Liquid extracts company, Accounting Basics

Assignment Help:

Liquid Extracts Company makes a line of fruit extracts for home use in making wine, jams and jellies, pies and meat sauces.  Fruits enter the production process in pounds; the product emerges in quarts (one pound of input equals one quart of output).  On May 31st, 4,250 units were in process.  All direct materials had been added, and the units were 70 percent done for conversion costs.  Direct materials costs of $4,607 and conversion costs of $3,535 were attached to the units in the starting work in process invetory.  During June 61,300 pounds of fruit were added at the cost of $71,108.  Direct labor for the month totaled $19,760 and overhead costs applied were $31,375.  On June 30th 3,400 units remained in process.  All direct materials for these units had been added, and 50 percent of conversion costs had been incurred.

Using FIFO method, prepare a process cost report for the month of June.


Related Discussions:- Liquid extracts company

Suppose you want to have $5, Suppose you want to have $5,000 saved at the e...

Suppose you want to have $5,000 saved at the end of five years. The bank will pay you 2% interest on your money. How much would you have to deposit today to have the $5,000 you w

Explain the economic logic, Suppose a firm owns oil well assets. It is deci...

Suppose a firm owns oil well assets. It is deciding how much oil to extract from its oil wells this year and next year. Production of oil costs $10 per barrel this year; next year,

What is date column in journal, Q. What is Date column in journal? The ...

Q. What is Date column in journal? The first column on every journal page is for the date. Intended for the first journal entry on a page this column contains the year and mont

safety stock is appropriate, Given this information: Lead-time demand =...

Given this information: Lead-time demand = 600 pounds Standard deviation of lead-time demand = 52 pounds (Assume normality.) Acceptable stockout risk during lead time = 4

Objectives of financial statements, O B JECTIVES OF FINANCIAL STATEMENTS ...

O B JECTIVES OF FINANCIAL STATEMENTS The fundamental purpose of financial statements according to AICPA is 'to offer qualitative financial information concerning to the busi

What is goodwill?, Goodwill is an intangible asset of a organization which ...

Goodwill is an intangible asset of a organization which contains company reputation, fame etc., By goodwill company share value may enhances

Show effects of transaction, Q. Show Effects of transaction? A prepaid ...

Q. Show Effects of transaction? A prepaid insurance, asset, increases (debited) and cash, decreases (credited), asset by USD 2400. The debit is to Prepaid Insurance relatively

Explain about purchase returns and allowances, Q. Explain about Purchase re...

Q. Explain about Purchase returns and allowances? Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer recei

Show unearned revenues, Q. Show Unearned revenues? Unearned revenues- r...

Q. Show Unearned revenues? Unearned revenues- revenues received in advance consequence when a company receives payment for goods or services before earning the revenue such as

Accounts payable subsidiary ledger, Accounts payable subsidiary ledger ...

Accounts payable subsidiary ledger Accounts are designed to show balance owed to every creditor. Liability accounts generally have credit balances. Accounts are not assigned nu

Write Your Message!

Captcha
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