Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

thank you I will give a good review! just need help with 10 A & B 10) Connect gives a total product cost per unit

thank you I will give a good review! just need help with 10 A & B

image text in transcribedimage text in transcribed
10) Connect gives a "total product cost" per unit that is used to calculate the ending inventory value and cost of goods sold. This per unit cost includes fixed overhead costs assuming the quarter's original production and sales levels. This average will change because of the one-time sale. Zigby Manufacturing uses weighted average costing for its inventory. Because Zigby does not have any Work-In-Process inventory, we can assume that all production costs flow to finished goods and then to cost of goods sold. a) Follow the directions below the table to calculate the revised weighted average cost per unit. ZIGBY MANUFACTURING Weighted Average Cost per Finished Goods Inventory Costs March 31 Finished Goods Inventory (connect) 349,440 Raw Material used in production (calculated in 9) 715,026 Budgeted Direct Labor costs (calculated in 4 including wage premium) 739,770 Budgeted Overhead Costs (calculated in 5.Both variable and fixed) 18,120 Total Costs of Finished Goods available for use sale (a) Units: Units in 3/31 Finished Goods Inventory (connect) Units produced during quarter (from 2) Total units available for sale (b) Weighted-Average Cost per unit (a)/(b) show 2 decimals b) Use the weighted average cost per unit to allocate costs between 6/30 finished goods inventory and COGS. ZIGBY MANUFACTURING Finished Goods Inventory Allocation of Costs FG Inventory at Sold Total 6/30 Accounted for Units Weighted-average cost per unit Allocated costsZIGBY MANUFACTURING Weighted Average Cost per Raw Material unit Costs: March 31 Raw Material Balance (connect) 107 200 Raw Material purchases (total from 3 net of discount) 607,826 Total Costs available for use in production (a) $715,026 Units: Units in 3/31 Raw Material inventory (connect) 5,360 Units purchased during quarter (from 3) 30,490 Total units available for production (b) 35 850 Weighted-Average Cost per unit (a)/(b) show 2 decimals $19.94 b) Use the weighted average cost per unit to calculate the June 30 raw material inventory balance and the cost of direct material used in production. Use the notes below the table for assistance ZIGBY MANUFACTURING Raw Material Inventory Allocation of Costs Inventory at Used in Total 6/30 Production Accounted for Units 4,200 10.410 14 610 Weighted-average cost per unit $19.94 $19.94 $19.94 Allocated costs $83, 748 $207 575.40 $291 323.40

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Fraud Examination

Authors: W. Steve Albrecht

6th Edition

1337619671, 978-1337619677

More Books

Students also viewed these Accounting questions

Question

Distinguish between short-term and long-term goals.

Answered: 1 week ago

Question

Construct (5 or 10 years) scenarios for Siemens.

Answered: 1 week ago

Question

2. Value-oriented information and

Answered: 1 week ago

Question

1. Empirical or factual information,

Answered: 1 week ago

Question

1. To take in the necessary information,

Answered: 1 week ago