Question
In: Accounting
1. Cobra Cola produces soft drinks and sodas. Production of 101,000 liters was started in February....
1. Cobra Cola produces soft drinks and sodas. Production of
101,000 liters was started in February. 15,000 liters, 40%
completed were in ending inventory. Product costs of $28,340 were
added during the month. Beginning work-in-process inventory
consisted to 5,000 liters that were 50% complete.
What is the number of liters completed and transferred to
finished goods?
2. Cobra Cola produces soft drinks and sodas. Production of
110,000 liters was started in April, 25,000 liters, 20% completed
were in ending inventory. Product costs of $45,000 were added
during the month. There were no units in beginning work-in-process
inventory.
What is the cost assigned to ending inventory? (Round to
the nearest dollar.)
|
3.Cobra Cola produces soft drinks and sodas. Production of
110,000 liters was started in March. 25,000 liters, 60% completed
were in ending inventory. Product costs of $32,340 were added
during the month. Beginning work-in-process inventory consisted to
10,000 liters that were 30% complete. |
Solutions
Expert Solution
| 1 | |
| Beginning work-in-process inventory | 5000 |
| Add: Liters started in February | 101000 |
| Less: Ending work-in-process inventory | -15000 |
| Number of liters completed and transferred to finished goods | 91000 |
| 2 | ||
| Liters completed and transferred to finished goods | 85000 | =110000-25000 |
| Ending work-in-process inventory | 5000 | =25000*20% |
| Equivalent units of production | 90000 | |
| Product costs | 45000 | |
| / Equivalent units of production | 90000 | |
| Cost per Equivalent unit of production | 0.50 | |
| Ending work-in-process inventory equivalent units | 5000 | |
| X Cost per Equivalent unit of production | 0.50 | |
| Cost assigned to ending inventory | 2500 |
| 3 | ||
| For completion of Beginning work-in-process inventory | 7000 | =10000*(1-30%) |
| Units started and completed | 85000 | =110000-25000 |
| Ending work-in-process inventory | 15000 | =25000*60% |
| Total number of equivalent units added in March | 107000 | |
| Note: The solution of question 3 is based on FIFO method. | ||
| Under weighted average method, total number of equivalent units will be | 110000 | =10000+85000+15000 |
ekkarill92 answered 2 years agoRelated Solutions
Coke and Pepsi dominate the global market for cola soft drinks. For the sake of simplicity,...
Coke and Pepsi dominate the global market for cola soft drinks.
For the sake of simplicity, say they are the only two brands that
produce cola, that they share the global market for cola equally,
and produce nothing else. Suppose that Coke and Pepsi can each
adopt one of two pricing strategies: ‘price low’ or ‘price high’.
If they both price high, then they each make profits of $200
million, or ‘2’ for short. If they both price low then...
(Appendix 6A) FIFO; Production Report Aztec Inc. produces soft drinks. Mixing is the first department, and...
(Appendix 6A) FIFO; Production Report
Aztec Inc. produces soft drinks. Mixing is the first department,
and its output is measured in gallons. Aztec uses the FIFO method.
All manufacturing costs are added uniformly. For July, the mixing
department provided the following information:
Production:
Units in process, July 1, 40% complete
20,000 gallons
Units completed and transferred out
137,000 gallons
Units in process, July 31, 55% complete
16,000 gallons
Costs:
Work in process, July 1
$40,000
Costs added during July
399,620...
(Appendix 6A) FIFO; Production Report Aztec Inc. produces soft drinks. Mixing is the first department, and...
(Appendix 6A) FIFO; Production Report
Aztec Inc. produces soft drinks. Mixing is the first department,
and its output is measured in gallons. Aztec uses the FIFO method.
All manufacturing costs are added uniformly. For July, the mixing
department provided the following information:
Production:
Units in process, July 1, 40% complete
20,000 gallons
Units completed and transferred out
142,000 gallons
Units in process, July 31, 55% complete
24,000 gallons
Costs:
Work in process, July 1
$40,000
Costs added during July
397,440...
(Appendix 6A) FIFO; Production Report Aztec Inc. produces soft drinks. Mixing is the first department, and...
(Appendix 6A) FIFO;
Production Report
Aztec Inc. produces
soft drinks. Mixing is the first department, and its output is
measured in gallons. Aztec uses the FIFO method. All manufacturing
costs are added uniformly. For July, the mixing department provided
the following information:
Production:
Units in process, July 1, 80% complete
120,000 gallons
Units completed and transferred out
690,000 gallons
Units in process, July 31, 75% complete
80,000 gallons
Costs:
Work in process, July 1
$120,000
Costs added during July
1,471,500...
