Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below.] The T. L. Lin Company manufactures a variety of natural fabrics for the
Required information [The following information applies to the questions displayed below.] The T. L. Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghal. The following data in Chinese currency called yuan (CNY) pertain to the month of October Work-in-Process Inventory, October 1 Direct materials: 60% complete Conversion: 30% complete Costs incurred during October Direct materials Conversion 50,000 units. 55,880 yuan 67,480 yuan 976,520 yuan 1,061,120 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 40,000 units (direct materials 80% and conversion 50% complete) remain in Work-in-Process Inventory Required: Calculate each of the following amounts using weighted-average process costing. (Round "WTAVG Cost per EU" answers to 2 decimal places.) 1. Equivalent units: Direct materials Conversion 2. Costs per equivalent unit: Direct materials CNY Conversion CNY Total CNY 0.00 3. Cost of goods completed and transferred out CNY 4. Cost of work-in-process 10/31: Direct materials Conversion Total CNY CNY CNY 0
Step 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