Question
In: Accounting
Monthly information is as follows: Beginning of month End of month
Monthly information is as follows: Beginning of month End of month
Work in process Inventory: 1,000 units 4,000 units
Conversion: degree of completion in WIP 60% 40%
Direct Material Costs in Beginning WIP $ 8,100 ?
Conversion Costs in Beginning WIP $11,300 ?
During the month: Costs incurred for Direct Materials $27,975
Costs incurred for Conversion $27,235
At month end: 2,860 good units were completed, 140 units were spoiled
Direct Materials: 90% are added at the beginning of the process, the rest at 90% conversion
Conversion costs: Added evenly during the process.
Spoiled Units: Detected at 100% conversion. Normal Spoilage = 2% of units started
Required:
- Using FIFO, calculate:
- Ending WIP
- Cost of Goods Manufactured
- Spoilage expense
Solutions
Expert Solution
SOLUTION:-
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ekkarill92 answered 2 years agoRelated Solutions
Monthly information is as follows: Beginning of month End of month
Monthly information is as
follows:
Beginning of month End
of month
Work in
process Inventory:
1,000 units 4,000
units
Conversion: degree of completion in WIP
60%
40%
Direct
Material Costs in Beginning WIP
$ 8,100
?
Conversion Costs in Beginning
WIP
$11,300
?
During the month: Costs incurred
for Direct Materials
$27,975
Costs incurred for Conversion
$27,235
At month
end:
2,860 good units were...
You're prepared to make monthly payments of $380, beginning at the end of this month, into...
You're prepared to make monthly payments of $380, beginning at
the end of this month, into an account that pays 8 percent interest
compounded monthly.
How many payments will you have made when your account balance
reaches $22,992?
Multiple Choice
56.1
45.9
51
22.93
4.4
You're prepared to make monthly payments of $390, beginning at the end of this month, into...
You're prepared to
make monthly payments of $390, beginning at the end of this month,
into an account that pays 5 percent interest compounded
monthly.
Required:
How many payments will
you have made when your account balance reaches $25,528?
(Do not round your intermediate calculations.)
You're prepared to make monthly payment of $240, beginning at the end of this month, into...
You're prepared to make monthly payment of $240, beginning at
the end of this month, into an account that pays 10 percent
interest compounded monthly. How many payments will you have made
when your account balance reaches, $35,000?
You're prepared to make monthly payments of $340, beginning at the end of this month, into...
You're prepared to make monthly payments of $340, beginning at
the end of this month, into an account that pays 6 percent interest
compounded monthly. How many payments will you have made when your
account balance reaches $20,575?
You’re prepared to make monthly payments of $270, beginning at the end of this month, into...
You’re prepared to make monthly payments of $270, beginning at
the end of this month, into an account that pays 6.8 percent
interest compounded monthly.
How many payments will you have made when your account balance
reaches $18,000? (Do not round intermediate calculations
and round your answer to 2 decimal places, e.g.,
32.16.)
You're prepared to make monthly payments of $320, beginning atthe end of this month, into...
You're prepared to make monthly payments of $320, beginning at
the end of this month, into an account that pays 9 percent interest
compounded monthly. How many payments will you have made when your
account balance reaches $20,260?
Information for Cooper’s Manufacturing Company for the month of May is as follows: Beginning work in...
Information for Cooper’s Manufacturing Company for the month of
May is as follows:
Beginning work in process:
Cost of inventory at process, May 1
$5,000
Units, 600
Direct materials, 100% complete
Conversion costs, 80% complete
Units started in May, 14,000
Costs charged to Work in Process during May:
Ending work in process inventory:
Direct materials costs, $42,400
Units, 1,600
Direct labor costs, $20,049
Direct materials, 100% complete
Factory overhead costs, $52,400
Conversion costs, 30% complete
What is the equivalent...
Information for the Nichols Manufacturing Company for the month of May is as follows: Beginning work...
Information for the Nichols Manufacturing Company for the month
of May is as follows: Beginning work in process: Cost of Inventory
at process, May 1 $5,010 Units, 800 Direct materials, 100% complete
Conversion costs, 70% complete Units started in May, 14,000 Ending
work in process inventory: Costs charged to Work in Process during
May : Units, 1,500 Direct materials costs, $57,400 Direct
materials, 100% complete Direct labor costs, $20,049 Conversion
costs, 30% complete Factory overhead costs, $30,073 Prepare a cost...
Inventory balances at the beginning and end of the year were as follows: Beginning of Year...
Inventory balances at the beginning and end of the year were as
follows: Beginning of Year End of Year Raw materials $ 54,000 $
34,000 Work in process ? $ 31,000 Finished goods $ 37,000 ? The
total manufacturing costs for the year were $680,000; the cost of
goods available for sale totaled $730,000; the unadjusted cost of
goods sold totaled $662,000; and the net operating income was
$30,000. The company’s underapplied or overapplied overhead is
closed to Cost of...
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