Blossom Inc. manufactures a single product in a continuous processing environment. All materials are added at...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66568dc83a57d_42466568dc831951.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66568dc895391_42466568dc88bc0a.jpg)
Transcribed Image Text:
Blossom Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. To assign costs to inventories, the company uses weighted average process costing. The following information was available for 2022: Sales (selling price per unit, $45) $4,635,000 Actual manufacturing overhead 666,600 Selling and administrative expenses 331,280 Unit production costs: Direct materials (1 kilogram) $5.00 Direct labour (1/2 hour) 7.00 ' Manufacturing overhead 8.00 Total $20.00 Units completed and transferred to finished goods Materials purchased Materials used in process 141,400 units 126.250 kilograms 137,360 kilograms An inventory count at year end (December 31, 2022) revealed that the inventories had the following balances: Raw materials Work in process inventory (45% complete) Finished goods 8.080 kilograms 22.220 units 45,450 units The January 1, 2022, work in process inventory units are 70% complete. The unit cost of production was the same in 2022 as it was in 2021. Calculate the following amounts for Blossom Inc. Blossom Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. To assign costs to inventories, the company uses weighted average process costing. The following information was available for 2022: Sales (selling price per unit, $45) $4,635,000 Actual manufacturing overhead 666,600 Selling and administrative expenses 331,280 Unit production costs: Direct materials (1 kilogram) $5.00 Direct labour (1/2 hour) 7.00 ' Manufacturing overhead 8.00 Total $20.00 Units completed and transferred to finished goods Materials purchased Materials used in process 141,400 units 126.250 kilograms 137,360 kilograms An inventory count at year end (December 31, 2022) revealed that the inventories had the following balances: Raw materials Work in process inventory (45% complete) Finished goods 8.080 kilograms 22.220 units 45,450 units The January 1, 2022, work in process inventory units are 70% complete. The unit cost of production was the same in 2022 as it was in 2021. Calculate the following amounts for Blossom Inc.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
What are the principal advantages to a lessor in leasing rather than selling property?
-
An all-CMOS diff-amp, including the current source circuit, with the configuration in Figure 11.32 is to be designed to have a differential-mode gain of \(A_{d}=240\). The bias voltages are \(V^{+}=3...
-
E19-8 Supply the missing amounts from the following computation of gross profit for Alon Plastics. Sales revenue Cost of goods sold: Beginning finished goods inventory... Cost of goods manufactured:...
-
Urban Auto Glass specializes in the repair and replacement of windshields for passenger vehicles. Variable and fixed costs related to installation activities for the most recent month (July) are...
-
Stilton Company (a U.S.-based company) has a subsidiary in Canada that began operations at the start of 2024 with assets of 141,000 Canadian dollars (CAD) and liabilities of CAD 72,000. During this...
-
Managerial Economics After the issuance of exposure draft and consideration of the comments and suggestions received, the AASC revised the exposure draft as appropriate which when approved will be...
-
5) A frictionless rod of length L rotates counterclockwise in the with constant angular speed w at an angle a to the z axis. A bead of mass m, free to slide on the rod, leaves the origin with initial...
-
1) Louisa is a corn farmer in Illinois. She anticipates a harvest in August of 3 million bushels of yellow corn. Today is May. Louise plans to hedge her sale of corn in August using corn futures...
-
2. DETAILS MY NOTES In a statistical test, we have a choice of a left-tailed test, a right-tailed test, or a two-tailed test. Is it the null hypothesis or the alternate hypothesis that determines...
-
2. The model of a two-story building shown in Figure 2. The girders are assumed to be rigid, and the columns have flexural rigidities EI and EI2, with negligible masses. The stiffness of each column...
-
Prepare journal entries to record these transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually....
-
The Gene Thompkins Company constructed a building for their manufacturing operation at a cost of $3,600,000 and occupied it beginning January, 2008. The newly constructed building's life was...
-
The historical origins of the law and its evolutionary nature. AppendixLO1
-
What tactics do you think single-unit restaurant operators without corporatelevel assistance can use to cope with the less-than-ideal human resources information they probably have easily available...
-
What additional practical tactics can Alice use to obtain necessary human resources-related information?
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App