Hi-T Company uses the weighted average method of process costing. Information for the companys first production process
Question:
Hi-T Company uses the weighted average method of process costing. Information for the company’s first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process.
a. Compute the equivalent units of production for both direct materials and conversion.
b. Compute the cost per equivalent unit for both direct materials and conversion.
c. Assign costs to the department’s output—specifically, to the units transferred out and to the units in ending work in process inventory.
Transcribed Image Text:
Direct Materials Conversion Beginning work in process Percent Complete Percent Complete Direct materials $ 45,000 Units Conversion. 56,320 $101,320 Beginning work in process inventory... 2,000 100% 80% Costs added this period Completed and transferred out 23,000 Direct materials 375,000 Ending work in process inventory...... 7,000 100% 40% Conversion. 341,000 716,000 Total costs to account for.. $817,320
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (4 reviews)
a Equivalent units of production Weighted average b Cost pe...View the full answer
Answered By
Mwangi Clement
I am a tried and tested custom essay writer with over five years of excellent essay writing. In my years as a custom essay writer, I have completed more than 2,000 custom essays in a diverse set of subjects. When you order essays from me, you are working with one of the best paper writers on the web. One of the most common questions I get from customers is: “can you write my essay?” Upon hearing that request, my goal is to provide the best essays and overall essay help available on the web. I have worked on papers in subjects such as Nursing and Healthcare, English Literature, Sociology, Philosophy, Psychology, Education, Religious Studies, Business, Biological Sciences, Communications and Media, Physical Sciences, Marketing and many others. In these fields, my specialties lie in crafting professional standard custom writings. These include, but are not limited to: research papers, coursework, assignments, term papers, capstone papers, reviews, summaries, critiques, proofreading and editing, and any other college essays.
My extensive custom writings experience has equipped me with a set of skills, research abilities and a broad knowledge base that allows me to navigate diverse paper requirements while keeping my promise of quality. Furthermore, I have also garnered excellent mastery of paper formatting, grammar, and other relevant elements. When a customer asks me to write their essay, I will do my best to provide the best essay writing service possible. I have satisfactorily offered my essay writing services for High School, Diploma, Bachelors, Masters and Ph.D. clients.
I believe quality, affordability, flexibility, and punctuality are the principal reasons as to why I have risen among the best writers on this platform. I deliver 100% original papers that pass all plagiarism check tests (Turnitin, Copyscape, etc.). My rates for all papers are relatively affordable to ensure my clients get quality essay writing services at reasonable prices.
4.50+
5+ Reviews
14+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Macadam Corp. uses the weighted average method of process costing. Its cost per equivalent unit for direct materials was $5.00 this period. It had 22,200 equivalent units for direct materials....
-
Hi Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for September follows. Assume that all materials are added at the beginning...
-
At mixing department, all materials are added at the beginning of the process. Lahore and overhead (conversion resources) are added evenly throughout the process. The following information pertains...
-
Scofield Company has the following information for March: Sales ....................$240,000 Variable cost of goods sold ........... 86,400 Fixed manufacturing costs ............ 57,600 Variable...
-
Saturated liquid water at 20oC is compressed to a higher pressure with constant temperature. Find the changes in u and h from the initial state when the final pressure is a) 500 kPa. b) 2000 kPa. c)...
-
Bill Seewich and John Carruthers work closely on a large litigation case. They come in at the same time and leave together in the evening. They eat lunch together and seldom work weekends. Bill had...
-
Explain the trade-offs that inventory managers face when they reorder products or supplies. How is the reorder point computed?
-
Ruberstein, Inc. was founded on April 1 and entered into the following transactions: Apr. 1 Issued common stock to shareholders in exchange for cash, $20,000. 1 Purchased a delivery van (equipment),...
-
Probabilities of draws with replacement An urn contains 5 white and 8 red balls. Four balls are randomly drawn from the urn in succession, with replacement. That is, after each draw, the sele is...
-
Using the trial balance prepared for Binbutti Engineering in Part 4 of Problem 2-10A, prepare an income statement and statement of changes in equity for the three months ended July 31, 2020, and a...
-
Refer to the information in QS 20-10. Prepare the November 30 journal entry to record the transfer of costs from the Assembly department to the Painting department. Use the weighted average method....
-
Refer to the information in QS 20-10. Assign costs to the Assembly departments outputspecifically, the units transferred out to the Painting department and the units that remain in process in the...
-
A vacuum pump is used to evacuate a chamber where some specimens are dried at 50C. The pump rate of volume displacement is 0.5 m3/s with an inlet pressure of 0.1 kPa and temperature 50C. How much...
-
15. Trickle Corporation's 15 percent coupon rate, semiannual payment, $1,000 par value bonds which mature in 18 years. The bonds currently sell for $1,230.51 in the market. What is the bond...
-
Conduct a real job search and find a suitable posting in your field to which you could apply. Your research paper should include: The name of the company. The company's website. The name, title,...
-
Empirical evidence indicates a large variation in the degree of leverage across firms. For instance, firms in the utilities industry carry much more debts in their balance sheet than those in basic...
-
A project costing $102,000 initially should produce cash inflows of $54,000 per year for six years. At the end of the six years, the project will be shut down and will be sold for an estimated net...
-
In 2002, Ken and Laila Johnson (the Johnsons) purchased a home for their son Evander. The original cost of the home was $80,000 and the Johnsons made a down payment of $10,000. The title to the...
-
Kevin deliberately omitted $40,000 of gross income from his restaurant on his 2016 tax return. The return indicated gross income of $200,000 when filed on April 14, 2017. When can the IRS no longer...
-
2. In the circuit given in Figure 2, i,(t) = 5.67cos(5t)A and v (t) = 70.71 cos(5t 60) V a) Find the equivalent load impedance. State whether the load is inductive or capacitive. b) Calculate the...
-
Flo Choi owns a small business and manages its accounting. Her company just finished a year in which a large amount of borrowed funds was invested in a new building addition as well as in equipment...
-
Access the Yahoo! (ticker: YHOO) 10-K report for the year ended December 31, 2009, filed on February 26, 2010, at www.sec.gov. Required 1. What amount of goodwill is reported on Yahoo!s balance...
-
Each team member is to become an expert on one depreciation method to facilitate teammates understanding of that method. Follow these procedures: a. Each team member is to select an area for...
-
P11.34 Overhead variances; journal entries; closing variance accounts: manufacturer LO11.5 Broome Instruments Company manufactures a control valve used in air-conditioning systems. The firm uses a...
-
What are the problems with the ideal CNN model? A. Requirement of a large and labeled image dataset B. Higher computational cost for training deep CNNs C. Lower computational cost for training deep...
-
Pregunta 10 1 pts El ingenio Mujica labora en INHGEOMIN; el contador de la institucin le informa que una mina en explotacin tiene una produccin anual de $600,000 y se calcula que se agotar en cinco...
Study smarter with the SolutionInn App