Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me with detailed solutions thanks KU Company produces a product that goes through three separate processes in three different departments respectively in sequential

image text in transcribed
image text in transcribed
please help me with detailed solutions thanks
KU Company produces a product that goes through three separate processes in three different departments respectively in sequential order. The following information pertains to Department ll for the month of October 20x4: Beginning inventory (WIP): 23.000 units (80% completed) Costs of beginning inventory (WIP) Transferred in costs (TIC) from Department I Direct Materials (DM) Conversion Costs (CC) $69,000 57,500 $ 92.000 $218,500 In Department Il, DM are added to the TIC in the following manner: 50% added at the start of the process 40% added mid-way through the process 10% added three quarter way through the process tober 20x4, Deparment I transterred lodbo unis to Department u units to Department II at the cost of $300,000. In addition, the following costs were added in Department ll in the month of October 20X4: Direct Materials (DM) Conversion Costs (CC) $246,250 $493,000 Endin At the end of October, 15,000 units were left in Department ll and they were 60% completed. NU COMPANY USES ONLY THE FIRST-IN-FIRST-OUT!FFOLMETHOD IN PROCESS COSTING. . Total equivalent units (EU) for DM are: 85,000 98,500 . 104,600 D. 121,500 E 123,000 2. The cost per EU for CC is: 02. 10 2 Pris de ai. IC 20 BUSe USs244 A. $2.50 B. $3.00 $5.00 $9.24 C. $4.2 3. The cost of finished goods transferred out in October 20x4 is $241,500 $785,400 B. C. $892,500 D. $1,026,900 $1,134,000 4. The cost of the ending inventory (WIP) is: A. $117,405 B. $120,450 $123,750 D. $127,500 E. $130,450 02

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

Effective Internal Auditing

Authors: Manuel E. Peña-Rodríguez

1st Edition

1736742922, 978-1736742921

More Books

Students also viewed these Accounting questions

Question

What teacher supports and services are needed? (D2, D7, D8)

Answered: 1 week ago

Question

Approaches to Managing Organizations

Answered: 1 week ago

Question

Communicating Organizational Culture

Answered: 1 week ago