Question Help OceanBound uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. (Click the icon to view additional information.) The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. OceanBound uses the weighted-average method. Read the requirements. Requirement 1. Prepare a production cost report for the Testing Department. (Round all cost per unit amounts to the nearest cent and all other amounts to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.) OceanBound Production Cost Report-Testing Department Month Ended August 31 Equivalent Units Physical Transferred Direct Conversion UNITS Units In Materials Costs Units to account for: Beginning work-in-process 2200 Transferred in 7400 9600 Total units to account for Units accounted for: Ending work-in-process 5,800 5,800 n/a 2320 Completed and transferred out 3800 3800 n/a 3800 9600 9600 n/a 6120 Total units accounted for Transferred Direct Conversion Total Choose from any list or enter any number in the input fields and then continue to the next question. OceanBound uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. (Click the icon to view additional information.) The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. OceanBound uses the weighted average method. Read the requirements. Tulai uils au vuilcu TUI Transferred Direct Conversion Total COSTS In Materials Costs Costs Costs to account for: Beginning work-in-process 96000 n/a 13000 109000 Costs added during the period 710,400 n/a 54,320 Total costs to account for 797400 n/a 67320 Divided by: Total EUP n/a n/a Cost per equivalent unit Costs accounted for: Completed and transferred out n/a n/a Ending work-in-process n/a Total costs accounted for Requirement 2. What is the cost per unit for lifts completed and transferred out to Finished Goods Inventory? Why would management be interested in this cost? The cost per unit for lifts completed and transferred out to Finished Goods Inventory is per lift. Why would management be interested in the cost per unit for lifts completed and transferred out to Finished Goods Inventory? A Managers use the cost per lift for external financial reportingspecifically to calculate the cost of Goods Sold on the Income Statement Choose from any list or enter any number in the input fields and then continue to the next question. Question Help OceanBound uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. (Click the icon to view additional information.) Beginning work-in-process 96000 n/a 13000 109000 The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. OceanBound uses the weighted-average method. Read the requirements. Costs added during the period 710,400 n/a 54,320 Total costs to account for 797400 n/a 67320 n/a Divided by: Total EUP n/a Cost per equivalent unit Costs accounted for: Completed and transferred out n/a Ending work-in-process n/a n/a Total costs accounted for Requirement 2. What is the cost per unit for lifts completed and transferred out to Finished Goods Inventory? Why would management be interested in this cost? The cost per unit for lifts completed and transferred out to Finished Goods Inventory is per lift. Why would management be interested in the cost per unit for lifts completed and transferred out to Finished Goods Inventory? A. Managers use the cost per lift for external financial reportingspecifically to calculate the cost of Goods Sold on the Income Statement. B. Managers use the cost per lift for external financial reporting-specifically to calculate the ending inventory balances on the Balance Sheet. C. Managers would compare the average cost per lift against their budgeted costs to determine whether the costs of the Testing Department remain under control. If budgeted costs are higher than the actual average cost per lift, then the managers have done a good job controlling costs. In contrast, if the budgeted costs are lower than the actual average cost per lift, managers will investigate the reason for the higher-than-expected costs in an effort to regain control over costs. D. All of the above are reasons why management would be interested in this cost per unit for lifts completed and transferred out to Finished Goods Inventory. Choose from any list or enter any number in the input fields and then continue to the next question. OceanBound uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. OceanBound uses the weighted-average method. Read the requirements. i X More Info 109000 i Requirements - X The lifts are transferred to Finished Goods Inventory before shipment to marinas across the country. OceanBound's Testing Department requires no direct materials. Conversion costs are incurred evenly throughout the testing process. Other information follows for the month of August: 1. Prepare a production cost report for the Testing Department. 2. What is the cost per unit for lifts completed and transferred out to Finished Goods Inventory? Why would management be interested in this cost? 2,200 units 7,400 units 3,800 units 5,800 units Print Done UNITS Beginning Work-in-Process Inventory Transferred in from Assembling Department during the period Completed during the period Ending Work-in-Process Inventory (40% complete for conversion work) COSTS Beginning Work-in-Process Inventory (transferred in costs, $96,000; conversion cost, $13,000) Transferred in from the Assembly Department during the period Conversion costs added during the period Why would management be interested in this cost? $ 109,000 Soods Inventory? 710,400 54,320 bds Sold on the Income Statement. ntory balances on the Balance Sheet. Print Done the costs of the Testing Department remain under control. If budgeted costs are higher than the actual average cost per lift, then the actual average cost per lift, managers will investigate the reason for the higher-than-expected costs in an effort to regain control over D. All of the above are reasons why management would be interested in this cost per unit for lifts completed and transferred out to Finished Goods Inventory. Choose from any list or enter any number in the input fields and then continue to the next question. Question Help OceanBound uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. (Click the icon to view additional information.) The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. OceanBound uses the weighted-average method. Read the requirements. Requirement 1. Prepare a production cost report for the Testing Department. (Round all cost per unit amounts to the nearest cent and all other amounts to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.) OceanBound Production Cost Report-Testing Department Month Ended August 31 Equivalent Units Physical Transferred Direct Conversion UNITS Units In Materials Costs Units to account for: Beginning work-in-process 2200 Transferred in 7400 9600 Total units to account for Units accounted for: Ending work-in-process 5,800 5,800 n/a 2320 Completed and transferred out 3800 3800 n/a 3800 9600 9600 n/a 6120 Total units accounted for Transferred Direct Conversion Total Choose from any list or enter any number in the input fields and then continue to the next question. OceanBound uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. (Click the icon to view additional information.) The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. OceanBound uses the weighted average method. Read the requirements. Tulai uils au vuilcu TUI Transferred Direct Conversion Total COSTS In Materials Costs Costs Costs to account for: Beginning work-in-process 96000 n/a 13000 109000 Costs added during the period 710,400 n/a 54,320 Total costs to account for 797400 n/a 67320 Divided by: Total EUP n/a n/a Cost per equivalent unit Costs accounted for: Completed and transferred out n/a n/a Ending work-in-process n/a Total costs accounted for Requirement 2. What is the cost per unit for lifts completed and transferred out to Finished Goods Inventory? Why would management be interested in this cost? The cost per unit for lifts completed and transferred out to Finished Goods Inventory is per lift. Why would management be interested in the cost per unit for lifts completed and transferred out to Finished Goods Inventory? A Managers use the cost per lift for external financial reportingspecifically to calculate the cost of Goods Sold on the Income Statement Choose from any list or enter any number in the input fields and then continue to the next question. Question Help OceanBound uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. (Click the icon to view additional information.) Beginning work-in-process 96000 n/a 13000 109000 The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. OceanBound uses the weighted-average method. Read the requirements. Costs added during the period 710,400 n/a 54,320 Total costs to account for 797400 n/a 67320 n/a Divided by: Total EUP n/a Cost per equivalent unit Costs accounted for: Completed and transferred out n/a Ending work-in-process n/a n/a Total costs accounted for Requirement 2. What is the cost per unit for lifts completed and transferred out to Finished Goods Inventory? Why would management be interested in this cost? The cost per unit for lifts completed and transferred out to Finished Goods Inventory is per lift. Why would management be interested in the cost per unit for lifts completed and transferred out to Finished Goods Inventory? A. Managers use the cost per lift for external financial reportingspecifically to calculate the cost of Goods Sold on the Income Statement. B. Managers use the cost per lift for external financial reporting-specifically to calculate the ending inventory balances on the Balance Sheet. C. Managers would compare the average cost per lift against their budgeted costs to determine whether the costs of the Testing Department remain under control. If budgeted costs are higher than the actual average cost per lift, then the managers have done a good job controlling costs. In contrast, if the budgeted costs are lower than the actual average cost per lift, managers will investigate the reason for the higher-than-expected costs in an effort to regain control over costs. D. All of the above are reasons why management would be interested in this cost per unit for lifts completed and transferred out to Finished Goods Inventory. Choose from any list or enter any number in the input fields and then continue to the next question. OceanBound uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. OceanBound uses the weighted-average method. Read the requirements. i X More Info 109000 i Requirements - X The lifts are transferred to Finished Goods Inventory before shipment to marinas across the country. OceanBound's Testing Department requires no direct materials. Conversion costs are incurred evenly throughout the testing process. Other information follows for the month of August: 1. Prepare a production cost report for the Testing Department. 2. What is the cost per unit for lifts completed and transferred out to Finished Goods Inventory? Why would management be interested in this cost? 2,200 units 7,400 units 3,800 units 5,800 units Print Done UNITS Beginning Work-in-Process Inventory Transferred in from Assembling Department during the period Completed during the period Ending Work-in-Process Inventory (40% complete for conversion work) COSTS Beginning Work-in-Process Inventory (transferred in costs, $96,000; conversion cost, $13,000) Transferred in from the Assembly Department during the period Conversion costs added during the period Why would management be interested in this cost? $ 109,000 Soods Inventory? 710,400 54,320 bds Sold on the Income Statement. ntory balances on the Balance Sheet. Print Done the costs of the Testing Department remain under control. If budgeted costs are higher than the actual average cost per lift, then the actual average cost per lift, managers will investigate the reason for the higher-than-expected costs in an effort to regain control over D. All of the above are reasons why management would be interested in this cost per unit for lifts completed and transferred out to Finished Goods Inventory. Choose from any list or enter any number in the input fields and then continue to the next