Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

*Please show all work!* The cutting department of Crane Manufacturing has the following production and cost data for July. Costs Beginning work in process $-0-

image text in transcribed

image text in transcribed

image text in transcribed

*Please show all work!*

The cutting department of Crane Manufacturing has the following production and cost data for July. Costs Beginning work in process $-0- Production 1. Completed and transferred out 11,650 units. 2. 2,900 units in ending work in process inventory are 60% complete in terms of conversion costs and 100% complete Direct materials 37,830 Direct labour 15,800 in terms of materials at July 31. Manufacturing overhead 10,980 Materials are entered at the beginning of the process. Conversion costs are incurred uniformly throughout the process. Your answer is correct. Determine the equivalent units of production for materials and conversion costs. Direct Materials Conversion Costs 14550 13390 Total equivalent units Calculate unit costs and prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, e.g. 15.25.) Unit costs Direct materials $ 26 Conversion costs $ 2 Cost Reconciliation Schedule Costs accounted for Completed and transferred out Work in process inventory, July 31 Direct materials $ Conversion costs DO Total costs 07 eTextbook and Media Save for Later Attempts: 1 of 3 used Submit

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 and Reporting

Authors: Barry Elliott, Jamie Elliott

14th Edition

978-0273744535, 273744445, 273744534, 978-0273744443

More Books

Students also viewed these Accounting questions