Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please solve this Problem 6-14 Equivalent Units; Costing of Inventories; Journal Entries-Weighted-Average Method [LO LO2, LO3, LO4] Tambin Inc. produces a gasoline additive that, when
please solve this
Problem 6-14 Equivalent Units; Costing of Inventories; Journal Entries-Weighted-Average Method [LO LO2, LO3, LO4] Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increase gas mileage by 15%. The company's controller suspects that the year-end dollar balances shown below in the inventory accounts may be incorrect. There were no finished goods inventories at the beginning of the year. The company uses the weighted-average method of process costing. There is only one processing department. A review of the company's inventory and cost records shows the following: Required: 1. Determine the equivalent units and the costs per equivalent unit for materials and conversion for the year. (Round your "Cost per equivalent unit" answers to 2 decimal places.) 3. Prepare the necessary correcting journal entry to adjust the work in process and tinished goods inventories to the correct bala as of December 31. (Round intermediate calculations to 2 decimal places.) Journal entry worksheet Record the entry to adjust the work in process and finished goods inventories Note: Enter debits before credits. T. Vetermine the equivalent units ana the cosis per equivalent unt tor materias ana conversion tor the year. (kouna your cost per equivalent unit" answers to 2 decimal places.) 2. Determine the amount of cost that should be assigned to the ending work in process and finished goods inventories. 3. Prepare the necessary correcting journal entry to adjust the work in process and finished goods inventories to the correct balance as of December 31. (Round intermediate calculations to 2 decimal places.) Journal entry worksheetStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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