Question
Exercise 16-16 Santana Mortgage Company uses a process costing system to accumulate costs in its Application Department. When an application is completed, it is forwarded
Exercise 16-16 Santana Mortgage Company uses a process costing system to accumulate costs in its Application Department. When an application is completed, it is forwarded to the Loan Department for final processing. The following processing and cost data pertain to September. Please highlight your answers so I know exactly what to put in. Thank you so much. And Please properly round the numbers as it says in directions. Again thanks so much.
I only have 1 attempt left at submitting this so it needs to be 100% correct please read the directions carefully thank you so much. try to make the answers as clear as possible.
Exercise 16-16 Santana Mortgage Company uses a process costing system to accumulate costs in its Application Department. When an application is completed, it is forwarded to the Loan Department for final processing. The following processing and cost data pertain to September. 1. Applications in process on September 1, 130 2. Applications started in September, 980 3. Completed applications during September, 750 4. Applications still in process at September 30 were 100% complete as to materials (forms) and 60% complete as to conversion costs. Beginning WIP: Direct materials $1,170 Conversion costs 4,860 September costs: Direct materials Direct labor Overhead $4,733 13,000 9,174 Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. Santana Mortgage Company uses the FIFO method. Also, assume that the applications in process on September 1 were 100% complete as to materials (forms) and 40% complete as to conversion costs. Your answer is correct. Determine the equivalent units of service (production) for materials and conversion costs. Materials Conversion Costs The equivalent units of service (production) 9B 91Step by Step Solution
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