Question

In: Accounting

Need parts 1 and 2 of this, plus work showing how it was done. Thank you!...

Need parts 1 and 2 of this, plus work showing how it was done. Thank you!

CASE 2 – COST OF PRODUCTION SUMMARY: WEIGHTED AVERAGE AND FIFO METHODS

The Company uses a single department production process. Materials are added at the start of the production process and labor and overhead are added as indicated. For January 2020, the Company records have the following information:

UNITS:
Beginning WIP: 10,000 units

100% complete for materials, 50% complete for labor; 3% complete for overhead

Units started in process 50,000 units

Units completed 49,000 units

Ending WIP: 11,000 units

100% complete for materials, 60% complete for labor; 20% complete for overhead

PRODUCTION COSTS:

Work in Process, Beginning of the Month:
Materials                                         $ 22,000
Labor                                                  18,000
Overhead                                            11,000             51,000

Current Month Costs:
Materials                                         $ 320,000
Labor                                                  180,160
Overhead                                            152,840           653,000

                                    Total Costs:                       $   704,000

REQUIRED:

Prepare a Cost of Production Summary using the weighted average method (calculations for equivalent units of production, cost per equivalent unit of production, total cost for units completed and WIP, ending). Prepare your calculations for Materials, Labor, and Overhead separately.

Prepare the appropriate journal entries at month end.

Prepare a Cost of Production Summary using the FIFO method (calculations for equivalent units of production, cost per equivalent unit of production, total cost for WIP, beginning, units started and completed and WIP, ending). Prepare your calculations for Materials, Labor, and Overhead separately.

Prepare the appropriate journal entries at month end.

You need to present your work in an excel spreadsheet and you need to create your own formatting (templates).

Expert Solution

Solution:

ekkarill92 answered 1 year ago

I need to have this done within 1 hour and a half. Thank YOU!:) 17. Minnesota...

I need to have this done within 1 hour and a half. Thank YOU!:) 17. Minnesota Department of Health wants to test the claim that variability in COVID-19 within Minnesota is greater than 12.75. For this, they took a sample of 25 days data and found that the mean is 215 and standard deviation was 14.17. At alpha=5% what will be the decision? Question 17 options: Reject H0 at alpha =5% Do not reject H0 at alpha=5% We do not...

I NEED PARTS E AND F ONLY, CHECKING MY WORK, THANK YOU! P17.1A Combat Fire, Inc....

*I NEED PARTS E AND F ONLY, CHECKING MY WORK, THANK YOU!* P17.1A Combat Fire, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume (54,000 units), half-gallon cylinder that holds 2 1/2 pounds of multi-purpose dry chemical at 480 PSI. The commercial model is a low-volume (10,200 units), two-gallon cylinder that holds 10 pounds of multi-purpose dry chemical at 390...

PLEASE show you work so it is easier to undersand, thank you!! There are two parts...

PLEASE show you work so it is easier to undersand, thank you!! There are two parts to this problem a) & b) A company made the following expenditures in connection with the construction of a new building: Architect’s fees $12,000 Cash paid for land and unusable building on the land 300,000 Removal of old building 18,000 Salvage from sale of old building materials -4,000 Construction survey 1,500 Legal fees for title search 3,000 Excavation for basement construction 25,000 Machinery purchased...

I need to have this done within half hour. Thank YOU!:) 17. Minnesota Department of Health...

I need to have this done within half hour. Thank YOU!:) 17. Minnesota Department of Health wants to test the claim that variability in COVID-19 within Minnesota is greater than 12.75. For this, they took a sample of 25 days data and found that the mean is 215 and standard deviation was 14.17. At alpha=5% what will be the decision? Question 17 options: Reject H0 at alpha =5% Do not reject H0 at alpha=5% We do not have enough information...

Please Answer all parts thank you! 1) Explain how the following structural features are linked to...

Please Answer all parts thank you! 1) Explain how the following structural features are linked to the primary digestive function of each region of the small intestine: a. duodenal gland in the duodenum b. prominent intestinal villi in the jejunum c. aggregated lymphoid nodules in the ileum 2) The intestinal villi and brush border(microvilli),common in the small intestine, are absent in the large intestine. What does this absence tell you about the digestive function of the large intestine.

Please answer all parts, thank you, and please type your answer and show all work including...

Please answer all parts, thank you, and please type your answer and show all work including excel formulas Exercise 15-15 The following data were taken from the balance sheet accounts of Shamrock Corporation on December 31, 2016. Current assets $554,000 Debt investments 596,000 Common stock (par value $10) 455,000 Paid-in capital in excess of par 148,000 Retained earnings 800,000 Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically indented when amount is entered. Do...

Each question has 6-7 parts, depending on the work. Please answer every part. Thank you. -...

Each question has 6-7 parts, depending on the work. Please answer every part. Thank you. - What is the formula for the Average Propensity to Consume (APC)? Group of answer choices consumption divided by income the change in consumption divided by a change in income income divided by consumption the change in income to a change in consumption None of the above - How does the size of the Marginal Propensity to Consume (MPC) affect the size of the multiplier...

Each question has 8-9 parts, depending on the work. Please answer every part. Thank you. -...

Each question has 8-9 parts, depending on the work. Please answer every part. Thank you. - The government spending multiplier is Group of answer choices the ratio of the change in the equilibrium level of output to a change in government spending the difference between the new and old levels of government spending. the ratio of the change in government spending to the change in the equilibrium level of output the difference between the old level of equilibrium output and...

Prepare an Accounting Journal with ALL CALCULATIONS SHOWING!!!! Please and Thank you! 1) APR-1 the JW-Corp...

Prepare an Accounting Journal with ALL CALCULATIONS SHOWING!!!! Please and Thank you! 1) APR-1 the JW-Corp Received $200,000 in Exchange for 40,000 shares of Common Stock. 2) APR-1 the JW-Corp Borrowed $150,000 from US-Bank on a Note, Due in 5 Years with 8% Interest Paid Monthly. 3) APR-2 the JW-Corp Purchased a Building for $360,000 (25 year life), with $60,000 Cash Down Payment and signed a Note with SCHWAB BANK for the Remainder Due in 10 Years with Interest Due...

What is the purpose of matching cuvettes? Explain how it is done. ( please and thank...

What is the purpose of matching cuvettes? Explain how it is done. ( please and thank you)