User Account

All Pages

Beverage company uses the weighted-average method

Assignment Help Accounting Basics
Reference no: EM131107509

Hobart Beverage Company uses the weighted-average method in its process costing system. Materials are included at the start of the production process but conversion costs are uniformly applied throughout the production process. The following data about the Packaging Department were taken from the company's accounting records:

  • In 1 January 2016, there were 20,000 units in the work in process inventory that were 40% completed and 150,000 units in the finished goods inventory.
  • The company sold 300,000 units during January.
  • There were 32,000 units, which were 75% complete as to conversion costs, in the work in process inventory and 120,000 units in the finished goods inventory at the end of January.
  • Cost data are summarized below:

WIP 1 January 2016

Cost per equivalent unit

Direct Materials

$ 34,900

Materials

$2.45

Conversion costs

$ 41,500

Conversion

$3.15

Reference no: EM131107509

Questions Cloud

Monopolist sells in two geographically divided markets : A monopolist sells in two geographically divided markets, the East and the West. Marginal cost is constant at $50 in both markets (marginal cost is also equal to average total cost). The inverse demand curve in each market is as follows: Pe=450-.5Qe ..
Develop recruitment plan for fulfilling the company current : Provide a recommendation for the organization on how they can motivate employees while adhering to the legal and regulatory requirement and maintain a safe and healthy work environment.
Health care ethics-medical law : Two physicians, Dr. S. and Dr. V., leased a nuclear camera so they would no longer have to refer their patients to the local hospital for nuclear imaging.
Affect natural resources pricing : Which of the following will affect natural resources pricing?
Beverage company uses the weighted-average method : Hobart Beverage Company uses the weighted-average method in its process costing system. Materials are included at the start of the production process but conversion costs are uniformly applied throughout the production process.
Variable-margin pricing : Variable-Margin Pricing If Ohio Desk Inc. sold mahogany desks at a 3% profit, steel managers desks at a 11% profit, and student desks at a 16% profit, (all at variable-margins), what would their overall profit be for the entire product line of desks?
Which investments should be selected : What is the IRR for each project at the time the investment would be made?  Explain your findings. Which investments should be selected?  Justify your conclusions.
Continuous decreasing rate of wine consumption : Assume that someone has inherited 2,000 bottles of wine from a rich uncle. He or she intends to drink these bottles over the next 40 years. Suppose that this person’s utility function for wine is given by u(c(t)) = (c(t))0.5, where c(t) is each insta..
Which variable is inversely related to gpa : A correlation coefficient is a number that looks like what - Which of the following correlation coefficients shows an inverse relationship?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Comparative income statement with horizontal analysis

Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 2010 when compared with 2009. Round to one decimal place.

  Determine the number of new customer accounts needed

the america online division of time warner has fueled its growthby using aggressive promotion strategies. one of

  Fifo inventory method for internal accounting

On January 1, 2010, Lucas Distributors, Inc., adopted the dollar-value LIFO inventory method for income tax and external financial reporting.

  Prepare a balance sheet for cornell corp

Prepare a 2011 balance sheet for Cornell Corp. based on the following information: cash = $136,000; patents and copyrights = $630,000; accounts payable = $215,000;

  Increase the quantity breakeven point

1. Which of the following events would be most likely to increase the quantity breakeven point, assuming other factors remain constant?

  Define social responsibility

1. Define social responsibility. 2. List the three main reasons for government regulation of businesses.

  Paid-in capital-excess of par increase for transaction

Montgomery & Co., a well established law firm, provided 500 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5 par common stock. Mitchell's usual billing rate is $700 per hour, and Fink's stock has a book value of $250..

  Principles for ethical behavior

Which of the following is one of the sound principles for ethical behavior?

  Write the journal entry to load furnish rawmaterials to job

on november 14th the milling department hasaccepted job 111407a for 1000 pounds of cereal mix. the bill ofmaterials bom

  Market shares of several companies

The following table compares market shares of several companies in the computer industry as reported by Gartner, an industry monitor. The table gives the number of computer systems shipped during each quarter, in thousands.

  Noncash financing and investing activities

The accounting principle that requires important noncash financing and investing activities be reported on the statement of cash flows or in a footnote is the:

  Based on the traditional net cost method

Based on the traditional net cost method

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd