1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
denis23 [38]
2 years ago
15

Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of

the manufacturing process. Information for the month of March follows:
Units Costs
Beginning work in process (30% complete) 118,300
Direct materials $193,000
Conversion cost 345,000
Total cost of beginning work in process $538,000
Number of units started 244,000
Number of units completed and transferred to finished goods 334,900
Ending work in process (65% complete) ________
Direct materials $249,700
Conversion cost 332 000
Total current period costs $581,700

Required:

Using the weighted-average method of process costing, complete each of the following steps:

a. Reconcile the number of physical units worked on during the period.
b. Calculate the number of equivalent units.
c. Calculate the cost per equivalent unit.
d. Reconcile the Total cost of work in process.
Business
1 answer:
galben [10]2 years ago
8 0

Answer:

Part a

<u>Reconciliation of the number of Physical units worked </u>

INPUTS :

Beginning Inventory units            118,300

Add Started during the period   244,000

Total                                             362,300

OUTPUTS :

Completed and Transferred       334,900

Ending Work In Process               24,400

Total                                             362,300

Part b

Materials =  359,300 units

Conversion Costs =  350,760 units

Part c

Materials =  $1.23

Conversion Costs =  $1.93

Part d

<u>Reconcile the Total cost of work in process.</u>

Cost in Beginning Inventory                     $538,000  

Add Costs During the Period                     $581,700

Total                                                           $1,119,700

Cost of Units Still in Process                       $60,622

Units Completed and Transferred         $1,058,284

Total                                                          $1,118,506

Explanation:

Step 1 : Equivalent units

These are physical units outputs (completed and transferred and units in process) expressed in terms of percentage of work completed in terms of materials and conversion costs

Materials = 334,900 + 24,400 x 100% = 359,300

Conversion Costs = 334,900 + 24,400 x 65% = 350,760

Step 2 : Cost per Equivalent unit

<em>Cost per Equivalent unit = Total Cost ÷ Total Equivalent Units</em>

therefore,

Materials = ($193,000 + $249,700) ÷ 359,300 = $1.23

Conversion Costs = ($345,000 + $332 000) ÷ 350,760 = $1.93

Total Unit Cost = $1.23 + $1.93 = $3.16

Step 3 : Cost of Units Still in Process and Units Completed and Transferred

Cost of Units Still in Process = 24,400 x $1.23 + 15,860 x $1.93 = $60,622

Units Completed and Transferred = 334,900 x $3.16 = $1,058,284

You might be interested in
What might labor unions bargain for
Rus_ich [418]
Almost always, labor unions bargain and negotiate for "all of the above" since they were formed during the Industrial Revolution when worker conditions were very dangerous. 
3 0
2 years ago
Each day you have $5 for lunch. Today, you decided to save $2
prisoha [69]

Each day you have $5 for lunch. Today, you decided to save $2  and buy the chicken salad tomorrow for $6.50-<u>In this case the money is being used </u>

<u>to save and store the purchasing power</u>

Explanation:

The term money can be defined as a thing that serves as

  • A medium of exchange which is usually financial in nature.
  • It is used by the borrower to repay back to the lender-used to repay the debt.
  • It is used as an unit of accounting to measure your income and expenditure.
  • It is used to store the value of money -in other words used to save  the  purchasing power of an individual

Thus we can say that ,

Each day you have $5 for lunch. Today, you decided to save $2  and buy the chicken salad tomorrow for $6.50-<u>In this case the money is being used </u>

<u>to save and store the purchasing power</u>

8 0
2 years ago
The assumption that in the absence of contrary information a business entity will continue indefinitely is the:
const2013 [10]

Answer:

(D) Going concern assumption.

8 0
3 years ago
George borrows funds from Hometown Credit Union (HCU) to buy real property. George signs a written instrument that gives HCU an
LUCKY_DIMON [66]

Answer:

a mortgage.

Explanation:

A mortgage is a type of loan where real estate serves as collateral. Usually mortgages are used by people wanting to buy real estate since they can borrow larger amounts of money.

In order for the borrower to receive money form the bank, he/she signs a contract by which the bank has a rightful interest in the property. In case the borrower doesn't pay, the bank can foreclose the property.

6 0
3 years ago
Health Works is a company that offers services related to health promotion and lifestyle. They not only send their clients remin
kondor19780726 [428]

Answer: d. structural

Explanation: The offering of Health Works would fall in the structural level of relationship marketing. Firms offering structural level of relationship marketing not only uses financial and social bonds but adds structural bonds to the mix thus, they offer value-added services not readily available from other firms in the industry. Such structural bonds employed by Health Works company include the reminders sent to clients, house visits for free consultations and free workshops.

5 0
3 years ago
Other questions:
  • An advertisement reads, "jena chairs are marked down by 20 percent to $110. the first six people to purchase a jena chair on may
    11·1 answer
  • Millions of investors trade in primary and secondary markets. To protect their interests and to help maintain market_______ , th
    11·1 answer
  • Theresa sued her former employer for age, race, and gender discrimination. She claimed $200,000 in damages for loss of income, $
    5·1 answer
  • Help!!!!!!!!!!!<br> Can you answer this question? :(
    12·1 answer
  • When two or more people share an account it is called a joint account. True or false
    5·1 answer
  • At the end of the current year, Accounts Receivable has a balance of $430,000; Allowance for Doubtful Accounts has a credit bala
    6·1 answer
  • An entity may decide not to sell a long-lived asset (disposal group) classified as held for sale. It should therefore re-classif
    5·1 answer
  • The equivalent annual cost method is most useful in determining: Group of answer choices the annual operating cost of an idle ma
    11·1 answer
  • Short-run macroeconomic equilibrium is when (Hint: Be careful! Be sure to return to the general definition of equilibrium):
    15·1 answer
  • In which situation would a savings account be the be investment to earn interest
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!