What is meant by the term transferred-out cost? Why does the transferred-out cost under the WA method
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
The term transferred out cost is the cost amount that is sent from a WIP inventory account ...View the full answer
Answered By
Gaurav Soni
Teaching was always an area where I can pursue my passion. I used to teach my friends and junior during my school and college life. After completing my professional qualification (chartered accountancy) and before joining my job, I also joined an organization for teaching and guidance to my juniors. I had also written some articles during my internship which later got published. apart from that, I have also given some presentations on certain amendments/complex issues in various forms.
Linkedin profile link:
https://www.linkedin.com/in/gaurav-soni-38067110a
5.00+
7+ Reviews
13+ Question Solved
Related Book For
Cost Accounting Foundations and Evolutions
ISBN: 978-1111626822
8th Edition
Authors: Michael R. Kinney, Cecily A. Raiborn
Question Posted:
Students also viewed these Managerial Accounting questions
-
What is meant by the term cost of goods manufactured ? Why does this item appear on an income statement?
-
What is meant by the term cost of goods manufactured (CGM)? How is CGM calculated?
-
What is meant by the term comparative advantage? How does it differ from an absolute advantage?
-
For OEM & Aftermarket Parts Distribution Companies (reference an example company) Describe the sales presentation method: Salesperson to buyer? Salesperson to buyer to group? Sales team to buyer...
-
During the most recent year, Michael Co. bought 3,800 shares of Canada common stock at $38, 640 shares of Brazil stock at $47.25, and 1,500 shares of Russian stock at $77 - all as available for sale...
-
Explain how air masses are classified. Where are these types of air masses located?
-
Find the number of games in a single-elimination tournament for each of the following numbers of teams: 1. 5 teams 2. 12 teams 3. 25 teams
-
The December 31, 2015, balance sheet for Satine Corporation is presented here. These are the only accounts on Satines balance sheet. Amounts indicated by question marks (?) can be calculated using...
-
A baseball team plays in a stadium that holds 46000 spectators. With the ticket price at $9 the average attendance has been 20000. When the price dropped to $6, the average attendance rose to 23000....
-
Frantic Fast Foods had earnings after taxes of $420,000 in the year 20X1 with 309,000 shares outstanding. On January 1, 20X2, the firm issued 20,000 new shares. Because of the proceeds from these new...
-
What is meant by the phrase units started and completed? Why is this phrase more closely associated with the first-in, first-out method of process costing than with the weighted average method?
-
How is the cost of ending inventory calculated in a process costing system?
-
Prove that C P C V for any fluid, and identify those conditions for which C P = C V .
-
Indicate the types of transactions that are recorded in the general journal when special journals are used.
-
You have assigned your assistant to the audit of the Bell Sales Company's fire insurance policies. All routine audit procedures with regard to the fire insurance register have been completed (i.e.,...
-
The processing operations of Gaylord Company, your client, require a basic raw material, colgum, which is imported and refined by domestic suppliers. Colgum is combined with other raw materials of...
-
Prior to the current year, CA had been the auditor of all the company's subsidiaries. However, during the current year, the company had acquired five new subsidiary companies whose accounts will be...
-
The consolidated profit of Y Ltd. and its subsidiaries for the year ended December 31, 19X6 is \($490,000.\) During the audit of X Ltd., one of the subsidiaries, CA notices that there is \($5,000\)...
-
Which do you think is more important to a social entrepreneurs intention: perceived desirability or perceived feasibility? Explain your answer.
-
Which of the companies has the lowest accounts receivable turnover in the year 20X2? a. Company A. b. Company B. c. Company C. d. CompanyD. 20X1 20X2 Credit Sales Average Receivables Balance $1.0...
-
A manufacturer reports the following data. 1. Compute total product cost per unit under absorption costing. 2. Compute total product cost per unit under variable costing. Direct materials. Direct...
-
Wakers, Inc. has sales of $29 million, total assets of $17.5 million, and total debt of $6.3 million. If the profit margin is 8 percent, what is net income? What is ROA? What is ROE?
-
Fran, who is in the 35% tax bracket, recently collected $100,000 on a life insurance policy she carried on her father. She currently owes $120,000 on her personal residence and $120,000 on business...
-
Fran, who is in the 35% tax bracket, recently collected $100,000 on a life insurance policy she carried on her father. She currently owes $120,000 on her personal residence and $120,000 on business...
-
During the first year of operation, Year 1 , McGinnis Appliance recognized $ 3 1 6 , 0 0 0 of service revenue on account. At the end of Yea: the accounts receivable balance was $ 6 2 . 1 1 8 . Even...
-
During the past year, a plumbing supply house sold 5 0 6 faucets. Inventory records for the year are as follows. \ table [ [ DATE , QUANTITY,COST,TOTAL, ] , [ January 1 5 , Beginning Inventory, 2 8 ,...
-
What am i missing for the T accounts?
Study smarter with the SolutionInn App