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KIM [24]
3 years ago
14

Sheffield Company has the following production data for March: no beginning work in process, units started and completed 30,500,

and ending work in process 5,400 units that are 100% complete for materials and 40% complete for conversion costs. Sheffield uses the FIFO method to compute equivalent units. If unit materials cost is $7 and unit conversion cost is $13, determine the costs to be assigned to the units transferred out and the units in ending work in process. The total costs to be assigned are $675,880.
Business
1 answer:
Natasha2012 [34]3 years ago
5 0

Answer:

Total Costs   $ 675,880

Explanation:

Costs EWIP

Ending work in process 5,400 units

Materials = 5,400* $ 7 = $ 37800

Conversion = 5400 * 40 % * $ 13= $ 28,080

We multiply the unit costs to the the equivalent units to get the costs of ending work in process.

Cost Units Completed

Units Completed 30,500

Materials = 30,500* $7=  $ 213,500

Conversion = 30,500* $ 13 =  $ 396500

Similarly we multiply the unit costs to the the completed units to get the costs.

                                               Materials            Conversion

EWIP                                         $ 37800           $ 28,080

<u>Units Completed                     $ 213,500           $ 396500        </u>

<u>Total                                       $  251,300             $ 424 580       </u>

<u />

<u>Total </u>

Materials $215300

<u>Conversion $ 424580</u>

<u>Total Costs   $ 675,880</u>

Now we add both costs to get the total costs which are equal to the given costs.

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Answer:

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6 0
3 years ago
Which of the following statements about torts is correct?
swat32

Hello There!

Your answer would be <u>C). A tortious act may also be a criminal act.</u>

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Let's dive into why the other answer choices are incorrect. We can use the old fashion process of elimination:

Answer choice "A). A tortious act is always a criminal act" is incorrect because it is not always a criminal act, it depends on the scenario it's in. This is the reason why this answer choice would be eliminated.

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6 0
3 years ago
Read 2 more answers
A company's inventory records indicate the following data for the month of January: Jan. 1 Beginning 180 units at $9 each Jan. 5
katovenus [111]

Answer:

The amount of cost of goods sold for January:

                                     LIFO          FIFO      Weighted Average

Cost of goods sold    $4,520     $4,420       $4,452

Explanation:

a) Data and Calculations:

Date     Description    Units          Unit Cost/Price Total Cost Total Revenue

Jan. 1    Beginning       180 units at $9 each           $1,620

Jan. 5   Purchased      170 units at $10 each            1,700

Jan. 9   Sold              (300) units at $35 each                             $10,500      

Jan. 14  Purchased    200 units at $11 each            2,200

Jan. 20 Sold              (150) units at $35 each                                5,250

Jan. 30 Purchased    230 units at $12 each           2,760

Total                    780 / 450                                   $8,280         $15,750

b) Cost of goods sold:

LIFO:

Jan. 9   Sold  (300) 170 units at $10 = $1,700

                               130 units at $9 =      1,170

Jan. 20 Sold  (150) 150 units at $11 =    1,650

Cost of goods sold =                          $4,520

c) FIFO:

Jan. 9   Sold  (300) 180 units at $9 = $1,620

                               120 units at $10 =  1,200

Jan. 20 Sold  (150) 50 units at $10 =     500

                              100 units at $11 =    1,100

Cost of goods sold =                        $4,420

d) Weighted-Average:

Jan. 9   Sold  (300) 300 units at $9.49 = $2,847

Jan. 20 Sold  (150) 150 units at $10.70 =    1,605

Cost of goods sold =                                $4,452

Weighted Average Cost at each point of sale:

$9.49 = ($1,620 + $1,700)/350 units

$10.70 = (($9.49*50) + $2,200)/250 units

e) LIFO = Last In, First Out is based on the assumption that the items sold are from the last inventory purchased instead of the first.

FIFO = First In, First Out is based on the assumption that the items sold are from the first inventory instead of the last.

Weighted-Average: This method averages the cost of inventory to determine the unit cost.

Under the perpetual inventory system, the inventory costs are recorded immediately after an inventory transaction and not at the end of a period.

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