Karim-Savage Petroleum Inc. produces petroleum as part of a continuous process through two departments: (a) Mixing...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Karim-Savage Petroleum Inc. produces petroleum as part of a continuous process through two departments: (a) Mixing Department, and (b) Washing Department. Direct materials and conversion are added throughout the month in both departments, but at different rates. The information presented below was compiled for the month of November. Please round up to whole dollar. Units Physical units in production carried forward From October 31 Costs Transferred Mixing costs carried forward from October 31 Direct Materials Costs carried forward from October 31 Conversion Costs carried Forward from October 31 Current Production (in November) Units units started during November Units in ending inventories as of November 30 Costs Mixing cost transferred to Washing Department during November Direct Materials Costs incurred in November Conversion Costs incurred in November Percentage of Completion: Beginning Inventories with respect to direct materials on November 1 Inventories with respect to conversion on November 1 Ending Inventories with respect to direct materials on November 30 Inventories with respect to conversion on November 30 Complete the following requirement for the mixing department Mixing Department 4400 $120,200.00 $50,800.00 36,000 6,400 60% 25% Washing Department 60% 40% 8200 $400,000.00 $120,000.00 $24,000.00 ? 6,000 $1,500,000.00 $1,180,000.00 $1,250,000.00 $650,000.00 ? 80% 50% 50% 50% 1. Prepare a schedule showing units started and completed in the Mixing department during November. 2. Compute the equivalent unit of direct materials and conversion for the Mixing department 3. Determine the cost per equivalent unit of input resource for the Mixing department during November 4. Prepare the summary journal entry required to transfer units from the Mixing department to the Washing department 5. Compute the costs assigned to ending inventory in the Mixing Department Karim-Savage Petroleum Inc. produces petroleum as part of a continuous process through two departments: (a) Mixing Department, and (b) Washing Department. Direct materials and conversion are added throughout the month in both departments, but at different rates. The information presented below was compiled for the month of November. Please round up to whole dollar. Units Physical units in production carried forward From October 31 Costs Transferred Mixing costs carried forward from October 31 Direct Materials Costs carried forward from October 31 Conversion Costs carried Forward from October 31 Current Production (in November) Units units started during November Units in ending inventories as of November 30 Costs Mixing cost transferred to Washing Department during November Direct Materials Costs incurred in November Conversion Costs incurred in November Percentage of Completion: Beginning Inventories with respect to direct materials on November 1 Inventories with respect to conversion on November 1 Ending Inventories with respect to direct materials on November 30 Inventories with respect to conversion on November 30 Complete the following requirement for the mixing department Mixing Department 4400 $120,200.00 $50,800.00 36,000 6,400 60% 25% Washing Department 60% 40% 8200 $400,000.00 $120,000.00 $24,000.00 ? 6,000 $1,500,000.00 $1,180,000.00 $1,250,000.00 $650,000.00 ? 80% 50% 50% 50% 1. Prepare a schedule showing units started and completed in the Mixing department during November. 2. Compute the equivalent unit of direct materials and conversion for the Mixing department 3. Determine the cost per equivalent unit of input resource for the Mixing department during November 4. Prepare the summary journal entry required to transfer units from the Mixing department to the Washing department 5. Compute the costs assigned to ending inventory in the Mixing Department
Expert Answer:
Answer rating: 100% (QA)
1 calculation of units completed during the month of November in the Mixing Departments Opening Work In process units 4400 Add Units started during the period 36000 Total units to be accounted for 404... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
Students also viewed these accounting questions
-
Process Cost 25 points Karim-Savage Petroleum Inc. produces petroleum as part of a continuous process through two departments: (a) Mixing Department, and (b) Washing Department. Direct materials and...
-
Hound Havens produces plastic doghouses as part of a continuous process through two departments: Molding and Finishing. Direct materials and conversion are added throughout the month in both...
-
Delray Industries manufactures plastic wading pools as part of a continuous process through two departments: Molding and Finishing. Direct materials and conversion are added throughout the month in...
-
Analyze the residuals from the regression model on the patient satisfaction data from Exercise 4.49. Comment on the adequacy of the regression model. MTB> Stat> Regression > Regression Normal...
-
The following financial statements were taken from the 2010 annual report of Presentations Company: Presentations Company Income Statement For the Year Ended December 31, 2010 Sales revenue . . . . ....
-
Determine the components of all forces acting on member ABCD of the assembly shown. 120 Ib E 4 in. 2 in. OC -4 in -l- 4 in.--l 2 in. 2 in.
-
The fibers in a E-glass/epoxy composite are 0.0005 in. \((0.0127 \mathrm{~mm})\) in diameter before coating with an epoxy sizing \(0.0001 \mathrm{in} .(0.00254 \mathrm{~mm})\) thick. After the sizing...
-
During the past month, the following costs were incurred in the three production departments and two service departments of Postaic Company: Required Allocate service department costs to Fabrication,...
-
The position of a particle moving along a coordinate line is s = 37+4t, with s in meters and t in seconds. Find the rate of change of the particle's position at t = 3 sec. The rate of change of the...
-
The limit order book for a security is as follows: The specialist receives the following, in order: Market order to sell 300 shares Limit order to buy 100 shares at 25.38 Limit order to buy 500...
-
For this centrifugal pump, assume the inlet and discharge pipe are about the same size. What can you say about the change of average flow velocity between the inlet and the discharge? If the pressure...
-
Sampson & Laub argue that childhood antisocial behavior (juvenile delinquency, temper tantrums, conduct disorder) can be linked to problematic adult behaviors, such as deviance, unstable marriages...
-
Problem 21-5 Statement of cash flows; direct method [LO21-3, 21-8] Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries....
-
Defence lawyers are always eager to prove lack of malice (i.e., that harm was not intended). Not only may it be necessary for a defence, but it can also affect the amount of damages if they lose the...
-
A polyethylene film 0.15 mm thick is being considered for use in packaging a pharmaceutical product at 30 C. If the partial pressure of O2 outside is 0.21 atm and inside the package it is 0.01 atm,...
-
Disney Motors, LLC, a Florida limited liability company, ships 100 motorcycles to its California dealership. The truck driver transporting the motorcycles to California stops at a bar New Mexico....
-
On Jan. 1, 2021, Wowzers Co. adopted Dollar Value LIFO. Below is the company's Dollar Value LIFO chart for ending inventory as of Dec. 31, 2021: Layer 1/1/2021 12/31/2021 Inventory at Base Year Costs...
-
Suppose the market is semistrong form efficient. Can you expect to earn excess returns if you make trades based on? a. Your brokers information about record earnings for a stock? b. Rumors about a...
-
Up & Away Airlines has provided the following information regarding cash received for ticket sales in September and October: Cash received in September for October ights............$500,000 Cash...
-
Salter Mining Company purchased the Northern Tier Mine for $21 million cash. The mine was estimated to contain 2.5 million tons of ore and to have a residual value of $1 million. During the first...
-
What activities would make up the marketing and distribution component of the value chain of a local fire department?
-
What are the differences between the light stall and the deep stall. Comment on the differences as regards the sectional lift and the moment coefficients.
-
At high angles of attack, the empirical formulae for the lift and moment coefficients for airfoils pitching at high frequencies are given in terms of maximum dynamic moment coefficient \(\left(C_{M}...
-
During dynamic stall, the drag coefficient is less for pitch-up than for pitch-down, whereas the lift coefficient is larger for pitch-up than for pitch-down. Why?
Study smarter with the SolutionInn App