Question

In: Accounting

The following production data were taken from the records of the Finishing Department for June: Inventory...

The following production data were taken from the records of the Finishing Department for June:

Inventory in process, June 1 (30% completed)          4,000 units

Completed units during June                                     65,000 units

Ending inventory (60% complete)                              7,000 units

What is the number of material equivalent units of production in the June 30, Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories and materials were added at the beginning of the process?

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

1) . The following production data were taken from the records of the finishing department for...
1) . The following production data were taken from the records of the finishing department for June: Inventory in process, June 1, 25% completed 340 units Transferred to finished goods during June 5,100 units Equivalent units of production during June 5,495 units Determine the number of equivalent units of production in the June 30, finishing department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion...
7.) The following production data were taken from the records of the Finishing Department for the...
7.) The following production data were taken from the records of the Finishing Department for the month of June: Inventory in process, June 1 (15% complete as to conversion) 4,000 units Completed units during June 71,000 units Ending inventory (60% complete as to conversion) 7,000 units Complete the chart below and determine the number of equivalent units of production for materials and conversion for June 30. Determine the cost per unit if the Materials cost incurred was $90,500 & Conversion...
The following data were taken from the records of a company                                 &n
The following data were taken from the records of a company                                                Period 1       Period 2      Period 2          Production                     30,000         38,000          27,000            Sales                              30,000        27,000          38,000            Opening Stock                   -                                 11,000            Closing Stock                                  11,000 All the above in Kgs The firm makes a single product the financial details of which are as follows (based on a normal activity level of 30,000 kgs).                                                                      Cost per Kg (£)              Direct material                                                  1.50              Direct labour                                                     1.00              Production...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the accounting records of a Company for the year just completed: Costs incurred: Direct labor cost ................................................... $140,000 Purchases of raw materials .................................. $236,000 Manufacturing overhead ...................................... $160,000 Advertising expense ............................................. $180,000 Sales salaries ....................................................... $100,000 Depreciation, office equipment ............................ $6,000 Inventories: Beginning the Year End the Year Raw materials ............................ $14,000 $30,000 Work in process .......................... $20,000 $10,000 Finished goods ............................ $40,000 $70,000 Required: 1. Prepare the cost of goods...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the accounting records of a Company for the year just completed: Costs incurred: Direct labor cost ................................................... $140,000 Purchases of raw materials .................................. $236,000 Manufacturing overhead ...................................... $160,000 Advertising expense ............................................. $180,000 Sales salaries ....................................................... $100,000 Depreciation, office equipment ............................ $6,000 Inventories: Beginning the Year End the Year Raw materials ............................ $14,000 $30,000 Work in process .......................... $20,000 $10,000 Finished goods ............................ $40,000 $70,000 Required: 1. Prepare the cost of goods...
The following cost and inventory data are taken from the accounting records of Mason Company for...
The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: Costs incurred: Direct labor cost ................................................... $70,000 Purchases of raw materials .................................. $118,000 Manufacturing overhead ...................................... $80,000 Advertising expense ............................................. $90,000 Sales salaries ....................................................... $50,000 Depreciation, office equipment ............................ $3,000 Beginning of the year End of the year    Inventories: Raw materials ............................ $7,000 $15,000 Work in process .......................... $10,000 $5,000 Finished goods ............................ $20,000 $35,000 1. Prepare a schedule...
The following data concerning the retail inventory method are taken from the financial records of Blake...
The following data concerning the retail inventory method are taken from the financial records of Blake Company.                                                                                                   Cost                        Retail             Beginning inventory                                           $132,000              $ 220,000             Purchases                                                            362,500                 550,000             Freight-in                                                               16,000                       —             Net markups                                                               —                      45,000             Net markdowns                                                          —                      16,000             Sales                                                                          —                    625,000 a.) What is the ending inventory at retail?                         b.) If the ending inventory is to be valued at approximately the conventional retail inventory method, the calculation of the cost to retail...
The following data were taken from the records of Colbern Company for the fiscal year ending...
The following data were taken from the records of Colbern Company for the fiscal year ending on July 31, 2020. Raw Material Inventory 8/1/2019 $19,200 Raw Material Inventory 7/31/2020 $15,840 Finished Goods Inventory 8/1/2019 $38,400 Finished Goods Inventory 7/31/2020 $30,360 Work In Process Inventory 8/1/2019 $7,920 \ Work In Process Inventory 7/31/2020 $7,440 Direct Labor $55,700 Indirect Labor $9,784 Accounts Receivable $10,800 Factory Insurance $1,840 Factory Machinery Depreciation $6,400 Factory Utilities $11,040 Office & Admin Utilities Expense $3,460 Office &...
The following data were taken from the records of Mavericks Inc, for the calendar year ended...
The following data were taken from the records of Mavericks Inc, for the calendar year ended December 31, 2020. 1-Jan 31-Dec Raw Materials Inventory               310,000    83,000 Work in Process Inventory               161,000 103,750 Finished Goods Inventory                 22,000    57,600 Additional Information: Total Costs Raw Materials Purchases               301,250 Direct Labor               315,000 Indirect Labor                 42,750 Equipment Depreciation                 61,000 Utilities                 50,750 Other Costs                 10,500 Factory Manager's Salary                 44,000 SG&A Salary                 85,500 Insurance...
The following data were taken from the records of Clarkson Company for the fiscal year ended...
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $52,600 Factory Insurance $5,700 Raw Materials Inventory 6/30/20 49,400 Factory Machinery Depreciation 18,100 Finished Goods Inventory 7/1/19 99,400 Factory Utilities 29,900 Finished Goods Inventory 6/30/20 24,300 Office Utilities Expense 8,750 Work in Process Inventory 7/1/19 21,200 Sales Revenue 562,600 Work in Process Inventory 6/30/20 23,200 Sales Discounts 4,400 Direct Labor 142,650 Plant Manager’s Salary 62,400 Indirect Labor...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT