Reference no: EM131256781
Smythe-Klink, Inc. is a manufacturer of outdoor furniture. The furniture is produced in two separate factories where materials are entered at the beginning of the first process.
Labor and overhead costs are incurred evenly throughout all processes. In Factory 1, patio tables are manufactured. In Factory 2, patio table umbrellas are produced.
Given below is production and cost data for the FIRST process in each Factory:
ASSEMBLY DEPARTMENT
Factory 1-1 Factory 2-1
Production Data---April Patio Tables Umbrellas
Work (units) in process, April 1 -0- -0-
Units started in production 25,000 20,800
Work in process (units), April 30 3,750 650
Work in Process percent complete 60% 80%
Cost Date---April .
Work in process, April 1 $ -0- $ -0-
Materials 380,000 288,000
Labor 235,000 126,000
Overhead 104,000 96,700
TOTAL $ 719,000 $ 510,700
REQUIRED:
SHOWING ALL COMPUTATIONS, prepare a Report, in neat and orderly form, that provides the following information for each Factory:
(1) The physical units of production
(2) The equivalent units of production for materials and for conversion costs.
(3) The unit costs of production
(4) The number of units transferred and their total cost
(5) The cost of Work in Process at April 30.
|
Compute cost assigned to ending inventory using fifo-lifo
: Montoure Company uses a perpetual inventory system. It entered into the following calender-year 2015 purchases and sales transactions. Compute cost of goods available for sale and the number units available for sale. Compute the cost assigned to endi..
|
|
A prepaid account is an expense account
: At December 31, 2016, Company A has assets of $430,000 and liabilities of $205,000. Based on this information and your understanding of the accounting equation, which of the following statements are true? A prepaid account is an expense account. Cons..
|
|
Accounts receivable comes before equipment
: The accounts of Lake Oaks Pool Service, Inc., follow with their normal balances at April 30, 2014. The accounts are listed in no particular order. Prepare the company’s trial balance at April 30, 2014, listing accounts in proper sequence, as illustra..
|
|
Events on the accounting equation of the medical practice
: Dr. Rebecca Gray opened a medical practice specializing in physical therapy. During the first month of operation (January), the business, titled Dr. Rebecca Gray, Professional Corporation (P.C.), experienced the following events: Analyze the effects ..
|
|
The furniture is produced in two separate factories
: Smythe-Klink, Inc. is a manufacturer of outdoor furniture. The furniture is produced in two separate factories where materials are entered at the beginning of the first process. Labor and overhead costs are incurred evenly throughout all processes. I..
|
|
Prepare an unadjusted trial balance at the end of february
: Barbara Jones opened Barb’s Book Business on February 1. Received shareholders’ cash contributions on February 1 totaling $23,000 to form the corporation; issued 1,000 shares of common stock. You have been hired to maintain the company’s financial re..
|
|
Determine price at which builders is selling the warehouse
: On June 30, 2016, Georgia-Atlantic, Inc., leased a warehouse facility from Builders, Inc. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $583,573 over a 4-year lease term, payable each June 30 and December 31, wit..
|
|
What pretax amounts related to lease
: On June 30, 2016, Georgia-Atlantic, Inc., leased a warehouse facility from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $559,700 over a four-year lease term, payable each June 30 and Dece..
|
|
What tax rate would he be indifferent between the bonds
: Mitch is currently considering investing in municipal bonds that earn 8.40 percent interest, or in taxablebonds issued by the coca cola company that pay 11.2 percent. At what tax rate would he be indifferent between the bonds?
|