Problem 4-14 (Algo) Analysis of Work in Process T-account-Weighted-Average Method [LO4-1, LO4-2, LO4-3, LO4-4] Weston Products...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6658a2f820757_9206658a2f81712e.jpg)
Transcribed Image Text:
Problem 4-14 (Algo) Analysis of Work in Process T-account-Weighted-Average Method [LO4-1, LO4-2, LO4-3, LO4-4] Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Work in Process-Grinding Department Debit Inventory, May 1 Materials Conversion Inventory, May 31 Credit 228,200 Completed and transferred to the Mixing Department ? 757,990 403,410 ? The May 1 work in process inventory consisted of 70,000 pounds with $142,100 in materials cost and $86,100 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 30% complete with respect to conversion. During May, 341,000 pounds were started into production. The May 31 inventory consisted of 121,000 pounds that were 100% complete with respect to materials and 60% complete with respect to conversion. The company uses the weighted-average method in its process costing system. Required: 1. Compute the Grinding Department's equivalent units of production for materials and conversion in May. 2. Compute the Grinding Department's costs per equivalent unit for materials and conversion for May. 3. Compute the Grinding Department's cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the Grinding Department's cost of units transferred out to the Mixing Department for materials, conversion, and in total for May. Problem 4-14 (Algo) Analysis of Work in Process T-account-Weighted-Average Method [LO4-1, LO4-2, LO4-3, LO4-4] Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Work in Process-Grinding Department Debit Inventory, May 1 Materials Conversion Inventory, May 31 Credit 228,200 Completed and transferred to the Mixing Department ? 757,990 403,410 ? The May 1 work in process inventory consisted of 70,000 pounds with $142,100 in materials cost and $86,100 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 30% complete with respect to conversion. During May, 341,000 pounds were started into production. The May 31 inventory consisted of 121,000 pounds that were 100% complete with respect to materials and 60% complete with respect to conversion. The company uses the weighted-average method in its process costing system. Required: 1. Compute the Grinding Department's equivalent units of production for materials and conversion in May. 2. Compute the Grinding Department's costs per equivalent unit for materials and conversion for May. 3. Compute the Grinding Department's cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the Grinding Department's cost of units transferred out to the Mixing Department for materials, conversion, and in total for May.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
An astronaut has left the International Space Station to test a new space scooter. Her partner measures the following velocity changes, each taking place in a 10-s interval. What are the magnitude,...
-
Bayou Oil Corporation had the following information and account balances for the years shown relating to Lease No. 1. REQUIRED: Compute DD&A for the year ended 12/31/16 using: a. A common unit of...
-
In Myanmar (formerly Burma), 6 laborers, each making the equivalent of $ 3 per day, can produce 40 units per day. In rural China, 10 laborers, each making the equivalent of $ 2 per day, can produce...
-
Find the quotient q(x) and the remainder r(x) so that a(x) = q(x)b(x)+r(x). q(x) = r(x) = 10x37x+5 a(x) = = 10x37x2-5
-
2 of 6 ID: FMTH.RR.SURB.03A Consider this diagram showing unsystematic and systematic risk as a function of the number of assets in a portfolio. a) The diagram shows that as the number of assets in...
-
Draw a mechanism for all the possible substitution and elimination products (including all major and minor products) of the following reaction. (12 points) H3C CH3OH CH3 Br
-
Treasury bills, which represent debt of the U.S govement, have maturities less than one year. As a result, in which type of financial market do outstanding oral ready issued, treasury bills trade? (...
-
4) Soundproofing in a studio reduces ambient noise from 41 dB to 30 dB. What percent of the ambient sound intensity is still making it through? Round your answer to the nearest 1%.
-
Problem 1: a plane is flying due south at 500 m/h at 3,5000 feet altitude, straight and level. A second plane in initially 40 miles due east of the first plane, also at 35,000 feet altitude, flying...
-
N Convert the complex number z = 4i into polar form. Use "cis" notation and express the argument in the interval arg(z) = [0, 2).
-
At Lowe's, each contractor receives 5% discount for his purchases. A contractor buys a saw which is lieted at les price paid by the contractor? Select one: A. $127.40 B. $134.10 C. $141.55 D. $128.68...
-
(a) Josh Avers believes that the analysis ol linancial statements is directed at two characteristics of a company: liquidity and probability. Is Josh collect? Explain, (b) Are short-term creditors,...
-
Distinguish among the following bases ol comparison: intracompany, industry averages, and intercompany (b) Give the principal value of using each of the three bases of comparison.
-
Alia Khan Robotics Inc. has been in operation for 3 years. All of its manufacturing equipment, which has a useful life of 10 to 12 years, has been depreciated on a straight-line basis. During the...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App