Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 3 of 7 1.5 / 5 Units to be accounted for Work in process, July 1 Started into production Total units Units accounted for

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Question 3 of 7 1.5 / 5 Units to be accounted for Work in process, July 1 Started into production Total units Units accounted for Completed and transferred out II Work in process, July 31 Total units Conversion Costs Costs Materials Unit costs Total Costs S Equivalent units Unit costs S $1 Cost Reconciliation Schedule Costs to be accounted for Work in process, July 1 Started into production Total costs | Costs accounted for Completed and transferred out Work in process, July 31 Materials S Conversion costs Total costs " Current Attempt in Progress Blossom Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are added at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making a product are as follows. Cutting Department Production Data-July T12-Tables Work in process units, July 1 0 Units started into production 16,000 Work in process units, July 31 2,400 Work in process percent complete as to conversion, July 31 60% Cost Data-July Work in process, July 1 $0 Direct materials used in July 304,000 Direct labor incurred in July 187,520 Manufacturing overhead assigned in July 83,200 Total $ 574,720 (a1) Your answer is correct. Compute the physical units of production. T12 Tables Units to be accounted for 16000 e Textbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (a2) Your Answer Correct Answer (Used) - Your answer is partially correct. Compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs Total equivalent units 16000 17440 e Textbook and Media Solution Attempts: 3 of 3 Using multiple attempts has impacted your score. 10% score reduction after attempt 2 Using multiple attempts has impacted your score. 10% score reduction after attempt 2 (a3) Your answer is incorrect. Determine the unit costs of production for July. Materials Conversion Costs Total Costs Unit costs-T12 Tables $ $ e Textbook and Media Attempts: 1 of 3 used Submit Answer Save for Later Last saved 9 minutes ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Using multiple attempts will impact your score. 10% score reduction after attempt 2 T12 Tables Costs accounted for: Completed and transferred out $ Work in process Materials $ Conversion costs Total costs $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 2

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Marketing Research

Authors: Alvin C. Burns, Ronald F. Bush, Ann F. Veeck

8th Global Edition

1292153261, 9781292153261

Students also viewed these Accounting questions