Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE Highlight or make BOLD the answers answer has been attempted twice already - please help me figure it out all in red are wrong

PLEASE Highlight or make BOLD the answers

answer has been attempted twice already - please help me figure it out

all in red are wrong

********************************************************************************************************************************************************************************************************************

********************************************************************************************************************************************************************************************************************

(C)

Assume that beginning work in process consists of 1,100 units valued at $ 10,302 ($ 4,500 are materials). The units are 40% complete as to conversion costs. Materials costs are unchanged, labor costs are $ 115,410 and manufacturing overhead costs are $ 53,500. *Determine the equivalent units of production for materials and conversion costs.

*Compute unit costs and show the assignment of manufacturing costs to units transferred out and in work in process.

*Complete Cost Reconciliation Schedule

image text in transcribedimage text in transcribedimage text in transcribed

Current Attempt in Progress The Sanding Department of Kaiden Company has the following production and cost data for November. Production 1. Started and completed 9,800 units. 2. Started 2,800 units that are 80% completed at November 30. Costs Beginning work in process $-0- Materials 61,740 Labor 132,440 Manufacturing Overhead 48,160 Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process. Kaiden Company uses the FIFO method to compute equivalent units. (c) Your answer is partially correct. Assume that beginning work in process consists of 1,100 units valued at $ 10,302 ($ 4,500 are materials). The units are 40% complete as to conversion costs. Materials costs are unchanged, labor costs are $ 115,410 and manufacturing overhead costs are $ 53,500. Determine the equivalent units of production for materials and conversion costs. Equivalent Units Materials 12600 Conversion costs 11600 Compute unit costs and show the assignment of manufacturing costs to units transferred out and in work in process. (Round unit costs to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) Material costs $ 4.90 Conversion costs $ 14.56 Total unit costs $ 19.46 Kaiden Company Cost Reconciliation Schedule Costs accounted for: Work in process, November 1st Materials $ 42630 Conversion Costs 126672 $ 169302 Transferred out 169302 Work in process, November 30th Materials $ 13720 Conversion Costs 32614 46334 Total costs 215636 (c) Your answer is partially correct. Assume that beginning work in process consists of 1,100 units valued at $ 10,302 ($ 4,500 are materials). The units are 40% complete as to conversion costs. Materials costs are unchanged, labor costs are $ 115,410 and manufacturing overhead costs are $ 53,500. Determine the equivalent units of production for materials and conversion costs. Equivalent Units Materials 12600 Conversion costs 12040 Compute unit costs and show the assignment of manufacturing costs to units transferred out and in work in process. (Round unit costs to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) Material costs $ 4.90 Conversion costs $ 15.00 Total unit costs $ 19.90 Kaiden Company Cost Reconciliation Schedule Costs accounted for: Work in process, November 1st Materials 48020 Conversion Costs 147000 $ 195020 Transferred out 195020 Work in process, November 30th Materials $ 13720 Conversion Costs 33600 47320 DO Total costs 242340

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

Management Accounting

Authors: Charles T Horngren, Gary L Sundem, William O Stratton, Howard D Teall, George Gekas

5th Canadian Edition

0131922688, 978-0131922686

More Books

Students also viewed these Accounting questions