{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T04:07:29-04:00", "answer_date": "2024-05-27 04:07:29", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1777196", "url": "\/study-help\/questions\/-1777196", "question_creation_date_js": "2024-05-27T04:07:29-04:00", "question_creation_date": "May 27, 2024 04:07 AM", "meta_title": "[Solved] Coronado Mortgage Company uses a process | SolutionInn", "meta_description": "Answer of - Coronado Mortgage Company uses a process cost system to accumulate costs in its Application Department. When an applic | SolutionInn", "meta_keywords": "coronado,mortgage,company,process,cost,system,accumulate,costs,application,department,completed,forwarded", "question_title_h1": "Coronado Mortgage Company uses a process cost system to accumulate costs in its Application Department. When an application is completed, it is forwarded to the", "question_title": "Coronado Mortgage Company uses a process cost system to accumulate costs in", "question_title_for_js_snippet": "Coronado Mortgage Company uses a process cost system to accumulate costs in its Application Department When an application is completed, it is forwarded to the Loan Department for final processing The following processing and cost data pertain to September 1 Applications in process on September 1,200 2 Applications started in September,1,000 3 Completed applications during September,700 4 Applications still in process at September 30 were 100 complete as to materials (forms) and 60 complete as to conversion costs Beginning WIP Direct materials$1,210 Conversion costs 4,420 September costs Direct materials$5,270 Direct labor 12,280 Overhead 10,200 Materials are the forms used in the application process, and these costs are incurred at the beginning of the process Conversion costs are incurred uniformly during the process (a) Determine the equivalent units of service (production) for materials and conversion costs Materials Conversion Costs The equivalent units of service (production) b) Compute the unit cost (Round unit costs to 2 decimal places, e g 2 25 ) Materials Conversion Costs Prepare a cost reconciliation schedule (Round unit costs to 2 decimal places, e g 2 25 and final answers to 0 decimal places, e g 1,225 ) Costs accounted for Transferred out $ Work in process, September 30 Materials $ Conversion costs Total costs $", "question_description": "

Coronado Mortgage Company uses a process cost system to accumulate costs in its Application Department. When an application is completed, it is forwarded to the Loan Department for final processing. The following processing and cost data pertain to September.<\/p>

<\/p>

1.Applications in process on September 1,200<\/p>

2.Applications started in September,1,000<\/p>

3.Completed applications during September,700<\/p>

4.Applications still in process at September 30 were 100% complete as to materials (forms) and 60% complete as to conversion costs.<\/p>

Beginning WIP:<\/p>

Direct materials$1,210<\/p>

Conversion costs 4,420 <\/p>

September costs:<\/p>

Direct materials$5,270<\/p>

Direct labor 12,280<\/p>

Overhead 10,200<\/p>

Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process.<\/p>

<\/p>

(a)<\/span><\/p>

Determine the equivalent units of service (production) for materials and conversion costs.<\/p>

<\/p>

Materials Conversion Costs<\/strong><\/p>

The equivalent units of service (production)<\/p>

b)<\/p>

Compute the unit cost.(Round unit costs to 2 decimal places, e.g. 2.25.) <\/em><\/strong><\/p>

<\/em>Materials Conversion Costs<\/strong><\/p>

<\/p>

<\/p>

Prepare a cost reconciliation schedule.<\/span>(Round unit costs to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 1,225.)<\/em><\/strong><\/p>

<\/p>

Costs accounted for:<\/strong><\/p>

<\/p>

Transferred out $<\/p>

Work in process, September 30 <\/p>

<\/p>

Materials <\/p>

$ <\/p>

Conversion costs<\/p>

<\/p>

<\/p>

Total costs $<\/p>", "transcribed_text": "", "related_book": { "title": "Accounting", "isbn": "130898414, 9780132997379, 978-0130898418, 132997371, 978-0132569309", "edition": "9th Edition", "authors": "Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/83.jpg", "uri": "\/textbooks\/accounting-9th-edition-83", "see_more_uri": "" }, "free_related_book": { "isbn": "3639254082", "uri": "\/textbooks\/inorganic-organic-hybrid-polymers-1st-edition-978-3639254082-149228", "name": "Inorganic\/Organic Hybrid Polymers", "edition": "1st Edition" }, "question_posted": "2024-05-27 04:07:29", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/hewlettpackard-announced-in-early-1999-the-spinoff-of-its-agilent", "description": "Hewlett-Packard announced in early 1999 the spin-off of its Agilent Technologies unit to focus on its main business of computers and printers. 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