Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: Percent Completed Conversion Units Materials Work in process, October 1 46,000 90% 65% Work in process, October 31 40,000 73% 45% The department started 406,000 units into production during the month and transferred 412,000 completed units to the next department Required: Compute the equivalent units of production for October. Materials Conversion Equivalent units of production Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below. Materials Work in process, May 1 Cost added during May $ Labor 12,800 $ 19,350 77,565 $ 12,900 1,100 1,000 Overhead $90,855 $ 60,570 900 $ Equivalent units of production Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.) Materials Labor Overhead Total Cost per equivalent unit ces Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below. Materials 2,110 $ 15.66 Equivalent units in ending work in process inventory Cost per equivalent unit Conversion 980 $ 4.93 A total of 21,600 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) Materials Conversion Total 1. Cost of ending work in process inventory 2 Cost of units transferred out Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: Percent Completed Conversion Units Materials Work in process, October 1 46,000 90% 65% Work in process, October 31 40,000 73% 45% The department started 406,000 units into production during the month and transferred 412,000 completed units to the next department Required: Compute the equivalent units of production for October. Materials Conversion Equivalent units of production Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below. Materials Work in process, May 1 Cost added during May $ Labor 12,800 $ 19,350 77,565 $ 12,900 1,100 1,000 Overhead $90,855 $ 60,570 900 $ Equivalent units of production Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.) Materials Labor Overhead Total Cost per equivalent unit ces Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below. Materials 2,110 $ 15.66 Equivalent units in ending work in process inventory Cost per equivalent unit Conversion 980 $ 4.93 A total of 21,600 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) Materials Conversion Total 1. Cost of ending work in process inventory 2 Cost of units transferred out
Expert Answer:
Answer rating: 100% (QA)
1 Clonex Labs Inc Materials Conversion Units transferred to the next department 40000 40000 Ending w... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date:
Students also viewed these accounting questions
-
The following data are available for Haul-It-Away Truckers: 1. Compute the predetermined overhead rate for each of the two years, if based on (a) Direct labor hours, (b) Number of moving jobs, and...
-
The following data are available for Saffron City, a large discount retailer. Required: (a) Compute Saffron Citys earnings per share and cash ï¬ow per share for each year. (b) For each year,...
-
The following data are available for InterGalactic Strategic Consultants for the year just ended: Gross margin .......... $16,200,000 Operating profit ........ 6,100,000 Revenues .............
-
Greety Food in Ashland, Kentucky, manufactures and markets snack foods. Sita Lee manages the company's fleet of 220 delivery trucks. Lee has been charged with *reengineering* the fleet-management...
-
Reply to the following questions relating to analytical procedures. a. Performing analytical procedures may help an auditor to: (1) Achieve audit objectives related to a particular assertion. (2)...
-
For the given values, determine the quadrant(s) in which the terminal side of the angle lies. sin = 0.5000
-
Find and watch videos of three different MVS applications on YouTube or other video-sharing sites. To help you get started, try a couple of the search phrases are listed below. Simply go to YouTube...
-
Listed here are live scenarios. For each scenario, discuss the possible damages that can occur. Suggest a preventive control. a. An intruder taps into a telecommunications device and retrieves the...
-
Parex Ltd., a listed Canadian company that follows IFRS, acquired 90% of outstanding shares of sheet information and other information are as below: balance Cash and receivables Parex Carrying value...
-
Refer to Exercise 12-25. Stanmore Corporation makes a special-purpose machine, D4H, used in the textile industry. Stanmore has designed the D4H machine for 2017 to be distinct from its competitors....
-
ITSC 1213 - Inheritance Part 2 Introduction The goal of this lab is to practice working more with inheritance hierarchies. Concepts covered in this lab: Inheritance hierarchies Overriding methods...
-
The tiny distance between slits can be difficult to measure. But you can use the interference pattern to find the spacing. Suppose you illuminate the slits with 589-nm yellow sodium light and observe...
-
The figure below shows a conducting loop consisting of a half circle of radius r = 0.2 m and three straight sections. The half circle lies in a uniform magnetic field that is directed out of the...
-
This is an displacement-time (x-t) graph of a SHM. A 2T -A For A = 4.5cm and T = 1.5s find the velocity at 0.3s. Write result in cm/s: X O Answer: - t
-
In looking at the information below in the balance sheet and income statement for quarter ending 10/3/2021 (3rd quarter), how do I determine the Price Earnings Ratio and Return on Equity? As Reported...
-
TOPIC: Gross Income A. Gross Reportable Compensation The employee reported a net take home pay of 180,000. The amount is net of 30,000 withholding income tax and 1,000 SSS. The amount is inclusive of...
-
How do we measure the costs and benefits of public projects?
-
The pendulum consists of two rods: AB is pin supported at A and swings only in the y-z plane, whereas a bearing at B allows the attached rod BD to spin about rod AB. At a given instant, the rods have...
-
Model X100 sells for $120 per unit whereas Model X200 offers advanced features and sells for S500 per unit. Management expects to sell 50,000 units of Model X100 and 5,000 units of Model X200 next...
-
If fixed manufacturing overhead costs are released from inventory under absorption costing, what does this tell you about the level of production in relation to the level of sales?
-
Frank Weston, supervisor of the Freemont Corporations Machining Department, was visibly upset after being reprimanded for his departments poor performance over the prior month. The departments cost...
-
Obtain a photograph/image of a situation in which the surface tension of a fluid is important. Print this photo and write a brief paragraph that describes the situation involved.
-
A soda straw with an inside diameter of 0.125 in. is inserted into a pan of water at \(60^{\circ} \mathrm{F}\). The water in the straw rises to a height of \(0.150 \mathrm{in}\). above the water...
-
Small droplets of carbon tetrachloride at \(68^{\circ} \mathrm{F}\) are formed with a spray nozzle. If the average diameter of the droplets is \(200 \mu \mathrm{m}\), what is the difference in...
Study smarter with the SolutionInn App