{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T05:31:36-04:00", "answer_date": "2024-06-28 05:31:36", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4244880", "url": "\/study-help\/questions\/you-are-employed-by-spirit-company-a-manufacturer-of-digital-4244880", "question_creation_date_js": "2024-06-28T05:31:36-04:00", "question_creation_date": "Jun 28, 2024 05:31 AM", "meta_title": "[Solved] You are employed by Spirit Company, a man | SolutionInn", "meta_description": "Answer of - You are employed by Spirit Company, a manufacturer of digital watches. The company's chief nancial ofcer is trying to | SolutionInn", "meta_keywords": "employed,spirit,company,manufacturer,digital,watches,s,chief,nancial,ofcer,verify,accuracy", "question_title_h1": "You are employed by Spirit Company, a manufacturer of digital watches. The company's chief nancial ofcer is trying to verify the accuracy of the ending", "question_title": "You are employed by Spirit Company, a manufacturer of digital watches. The", "question_title_for_js_snippet": "You are employed by Spirit Company, a manufacturer of digital watches The company's chief nancial ofcer is trying to verify the accuracy of the ending work in process and nished goods inventories prior to closing the books for the year You have been asked to assist in this verication The year end balances shown on Spirit Company's books are as follows Units Costs Work in process, December 31 (50 complete as to labour and overhead) 266,000 $ 676,320 Finished goods, December 31 162,800 1,057,800 Materials are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate of 60 of direct labour cost There was no nished goods inventory at the beginning of the year A review of Spirit Company's inventory and cost records has disclosed the following data, all of which are accurate Costs Units Materials Labour Work in process, January 1 (80 complete as to labour and overhead) 112,800 $ 212,800 $ 331,000 Units started into production 916,000 Cost added during the year Materials cost 1,380,000 Labour cost 2,075,000 Units completed during the year 762,800 The company uses the weighted average cost method Required 1 Determine the equivalent units and costs per equivalent unit for materials, labour, and overhead for the year (Round your Costs per equivalent unit to 3 decimal places ) 2 Determine the amount of cost that should be assigned to the ending work in process and finished goods inventories (Round intermediate calculations to 3 decimal places and final answers to the nearest whole dollar amount ) Work in Finished Process Goods Total Total cost to be assigned to inventories 3 Prepare the necessary correcting journal entry to adjust the work in process and finished goods inventories to the correct balances as of December 31 (Round intermediate calculations to 3 decimal places If no entry is required for a particular transaction, select No journal entry required in the first account field ) View transaction list Journal entry worksheet Record the adjusting entry to rectify work in progress and finished goods inventory Note Enter debits before credits Date General Journal Debit Credit December 314 Determine the cost of goods sold for the year assuming there is no under or overapplied overhead (Round intermediate calculations to 3 decimal places and nal answers to the nearest whole dollar amount ) I", "question_description": "

<\/p>

\"image\"image\"image<\/div><\/div><\/div> You are employed by Spirit Company, a manufacturer of digital watches. The company's chief nancial ofcer is trying to verify the accuracy of the ending work-in-process and nished goods inventories prior to closing the books for the year. You have been asked to assist in this verication. The year-end balances shown on Spirit Company's books are as follows: Units Costs Work in process, December 31 (50% complete as to labour and overhead) 266,000 $ 676,320 Finished goods, December 31 162,800 1,057,800 Materials are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate of 60% of direct labour cost. There was no nished goods inventory at the beginning of the year. A review of Spirit Company's inventory and cost records has disclosed the following data, all of which are accurate: Costs Units Materials Labour Work in process, January 1 (80% complete as to labour and overhead) 112,800 $ 212,800 $ 331,000 Units started into production 916,000 Cost added during the year: Materials cost 1,380,000 Labour cost 2,075,000 Units completed during the year 762,800 The company uses the weighted-average cost method. Required: 1. Determine the equivalent units and costs per equivalent unit for materials, labour, and overhead for the year. (Round your \"Costs per equivalent unit\" to 3 decimal places.) 