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Scribners Corporation produces fine papers in three production departments—Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted-average method in its process costing system. Data for March for the Drying Department follow: Percent Completed Units Pulping Conversion Work in process inventory, March 1 5,000 100 % 20 % Work in process inventory, March 31 8,000 100 % 25 % Pulping cost in work in process inventory, March 1 $ 4,800 Conversion cost in work in process inventory, March 1 $ 500 Units transferred to the next production department 157,000 Pulping cost added during March $ 102,450 Conversion cost added during March $ 31,300 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: 1. Determine the equivalent units for March for pulping and conversion. 2. Compute the costs per equivalent unit for March for pulping and conversion. (Round your answers to 2 decimal places.) 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the Finishing Department in March. 4. Prepare a cost reconciliation report for the Drying Department for March.
What gain or loss is recognized by the corporation when it issues its shares to Dave? What is the basis to the corporation of the property it received from Dave?
Sandy and Louis Roman filed a joint income tax return for 2010. For each of the items or events listed below, indicate which are includible in gross income by checking the boxes next to those that are includible.
Bridgestreet, Inc. has three operating departments: Cutting, Assembling, and Finishing. Cutting has 4,000 employees and occupies 33,000 square feet. Assembling has 3,200 employees and occupies 24,000 square feet. determine the maintenance cost alloca..
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On January 1, 2014, Doug Nelson Co. leased a building to Patrick Wise Inc. The relevant information related to the lease is as follows. The lease arrangement is for 10 years. The leased building cost $4,488,500 and was purchased for cash on January 1..
Assume a company's January 1, 2009 financial position was: Assets, $150,000 and liabilities, $60,000. During January 2009, the company completed the following transactions: A. paid on a note payable $10,000 (no interest was paid); B. collected ac..
In the current year, Norris, an individual, has $52,000 of ordinary income, a Net Short Term Capital Loss (NSTCL) of $9,800 and a Net Long Term Capital Gain (NLTCG) of $2,900. From his capital gains and losses, Norris reports:
Managerial accounting reports must be prepared according to generally accepted accounting principles. Goods that are part way through the manufacturing process, but not yet complete, are referred to as materials inventory. Conversion cost is the comb..
Which of the following is a relevant assertion level risk?
Through 2009, Fortune Magazine published the FSB 100, a list of America's 100 Fastest-Growing Small Companies. Identify one company on the FSB 100 that would most likely use process costing systems.
Marlene Grady and Pauline Monroe are partners engaged in operating The G&M Doll Shop,doll shop is located in a state that requires unemployment compensation contributions of employers of one or more individuals.
Fresh Mountain Coffee Company roasts and packs coffee beans. The process beings by placine cofee bansd int othe Roasint Deprmtne. from the Roasting department coffee banes are then transferred to the pakcing department. Prepare a cost of production r..
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