Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please give the answers with clear explanations and calculations. Use this information to answer questions 1-6. Jani Corp. uses a process costing system. The flow

Please give the answers with clear explanations and calculations.

Use this information to answer questions 1-6.

image text in transcribed
Jani Corp. uses a process costing system. The flow of production goes from Machining to Painting to Assembly, and then to Finished Goods. Some operating data for the month is shown. Provide the correct answer for the requested items below. Machining Department Painting Department Assembly Department % Complete % Complete % Complete Units: Units Materials Conversion Units Transfer-in Materials Conversion Units Transfer-in Materials Conversion Beginning WIP 6,500 1,000 3,000 Started/transferred in 70,000 64,500 Ending WIP 8,000 60% 80% 5,000 100% 90% 30% 7,500 100% 100% Transferred out 60,000 Costs: Beginning WIP 48,750 $ 65,000 S 38,000 2,400 S 85,500 $ 1,800 $ 6,000 Added $ 1,124,050 $ 1,582,800 $ 274,750 $ 591,600 $ 3,289,500 $ 65,700 $ 1,348,500 Total $ 1,172,800 $ 1,647,800 $ 594,000 $ 3,375,000 $ 67,500 $ 1,354,500 Equivalent Units (EU): Cost per EU: $ 21 Q1 - How many units were transferred from the Machining Department to the Painting Department during the month? Q2 - How many equivalent units of materials does the Machining Department have? Q3 - What were the total costs transferred from the Machining Department to the Painting Department during the month? Q4 - What was the beginning account balance of the Painting Department's Work-in-Process account? Q5 - In terms of conversion costs, what percentage complete were the ending WIP units in the Assembly Department? Q6 - What is the total cost of a fully completed unit during the month

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

Financial Accounting

Authors: Carl S Warren, James M Reeve, Jonathan Duchac

12th Edition

0538478519, 9780538478519

More Books

Students also viewed these Accounting questions

Question

Contrast positive motivation with negative motivation.

Answered: 1 week ago

Question

2. How do I perform this role?

Answered: 1 week ago