Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer this question Please 1. Scott Inc., manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in

image text in transcribed

Answer this question Please

1. Scott Inc., manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the mixing department. Information for the mixing department for May follows: Work in process, May 1: Units (45% complete) 10,000 Direct materials $23,000 Direct labor $37,000 Overhead $15,000 During May, 65,000 units were completed and transferred to the molding department. The following costs were incurred by the mixing department during May: Direct materials $115,000 Direct labor $140,000 Overhead $55,000 By May 31, 4,000 units that were 80 percent complete remained in Mixing. Scott uses the weighted average method Required: A. Calculate the equivalent units of production using the weighted average method B. Calculate the total costs to account for. C. Calculate total cost per equivalent unit of production. D. Calculate the cost of goods transferred to the molding department during May E. Calculate the cost of May's ending work-in-process for the mixing department. 1. Scott Inc., manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the mixing department. Information for the mixing department for May follows: Work in process, May 1: Units (45% complete) 10,000 Direct materials $23,000 Direct labor $37,000 Overhead $15,000 During May, 65,000 units were completed and transferred to the molding department. The following costs were incurred by the mixing department during May: Direct materials $115,000 Direct labor $140,000 Overhead $55,000 By May 31, 4,000 units that were 80 percent complete remained in Mixing. Scott uses the weighted average method Required: A. Calculate the equivalent units of production using the weighted average method B. Calculate the total costs to account for. C. Calculate total cost per equivalent unit of production. D. Calculate the cost of goods transferred to the molding department during May E. Calculate the cost of May's ending work-in-process for the mixing department

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_2

Step: 3

blur-text-image_3

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

Cost Accounting Foundations and Evolutions

Authors: Michael R. Kinney, Cecily A. Raiborn

8th Edition

9781439044612, 1439044619, 978-1111626822

More Books

Students also viewed these Accounting questions

Question

Describe loss aversion and myopic loss aversion.

Answered: 1 week ago