Hooghly Products manufactures a silicone paste wax that goes through three processing departments- Cracking, Blending, and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Hooghly Products manufactures a silicone paste wax that goes through three processing departments- Cracking, Blending, and Packing. All raw materials are introduced at the start of work in the Cracking Department. The Work in Process T-account for the Cracking Department for a recent month is given below: Inventory, May 1 Materials Conversion Inventory, May 31 Work in Process-Cracking Department 307,000 709,250 280,600 ? Completed and transferred to the Blending Department The May 1 work in process inventory consisted of 100,000 pounds with $219,000 in materials cost and $88,000 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 80% complete with respect to conversion. During May, 295,000 pounds were started into production. The May 31 inventory consisted of 88,000 pounds that were 100% complete with respect to materials and 70% complete with respect to conversion. The company uses the weighted-average method to account for units and costs. Required: 1. Determine the equivalent units of production for May. Equivalent units of production Cost per equivalent unit Materials Conversion 2. Determine the costs per equivalent unit for May. (Round your answers to 2 decimal places.) Materials Conversion ? 3. Determine the cost of the units completed and transferred to the Blending Department during May. (Round your intermediate calculation to 2 decimal places.) Cost of units completed and transferred out Materials Conversion $ Total 0 Hooghly Products manufactures a silicone paste wax that goes through three processing departments- Cracking, Blending, and Packing. All raw materials are introduced at the start of work in the Cracking Department. The Work in Process T-account for the Cracking Department for a recent month is given below: Inventory, May 1 Materials Conversion Inventory, May 31 Work in Process-Cracking Department 307,000 709,250 280,600 ? Completed and transferred to the Blending Department The May 1 work in process inventory consisted of 100,000 pounds with $219,000 in materials cost and $88,000 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 80% complete with respect to conversion. During May, 295,000 pounds were started into production. The May 31 inventory consisted of 88,000 pounds that were 100% complete with respect to materials and 70% complete with respect to conversion. The company uses the weighted-average method to account for units and costs. Required: 1. Determine the equivalent units of production for May. Equivalent units of production Cost per equivalent unit Materials Conversion 2. Determine the costs per equivalent unit for May. (Round your answers to 2 decimal places.) Materials Conversion ? 3. Determine the cost of the units completed and transferred to the Blending Department during May. (Round your intermediate calculation to 2 decimal places.) Cost of units completed and transferred out Materials Conversion $ Total 0
Expert Answer:
Answer rating: 100% (QA)
1 Statement of Equivalent Units of production for the Month Of May completed in May Equivalent Uni... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0078111006
14th edition
Authors: Ray Garrison, Eric Noreen and Peter Brewer
Posted Date:
Students also viewed these accounting questions
-
Brady Products manufactures a silicone paste wax that goes through three processing departmentsCracking, Blending, and Packing. All raw materials are introduced at the start of work in the Cracking...
-
Weston Products manufactures an industrial cleaning compound that goes through three processing departmentsGrinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the...
-
Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing. and Cooking. All raw materials are introduced at the start of work in the...
-
Consider the following loan information. . Total acquisition price: $3,000,000. Property consists of twelve office suites, five on the first floor and seven on the second. Contract rents: three...
-
Identify the three common forms of business organization and the primary difference between the ways they are accounted for.
-
Pupule Travel, a Honolulu, Hawaii - based 100% privately owned travel company has signed an agreement to acquire a 50% ownership share of Taichung Travel, a Taiwan - based privately owned travel...
-
Refer to the data for E5-16A. However, instead of the FIFO method, assume Austins Jewelers uses the average cost method. Requirements 1. Prepare a perpetual inventory record for the watches on the...
-
At the end of 2012, Hatch Industries had the following balance sheet: Hatch Industries would like to compute its EVA® for the year. Help the accountant at Hatch Industries prepare for that...
-
23. Suppose you have an investment opportunity. The time period is 20 years. Interest is compounded 4 times a year and the annual interest rate is 10%. What is the correct combination of number of...
-
Genesis Computers assembles and sells inexpensive laptop computers from industry standard parts which are generally purchased from the lowest bidder. Its strategy is to avoid direct competition with...
-
Your own feelings about your own race got you to volunteer for a nonprofit organization. Is the power you are exercising based on individual or collective resources? What are the bases of your power?...
-
A real estate analysis estimates the market value of an income-producing property at R2 560 000. The annual gross potential rental income is R686 000, the annual property operating expenses and taxes...
-
A trader sells a call option with a strike price of $45 for $7. What is the trader's maximum gain and maximum loss? b) You own a put option on a Brambles share with an exercise price of $12. The...
-
A mortgage for a condominium had a principal balance of $43,700 that had to be amortized over the remaining period of 5 years. The interest rate was fixed at 3.62% compounded semi-annually and...
-
Oakdale Fashions, Inc.'s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all...
-
Use the graph of f(x) below to answer 10+ 8 6 4 6 24-22-20-18-16/14-12-10 -8 6 4 (a) Find f(-20) and f(-8). f(-20) = f(-8)= (b) Find f(16) and f(0). f(16) O Positive O Negative f(0) (c) Is f(2)...
-
Assuming a 10% discount rate,calculate the NPV of the four projects and rank the projects inorder of preference. Show steps. 1. Growth Enterprise, Inc. (GEI) has $40 million that it can invest in any...
-
From 1970 to 1990, Sri Lanka's population grew by approximately 2.2 million persons every five years. The population in 1970 was 12.2 million people.What is the best formula for P, Sri Lanka's...
-
University District Co-op, a whole foods grocery and coffee shop, has provided the following data to be used in its service department cost allocations: Required: Using the step-down method, allocate...
-
Jones Company is a merchandiser whose income statement for Year 2 follows: Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000 Cost of goods sold . . . . . . . . . . . ....
-
The KGV Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood bank has just finished its operations for September, which was...
-
Liberty's return on common stockholders' equity can be described as a. Weak b. Normal c. Average d. Strong
-
Liberty's inventory turnover during 2007 was a. 6 times b. 7 times c. 8 times d. Not determinable from the data given
-
Which measure expresses Liberty's times-interest-earned ratio? a. 15 times b. 27 times c. 20 times d. \(51.8 \%\)
Study smarter with the SolutionInn App