Question

In: Accounting

For each of the following independent cases, use FIFO costing to determine the information requested. Required:...

For each of the following independent cases, use FIFO costing to determine the information requested.

Required:

a. In the beginning inventory, 4,500 units were 40 percent complete with respect to materials. During the period, 39,000 units were transferred out. Ending inventory consisted of 6,500 units that were 70 percent complete with respect to materials. How many units were started and completed during the period?

b. At the start of the period, 3,700 units were in the work-in-process inventory; 2,700 units were in the ending inventory. During the period, 9,400 units were transferred out to the next department. Materials and conversion costs are added evenly throughout the production process. FIFO costing is used. How many units were started during this period?

c. Beginning inventory amounted to 1,100 units. This period, 4,500 units were started and completed. At the end of the period, the 2,900 units in inventory were 20 percent complete. Using FIFO costing, the equivalent production for the period was 5,300 units. What was the percentage of completion of the beginning inventory?

d. The ending inventory included $79,200 for conversion costs. During the period, 43,200 equivalent units were required to complete the beginning inventory, and 59,000 units were started and completed. The ending inventory represented 9,000 equivalent units of work this period. FIFO costing is used. What were the total conversion costs incurred this period?

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

For each of the following independent cases, use FIFO costing to determine the information requested. Required:...
For each of the following independent cases, use FIFO costing to determine the information requested. Required: a. In the beginning inventory, 5,500 units were 40 percent complete with respect to materials. During the period, 37,000 units were transferred out. Ending inventory consisted of 7,700 units that were 60 percent complete with respect to materials. How many units were started and completed during the period? b. At the start of the period, 4,100 units were in the work-in-process inventory; 3,100 units...
For each of the following situations, use the FIFO method of process costing to determine the...
For each of the following situations, use the FIFO method of process costing to determine the equivalent units of production for labor and overhead, assuming that they are continuously at the same percentage of completion: a. Beginning WIP Inventory (40% complete) 10,000 Units started in production 350,000 Units transferred out 344,000 Ending WIP Inventory (70% complete) 16,000 EU of production Answer b. Beginning WIP Inventory (30% complete) 40,000 Units started in production 480,000 Units transferred out ? Ending WIP Inventory...
Determine taxable income in each of the following independent cases. In all cases, the company was...
Determine taxable income in each of the following independent cases. In all cases, the company was very profitable in all years prior to 2017 and it had retained earnings of $1,000,000 at the end of 2017. In 2018, Company A has taxable income of $60,000 prior to consideration of any net operating loss. In 2017, the Company incurred a net operating loss of $10,000. They did not elect to waive the carryback period. Determine 2018 taxable income. In 2018, Company...
(Appendix A) Future Value, Present Value The following cases are each independent of the others. Required:...
(Appendix A) Future Value, Present Value The following cases are each independent of the others. Required: 1. Sam Lilliam places $5,000 in a savings account that pays 3 percent. Suppose Sam leaves the original deposit plus any interest in the account for two years. How much will Sam have in savings after two years? If required, round your answer to the nearest cent. (Note: the present value tables cannot be used to answer this question; you must instead use the...
Determine the solutions to each of the following independent cases: (a.) Collings College has annual fixed...
Determine the solutions to each of the following independent cases: (a.) Collings College has annual fixed operating costs of $12,500,000 and variable operating costs of $1,000 per student. Tuition is $8,000 per student for the coming academic year, with a projected enrollment of 1,500 students. Expected revenues from endowments and federal and state grants total $250,000. Determine the amount the college must obtain from other sources. $Answer (b.) The Collings College Student Association is planning a fall concert. Expected costs...
Determine the missing amounts in each of the following independent cases. Case A Case B Case...
Determine the missing amounts in each of the following independent cases. Case A Case B Case C Beginning inventory, raw material 98,000 7,500 Ending inventory, raw material 199,000 34,000 Purchases of raw material 295,000 274,000 Direct material used 235,000 323,000 Direct labor 395,000 72,000 Manufacturing overhead 595,000 99,000 Total manufacturing costs 1,135,000 1,130,000 222,000 Beginning inventory, work in process 89,000 79,000 Ending inventory, work in process 124,000 4,400 Cost of goods manufactured 1,088,000 225,000 Beginning inventory, finished goods 195,000 139,000...
Not-for-Profit Applications Determine the solutions to each of the following independent cases: (a.) Collings College has...
Not-for-Profit Applications Determine the solutions to each of the following independent cases: (a.) Collings College has annual fixed operating costs of $20,000,000 and variable operating costs of $2,400 per student. Tuition is $12,000 per student for the coming academic year, with a projected enrollment of 2,000 students. Expected revenues from endowments and federal and state grants total $400,000. Determine the amount the college must obtain from other sources. $Answer (b.) The Collings College Student Association is planning a fall concert....
Required: For each of the following independent scenarios, determine whether Van Allen Corporation is a principal...
Required: For each of the following independent scenarios, determine whether Van Allen Corporation is a principal or an agent for purposes of applying the 5-step revenue recognition model. 1. Van Allen is a broker facilitating the sale of goods and will receive a commission of 10% of the purchase price, which will be withheld from the proceeds at the closing of the transaction and paid to Van Allen. 2. Van Allen is an art dealer. It displays artists' work in...
In each of the following independent cases, it is assumed that the corporation has $600,000 of...
In each of the following independent cases, it is assumed that the corporation has $600,000 of 6% preferred stock and $2,400,000 of common stock outstanding, each having a par value of $10. No dividends have been declared for 2011 and 2012. (a) As of 12/31/13, it is desired to distribute $250,000 in dividends. How much will the preferred stockholders receive if their stock is cumulative and nonparticipating? (b) As of 12/31/13, it is desired to distribute $600,000 in dividends. How...
Dividends on preferred stock. In each of the following independent cases, it is assumed that the...
Dividends on preferred stock. In each of the following independent cases, it is assumed that the corporation has $800,000 of 6% preferred stock and $3,200,000 of common stock outstanding, each having a par value of $10. No dividends have been declared for 2013 and 2014. (a) As of 12/31/15, it is desired to distribute $250,000 in dividends. How much will the preferred stockholders receive if their stock is cumulative and nonparticipating? (b) As of 12/31/15, it is desired to distribute...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT