Q.3. Creative Company uses a process cost system and the weighted average costing method. The company...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Q.3. Creative Company uses a process cost system and the weighted average costing method. The company manufactures a product that passes through two processes: mixing and moulding. All manufacturing costs are added uniformly in the mixing department. Information for the mixing department for May follows: Work-in-Process Inventory, May 1: Units (35 percent complete) 5,000 Direct materials $24,000 $30,000 Direct labour Overhead $10,000 During May, 25,000 units were completed and transferred to the moulding department. The following costs were incurred by the mixing department during May: Direct materials $90,000 Direct labour 120,000 Overhead 30,000 By May 31, 2,500 units that were 80 percent complete remained in the mixing department Requirement-For Mixing Department: A) Calculate be the total equivalent units of production for Direct Materials and Conversion Cost for Mixing Department B) Calculate the unit cost of Materials and Conversion Cost for the month C) Calculate the total cost of units completed and transferred out D) Calculate the total cost of ending Work in process inventory Q.3. Creative Company uses a process cost system and the weighted average costing method. The company manufactures a product that passes through two processes: mixing and moulding. All manufacturing costs are added uniformly in the mixing department. Information for the mixing department for May follows: Work-in-Process Inventory, May 1: Units (35 percent complete) 5,000 Direct materials $24,000 $30,000 Direct labour Overhead $10,000 During May, 25,000 units were completed and transferred to the moulding department. The following costs were incurred by the mixing department during May: Direct materials $90,000 Direct labour 120,000 Overhead 30,000 By May 31, 2,500 units that were 80 percent complete remained in the mixing department Requirement-For Mixing Department: A) Calculate be the total equivalent units of production for Direct Materials and Conversion Cost for Mixing Department B) Calculate the unit cost of Materials and Conversion Cost for the month C) Calculate the total cost of units completed and transferred out D) Calculate the total cost of ending Work in process inventory
Expert Answer:
Answer rating: 100% (QA)
A Total equivalent units of production for Direct Materials and Conversion Cost for Mixing Department Direct Materials 25000 units completed and trans... View the full answer
Related Book For
Cost Management Measuring Monitoring and Motivating Performance
ISBN: 978-0470769423
2nd edition
Authors: Leslie G. Eldenburg, Susan K. Wolcott
Posted Date:
Students also viewed these accounting questions
-
Eclypso Inc. manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the mixing department. Information for the mixing department...
-
Units Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: a. All...
-
Lynne Products Company uses a process cost system and applies actual factory overhead to work in process at the end of the month. The following data came from the records for the month of March:...
-
At t = 0, a particle is traveling parallel to very large insulating plate at a 0.360 m distance with a speed of 980 m/s. Consider that the insulating plate has uniform surface charge density 2.34. x...
-
Why is spoofing a significant risk in e-business?
-
Develop several examples of possible goal conflicts among the various managers and supervisors depicted in Figure.
-
Oldfield Enterprises Limited was formed on 1 January 2005 to manufacture and sell a new type of lawn mower. The bookkeeping staff of the company have produced monthly figures for the first ten months...
-
Carlos Gonzales is production manager at an assembly plant that manufactures cordless telephones. The company is planning to install a pull system. The process is being planned to have a usage rate...
-
Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20.. Presented below is the ledger for Sheridan Co. Cash No. 101 10/1 2,500 10/4 200 10/ 10 600 10/12 1.200...
-
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in assets to launch the business. On December 31, the company's records show the following items...
-
After obtaining an understanding of internal control and assessing control risk, an auditor decided to perform test of controls. The auditor most likely decided that: a. An increase in the assessed...
-
1. Compare rational decision making with the two models of non-rational decision making. 2. How would an organization implement evidence-based decision making? Why could this be hard to do? 3....
-
Tillich believes that apologetic theology and kerygmatic theology satisfy the two basic needs of the Christian Church. Explain what Tillich means by apologetic and kerygmatic theology, state which...
-
In a financial mathematics, investors use utility functions to compare the "joy" of earning money on an investment to the "pain" of losing money on the same investment. Suppose that an investor using...
-
Stanford Metal Works produces two types of metal lamps. Stanford manufactures 17,500 basic lamps and 6,160 designer lamps. Its activity-based costing system uses two indirect-cost pools. One cost...
-
With Boeing 737 Max case you will need to apply Andrew Griffin's (2014) Scenario Planning Model to the case Start with a brief Introduction to provide a concise but sufficient description of the...
-
Post Card Depot, an large retailer of postcards, orders 3,646,031 postcards per year from its manufacturer. Post Card Depot plans on ordering postcards 15 times over the next year. Post Card Depot...
-
The diameter of a sphere is 18 in. Find the largest volume of regular pyramid of altitude 15 in. that can be cut from the sphere if the pyramid is (a) square, (b) pentagonal, (c) hexagonal, and (d)...
-
Manufacturing costs for Shanes Shovels are shown in Exercise 5.19. Direct materials issued to production ....... $180,000 Indirect materials issued to production ....... 30,000 Other manufacturing...
-
Give an example of joint products in a service industry and describe the main products and by-products.
-
Outsourcing is used increasingly for all types of goods and services. The accounting profession is no exception. Years ago, CPAs began outsourcing by hiring part-time staff who sometimes worked at...
-
Everyone has a different tolerance for risk. Some people will try anything once, including skydiving and whitewater rafting. Others take every precaution to avoid danger.
-
What are the main types of investment alternatives?
-
A friend wants to invest a \($500\) bonus she received. What would you advise?
Study smarter with the SolutionInn App