Question

In: Accounting

he ledger of Hasgrove Company has the following work in process account. Work in Process—Painting 3/1...

he ledger of Hasgrove Company has the following work in process account. Work in Process—Painting 3/1 Balance 3,770 3/31 Transferred out ? 3/31 Materials 6,600 3/31 Labor 2,800 3/31 Overhead 872 3/31 Balance ? Production records show that there were 800 units in the beginning inventory, 30% complete, 1,100 units started, and 1,400 units transferred out. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. Hasgrove uses the FIFO method to compute equivalent units.

Solutions

Expert Solution

Workings (Marked Yellow Cell show the missing values)

The cost reconciliation is apparent in the ledger hereunder:

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

he ledger of Platt Company has the following work in process account: Work in Process—Painting 3/1...
he ledger of Platt Company has the following work in process account: Work in Process—Painting 3/1 Balance $3,010 3/31 Transferred out $? 3/31 Materials 7,040 3/31 Labour 2,200 3/31 Overhead 1,180 3/31 Balance ? Production records show that there were 800 units in the beginning inventory, 30% complete, 1,100 units started, and 1,300 units transferred out. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. Platt uses the FIFO method to...
The ledger of American Company has the following work in process account. Work in Process—Painting 5/1...
The ledger of American Company has the following work in process account. Work in Process—Painting 5/1 Balance 3,690 5/31 Transferred out ? 5/31 Materials 6,840 5/31 Labor 4,230 5/31 Overhead 1,280 5/31 Balance ? Production records show that there were 480 units in the beginning inventory, 30% complete, 1,760 units started, and 1,410 units transferred out. The beginning work in process had materials cost of $2,840 and conversion costs of $850. The units in ending inventory were 40% complete. Materials...
The ledger of American Company has the following work in process account. Work in Process—Painting 5/1...
The ledger of American Company has the following work in process account. Work in Process—Painting 5/1 Balance 3,590 5/31 Transferred out ? 5/31 Materials 5,160 5/31 Labor 2,530 5/31 Overhead 1,380 5/31 Balance ? Production records show that there were 400 units in the beginning inventory, 30% complete, 1,600 units started, and 1,700 units transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550. The units in ending inventory were 40% complete. Materials...
Exercise 3-3 (Video) The ledger of American Company has the following work in process account. Work...
Exercise 3-3 (Video) The ledger of American Company has the following work in process account. Work in Process—Painting 5/1 Balance 3,790 5/31 Transferred out ? 5/31 Materials 7,030 5/31 Labor 5,648 5/31 Overhead 1,580 5/31 Balance ? Production records show that there were 500 units in the beginning inventory, 30% complete, 1,600 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,840 and conversion costs of $950. The units in ending inventory were...
Exercise 16-3 The ledger of American Company has the following work in process account. Work in...
Exercise 16-3 The ledger of American Company has the following work in process account. Work in Process—Painting 5/1         Balance                3,890     5/31      Transferred out ? 5/31       Materials             5,290                                     5/31       Labor     4,130                                     5/31       Overhead            1,380                                     5/31       Balance                ?                                              Production records show that there were 440 units in the beginning inventory, 30% complete, 1,700 units started, and 1,410 units transferred out. The beginning work in process had...
Exercise 16-3 The ledger of American Company has the following work in process account. Work in...
Exercise 16-3 The ledger of American Company has the following work in process account. Work in Process—Painting 5/1 Balance 3,890 5/31 Transferred out ? 5/31 Materials 6,940 5/31 Labor 3,530 5/31 Overhead 1,880 5/31 Balance ? Production records show that there were 580 units in the beginning inventory, 30% complete, 1,780 units started, and 1,570 units transferred out. The beginning work in process had materials cost of $2,640 and conversion costs of $1,250. The units in ending inventory were 40%...
McBride Company has the following opening account balances in its general ledger on January 1. General...
McBride Company has the following opening account balances in its general ledger on January 1. General Ledger Acct # Account Title Jan. 1 Balance 101 Cash 35,970 112 Accounts Receivable 14,100 115 Notes Receivable 38,680 120 Inventory 21,100 126 Supplies 1,150 130 Prepaid Insurance 1,900 157 Equipment 6,640 158 Accumulated Depreciation-Equip. 1,524 201 Accounts Payable 34,300 301 Owner's Capital 83,716 In addition, the following transactions have not been journalized for January 2014. Jan.3 Sell merchandise on account to B. Berg...
Work-in Process account.
Journal entries (continuation of 11-16). Refer to requirement 2 of Exercise 17-16. Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. Also prepare a journal entry to transfer out the cost of goods completed. Show the postings to the Work-in Process account.
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit cash $59,000 accounts receivable $25,600 allowance for uncollectible accounts 2,500 inventory 36,600 notes receivable (5%, due in 2 years) 15,600 land 158,000 Accounts payable 15,100 common stock 223,000 retained earnings 54,200 Totals 294,800 294,800 During January 1 Year 1, the following transactions occur: January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service...
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,400 Accounts Receivable 5,800 Supplies 3,700 Land 56,000 Accounts Payable $ 3,800 Common Stock 71,000 Retained Earnings 15,100 Totals $ 89,900 $ 89,900 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,800 ($650/month). January 9 Purchase additional supplies on account, $4,100. January 13 Provide services to customers on account, $26,100....
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT