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 |
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