Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Grand River Company produces a high-quality insulation material that passes through two production processes. Data for November for the first process follow: Completion with Completion

image text in transcribed
Grand River Company produces a high-quality insulation material that passes through two production processes. Data for November for the first process follow: Completion with Completion with Respect to Respect to Units Materials Conversion Work in process inventory, November 1 108, 000 50% 25% Work in process inventory, November 30 62, 000 45% 20% Materials cost in work in process inventory, November 1 $129, 600 Conversion cost in work in process inventory, November 1 $ 69, 120 Units started into production 537,000 Units transferred to the next process 583, 000 Materials cost added during November $847, 840 Conversion cost added during November $490, 556 Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for November for the first process Materials Conversion Equivalent units of production 2. Compute the costs per equivalent unit for November for the first process. (Round your answers to 2 decimal places.) Materials Conversion Cost per equivalent unit 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in November. (Round Intermediate calculations to 2 decimal places.) Materials Conversion Total 0 Cost of ending work in process inventory S Cost of units completed and transferred out

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

Payroll Accounting 2020

Authors: Bernard J. Bieg, Judith A. Toland

30th edition

357117174, 978-0357117170

More Books

Students also viewed these Accounting questions

Question

Question 1 (a2) What is the reaction force Dx in [N]?

Answered: 1 week ago