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Musya8 [376]
3 years ago
7

Oriole Company's Assembly Department has materials cost at $3 per unit and conversion cost at $7 per unit. There are 30300 units

in ending work in process, all of which are 70% complete as to conversion costs. All materials are added at the beginning of the process. How much are total costs to be assigned to ending inventory?
Business
1 answer:
telo118 [61]3 years ago
4 0

Answer:

$239,370

Explanation:

The computation of the total cost assigned to the ending inventory is shown below:

= Material cost per unit × number of units in ending work in process + Conversion cost per unit × number of units in ending work in process× completion percentage

= $3 × 30,300 units + $7 × 30,300 units × 70%

= $90,900 + $148,470

= $239,370

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Explanation:

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Answer:

The answer is below

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Advances, which Lake Co., received from customers for orders not yet fulfilled are recorded as deferred revenue or liabilities because Lake Co. is still owing the respective customers until the services or goods are provided.  Earned Revenue is the value of revenue that would be reported in the income summary for which exchange of value or promises had been completed.

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