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]
3 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]3 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
The following transactions occurred during July:1. Received $1,200 cash for services performed during July.2. Received $6,400 ca
nikklg [1K]

Answer:

The amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.

Explanation:

The applicable accounting concept here is accrual concept.

Accrual concept states that revenue is recognized when it is earned and expenses are also recognized when they are incured no matter when cash is received or paid.

Based on the accrual concept, only transactions 1 and 4 will be used in calculating the amount of revenue for July as follows:

July revenue = Cash received for services performed during July + Billing of customers for services performed on account in July = $1,200 + $4,100 = $5,300

Therefore, the amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.

7 0
3 years ago
The amount of the check is written in how many places?
Evgen [1.6K]
2

In numerical form on the left and written out on amount line
4 0
3 years ago
Read 2 more answers
The statement of cash flows for Baldwin Company shows what happens in the Cash account during the year. It can be seen as a summ
Fynjy0 [20]

Answer:

d) It is a use of cash, and will be shown in the investing section as a subtraction.

Explanation:

The plant improvements will result in cash outflow and is to be considered as an investing activity and not financing activity. It is not a source of cash. So, this option is incorrect.

There will be cash outflows when a company makes plant improvements. It is reported under the investing activity and not under financing activity. So, this option is incorrect.

There will be cash usage when their plant improvements. It is not a source of cash which does not result in cash inflows. So, this option is incorrect.

6 0
3 years ago
OSHA is an acronym that represents:
Svetach [21]
Your answer would be D.) Occupational safety and health administration 

5 0
3 years ago
James worked for an automobile plant that has now closed, as the parts produced are no longer needed. Which type of unemployment
Zanzabum

Answer:

"Structural Unemployment"

Explanation:

According to my research on the different types of unemployment that exist in the United States, I can say that the unemployment type described in the question is called "Structural Unemployment". This is an unemployment type that is caused by industrial reorganization, usually this happens when the industry adds new technology that can do certain employees jobs the same or better than them

unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand.

4 0
3 years ago
Other questions:
  • Which one of the following should earn the most risk premium based on CAPM?
    10·1 answer
  • Oscar refuses to pay petra $500 in cash on their contract to repair oscar's washing machine, which petra still possesses at her
    11·1 answer
  • What takes place during pre-planning?
    8·1 answer
  • Kraft foods has created five global product divisions (beverages, snacks, cheese and dairy, convenience meals, and grocery) and
    8·1 answer
  • In March of the current year, Marcus began investigating the possibility of opening a specialty clothing store. From March throu
    15·1 answer
  • our Grandfather wants to establish a scholarship in his father’s name at a local university and had stipulated that you will adm
    8·1 answer
  • Bobby is a skilled mechanic who is also good at mowing lawns. He can mow his lawn faster and cheaper than the local lawn care se
    7·1 answer
  • At May 31, 2020, the accounts of Crane Company show the following.
    7·1 answer
  • What does a person need if he or she is not able to pay for a planned purchase in full with a check or cash? A. a credit card B.
    8·1 answer
  • The government's too-big-to-fail policy applies to: Group of answer choices large corporate payroll accounts held by some banks
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!