Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Moneybagg Yo Company has several processing departments. Costs to be accounted for in the Assembly Department for November 2022 are as follows Work-in-process, November 1

image text in transcribed
image text in transcribed
Moneybagg Yo Company has several processing departments. Costs "to be accounted for in the Assembly Department for November 2022 are as follows Work-in-process, November 1 Materials $39,500 Conversion costs 24.075 $63,575 Direct materials added in November 794,500 Direct labor incurred during November 112,960 Manufacturing overhead assigned during 168,965 November Total manufacturing costs incurred during $1,140,000 November Production records show the following: Units in Work-in-process, November 1 Units started into production Units in Work-in-process, November 30 17,500 330,000 12,500 Percent complete in Work-in-Process: Conversion costs 20% Instructions: Using a production costs report answer the following questions. Your answers should use punctuation where appropriate (.e. commas). What are the physical units "accounted for? units What are the equivalent units for materials? units What are the equivalent units for conversion costs? units What is the total cost incurred during production for materials? SI What is the total cost incurred during production for conversion costs? S What is the production cost per equivalent unit for materials? Record your response to the nearest penny (ex $5.55). S What is the production cost per equivalent unit for conversion costs? Record your response to the nearest penny (ex. $5,56), S What is the total cost of the units completed and transferred out? $ What is the total cost of ending work-in-process for materials? S What is the total cost of ending work in process for conversion costs? $ What is the total costs incurred in November? S

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_2

Step: 3

blur-text-image_3

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

Advanced Financial Accounting

Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker

10th edition

78025621, 978-0078025624

More Books

Students also viewed these Accounting questions

Question

What are the responsibilities of the position?

Answered: 1 week ago

Question

What are possible safety concerns? Explain.

Answered: 1 week ago

Question

What would you do if you were in Margarets shoes?

Answered: 1 week ago