During april the production department of a process

Assignment Help Accounting Basics
Reference no: EM13605478

During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 30,000 were in process in the production department at the beginning of April and 120,000 were started and completed in April. April's beginning inventory units were 60% complete with respect to materials and 40% complete with respect to labor. At the end of April, 41,000 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to labor. The production department had $425,184 of direct materials and $326,151 of direct labor cost charged to it during April. Also, its beginning inventory included $59,236 of direct materials cost and $22,794 of direct labor.

a)Compute the direct materials cost and the direct labor cost per equivalent unit for the department using the FIFO method

b)Using the FIFO method, assign April's costs to the department's output-specifically, its units transferred to finished goods and its ending goods in process inventory.

Reference no: EM13605478

Questions Cloud

A spherical ballon with a diameter of 6m is filled with : a spherical ballon with a diameter of 6m is filled with helium at 20c and 200kpa. determine the mole number and the
Dec 1 purchased merchandise inventory in the amount of 5000 : prepare the adjusting entry needed at december 31 prior to closing the accounts. use one entry for all three notes. do
Sanker inc has provided the following data for the month of : sanker inc. has provided the following data for the month of august. there were no beginning inventories consequently
At year-end the per-unit replacement cost of this tree is : prepare the journal entries required to adjust the inventory records at year-end assuming that marios uses the first-in
During april the production department of a process : during april the production department of a process manufacturing system completed a number of units of a product and
Financial statement restatement please respond to the : 1. financial statement restatement please respond to the followinga. restatements of financial statements should be a
A department had 600 units which were 40 complete in : a department had 600 units which were 40 complete in beginning goods in process inventory. during the current period
A 10 ft long chain rests on a frictionless horizontal : a 10 ft long chain rests on a frictionless horizontal table such that half of its length is stretched out on the table
Smitty museum purchased the copyright to a piece of artwork : smitty museum purchased the copyright to a piece of artwork for 922000. smitty plans to reproduce 1.8 million posters

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the annual net cost of a monthly fee

What is the annual net cost of a monthly fee of $5, check processing fee of $.25, average 19 checks per month.

  Wenner furnace corp purchased machinery for 293700 on may 1

wenner furnace corp. purchased machinery for 293700 on may 1 2012. it is estimated that it will have a useful life of

  Ludwig enterprises makes only one product the company has a

ludwig enterprises makes only one product. the company has a theoretical capacity of 50000 unit annually. practical

  Exercise 3-42 adjusting entries allentown services inc is

exercise 3-42 adjusting entries allentown services inc. is preparing adjusting entries for the year ending december 31

  The company has an offer from duvall valves to produce the

howell corporation produces an executive jet for which it currently manufactures a fuel valve the cost of the valve is

  The expected gross profit rate is 40 and the inventory at

peabody enterprises prepared the following sales budgetmonthbudgeted salesmarch6130april13122may12177june14010the

  Weighted-average to fifo inventory pricing

Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing.

  Georgia products inc completed and transferred 187000

georgia products inc. completed and transferred 187000 particle board units of production from the pressing

  Average daily sales the chamberlain corporation has an

average daily sales the chamberlain corporation has an accounts receivable turnover equal to 12 times. if accounts

  Partnership and charitable contribution

kaylyn is a 40% partner in the kkm partnership. during the current year, kkm reported gross receipts of $160,0000 and a charitable contribution of $10,000.

  Potential unfiled lawsuits

In the case of loss contingencies, accrual can be made even if the exact payee and payment date are not known. Losses may be accrued for unasserted claims and other potential unfiled lawsuits.

  False value hardware began 2011 with a credit balance of

false value hardware began 2011 with a credit balance of 32000 in the allowance for sales returns account. sales and

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