Processing costing system and normal costing system

Assignment Help Financial Accounting
Reference no: EM131202171

A company uses the weighted average method in its processing costing system and a normal costing system in the application of manufacturing overhead to production. MOH costs are applied to production at a rate of? $3 per direct labor hour. All direct materials are added at the beginning of the production process. The following data relate to the operations of the? company’s first processing department for August? 2013: Beginning WIP: 800? units, 60% complete with respect to conversion costs; Units started during the month: ?16,000; Ending WIP 300? units, 40% complete with respect to conversion costs. On July? 31st, $1,300 of direct materials and? $2,400 of conversion costs were assigned to units in ending inventory. During? August, $47,000 of direct materials were requisitioned for production and? $215,000 of direct labor costs were incurred. Direct laborers are paid a rate of? $10 per direct labor hour. The costs assigned to units in Ending Inventory on August 31st? were:? (round all calculations to the nearest? penny) A. ?$3,873.60 B. ?$2,899.20 C. ?$2,433.60 D. ?$2,737.20 or E. ?$5,961.00

Reference no: EM131202171

Questions Cloud

Under the GAAP conservatism principle : Under the GAAP conservatism principle which of the following statements is true. A company should understate their income if they have an opportunity to do so. When a company has a choice regarding recording a transction or event, they should choose ..
Dollar amount of dividends paid for the year ended : If an analyst wanted to know the total dollar amount of dividends paid for the year ended 12/31/2012, where would they find this information?
Various financial schedules : Which of the following statements about the various 2012 financial schedules is correct?
Money market account-bond fund-international stock fund : A person plans to invest a total of $130,000 in a money market account, a bond fund, an international stock fund, and a domestic stock fund. She wants 60 % of her investment to be conservative (money market and bonds). She wants the amount in domesti..
Processing costing system and normal costing system : A company uses the weighted average method in its processing costing system and a normal costing system in the application of manufacturing overhead to production. MOH costs are applied to production at a rate of? $3 per direct labor hour. Direct lab..
Number of checks were allegedly forged on the account : Steven had a joint checking account with his mother at City National Bank of Florida. Between January and May 1990, a number of checks were allegedly forged on the account. Steven asked City National to re-credit the account for the amount of the che..
Conversion costs included in work in? process-assembly : ?Don’t Cry Over Spilled? Milk, Inc., a manufacturer of? mops, uses the weighted average method in its processing costing system.? Don’t Cry uses a traditional costing system in the allocation of its manufacturing overhead? (MOH) to? production; What ..
What is the consolidated net income : On January 1, 2015, Ackerman sold equipment to Brannigan (a wholly owned subsidiary) for $370,000 in cash. The equipment had originally cost $350,000 but had a book value of only $265,000 when transferred. What is the consolidated net income for 2015..
Majority of the responsibility for operating the business : Auto Spa is a partnership with two partners, Sue Moore and Jim Pounds. Moore invested $104,650 and Pounds invested $56,350 of the $161,000 cash that was used to start the business. Pounds was expected to assume the vast majority of the responsibility..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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