Question: WrapAround makes one-size-fits-most capes. Each cape goes through the same conversion process, but three types of fabric (Dacron, denim, and cotton) are available. The company

WrapAround makes one-size-fits-most capes. Each cape goes through the same conversion process, but three types of fabric (Dacron, denim, and cotton) are available. The company uses a standard costing system, and standard costs for each type of cape follow.

Dacron	Denim	Cotton
Material (2 yards)	$10	$7	$13
Direct labor (1 hour)	8	8	8
Overhead (based on 1.5 machine hours)	6	6	6
Total	$24	$21	$27

Material is added at the start of production. In March 2013, there was no beginning WIP Inventory and 2,570 capes were started into production. Of these, 250 were Dacron, 550 were denim, and 1,770 were cotton. At the end of March, 120 capes (60 Dacron, 25 denim, and 35 cotton) were not yet complete. The stage of completion for each cost component for the 120 unfinished capes is as follows:

Material	120% complete
Direct labor	30% complete
Overhead	35% complete

a. Determine the total cost of the capes completed and transferred to Finished Goods Inventory.

b.Determine the total cost of the capes in the ending WIP inventory.

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!

Suppose that you start up Fantastic Sandwich shop. You invested your savings of $20,000 and borrowed $70,000 from your relatives. Although sales in the first few months are good, you see that you may...

Hybrid costing WrapAround makes one-size-fits-most capes. Each cape goes through the same conversion process, but three types of fabric (Dacron, denim, and cotton) are available. The company uses a...

Batwings makes one-size-fits-most capes. Each cape goes through the same conversion process, but three types of fabric (Dacron, denim, and cotton) are available. The company uses a standard costing...

(Hybrid costing; advanced;: Windy City Co. makes capes (one size fits most). Each cape goes through the same conversion process, but three types of fabric (Dacron, denim, and cotton) are available....

32. (Hybrid costing) Carolina Coats makes casual coats (one size fits most). Each coat goes through the same conversion process, but three types of fabric (Dacron, denim, or cotton) are available....

(Hybrid costing) Snappy-Jacks Inc. manufactures sports jackets (one size fits most) for sports clubs and other organizations. Each jacket goes through the same conversion process, but customers may...

I have attached the corresponding lessons for assignment 8, it usually includes practice problems at the bottom that look similar to the assignment. ASSIGNMENT 7 JOB ORDER COSTING Directions: After...

Problem 7.2-18 The surface of an airplane wing is subjected to plane stress with normal stresses o, and o, and shear stress Ty, as shown in the figure. At a counterclockwise angle 0 = 32 from the x...

TransWorld Communications Inc., a large telecommunications company, is evaluating the possible acquisition of Georgia Cable Company (GCC), a regional cable company. TransWorlds analysts project the...

When customers make purchases with a national credit card, the retailer O is responsible for maintaining customer accounts. O receives cash equal to the full price of the merchandise sold. is not...

Fuji Xerox was founded in 1962 which provides document related solutions and services, manufactured and distributed multifunction devices, printers and production printers. During the period of 2011...

For the reaction, A3+ + 2e A* (E = -0.500 V vs. NHE), the i-V curve for a solution containing 2.00 mM A* and 1.00 mM A in an electrolyte shows ie = 4.00 u A and ia = -2.40 I A. (a) What is E12? (b)...

What is the difference between Groupon.com and Facebook.com with regard to starting a mobile business?

The type of internationalization of Hershey Company likely to be applied (incremental or born global). Includes the emerging market country location selection based on the SWOT analysis.

Auto pistons at JE Piston's plant in Melbourne are produced in a foreign process, and the diameter is a critical factor that must be controlled. From a sample size of 1000 pistons produced each day,...

4. RECOMMENDATION :- A brief Marketing Action Plan For Year 2023 REPORT OUTLINE As a marketing team for a given brand of Malaysia, you are now required to come up with a marketing proposal for the...

3. Try to clarify how you think when you are going to write a note aimed at influencing the leader of the department. Remember, it is not what you think, but how you think that should be clarified....

2. Take as your starting point a conflict you experienced recently with a close friend. Try to go through the communication that took place and answer the following questions: a) What was the main...

2. In this chapter, the reader should reflect on the following concepts: Differences, relationships, processes, patterns, contexts, symmetrical rela-tionships, complementary relationships, linear...