Units in ending WIP Inventory Total units accounted for Blue adds its conversion costs evenly throughout...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Units in ending WIP Inventory Total units accounted for Blue adds its conversion costs evenly throughout the machining process. 8,600 0% 40% 266,500 The machining department of Blue Manufacturing had a busy year! Management evaluated the stage of completion of ending WIP Inventory and recorded the following in Step 1 of its process costing analysis. Step 1: Verify physical units in the period and identify degree of completion Units in beginning WIP Inventory Units started this period Total Units to account for Degree of Completion Physical Units DM Conversion Costs 3,300 100% 70% 263,200 266,500 Units completed and removed from WIP Inventory this period 257,900 Units in ending WIP Inventory 8,600 0% 40% (a) Your answer is incorrect. Determine the equivalent units of production for both DM and conversion costs this year for the Blue machining department under the FIFO method. Total equivalent units of work done this period DM 266500 Conversion Costs 264050 (b1) According to the completion percentages in part (a), does Blue add DM costs in the machining department closer to the beginning, the middle, or the end of the process? (d) Determine the equivalent units of production for both DM and conversion costs this year for the Blue machining department under the weighted-average method. Total equivalent units of work done this period DM Conversion Costs Units in ending WIP Inventory Total units accounted for Blue adds its conversion costs evenly throughout the machining process. 8,600 0% 40% 266,500 The machining department of Blue Manufacturing had a busy year! Management evaluated the stage of completion of ending WIP Inventory and recorded the following in Step 1 of its process costing analysis. Step 1: Verify physical units in the period and identify degree of completion Units in beginning WIP Inventory Units started this period Total Units to account for Degree of Completion Physical Units DM Conversion Costs 3,300 100% 70% 263,200 266,500 Units completed and removed from WIP Inventory this period 257,900 Units in ending WIP Inventory 8,600 0% 40% (a) Your answer is incorrect. Determine the equivalent units of production for both DM and conversion costs this year for the Blue machining department under the FIFO method. Total equivalent units of work done this period DM 266500 Conversion Costs 264050 (b1) According to the completion percentages in part (a), does Blue add DM costs in the machining department closer to the beginning, the middle, or the end of the process? (d) Determine the equivalent units of production for both DM and conversion costs this year for the Blue machining department under the weighted-average method. Total equivalent units of work done this period DM Conversion Costs
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Calculate the inventory turnover ratio and days' sales in inventory for ABC Company. b) Calculate the inventory turnover ratio and days' sales in inventory for XYZ Company. c) Compare the results...
-
PC Connection is a leading mail order retailer of personal computers. A recent financial report issued by the company revealed the following information: Merchandise inventory (beginning of the...
-
Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 1 of the current fiscal year, which...
-
At the instant under consideration, the cable attached to the cart of mass m 1 is tangent to the circular path of the cart. If the upward speed of the cylinder of mass m 2 is v 2 = 1.2 m/s, determine...
-
Reconsider the data from Problem 51. What is the capital recovery cost of Alternative 3 for a 6-year life? Data from problem 51 Alternatives 1, 2, and 3 have lives of 3, 4, and 6 years, respectively....
-
Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records. Instructions (a) Prepare a bank reconciliation going from...
-
Part A Learning Goal: To understand that the charge stored by capacitors represents energy; to be able to calculate the stored energy and its changes under different circumstances. An air-filled...
-
Sampling can allow you to assess the true impact of what? A. Skew B. Kurtosis C. Mean D. Range
-
Has the theory of purposeful work behaviour any significance when it comes to integrating personality and motivation theories.
-
Suppose the interest rate is 6.8% APR with monthly compounding. What is the present value of an annuity that pays $108 every six months for six years?
-
What is the significance of stereotyping in person perception?
-
You can earn $38 in interest on a $1000 deposit for eight months. If the EAR is the same regardless of the length of the investment, determine how much interest will you earn on a $1000 deposit for...
-
You have just purchased a home and taken out a $460,000 mortgage. The mortgage has a 30-year term with monthly payments and an APR of 6.08%. a. How much will you pay in interest, and how much will...
-
A 50 gram tennis ball travelling 25 mph comes into contact with a tennis racket for 0.15 seconds. it leaves the tennis racket travelling in exactly the opposite direction with a velocity of 40 mph....
-
A report from the college dean indicates that for the previous semester, the grade distribution for the Department of Psychology included 135 As, 158 Bs, 140 Cs, 94 Ds, and 53 Fs. Determine what kind...
-
The following list of personnel within organizations comes from Figure 1.1. 1. Board of directors 2. Chief financial officer 3. Controller 4. Managerial accountant 5. Financial accountant 6. Tax...
-
Describe the basic cost flow equation and explain how it is used to reconcile units to be accounted for with units accounted for.
-
The income statement from Fords annual report appears as follows in summary form. (This information was obtained from the companys Web site,www.ford.com.) Required: a. The financial information in...
-
Show that the Lorentz group commutation relations (13.20) are satisfied by the choices \(K_{i}= \pm \frac{i}{2} \sigma_{i}\) and \(J_{i}=\frac{1}{2} \sigma_{i}\), where the \(\sigma_{i}\) are Pauli...
-
Find the relationship of the eight SU(3) operators \(T_{ \pm}, V_{ \pm}, U_{ \pm}, T_{3}\), and \(Y\) defined in Eqs. (8.2) and (8.7)-(8.8), and the nine oscillator operators \(\left(A_{i}^{j}...
-
Verify that the set of matrices (5.14) is closed under ordinary matrix multiplication. Data from Eq. 5.14 T(oc)= = 629 > - (+19) TOO) = (721) TO) = ( ). T(oa)= T(b) TO) -(11) T(4-(11) TO=(9) T(C3)= =
Study smarter with the SolutionInn App