Question
Oriole Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs
Oriole Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. To assign costs to inventories, the company uses weighted average process costing. The following information was available for 2022: Sales (selling price per unit, $42) $4,498,200 Actual manufacturing overhead 693,000 Selling and administrative expenses 344,400 Unit production costs: Direct materials (1 kilogram) $6.00 Direct labour (1/2 hour) 8.00 Manufacturing overhead 9.00 Total $23.00 Units completed and transferred to finished goods Materials purchased Materials used in process 147,000 units 131,250 kilograms 142,800 kilograms
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started