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can i please get help with this it is due today 3/5 The records of Fremont Corporation's initial and unaudited accounts show the following ending
can i please get help with this it is due today 3/5
The records of Fremont Corporation's initial and unaudited accounts show the following ending inventory baiances, which must be adjusted to actual costs, As the auditor, you have learned the following information. Ending work-in-process inventory is 40 percent complete with respect to conversion costs. Materials are added at the beginning of the manufacturing process, and overhead is applied at the rate of 80 percent of the direct labor costs. There was no finished goods inventory at the start of the period. The following additional information is also avallable. Required: a. Prepare a production cost report for Fremont using the weighted-average method. (Hint: You will need to calculate equivalent units for three categories: materials, labor, and overhead.) b. Show.the journal entry required to correct the difference between the unaudited records and actual ending balances of Work-inProcess Inventory and Finished Goods Inventory. Debit or credit Cost of Goods Sold for any difference. c. If the adjustment in requirement (b) is not made, will the company's income and inventories be overstated or understated? Show the journal entry required to correct the difference between the unaudited records and actual end Inventory and Finished Goods Inventory. Debit or credit Cost of Goods Sold for any difference. (If no ent transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the difference between the unaudited records and actual ending balances of Work-in-Process Inventory and Finished Goods Inventory. Note: Enter debits before credits. Required: a. Prepare a production cost report for Fremont using the weighted-average method. for three categories: materials, labor, and overhead.) b. Show the journal entry required to correct the difference between the unaudited recc Process Inventory and Finished Goods Inventory. Debit or credit Cost of Goods Sold for c. If the adjustment in requirement (b) is not made, will the company's income and invent Complete this question by entering your answers in the tabs below. If the adjustment in requirement (b) is not made, will the company's income and inventories be The records of Fremont Corporation's initial and unaudited accounts show the following ending inventory baiances, which must be adjusted to actual costs, As the auditor, you have learned the following information. Ending work-in-process inventory is 40 percent complete with respect to conversion costs. Materials are added at the beginning of the manufacturing process, and overhead is applied at the rate of 80 percent of the direct labor costs. There was no finished goods inventory at the start of the period. The following additional information is also avallable. Required: a. Prepare a production cost report for Fremont using the weighted-average method. (Hint: You will need to calculate equivalent units for three categories: materials, labor, and overhead.) b. Show.the journal entry required to correct the difference between the unaudited records and actual ending balances of Work-inProcess Inventory and Finished Goods Inventory. Debit or credit Cost of Goods Sold for any difference. c. If the adjustment in requirement (b) is not made, will the company's income and inventories be overstated or understated? Show the journal entry required to correct the difference between the unaudited records and actual end Inventory and Finished Goods Inventory. Debit or credit Cost of Goods Sold for any difference. (If no ent transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the difference between the unaudited records and actual ending balances of Work-in-Process Inventory and Finished Goods Inventory. Note: Enter debits before credits. Required: a. Prepare a production cost report for Fremont using the weighted-average method. for three categories: materials, labor, and overhead.) b. Show the journal entry required to correct the difference between the unaudited recc Process Inventory and Finished Goods Inventory. Debit or credit Cost of Goods Sold for c. If the adjustment in requirement (b) is not made, will the company's income and invent Complete this question by entering your answers in the tabs below. If the adjustment in requirement (b) is not made, will the company's income and inventories be Step by Step Solution
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