6. LO 4 On December 31, Talley Company recorded the following information in the Grating Department's...

6.

LO 4 On December 31, Talley Company recorded the following information in the Grating Department's Work in Process Inventory account:

	Units	Cost
Beginning balance (80% complete)	5,000	$ 56,000
Started into production	115,000	$1,505,800
Completed and transferred to Assembly Department	105,000	?
Ending balance (60% complete)	15,000

LO 4 Refer to question 6. What is the ending balance in the Work in Process Inventory account on December 31?

(a)

$123,300

(b)

$205,500

(c)

$195,300

(d)

$168,000

Expert Solution

	Weighted Average	Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.


A1.	Quantities			Equivalent Units
			Whole Units	Materials
	Units to be account for
	Work in Process, Beginning	80%	5000
	add:Started into production		115000
	-Total Units		120000

	Units accounted for
	Transferred out		105000	105000
	Work in Process, Ending	60%	15000	9000	60%
	Equivalent Units-Weighted Average		120000	114000

A2.	Cost
				Materials
	Work in Process, Beginning			56000
	add:Started into production			1505800
	Total Cost to account for			1561800
	Equivalent Units			114000
	Unit Cost	Total Cost/Equivalent Units		13.70


2.	Cost accounted for

	Work in Process, Ending		Material
	Equivalent Units		9000
	Cost per Equivalent Unit		13.70
	-Total Cost Accounted For		123300

Correct Answer is a). $123300

ekkarill92 answered 2 years ago

E7-14. (Notes Receivable with Unrealistic Interest Rate) (LO 4, 6) On December 31, 2020, Ed Abbey...

E7-14. (Notes Receivable with Unrealistic Interest Rate) (LO 4, 6) On December 31, 2020, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Abbey Co. agreed to accept a $200,000 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 10%. Abbey is much more creditworthy and has various lines of credit at 6%. (hint: look back in...

Wember Company acquired a subsidiary company on December 31, 2012, and recorded the cost of the...

Wember Company acquired a subsidiary company on December 31, 2012, and recorded the cost of the intangible assets it acquired as follows: Patent $100,000 Trade name 80,000 Goodwill 150,000 The patent is being amortized by the straight-line method over an expected life of 10 years with no residual value. Amortization has been recorded for the current year. The trade name was considered to have an indefinite life. Because of the success of the subsidiary in the past, Wember has not...

The following information was taken from the accountingrecords of CJTR Company as of December 31,...

The following information was taken from the accounting records of CJTR Company as of December 31, 2020: Accounts Payable .......... ? Accounts Receivable ....... $43,000 Building .................. $68,000 Cash ...................... $17,000 Common Stock .............. $62,000 Cost of Goods Sold ........ $41,000 Dividends ................. ? Equipment ................. $79,000 Interest Revenue .......... $46,000 Inventory ................. $63,000 Land ...................... $82,000 Notes Payable ............. $65,000 Rent Expense .............. $17,000 Retained Earnings ......... ? Salaries Expense .......... $52,000 Salaries Payable .......... $29,000 Sales Revenue ............. $94,000 Supplies .................. $28,000 Trademark ................. $18,000Additional information: 1) At January 1, 2020, CJTR Company reported total assets of $223,000; total liabilities of $121,000; and common stock of $40,000. 2) 20% of CJTR’s 2020 net income was paid to stockholders as dividends. Calculate the balance in the accounts payable account at December 31, 2020.

The following is account information for MOK Company as of December 31, 2019. Sales ...

The following is account information for MOK Company as of December 31, 2019. Sales $98,207 Equipment $44,000 Bank Loan (3 years) 2,500 Acc. Depreciation, Equipment 14,000 Capital 27,203 Accounts Receivable 12,000 Accounts Payable 10,950 Electricity 1,500 Other Expenses 9,200 Cash 1,000 Return Inwards 900 Discount Allowed 500 Return Outwards 370 ...

Problem 11-43 (a) (LO. 6) The December 31 balance sheet of the Gemco LLP reads as...

Problem 11-43 (a) (LO. 6) The December 31 balance sheet of the Gemco LLP reads as follows. Adjusted Basis FMV Cash $215,000 $215,000 Receivables -0- 77,000 Capital assets 40,000 48,000 Total $255,000 $340,000 Felix, capital $63,750 $85,000 Fernando, capital 63,750 85,000 Francesca, capital 127,500 170,000 Total $255,000 $340,000 Capital is not a material income-producing factor for the LLP. Felix is an active (general) partner and owner of a 25% interest in the LLP's profits and capital. On December 31, Felix...

PROBLEM 4: The following information is available for Colaw Corporation for the year ended December 31,...

PROBLEM 4: The following information is available for Colaw Corporation for the year ended December 31, 2012. Beginning cash balance $ 35,000 Accounts payable decrease 3,200 Depreciation expense 152,000 Accounts receivable increase 8,200 Inventory increase 13,000 Net income 269,100 Cash received for sale of land at book value 35,000 Sales 747,000 Cash dividends paid 12,000 Income tax payable increase 4,700 Cash used to purchase building 144,000 Cash used to purchase treasury stock 32,000 Cash received from issuing bonds 130,000 Instructions...

Required information Foundational [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-6, LO 2-7] [The...

Required information Foundational [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-6, LO 2-7] [The following information applies to the questions displayed below.] Martinez Company’s relevant range of production is 8,500 units to 13,500 units. When it produces and sells 11,000 units, its unit costs are as follows: Amount Per Unit Direct materials $ 6.10 Direct labor $ 3.60 Variable manufacturing overhead $ 1.40 Fixed manufacturing overhead $ 4.10 Fixed selling expense $ 3.10 Fixed administrative expense $ 2.10...

(Equity Investments) (LO 2) Kenseth Company has the following securities in its portfolio on December 31,...

(Equity Investments) (LO 2) Kenseth Company has the following securities in its portfolio on December 31, 2017. None of these investments are accounted for under the equity method. Investments Cost Fair Value 1,500 shares of Gordon, Inc., common $ 73,500 $ 69,000 5,000 shares of Wallace Corp., common 180,000 175,000 400 shares of Martin, Inc., preferred 60,000 61,600 $313,500 $305,600 All of the securities were purchased in 2017. In 2018, Kenseth completed the following securities transactions. March 1 Sold the...

Question 5 The Cola Company reported the following comparative information at December 31, 2017, and December...

Question 5 The Cola Company reported the following comparative information at December 31, 2017, and December 31, 2016 (amounts in millions and adapted): 2017 2016 Current Assets $21,579 $17,552 Total Assets 72,921 48,671 Current Liabilities 18,508 13,721 Total Shareholder Equity 31,317 25,346 Net Sales 35,119 30,990 Net Income 11,809 6,824 Requirements 1. Calculate the following ratios for 2017 and 2016: a. Current ratio b. Debt ratio 2. At the end of 2017, The Cola Company issued $1,590 million of long-term...

Holly Company has the following information for December 1 to December 31. All direct materials are...

Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete. Beginning balance December 360 units, 20% complete for conversion $ 42,480 Completed 880 units and transferred to finished goods inventory $234,960 Direct materials 62,480 Direct labor 73,040 Factory overhead Property taxes 6,100 Depreciation 32,600 Utilities 26,500 Indirect labor 4,400 Ending balance December 31, 460 units, 40% complete Calculate equivalent units using the weighted-average and FIFO methods. $ 55,660

Question