Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following is a partial process cost summary for Mitchell Manufacturing's Canning Department. Equivalent Units of Production Direct Materials Conversion Units Completed and transferred out 72,000

Following is a partial process cost summary for Mitchell Manufacturing's Canning Department.

Equivalent Units of Production Direct Materials Conversion
Units Completed and transferred out 72,000 72,000
Units in Ending Work in Process:
Direct Materials (15,000 100%) 15,000
Conversion (15,000 70%) 10,500
Equivalent Units of Production 87,000 82,500
Cost per Equivalent Unit
Costs of beginning work in process $ 41,100 $ 60,500
Costs incurred this period 137,800 185,500
Total costs $ 178,900 $ 246,000
Cost per equivalent unit $ 2.06 per EUP $ 2.98 per EUP

If the units completed were transferred to the Labeling Department, what is the appropriate journal entry to transfer the conversion costs?

Multiple Choice

  • Work in ProcessLabeling $185,500; Work in ProcessCanning $185,500.

  • Work in ProcessLabeling $214,560; Work in ProcessCanning $214,560.

  • Finished GoodsLabeling $185,500; Finished GoodsCanning $185,500.

  • Work in ProcessLabeling $214,560; Finished GoodsCanning $214,560.

  • Finished Goods $246,000; Work in Process $246,000.

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

Introduction To Management Accounting With Myaccountinglab And

Authors: Alnoor Bhimani, Charles T. Horngren, Gary L. Sundem, William O. Stratton, Jeff Schatzberg, Dave Burgstahler

1st Edition

1292178116, 978-1292178110

More Books

Students also viewed these Accounting questions

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago

Question

Networking is a two-way street. Discuss this statement.

Answered: 1 week ago