The following information concerns production in the Forging Department for June.The Forging Department uses the average cost
Question:
The following information concerns production in the Forging Department for June.The Forging Department uses the average cost method.
a. Determine the cost per equivalent unit.b. Determine the cost of the units transferred to Finished Goods.c. Determine the cost of ending Work inProcess.
Transcribed Image Text:
ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Debit Credit Date Credit Item Debit 1 Bal, 2,000 units, 40% completed 30 Direct materials, 46,200 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 45,900 units 30 Bal, 2,300 units, 70% completed 9,120 333,920 470,965 546,365 June 324,800 137,045 75,400
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (19 reviews)
a b c Units to be accounted for Beginning work in process Units started during the per...View the full answer
Answered By
Arun kumar
made more than four thousand assignments
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Managerial Accounting questions
-
The following information concerns production in the Forging Department for June. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred...
-
The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are...
-
The following information concerns production in the Forging Department for September. The Forging Department uses the average cost method. a. Determine the cost per equivalent unit. b. Determine the...
-
The data in the chart below is for the distance (in cm) to the near point, the point nearest the eye at which the eye can accurately focus, at a persons age. Age (years) Near Point (cm) 10 7.5 20 9...
-
During one year, the U.S. Environmental Protection Agency reported that concentrated animal feeding operations (CAFOs) dump 2 trillion pounds of waste into the environment annually, contaminating the...
-
Fark and Johnson (1997) report on a survey of professors of education taken in summer of 1997 and conclude that there is a large disparity between the views of education professors and those of the...
-
How is a lease liability calculated?
-
During 2011, Rooster Company purchased 5,000 shares of Hen Company common stock for $18 per share and 3,200 shares of Egg Company common stock for $21 per share. These investments are intended to be...
-
"One-year Treasury bills currently earn 2.35% and you expectthat one year from now, 1-year Treasury bill rates will increase to2.61% and that two years from now, one-year Treasury bill rateswill in 2...
-
Consider the set S of points such that x 1 + 2x 2 + 3x 3 = 0, 3x 1 + 2x 2 + x 3 = 0. Show that S is a subspace. Determine its dimension, and find a basis for it.
-
The charges to Work in Process?Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials...
-
The increases to Work in ProcessRoasting Department for Boston Coffee Company for December 2010 as well as information concerning production are as follows: Work in process, December 1, 1,500 pounds,...
-
Complete each statement so that the indicated property is illustrated. Simplify each answer if possible. 0(0.35t + 12u) = (multiplication property of 0)
-
Explain the concept of thread affinity and processor binding. How can thread affinity improve performance in multi-core systems, and what trade-offs does it present in terms of flexibility and...
-
You expect an after-tax rate of return of 28% on your investments. A target company earns $263,000 (after taxes, per year). What is the maximum amount you would be willing to pay for this company?
-
If 2.25 grams of calcium hydroxide is dissolved in 154.56 ml of water, a. What's the Molarity (M), if the volume of solution is 500.00 ml? b. What's the Molarity (M) of hydroxide ions, if the volume...
-
A particular security's default risk premium is 3 percent. For all securities, the inflation risk premium is 2.85 percent and the real risk- free rate is 1.90 percent. The security's liquidity risk...
-
Discuss the role of thread scheduling in a multi-threaded environment. What factors determine thread priority, and how do operating systems ensure fair CPU time allocation among competing threads ?
-
Estimate the maximum asymmetrical short-circuit current that #1/0 THW (Cu) conductors can handle if circuit breakers are used as overcurrent protection devices.
-
In Exercises find dy/dx by implicit differentiation. xy - y = x
-
Give an example (other than those on the poster) that can use the line rule of Must not intersect or touch interior.
-
(Two Temporary Differences, One Rate, 3 Years) Gordon Company has two temporary differences between its income tax expense and income taxes payable. The information is shown below. The income tax...
-
(Carry back and Carry forward of NOL, No Valuation Account, No Temporary Differences) The pretax financial income (or loss) figures for Synergetic Company are as follows....
-
(Two NOLs, No Temporary Differences, No Valuation Account, Entries and Income Statement) Lanier Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2003 through...
-
OSHA must investigate an occupational accident: O If it involves an injury If someone is killed To levy a fine To issue citations
-
Kentucky Supreme Court justices are placed on the bench by appointment of the governor. True False
-
Those resources and capabilities that provide a significant competitive advantage are referred to as what? a . valuable b . complementary assets to an organization c . valuable, rare, and hard to...
Study smarter with the SolutionInn App