2. Determine the amount of cost that should be assigned to the ending work-in-process and finished goods inventories. (Round intermediate calculations to 3 decimal places and final answers to the nearest whole dollar amount.) Work-in- Finished Process Goods Total Total cost to be assigned to inventories 3. Prepare the necessary correcting journal entry to adjust the work-in-process and finished goods inventories to the correct balances as of December 31. (Round intermediate calculations to 3 decimal places. If no entry is required for a particular transaction, select \"No journal entry required\" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry to rectify work in progress and finished goods inventory. Note: Enter debits before credits. Date General Journal Debit Credit December 314. Determine the cost of goods sold for the year assuming there is no under or overapplied overhead. (Round intermediate calculations to 3 decimal places and nal answers to the nearest whole dollar amount.) :I", "transcribed_text": "", "related_book": { "title": "Entrepreneurial Finance", "isbn": "1305968352, 978-1337635653, 978-1305968356", "edition": "6th edition", "authors": "J. Chris Leach, Ronald W. Melicher", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1482.jpg", "uri": "\/textbooks\/entrepreneurial-finance-6th-edition-1482", "see_more_uri": "" }, "free_related_book": { "isbn": "0983089124", "uri": "\/textbooks\/beyond-the-marketing-funnel-playing-digital-mouse-trap-to-10x-your-business-1st-edition-978-0983089124-268493", "name": "Beyond The Marketing Funnel Playing Digital Mouse Trap To 10x Your Business", "edition": "1st Edition" }, "question_posted": "2024-06-28 05:31:36", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/describe-two-different-types-of-ecocentrism", "description": "Describe two different types of ecocentrism.", "stars": 3 }, { "url": "\/study-help\/psychology\/2-develop-a-lending-library-of-books-website-resources-and-1984783", "description": "2. Develop a lending library of books, Website resources, and DVDs to teach families about learning strategies.", "stars": 3 }, { "url": "\/water-from-a-reservoir-passes-over-a-dam-through-a", "description": "Water from a reservoir passes over a dam through a turbine and discharges from a 70-cm ID pipe at a point 65 m below the reservoir surface. The turbine delivers 0.80 MW. Calculate the required flow...", "stars": 3 }, { "url": "\/study-help\/questions\/who-is-generally-responsible-for-the-materials-price-variance-the-9852305", "description": "Who is generally responsible for the materials price variance? The materials quantity variance? The labor efficiency variance?", "stars": 3 }, { "url": "\/study-help\/questions\/a-large-pizza-at-pizza-hut-is-14-inches-in-390774", "description": "A large pizza at Pizza Hut is 14 inches in diameter and is cutinto 10 slices. If you eat 3 slices of pizza, how much area of the pizza did youeat?", "stars": 3 }, { "url": "\/study-help\/questions\/what-are-the-challenges-associated-with-tunneling-in-urban-areas-8829113", "description": "What are the challenges associated with tunneling in urban areas?", "stars": 3 }, { "url": "\/study-help\/questions\/what-are-the-main-differences-between-rigid-and-flexible-pavements-8829114", "description": "What are the main differences between rigid and flexible pavements?", "stars": 3 }, { "url": "\/study-help\/questions\/what-is-the-purpose-of-a-retaining-wall-and-how-8829115", "description": "What is the purpose of a retaining wall, and how is it designed?", "stars": 3 }, { "url": "\/study-help\/questions\/how-do-you-determine-the-loadbearing-capacity-of-a-soil-8829116", "description": "How do you determine the load-bearing capacity of a soil?", "stars": 3 }, { "url": "\/study-help\/questions\/what-is-edward-lemieux-effect-anomeric-effect-8829117", "description": "what is Edward Lemieux effect \/ Anomeric effect ?", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/i-have-provided-the-answer-that-needs-to-be-rewritten-4244879", "next": "\/study-help\/questions\/f-4244881" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "You are employed by Spirit Company, a manufacturer of digital watches. The", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/you-are-employed-by-spirit-company-a-manufacturer-of-digital-4244880" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }} }