The pass company uses a process costing system all

Assignment Help Accounting Basics
Reference no: EM13598466

The Pass Company uses a process costing system. All materials are added at the start of the production process and conversion costs are added evenly throughout the process. The following production information is available for the month of January, 20XX: Production Costs: Work in process, beginning of the month: Materials $ 17,300 Conversion costs 47,950 Current month costs: Materials 49,300 Conversion costs 178,350 Total $ 292,900 Production Report - Physical Units: In process, beginning of the month (80% complete for conversion) 8,000 units Started 29,000 units Completed and transferred out 22,000 units In process, end of the month (60% complete for conversion) 15,000 units

Required:

1. Prepare a cost of production summary for the month using the weighted average method.

2. Prepare a cost of production summary for the month using the FIFO method.

Reference no: EM13598466

Questions Cloud

The economic trend has been for mostly capitalist countries : the economic trend has been for mostly capitalist countries like the united states to move toward socialism. this
Kyowa hakko kogyo co ltd is an rampd-based company with : kyowa hakko kogyo co. ltd. is an rampd-based company with special strengths in biotechnology. the company is dedicated
The svelte jeans company produces two different types of : the svelte jeans company produces two different types of jeans. one is called the simple life and the other is called
Pepare a cost of production summary using the fifo method : the company uses a single department production process. materials are added at the start of the production process
The pass company uses a process costing system all : the pass company uses a process costing system. all materials are added at the start of the production process and
Lexington corporations weekly payroll of 24000 included : lexington corporations weekly payroll of 24000 included fica taxes withheld of 1836 federal taxes withheld of 2990
August 2 2010 wendy purchased a new office building for 37 : august 2 2010 wendy purchased a new office building for 3.7 million. on october 1 2010 she began to rend out office
A firm borrows 12000 from the bank at 8 per annum : 1. a firm borrows 12000 from the bank at 8 per annum compounded semi annually. if no repay merits are made how much is
Black rose company has always done some planning for the : black rose company has always done some planning for the future but the company has never prepared a formal budget. now

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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