(Appendix 6A) FIFO; Production Report Aztec Inc. produces soft drinks. Mixing is the first department, and...
(Appendix 6A) FIFO; Production Report
Aztec Inc. produces soft drinks. Mixing is the first department,
and its output is measured in gallons. Aztec uses the FIFO method.
All manufacturing costs are added uniformly. For July, the mixing
department provided the following information:
Production:
Units in process, July 1, 60% complete
18,000 gallons
Units completed and transferred out
139,000 gallons
Units in process, July 31, 55% complete
24,000 gallons
Costs:
Work in process, July 1
$36,000
Costs added during July
353,500...
(Appendix 6A) FIFO; Production Report Aztec Inc. produces soft drinks. Mixing is the first department, and...
(Appendix 6A) FIFO; Production Report
Aztec Inc. produces soft drinks. Mixing is the first department,
and its output is measured in gallons. Aztec uses the FIFO method.
All manufacturing costs are added uniformly. For July, the mixing
department provided the following information:
Production:
Units in process, July 1, 60% complete
22,000 gallons
Units completed and transferred out
138,000 gallons
Units in process, July 31, 55% complete
16,000 gallons
Costs:
Work in process, July 1
$44,000
Costs added during July
307,280...
(Appendix 6A) FIFO; Production Report Aztec Inc. produces soft drinks. Mixing is the first department, and...
(Appendix 6A) FIFO; Production Report
Aztec Inc. produces soft drinks. Mixing is the first department,
and its output is measured in gallons. Aztec uses the FIFO method.
All manufacturing costs are added uniformly. For July, the mixing
department provided the following information:
Production:
Units in process, July 1, 60% complete
18,000 gallons
Units completed and transferred out
141,000 gallons
Units in process, July 31, 45% complete
16,000 gallons
Costs:
Work in process, July 1
$36,000
Costs added during July
398,460...
Coca-Cola Amatil (CCA) is one of the largest manufacturers of soft drinks in the Asia-Pacific region...
Coca-Cola Amatil (CCA) is one of the largest manufacturers of
soft drinks in the Asia-Pacific region and operates in six
countries- Australia, new Zealand, Indonesia, Papua New Guinea,
Fiji and Samoa. CCA is also listed on the Australian Stock exchange
since 1970. Your task is to download CCA's 2017 Annual Report and
answer the following questions.
1. Whats is average annual dividend growth rate for CCA between
2013 and 2017? Hint-use information provided in Page 135 in the
annual report...
Coca-Cola Amatil (CCA) is one of the largest manufacturers of soft drinks in the Asia-Pacific region...
Coca-Cola Amatil (CCA) is one of the largest manufacturers of
soft drinks in the Asia-Pacific
region and operates in six countries – Australia, New Zealand,
Indonesia, Papua New Guinea,
Fiji and Samoa. CCA is also listed on the Australian Stock Exchange
since 1970. Your task is
to download CCA’s 2017 Annual Report and answer the following
questions.
1. What is the average annual dividend growth rate for CCA between
2013 and 2017?
Hint-use information provided on page 135.
2. Do...
Thornton Cola Corporation produces a new soft drink brand, Sweet Spring, using two production departments: mixing...
Thornton Cola Corporation produces a new soft drink brand, Sweet
Spring, using two production departments: mixing and bottling.
Thornton’s beginning balances and data pertinent to the mixing
department’s activities for Year 2 follow:
Accounts
Beginning Balances
Cash
$
52,600
Raw materials inventory
14,200
Production supplies
100
Work in process inventory (360,000 units)
43,200
Common stock
$
110,100
Thornton Cola issued additional common stock for $55,000
cash.
The company purchased raw materials and production supplies for
$34,590 and $600, respectively, in...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Suppose Rialto is the only movie cinema in a small college town, so it is essentially...
- With VMI, members of the supply chain share planning, demand, forecasting, and inventory information.
- Large lots are desirable in supply chain coordination despite increasing holding costs.
- ***Convert the C++ to Python*** #include <iostream> using std::cout; using std::cin; using std::endl; int charClass; char...
- Make-or-Buy Decision Fremont Computer Company has been purchasing carrying cases for its portable computers at a...
- The following costs were incurred for the single product produced during the first year of operations...
- Non-constant growth model: Do=$2.00 required return on equity= 5% g= 9% n=1,2 g=7% n=3,4 g=3% n=5...
ADVERTISEMENT