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Sameen Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): The June 1 work in process inventory consisted of 5,000 units with Rs.16,000 in materials cost and Rs.12,000 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 50% complete with respect to conversion. During June, 37,500 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 40% complete with respect to conversion.
Required:
Question a. Prepare the journal entries to record all possible events in above situation.
Question b. Compute the equivalent units of production for materials and conversion
Question c. What is the cost per equivalent unit for materials and conversion?
Question d. What is the cost of ending work in process inventory?
Question e. What is the cost of materials transferred to finished goods?
accounting to a summary of the payroll of Scotland company, $500,000 was subject to the 6.0% social security tax and to the 1.5% medicare tax. federal income tax withheld was $98,000. also, $15,000 was subject to state (4.2%) and federal(0.8%) une..
Analyze the above information and prepare an income statement for the year 2012, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement.
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