Question
In: Accounting
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,
|
$ | 55,660 |
Solutions
Expert Solution
- All working forms part of the answer
- Working:
|
Units Reconciliation |
|
|
Units to account for: |
|
|
Beginning WIP |
360 [given] |
|
Units started this period |
980 [ 1340 – 360] |
|
Total Units to account for |
1,340 |
|
Total Units accounted for: |
|
|
Completed & Transferred out |
880 [given] |
|
Ending WIP |
460 [given] |
|
Total Units accounted for |
1,340 |
- Equivalent units calculation using Weighted Average Method
|
EUP - Weighted Average Method |
Units |
% Material |
EUP Materials |
% Conversion |
EUP - Conversion |
|
Units TRANSFERRED |
880 |
100% |
880 |
100% |
880 |
|
Units of ENDING WIP |
460 |
100% |
460 |
40% |
184 |
|
Equivalent Units of Production |
1,340 units for Material |
1,064 for Conversion cost |
- Equivalent units calculation using FIFO Method
|
EUP - FIFO Method |
Units |
% Material |
EUP Materials |
% Conversion |
EUP - Conversion |
|
Units of ENDING WIP |
460 |
100% |
460 |
40% |
184 |
|
Units STARTED & COMPLETED |
520 |
100% |
520 |
100% |
520 |
|
Units of beginning WIP |
360 |
0% |
- |
80% |
288 |
|
Equivalent Units of Production |
980 units for Material |
992 units for conversion cost |
ekkarill92 answered 1 year agoRelated Solutions
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Credit
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1
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December 31 (all raw materials are used in production as direct
materials):
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$
215,000
Purchases of raw materials
$
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?
Administrative expenses
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Manufacturing overhead applied to work in process
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Actual manufacturing overhead cost
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