Hobart beverage company uses the weighted-average method

Assignment Help Accounting Basics
Reference no: EM131110884

Hobart Beverage Company uses the weighted-average method in its process costing system. Materials are included at the start of the production process but conversion costs are uniformly applied throughout the production process. The following data about the Packaging Department were taken from the company's accounting records:

In 1 January 2016, there were 20,000 units in the work in process inventory that were 40% completed and 150,000 units in the finished goods inventory.

The company sold 300,000 units during January.

There were 32,000 units, which were 75% complete as to conversion costs, in the work in process inventory and 120,000 units in the finished goods inventory at the end of January.

Cost data are summarized below:

WIP 1 January 2016

Cost per equivalent unit

Direct Materials

$ 34,900

Materials

$2.45

Conversion costs

$ 41,500

Conversion

$3.15

Reference no: EM131110884

Questions Cloud

What is the value of gdp in micronia : The government of Micronia finances its purchases of goods and services with what type of revenue?
Should alcoholism be viewed as a disease : Should alcoholism be viewed as a disease? Be sure to think critically about the question and to support your answer with correctly source credited information from the text. What are the implications of seeing (or not seeing) this disorder as a di..
Considered to be more prone to roll over than cars : Sport utility vehicles (SUVs), vans, and pickups are generally considered to be more prone to roll over than cars. In 1997, 24.0% of all highway fatalities involved rollovers; 15.8% of all fatalities in 1997 involved SUVs, vans, and pickups, given..
Institute for healthcare improvement site : Register on the Institute for Healthcare Improvement site. This site is free, and when you are asked for an organization, use National American University.
Hobart beverage company uses the weighted-average method : Hobart Beverage Company uses the weighted-average method in its process costing system. Materials are included at the start of the production process but conversion costs are uniformly applied throughout the production process.
Elaborate on why you believe the events : Describe three events, acts, organizations, people, or activities, etc., that you believe have had the most significant impact on the development of counseling as a profession.
Success of the process improvement plan : A manager develops a process improvement plan to encourage continuous process improvement during the period of operation. Identify a valid tool or technique to assist the manager to assure the success of the process improvement plan?
Determine the effects on the labor market : What happens to output, Y , and consumption, C ? What happens to investment, I ? What happens over time to the stock of capital, K ?
What is the linear equation that represents your business : What is the linear equation that represents your business? What form is this linear equation written in? What are the domain and range of the linear relationship your business represents? Create a table to represent the domain and range of your linea..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Sage learning systems inc was organized on september 30

sage learning systems inc. was organized on september 30 2012. projected selling and administrative expenses for each

  The company has an agreement with a bank that allows the

you have just been hired as a new management trainee by earrings unlimited a distributor of earring to various retail

  Leverage and profitability ratios

Explain whether the ratios are leverage or profitability ratios. If a leverage ratio, is it coverage or capital structure? What is the difference between the two? If a profitability ratio, discuss why it is not completely satisfactory for measurin..

  Determining effective interest method of amortization

Which of the following is correct about the effective interest method of amortization?

  Sec financial reporting rules

Do SEC financial reporting rules apply to companies that are not publicly traded?

  Thome company uses a flexible budget for manufacturing

thome company uses a flexible budget for manufacturing overhead based on direct labor hours. variable manufacturing

  A population of 1000 students spends an average of 1050 a

a population of 1000 students spends an average of 10.50 a day on dinner. the standard deviation of the expenditure is

  Derf company applies overhead on the basis of direct labor

derf company applies overhead on the basis of direct labor hours. two direct labor hours are required for each product

  High sounds manufactures wind chimes that have a standard

high sounds manufactures wind chimes that have a standard material cost of 2 pounds of raw materials at 1.50 per pound.

  Where are how are general capital assets reported

Name the type of fund and/or activity in which each of the following should be recorded. (If any of the following should not be recorded at all, enter "none" on the appropriate line.)

  What types of industries have unearned revenue why is

what types of industries have unearned revenue? why is unearned revenue considered a liability? when is the unearned

  What type of account is treasury stock what is its normal

what type of account is treasury stock? what is its normal balance? where is it reported in the financial statements?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd