Question: Hi I need help with the following problem in the attached photo: 5. (TOO 3) XYZ Company uses process costing to track its costs in

Hi I need help with the following problem in the attached photo:

5. (TOO 3) XYZ Company uses process costing to track its costs in two sequential production departments.- Forming and Finishing. The following information is provided regarding the Forming department. Forming Department Month Ended June 30 Unit information Beginning work in process, June 1 6,000 Started into production during June 30.000 Completed and transferred to Finishing department during June 2000 Ending work in process, June 30 (25% complete as to direct materials and 40% complete as to conversion costs) 14,000 Cost information Beginning work in process as of June 1 consists 01510300 of direct materials costs and $5,500 of conversion costs) $15,500 Direct materials used in June $27,000 Conversion costs incurred in June $14,850 Required (a) Calculate the equivalent units for conversion costs. (Show your work) (b) Calculate the cost per equivalent unit for conversion costs. (Show your work) (Points : 25)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Predict the products of the following reactions. (a) Cyclopentanone + Br2 in acetic acid (b) 1-phenylethanol + excess I2 in base (c) (d) (e) (f) (g) (h) (i) CH (1) LDA CH CH,CH,CH,Br Ph TOH Ph (2)...

Please solve this question without using Excel 5. (TCO 3) XYZ Company uses process costing to track its costs in two sequential production departments: Forming and Finishing. The following...

Can someone please help me with these problems? I need it in two hours thank you. Page 3 Question 1. 1. (TCO 5) Vernon Inc. manufactures and sells one product. Sales and production information is...

(TCO 1) How does managerial accounting assist managers with fulfilling their primary responsibilities of planning, directing, and controlling? Please define planning, directing, and controlling and...

(TCO 5) ABC Company manufactures and sells one product. Sales and production information is contained below. Selling price per unit $62 Variable manufacturing costs per unit produced (DM, DL, and...

(TCO 3) XYZ Company uses process costing to track its costs in two sequential production departments: Forming and Finishing. The following information is provided regarding the Forming department....

1. (TCO 2) XYZ Company uses budgeted overhead rates to apply overhead to individual jobs. It uses a system based on machine hours. Last year, the company made the following estimates for this year....

please help me answer these questions , i have four hours to complete. Thank you! 4)Simpson Company produces and sells a single product whose selling price is $90.00 per unit and whose variable...

please help me answer these two questions. please show your work. I need this within the next two hours thank you! 2) (TCO 3) James Company uses process costing to track its costs in two sequential...

XYZ Company uses process costing to track its costs in two sequential production departments: Forming and Finishing. The following information is provided regarding the Forming department. Forming...

1. (a) How did 3Ms David Windorski get ideas from college students to help him in designing the final commercial version of the Post-it Flag Highlighter? (b) How were these ideas important to the...

Assess the organization where you currently or formerly worked. Why would it be important for your company to make human resources into a competitive advantage? How can HR contribute to doing so?...

12.4 A three-phase system with abc sequence and V L = 440 V feeds a Y-connected load with Z L = 4030 . Find the line currents.

The three partners of Hawkdale Contractors agree to liquidate their partnership on August 8, 2017. At that point, the accounting records show the following balances: The three partners share profit...

At April 30 of the current year, partners' capital balances and the profit- and loss-sharing ratio in SOS Enterprises are as follows: On May 1, the SOSO Company is formed by admitting N. Osvald to...

Fancy Doors, Inc., produces two types of doors, interior and exterior. The companys simple costing system has two direct cost categories (materials and labor) and one indirect cost pool. The simple...

Tyler Gilligan and Matt Melnyk, two college friends, decided to set up a snow removal business called Ty & Matt Snow Removal Services. At the inception of the partnership, Tyler invested $4,000 cash...

Below is an alphabetical listing of the accounts in the general ledger of the Kant-Adder accounting firm at the partnership's fiscal year end, March 31, 2017. Adjusting entries for the year have been...

1 Description of the multinational corporation, the nature of its business and any other relevant facts. 2 Describe the elements of the formal planning process with supporting evidences 3 Describe...

6. Think of something that you believe in, without the slightest doubt attached to it. How do you imagine this? Is it verbal, in rumours, in metaphors or the like? The answer says something about how...

Do not move closer than an arms distance. (This distance literally applies to Northern Europe. In Southern Europe this distance is slightly smaller.) If you get closer than this distance, you seem...

2. Now list, after going through a-c, three things that you want to be the impres-sion you want others to be left with after meeting you, and that you want to be lasting over time. List four points...