Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

These are 2 questions On January 15, 2019, NHL Inc. had a Beginning Work-in-Process balance of $30,000 ($10,000 of Direct Materials and $20,000 of Conversion)

image text in transcribed

These are 2 questions

image text in transcribedimage text in transcribed
On January 15", 2019, NHL Inc. had a Beginning Work-in-Process balance of $30,000 ($10,000 of Direct Materials and $20,000 of Conversion) which consisted of 10,000 units which were 50% complete with respect to conversion costs. During January, NHL started production on an additional 20,000 units and incurred $50,000 in Materials and $55,000 in Conversion costs. NHL's Ending Work-In-Process consisted of 8,000 units which were 50% complete with respect to conversion costs, NHL produces a single product. All direct materials are added at the start of the production process while conversion costs are incurred uniformly. NHL uses a weighted-average process costing system. What was the value of NHL's Ending Finished Goods Inventory, assuming that the company sold half of its completed output during the year? On January 1st, 2019, Jim-N-John Inc. had a Beginning Work-in-Process balance of $20,000 ($10,000 of Direct Materials and $10,000 of Conversion) which consisted of10,000 units which were 40% complete with respect to conversion costs. During January, Jim-N-John started production on an additional 40,000 units and incurred $30,000 in Materials and $50,000 in Conversion costs. Jim-N-John's Ending Work-ln-Process consisted of 10,000 units which were 50% complete with respect to conversion costs, Jim-N-John produces a single product. All direct materials are added at the start of the production process while conversion costs are incurred uniformly. Jim-N-John uses a weighted-average process costing system. What is the value of Jim-N- John's Finished Goods Inventory at the end of January? Multiple Choice 0 $90,000 0 $80,000 O $85,200

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

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

5th edition

134727797, 9780134728643 , 978-0134727790

More Books

Students also viewed these Accounting questions