Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer the following questions using the information below. #13-18 Century Inc, manufactures TV's on a highly automated assembly line. Its costing system uses two cost

image text in transcribed
image text in transcribed
Answer the following questions using the information below. #13-18 Century Inc, manufactures TV's on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct Materials are added at the beginning of the production process. Conversion Costs are allocated evenly throughout the production process. Century Inc. uses weighted average costing Data for the Assembly Department for October 2018 are: -Work in process, beginning inventory: 450 units Direct Materials 100% complete) Conversion Costi (40% complete) -Units started during October: 825 units -Work in Process, ending inventory: 175 units Direct materials (100% complete) Conversion costs (75% complete) Costs for October 2018: -Work in process, beginning inventory: Direct Materials $315,000 Conversion Costs $195,000 - Direct materials costs added during October: $885,000 -Conversion Costs added during October: $690,000 13. What are the equivalent units for direct materials and conversion costs, respectively, for October? Equivalent units-1275 Conversion 14. What is the total amount debited to the Work in Process account during the month of October? 15. What is the direct materials cost per equivalent unit during October? 16. What is the conversion cost per equivalent unit in October? Fonts 17. What amount of direct material costs is assigned to the ending Work in Process account for October? 18. What amount of conversion costs are assigned to ending Work in Process account for October

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Principles

Authors: Howard F. Stettler

3rd Edition

0130521183, 9780130521187

More Books

Students also viewed these Accounting questions

Question

On the same day, Kyoto Fund converted $500,000 into JPY at

Answered: 1 week ago

Question

Brief the importance of span of control and its concepts.

Answered: 1 week ago

Question

What is meant by decentralisation?

Answered: 1 week ago

Question

Explain basic guidelines for effective multicultural communication.

Answered: 1 week ago

Question

Identify communication barriers and describe ways to remove them.

Answered: 1 week ago

Question

Explain the communication process.

Answered: 1 week ago