialized fitting that is not used in any other HMP product. The management of HMP has...
-
Raymonde, the owner of a small company, asked Holmes, public accountant, to conduct an audit of the company's records. Raymonde told Holmes that an audit is to be completed in time to submit audited...
-
List the eight parts of an unqualified auditor's report and explain the meaning of each part. How do the parts com pare with those found in a qualified report?
-
What are the purposes of the introductory paragraph in the auditor's report? Identify the most important informa tion included in the introductory paragraph.
Study smarter with the SolutionInn App