User Account

All Pages

The beginning work in process inventory was 70 complete

Assignment Help Accounting Basics
Reference no: EM13484070

Kalox, Inc., manufactures an antacid product that passes through two departments. Data for May for the first department follow:          


Gallons Materials Labor Overhead
  Work in process, May 1 66,000       $ 54,800     $ 22,400    $ 32,800   
  Gallons started in process 629,000      





  Gallons transferred out 650,000      





  Work in process, May 31 45,000      





  Cost added during May
$ 725,300     $ 276,175    $ 405,110   

The beginning work in process inventory was 70% complete with respect to materials and 55% complete with respect to labor and overhead. The ending work in process inventory was 50% complete with respect to materials and 30% complete with respect to labor and overhead.
     
Required:
Assume that the company uses the weighted-average method of accounting for units and costs.
   
1. Compute the equivalent units for May's activity for the first department.

  Materials   Labor Overhead
  Equivalent units of production (Gallons)         
     
2. Determine the costs per equivalent unit for May. (Round your answers to 2 decimal places.)
       

 Materials     Labor      Overhead
  Cost per equivalent unit $         $        $

Reference no: EM13484070

Questions Cloud

Since the primary rationale for any operating merger is : q1 if a petrochemical firm that used oil as feedstock merged with an oil producer that had large oil reserves and a
What are the benefits of paying late but not too late and : what are the benefits of paying late but not too late and how do companies attempt to do
Which offers the higher expected return if you expect the : you are considering the choice between investing 50000 in a conventional 1-year bank cd offering an interest rate of 5
What are the benefits of collecting early and how do : what are the benefits of collecting early and how do companies attempt to do
The beginning work in process inventory was 70 complete : kalox inc. manufactures an antacid product that passes through two departments. data for may for the first department
A stock trades at 100 with a 6 months put option strike : a stock trades at 100 with a 6 months put option strike price100 trading at 3.50. if the 6 months call option trades at
What is the difference between pro forma financial : what is the difference between pro forma financial statements and a cash budget? explain why pro forma financial
What are the negative consequences of a company holding too : what are the negative consequences of a company holding too much
Maple corporations stockholders equity at june 30 2000 : maple corporations stockholders equity at june 30 2000 consisted of the followingpreferred stock 10 50 par value

Reviews

Write a Review

Accounting Basics Questions & Answers

  Drastic change in cost structure

However, the coststructure has reversed and now fixed costs make up the majority of total manufacturing costs. What caused this to happen? What would explain the drastic change in cost structure?

  Elect straight line cost recovery

He does not elect to expense any of the asset under S 179 or elect straight line cost recovery. He elects not to take additional first year depreciation. He sells the asset on August 25, 2010 . This is the only asset he acquires in 2009. Determine..

  What was the company revenue for the year

Gilkey Corporation began the year with retained earnings of $155,000. During the year, the company issued $210,000 of common stock, recorded expenses of $600,000, and paid dividends of $40,000. If Gilkey's ending retained earnings was $165,000, wh..

  Bonds converted into preferred stock

Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share. All bonds are converted into preferred stock. Assuming that the book value method was used, what entry would be made?

  West coast marine amp rv is considering replacing its wired

west coast marine amp rv is considering replacing its wired pendant controllers on its heavy-duty cranes with new

  What do you understand by the net realizable value for

what is meant by the net realizable value for accounts receivable?what is aging of accounts receivable and how is it

  Business processes and control

Of all the business processes in the Accounting Information Systems (AIS), which do you think is the hardest to control and why? Be specific in your discussion of internal controls.

  Prepare the cost of merchandise sold section

Prepare the cost of merchandise sold section of the income statement for the year ended June 30, 2008, using the periodic inventory system

  Their total round trip is 50 miles per day how many of

mickey is a 12-year-old dialysis patient. three times a week for the entire year he and his mother sue drive 20 miles

  Basics of loss contingency

A loss contingency that is remote and cannot be reasonably estimated: A) may be disclosed in a note to the financial statements. B) must be disclosed in a note to the financial statements. C) must be reported in the body of the financial statements. ..

  Total cash dividends to shareholders

Hamilton Company owns 51,000 of Hennie Company's 100,000 outstanding shares of common stock. Hennie Company pays $25,000 in total cash dividends to its shareholders. Hamilton's entry to record this transaction should include a:

  On january 1 2013 sweetwater furniture company leased

on january 1 2013 sweetwater furniture company leased office space under a 21-year operating lease agreement. the

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd