The cutting process of Blue Designs started the year with $5,985 in beginning inventory. By year-end,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The cutting process of Blue Designs started the year with $5,985 in beginning inventory. By year-end, Blue determined equivalent units of work done this period (from beginning to end of year) under the FIFO method as follows. Units in beginning WIP Inventory completed this period Units started and completed this period Units in ending WIP Inventory Total cost of units completed this period $ Cost of units in ending WIP inventory DM $ 25 760 95 Conversion Costs 30 Blue's cost per equivalent unit is $71 for DM and $37 for conversion costs. How much cost should Blue assign to the units completed this period? How much cost should be assigned to ending WIP Inventory for the cutting process? 760 45 The cutting process of Blue Designs started the year with $5,985 in beginning inventory. By year-end, Blue determined equivalent units of work done this period (from beginning to end of year) under the FIFO method as follows. Units in beginning WIP Inventory completed this period Units started and completed this period Units in ending WIP Inventory Total cost of units completed this period $ Cost of units in ending WIP inventory DM $ 25 760 95 Conversion Costs 30 Blue's cost per equivalent unit is $71 for DM and $37 for conversion costs. How much cost should Blue assign to the units completed this period? How much cost should be assigned to ending WIP Inventory for the cutting process? 760 45
Expert Answer:
Answer rating: 100% (QA)
To calculate the cost assigned to the units completed this period we need to determine the number of ... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
Students also viewed these accounting questions
-
Materials Work in Process-Mixing Dept Work in Process-Bottling Dept Finished Goods Beg Inventory + Purchases Direct Materials End Inventory Beg Inventory Cost of Units + Direct Materials transferred...
-
This exercise relates to the Double Diamond Skis' Shaping and Milling Department that was discussed earlier in the chapter. The Excel worksheet form that appears below consolidates data from Exhibits...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Assume electricity is generated by three technologies: a base load technology with cost function C b (x b ) and proportional emission coefficient b ; gas turbines with cost function C g (x g ) and...
-
What type of information is found on each of the following source documents? 1. Cash register tape 2. Sales ticket (issued to customer) 3. Purchase invoice (received from supplier or vendor) 4. Check...
-
The mitochondria in a eukaryotic cell _________. A. Serve as the cells power plants; B. Probably evolved from a prokaryotic ancestor; C. Can live independently of the eukaryotic cell; D. A and B are...
-
Refer to the information in QS 13-4. Use that information for Tide Corporation to determine the 2016 and 2017 common-size percents for cost of goods sold using net sales as the base. Data From QS...
-
MacIntyre Fabrications, Ltd., of Aberdeen, Scotland, has recently begun a continuous improvement campaign in conjunction with a move toward Lean Production. Management has developed new performance...
-
There are 12 months on Earth and 4 different seasons. An alien asks us what the name of a month is based on a number. For example, 6 is June. So write a program that teaches the alien what month it...
-
Overview The milestone for Project One involves applying accounting principles and methods to long-term liabilities and equity. You will also evaluate these financial statement components for...
-
A cylindrical container with a massless and frictionless piston is filled with water up to a height of h, as shown in the schematic. What mass m should be placed on the piston so that the water flow...
-
Short Rate Dollar Duration SR $ Dur = -(K u -K d )/(r u -r d ), where K u =Asset up payoff, r u =6.004% K d =Asset down payoff, r d =4.721% What are the SR dollar durations and SR durations of the...
-
You draw 320 mL of 15 ? C water from the tap and pop it into a 900-W microwave oven to heat for tea. How long should you microwave the water so it just reaches the boiling point? Express your answer...
-
How many times larger is the momentum of the 1795 kg hippo than the momentum of a 50.8 g dart being fired at 405 m/s? 0.240 times 240 times 31.7 times 86.9 times
-
Probability and Impact Weight 5% of the final grade Due no later than 11:00 p.m. on Sunday of Unit 6 Objectives [CLO 1, CLO 2, CLO 3, CLO 4, CLO 5, CLO 6] On successful completion of this...
-
The distance between Tampa and Orlando is 100 miles. If you leave Tampa at noon and arrive in Orlando at 1 pm, how fast did you travel, in mph? If one mile is equal to 1.6 km, what was your velocity...
-
Charles and Mary Bangle bought a controlling interest in Manco & Manco Pizza, which had previously been known as Mack & Manco. The chain consists of three stores on the boardwalk in Ocean...
-
What is the purpose of the journal wizard?
-
Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $2,200, and the variable cost per cup of coffee served is $0.18....
-
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production . . . . . . . ....
-
Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each $2...
-
Select the statement that best describes organizational versus organized crime: 1. Organizational and organized crime are essentially the sameboth center on crimes committed by organizations. 2. Some...
-
Three people check into a hotel. They pay $30 to the manager and go to their room. The manager suddenly remembers that the room rate is $25 and gives $5 to the bellboy to return to the people. On the...
-
A scientist has two bucketsone holds 4 gallons and the other holds 5 gallonsas well as an unlimited water supply. By using nothing but the buckets and water, how can you accurately measure 3 gallons...
Study smarter with the SolutionInn App