Question
In: Accounting
The following is a summary of the May 2016 operations of Reagan Company that makes and...
The following is a summary of the May 2016 operations of Reagan Company that makes and sells airplane models. Suppose that the company uses the FIFO method.
|
Physical Units |
Direct Materials |
Conversion Costs |
|
|
WIP, beginning inventory |
28,000 |
$39,200 |
$30,800 |
|
Degree of completion for BI |
100% |
25% |
|
|
Started in May |
60,000 |
||
|
Completed and transferred out in May |
66,000 |
||
|
WIP, ending inventory |
22,000 |
||
|
Degree of completion for EI |
100% |
50% |
|
|
Costs added in May |
$90,000 |
$280,000 |
1.What is the amount of direct materials cost assigned to ending WIP at the end of May?
Group of answer choices
$44,000
$39,200
$33,000
$22,000
2.What is the cost of goods transferred out during May?
Group of answer choices
$293,000
$517,000
$363,000
$447,000
Solutions
ekkarill92 answered 3 years agoRelated Solutions
The following is a summary of the May 2016 operations of Reagan Company that makes and sells airplane models.
The following is a summary of the May 2016 operations of Reagan Company that makes and sells airplane models. Suppose that the company uses the FIFO method.
Physical Units
Direct Materials
Conversion Costs
WIP, beginning inventory
28,000
$39,200
$30,800
Degree of completion for BI
100%
25%
Started in May
60,000
Completed and transferred out in May
66,000
WIP, ending inventory
22,000
Degree of completion for EI
100%
50%...
The following is a summary of the May 2016 operations of Reagan Company that makes and sells airplane models. Suppose that the company uses the FIFO method.
The following is a summary of the May 2016 operations of Reagan Company that makes and sells airplane models. Suppose that the company uses the FIFO method.
Physical Units
Direct Materials
Conversion Costs
WIP, beginning inventory
28,000
$39,200
$30,800
Degree of completion for BI
100%
25%
Started in May
60,000
Completed and transferred out in May
66,000
WIP, ending inventory
22,000
Degree of completion for EI
100%
50%...
Company A began operations on January 1, 2016. At the end of 2016, the company recorded...
Company A began operations on January 1, 2016. At the end of
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2017, Company A wrote off as uncollectible $800 of accounts
receivable. On August 31, 2017, the company reversed $200 of the
write-offs made on July 1st. On December 31, 2017, the company
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The following summary data relate to the operations of Beckett Company for July, during which 12,000...
The following summary data relate to the operations of Beckett
Company for July, during which 12,000 finished units were produced:
Direct material: Standard (0.8 lb. @ $6.00/lb.) Actual (8,500 lb. @
$6.25/lb.) Direct labor: Standard (1 hr. @ $16.00/hr.) Actual
(12,700 hrs. @ $15.60/hr.) Variable overhead: Standard (1 hr. @
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Variances, Entries, and Income Statement A summary of Glendale Company's manufacturing variance report for May 2016...
Variances, Entries, and Income Statement
A summary of Glendale Company's manufacturing variance report for
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Total Standard Costs (9,200 units)
Actual Costs (9,200 units)
Variances
Direct material
$45,540
$49,980
$4,440
U
Direct labor
213,900
213,000
900
F
Variable overhead
44,160
43,840
320
F
Fixed overhead
9,660
9,660
-
$313,260
$316,480
$3,220
U
Standard material cost per unit of product is 0.5 pounds at
$9.90 per pound, and standard direct labor cost is 1.5 hours at
$15.50 per hour....
1）ABC Company entered into the following transactions during May, its first month of operations: May 1:...
1）ABC Company entered into the following transactions during
May, its first month of operations:
May 1: ABC Company sold common stock to owners in the
amount of $200,000.
May 1: ABC Company paid $36,000 cash for office rent
for May, June, and July.
May 3: ABC Company purchased a parcel of land costing
$60,000 by paying $25,000 in cash and agreeing
to pay the remainder within sixty days.
May 9: ABC Company provided $23,000 of services to a
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Harrier Ltd began operations on 1 July 2016. During the following year, the company acquired a...
Harrier Ltd began operations on 1 July 2016. During the
following year, the company acquired a tract of land, demolished
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acquired for the factory and, in March 2017, the factory was ready.
A gala opening was held on 18 March, with the local parliamentarian
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During this period, the following inflows and outflows
occurred.
(a)
While...
Carpet Company began operations in May and completed the following transactions during that first month of...
Carpet Company began operations in May and completed
the following transactions during that first month of
operations.
Pass journal entries to record the following transactions
1 May Carol, the owner, invested OMR 90,000 cash in the
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2_The Company purchased OMR 25,000 in office
equipment. It paid OMR 10,000 in cash and signed a note payable for
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3_The Company rented office space and paid OMR 3,000
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4_The Company installed new carpet for a...
ABC Company began operations in 2009 and entered into the following transactions during the year: May...
ABC Company began operations in 2009 and entered into the
following
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May 1: Sold common stock
to owners for $200,000 cash.
May 10: Purchased inventory
costing $40,000 on account.
June 1: Purchased equipment for
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Record the entries of the following operations, in their respective journals During May, Chung Refrigerating Company...
Record the entries of the following operations, in their
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During May, Chung Refrigerating Company completed the following
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NOTE:...
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