Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At the start of November, Penco Refinery had Work in Process inventory consisting of 4,900 units that were 90 percent complete with respect to materials

At the start of November, Penco Refinery had Work in Process inventory consisting of 4,900 units that were 90 percent complete with respect to materials and 60 percent complete with respect to conversion costs. The cost of the units was $43,100 ($29,300 of material cost and $13,800 of labor and overhead). During November, the company started 45,300 units and incurred $407,900 of material cost and $395,100 of labor and overhead. The company completed 47,600 units during the month, and 2,600 units were in process at the end of November. The units in ending Work in Process were 90 percent complete with respect to materials and 40 percent complete with respect to conversion costs.

Cost Per Equivalent Unit for Materials and Conversion Costs:

Calculate the cost of items completed during November:

Calculate the cost of ending Work in Process:

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 Local Union Financial Records A Guide For Local Union Trustees

Authors: John Lund

1st Edition

0875461948, 978-0875461946

More Books

Students also viewed these Accounting questions

Question

Describe the key parts of the technology design step.

Answered: 1 week ago