The following partially completed process cost summary describes the July production activities of Ashad Company. Its production
Question:
The following partially completed process cost summary describes the July production activities of Ashad Company. Its production output is sent to its warehouse for shipping. All direct materials are added to products when processing begins. Beginning goods in process inventory is 20% complete with respect to direct labor and overhead.
Prepare its process cost summary using the weighted- averagemethod.
Transcribed Image Text:
Direct Factory Materials Labor Overhead Direct Equivalent Units of Production 32,000 32,000 32,000 2,500 0 .500 Equivalent units of production. .34,500 33,50033.500 Units of ending goods in process . Direct Materials Direct Factory Labor Overhead Costs per EUP Costs of beginning goods in process.. 18,550760 1,520 Costs incurred this period Total costs... . *....$376,050 $63650 $127.300 Units in beginning goods in process (all completed during July) 2,000 357,500 62.890 125,780 Units in ending goods in process 2,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
ASHAD COMPANY Process Cost Summary Weighted Average Method For Month Ended July 31 Costs Charged to ...View the full answer
Answered By
Navashree Ghosh
I believe in quality work and customer satisfaction. So, I can assure you that you will get quality work from me when you hire me. Let's work together and build a long-term association.
4.90+
82+ Reviews
116+ Question Solved
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Managerial Accounting questions
-
The following partially completed process cost summary describes the May production activities of Raman Company. Its production output is sent to its warehouse for shipping. Prepare its process cost...
-
In the mixing department, all the direct materials are added at the beginning of the processing. Beginning Work in Process inventory consists of 2,000 units with a direct materials cost of $31,860....
-
The following partially completed worksheet has been prepared for the 2007 statement of cash flows of the Perrin Company: Other relevant information (a) (b) Accumulated depreciation is a contra...
-
There are three general methods of allocating overhead costs: plantwide rates, rates for each expense category, and departmental rates. Describe when each is the most useful.
-
Use the data in 401KSUBS.RAW for this exercise. (i) Compute the average, standard deviation, minimum, and maximum values of nettfa in the sample. (ii) Test the hypothesis that average nettfa does not...
-
(a) What are the principal audit objectives and assertions for MaxSecuritys cost of sales? Explain. (b) Identify the relevant substantive tests of details that would be appropriate to gather evidence...
-
Calculate the times-interest-earned ratio for Evans \& Sons, Inc., for 2018 and 2019, and comment on the company's ability to pay its current interest payments. Did the company's ability to pay its...
-
The net weight (in oz) of a dry bleach product is to be monitored by x and R control charts using a sample size of n = 5. Data for 20 preliminary samples are shown in Table 6E.7. (b) Estimate the...
-
Make up an example of a quantitative data set where the spread of the data rerpresents more importance than the middle of data set
-
Recent research has shown that creative people are more likely to cheat than their less creative counterparts (Gino & Ariely, 2010). Participants in the study first completed creativity assessment...
-
The following flowchart shows the August production activity of the Spalding Company. Use the amounts shown on the flowchart to compute the missing four numbers identified byblanks. Production...
-
ProChem manufactures aspirin in a process operation. Details on production activity follow. Compute the departments equivalent units of production with respect to direct materials under each of two...
-
The previous question assumed that the central bank can really control money growth and velocity growth within a reasonable period of time. Instead, lets work with the more realistic assumption that...
-
Kidman Corporation's managers will choose a choice. There are four choices as follow: Choice A B C D Probability of Success 100% 80% 60% 40% Firm Value if Successful (in $ million) 50 60 70 80 Please...
-
kruptcy. And what about ? They wouldn't get all the damages they deserved. (Collecting damages is often harder than being awarded them.) That's why car owners, property owners, doctors, engineers,...
-
What is the no-arbitrage price of a forward contract if the time to expiration is six months, the underlying asset is worth $250, the continuously compound annualized risk-free rate is 3%, and...
-
Provide positive feedback and insight. Respond in full and comprehensive sentences. No numbering, labeling, or bulletins. The company I am reporting on is Hewlett- Packard, also known as "HP". HP is...
-
1. What is the force between two balloons with a negative charge of 1.6 X 10 - I C if the balloons are 5.0 cm apart? 2. How much energy is available from a 12 V storage battery that can transfer a...
-
What are the origins of psychology?
-
Suppose that A is an m n matrix with linearly independent columns and the linear system LS(A, b) is consistent. Show that this system has a unique solution.
-
1;Meilir Page-Jones, through his consulting company, identified a set of abuses of inheritance. In some cases, these abuses led to lengthy and bloody disputes and gruesome implementations; in one...
-
For a recent year, Best Buy (BBY) reported sales of $43,638 million. Its gross profit was $10,048 million. What was the amount of Best Buys cost of goods sold?
-
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Netflix, Inc. (NFLX) provides digital streaming and DVD rentals in the United States. Amazon and Netflix compete in...
-
During the current year, merchandise is sold for $23,680,000. The cost of the goods sold is $13,024,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross...
-
[ Y= ext { Calories and } X_{1}=F ext { at }, X_{2}= ext { Protein and } X_{3}= ext { Fiber. } ] Regression Equation Calories ( quad 85.01+18.56 ) Fat +7.54 Protein +3.51 Fiber Model Summary...
-
Describe a change in Social Security benefits that would contribute to the program's long - term ( 1 0 - 5 0 years ) financial viability. Comment on the efficiency and equity implications of the...
-
Bar charts and histograms closely resemble one another. How can you determine the essential difference between a histogram and a bar chart? A.In a histogram, the bars representing the data points...
Study smarter with the SolutionInn App