Calculate the cost of items completed in may and the cost

Assignment Help Accounting Basics
Reference no: EM131774521

Montero Polish manufactures a single product in one department and uses a process costing system. At the start of May, there were 5,000 units in process that were 100 percent complete with respect to direct material and 50 percent complete with respect to conversion costs (labor and overhead). During the month, the company began production of 100,000 units and ending Work in Process Inventory consisted of 2,000 units that were 100 percent complete with respect to material and 80 percent complete with respect to conversion cost.

Calculate the cost per equivalent unit for each of the three cost items and in total,

Calculate the cost of items completed in May and the cost of ending Work in Process.

Reconcile the sum of the two costs in part b to the sum of beginning Work in Process and costs added in May.

Reference no: EM131774521

Questions Cloud

Compute the machine irr : The machine would have a twenty-year useful life with no expected salvage value. (Ignore income taxes.) (Hint: Use Microsoft Excel to calculate the discount
Prepare the income statement of redmon consulting : Prepare the income statement of Redmon Consulting for the month ended December 31, 2007. List expenses in decreasing order by amount
What are the high-risk areas you monitor now : What are the high-risk areas you monitor now? What are some of the recent developments in the compliance area?
How much money did deposit initially : Assume that you have deposited some amount of money last year and the nominal interest rate was 10 percent. After one year, you learn that you have $1,595.
Calculate the cost of items completed in may and the cost : Calculate the cost per equivalent unit for each of the three cost items and in total
Hired contractor who specializes in custom homes : After saving money for many years, you have hired a contractor who specializes in custom homes.
What is olga gross income : Olga's cost of bond was $10,000. The value of the stock had increased to $12,000 by the end of the year. What is Olga's gross income
Define the controls production possibilities intercepts : Suppose that Brazil has 180 and Columbia has 120 units of the resource. Which of the following is true for each controls Production Possibilities intercepts?
Discuss accounts that have a normal credit balance : accounts that have a normal debit balance and name accounts that have a normal credit balance

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