Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The ledger of Grogan Company has the following work in process account:
Work in Process - Painting
Production records show that there were 800 units in the beginning inventory, 20% complete, 1,200 units started, and 1,500 units transferred out. The units in ending inventory were 60% complete. Materials are entered at the beginning of the painting process.
Instructions:
Answer the following questions (preparing a production cost report will make these questions easier to answer):
1. Complete the Work in Process - Painting t-account as you compute the values asked for below. 2. How many units were actually worked on during the month of May? 3. How many units are in process at May 31? 4. What are the total costs to account for? 5. What is the unit materials cost for May? 6. What is the unit conversion cost for May? 7. What is the total cost of units started in April and finished in May? 8. What is the total cost of units started and finished in May? 9. What is the cost of the May 31 inventory? 10. If all the products completed and transferred out were sold for $17 per unit, what would be the gross profit earned. 11. What would be the gross profit% on the units that were completed and transferred out and then sold for $17 per unit?
Describe the purpose of a flexible budget. Suppose a manager claims flexible budgets are useful because costs are difficult to predict and flexibility is needed to change budgeted costs as input prices change. Do you agree?
calculate the company's predetermined overhead application rate and calculate the additions to the work-in-process inventory account for the direct material used, direct labor, and manufacturing overhead.
Evaluate the recommendation of the Vice president (Treating Ad as cost of production and overhead). The effect on financial statements and evaluate the recommendation of controller Morgan (Treating Ad as operating expense). The effect on financial ..
the enhanced products division of evergreen industries makes ceramic pots that are used to hold large decorative
What is the significance to working capital management of matching sales and production? What is the significance to working capital management of matching payables with receivables?
List and describe other factors should be taken into consideration when deciding whether to accept a special order and except that the company is producing 40,000 units per month. Should the company accept the special order? Why or why not?
qrecognize types of responsibility centersrecognize each responsibility center as a cost center a profit center a
Evaluate the total cost of the work in process inventory on January 31. Determine the cost of jobs completed during January, and show the proper journal entry to reflect job completion.
Professionalism and ethics in accounting and the history of accounting
The ending inventory was 80% complete with respect to materials and 20% complete with respect to conversion costs and what are the equivalent units for conversion costs for the month in the first processing department?
What is the amount of direct materials cost incurred by LP Production:
Why do product-costing systems using the direct method, sequential method, and reciprocal method allocate service department overhead costs first to the production departments before assigning them to individual jobs
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd