Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need assistance with these 4 questions and what to verify that I used the proper steps. Baltimore Manufacturing had a Work in Process balance

I need assistance with these 4 questions and what to verify that I used the proper steps.

Baltimore Manufacturing had a Work in Process balance of $94,000 on January 1, 2020. The year end balance of Work in Process was $52,000 and the Cost of Goods Manufactured was $700,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2020. Round to a whole number (no cents).

March 1, 2020, Dorchester Company's beginning work in process inventory had 9,000 units. This is its only production department. Beginning WIP units were 50% complete as to conversion costs. Dorchester introduces direct materials at the beginning of the production process. During March, all beginning WIP was completed and an additional 12,500 units were started and completed. Dorchester also started but did not complete 5,500 units. These units remained in ending WIP inventory and were 40% complete as to conversion costs. Dorchester uses the weighted average method. Use this information to determine for March 2020 the equivalent units of production for conversion costs. Round to whole number (no cents).

During FY 2020 Bay Manufacturing had total manufacturing costs are $438,000. Their cost of goods manufactured for the year was $455,000. The January 1, 2021 balance of Work-in-Process Inventory is $55,000. Use this information to determine the dollar amount of the FY 2020beginning Work-in-Process Inventory. Round to a whole number (no cents).

- Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2020 is provided:

Item

Amount

Sales

$200,000

Cost of Goods Manufactured

59,000

Direct Material Purchased

80,000

Factory Overhead

20,000

Work in Process - January 1

60,000

Work in Process - December 31

30,000

Direct Material - December 31

20,000

Finished Goods Inventory - December 31

56,000

Net Income

30,000

Direct Materials used

60,000

Cost of Goods Sold

58,000

Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2020. Round to a whole number (no cents).

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

Fraud Examination

Authors: W. Steve Albrecht

6th Edition

1337619671, 978-1337619677

More Books

Students also viewed these Accounting questions

Question

What does this look like?

Answered: 1 week ago