Question: QUESTION 10 Equivalent Units (This Period Only) Physical Unit Direct Materials Conversion Cost Flow of Production WIP: Beginning 2000 Started during current period 7000

QUESTION 10 Equivalent Units (This Period Only) Physical Unit Direct Materials Conversion

QUESTION 10 Equivalent Units (This Period Only) Physical Unit Direct Materials Conversion Cost Flow of Production WIP: Beginning 2000 Started during current period 7000 To account for 9000 Completed & transferred out during current period From Beginning WIP (0% 2000 0 1200 DM, 60% CC this period) Started and Completed 4000 4000 4000 (100% DM, 100% CC) WIP: Ending (100% DM, 30% CC) 3000 3000 900 Units accounted for 9000 Equivalent units of work done THIS PERIOD 7000 6100 Direct Materials Conversion Costs WIP: Beginning 11,000 18,000 Costs added in current 94,000 80,000 period Note: The company completes items in beginning inventory first Using the above information and the FIFO method, calculate the balance for the WIP inventory account (in dollars) at the end of the period. (Round to nearest dollar after calculations are complete. Do not round early.)

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!

Equivalent Units (This Period Only) Physical Units Direct Conversion Costs Flow of Production Materials WIP: Beginning Started during current period To account for 2000 7000 9000 1200 Completed &...

Equivalent Units (This Period Only) Flow of Production Physical Units Direct Materials Conversion Costs WIP: Beginning 2000 Started during current period 7000 To account for 9000 Completed &...

Tomlinson's management seeks to have a more consistent cost per equivalent unit. Which method of process costing should the company choose and why? \begin{tabular}{|c|c|c|c|} \hline & (Step 1) &...

Adirondack Mountain Springs produces a clean, crisp all natural spring feed bottled water. In the second department, the Bottling Department, conversion costs are incurred evenly throughout the...

Equivalent Units Flow of Production Physical Units Direct Materials Conversion Costs WIP: Beginning 2000 Started during current period 7000 To account for 9000 Completed & transferred out during...

(17-15) 1. Do exercise 17-14 using the FIFO method 2. Tomlinson's management seeks to have a more consistent cost per equivalent unit. Which method of process costung should the company choose and...

1.1 Billy Davidson operates Billys Worm Farm in Mississippi. Davidson raises worms for fishing. He sells a box of 20 worms for $12.60. Davidson has invested $400,000 in the worm farm. He had hoped to...

Please help and format according to the above pictures, thank you! Bhatti Company produces plastic photo frames. Two departments, molding and finishing, are involved in the manufacturing. The molding...

FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Dama Company produces women's blouses and uses the FIFO method to account for its manufacturing costs. The...

Construct a 99% prediction interval for voter turnout in Exercise 16 when the voting age population is 210 million. Construct the indicated prediction interval and interpret the results. Exercise 16...

Reflection by thin layers. In Figure, light is incident perpendicularly on a thin layer of material 2 that lies between (thicker) materials 1 and 3. (The rays are tilted only for clarity.) The waves...

Chemical dependency coverage under an employee assistance plan Provincial health care taxes paid by an employer for their Ontario employees Personal income tax preparation provided to senior...

Use technology to create (a) A stem-and-leaf plot, (b) A dot plot, (c) A pie chart, (d) A frequency histogram, (e) An ogive for the data. Which graph displays the data best? Explain. 64 46 40 55 70...

Describe the two proposals that have been recommended for resolving transfer pricing conflicts.

In 2019, Wabash Corporation pur-chases two assets and places them into service (both have a 7-year MACRS recovery period): Asset #1: $1,260,000 cost; placed in service in February. Asset #2:...

The population data for a certain country are as follows: Obtain a function that describes these data. Plot the function and the data on the same plot. Estimate when the population will be double its...

Corinne Dunbar, M.D., maintains the accounting records of Dunbar Clinic on a cash basis. During 2022, Dr. Dunbar collected 142,600 from her patients and paid 60,470 in expenses. At January 1, 2022,...

Create a 200 word summary on the Juvenile Justice System than and today. Describe The Juvenile system and provide a generalizable definition. Highlight the issues in the Juvenile system and why this...

Your company has a travel policy that reimburses employees for the ordinary and necessary costs of business travel. Employees often mix a business trip with pleasure either by extending the time at...

The US Department of Transportation completed an extensive study of costs and uses of the federal highway system, the Federal Highway Cost Allocation Study (HCAS). This study led to recommendations...

Allied Insurance Company asked the regulatory board for permission to increase the premiums of its insurance operations. Insurance premium rates in the jurisdiction in which Allied operates are...