Answered step by step
Verified Expert Solution
Question
1 Approved Answer
stuck on this problem, need help asap. please!!! I think we goofed when wo hired that new assistant controller, said Ruth Scarpino, president of Provost
stuck on this problem, need help asap. please!!!
"I think we goofed when wo hired that new assistant controller," said Ruth Scarpino, president of Provost Industries. "Just look at this repoct that he prepared for last month for the Finishing Department I cac't understand it." "He's struggling to learn our system," repled Frank Harrop, the operations managec, "The probiem is that he's been away from process costing for a long time, and it's coming back slowly." "its not just the format of his report that im concemed about, Look at that $22.77 unit cost that he's come up with for Apri. Doesmt that seem high to you?" said Ms. Scarpino. "Yes, it does seem hight, but on the other hand, 1 know we had an increase in materials prices during April, and that may be the explanation, " replied Mi. Harrop. "Tll get someone else to redo this report and then we can see wbat's going on," Provest indistries manufactures a ceramic product that goes through two processing departments-Molding and Finishing. The company uses the weighted-average method in its process costing. Required: "Yes, it does seem high; but on the other hand, 1 know we had an increase in materials prices during Apri, and that may be the explanation," replied Mc Harrop. "Fill get someone else to redo this report and then we can see what's going on." Provost Industries manufactures a ceramic product that goes through two processing departments-Molding and Finishing. The company uses the weighted-average method in its process costing. Required: 1-a. Calculate the equivalent units of production. 1-b. Calculate the cost per equivalent unit. (Round your answers to 2 decimal places.) 1-c. How much cost should have been assigned to the ending work in process inventory? (Round your intermediate calculations to 2 decimal places.) 1-d. How much cost should have been assigned to the units completed and transferred to finished goods? (Round your intermediate calculations to 2 decimal places.) 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