Reference no: EM132998448
Easy Incorporated uses the first-in, first-out method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
Work in process, beginning:
Units in process 800
Percent complete with respect to materials 90%
Percent complete with respect to conversion 10%
Costs in the beginning inventory:
Materials cost $ 1,814
Conversion cost $ 1,406
Units started into production during the month 23,400
Units completed and transferred out 23,500
Costs added to production during the month:
Materials cost $ 71,221
Conversion cost $ 542,848
Work in process, ending:
Units in process 700
Percent complete with respect to materials 70%
Percent complete with respect to conversion 70%
Required:
Using the first-in, first-out method:
Problem a. Determine the equivalent units of production for materials and conversion costs.
Problem b. Determine the cost per equivalent unit for materials and conversion costs. Round your answers to 2 decimal places.
Problem c. Determine the material, conversion and total cost of ending work in process inventory. Round your final answers to the nearest whole number.
Problem d. Determine the material, conversion and total cost to complete the units in beginning WIP. Round your final answers to the nearest whole number.
|
Find a supreme court case dealing with the question
: Find a Supreme Court case dealing with the question of eminent domain or civil forfeiture or any issue concerning property rights. What are the facts of the cas
|
|
Approaches to or departures from the airport
: Have you ever lived in a home subjected to airport noise from approaches to or departures from the airport? Do you have any ideas about how airport-community re
|
|
Make an elegant table setting for an evening dining
: For this essay, you will design a place setting from the table, to linen, to dishes, to glasses, to cutlery, etc. Describe each step of the process to make an e
|
|
Describe the tools used to analyze financial statements
: Identify the four major financial statements used in the healthcare industry and describe the information found on each financial statement.
|
|
Determine equivalent units of production for materials costs
: Easy Incorporated uses first-in, first-out method in process costing system, Determine the equivalent units of production for materials and conversion costs.
|
|
Solve amount of joint costs allocated for timberlake sawmill
: A standard product run incurs joint costs of $300,000. Calculate the amount of joint costs allocated to each product on a relative-salesvalue basis.
|
|
Various financial systems that all australian organisations
: Explain the various financial systems that all Australian organisations should have in place for managing their financial risks. In your answer, describe how yo
|
|
How do we know that we are done with analyzing
: How do we know that we are done with analyzing? What criteria will you use?
|
|
Effects the validity of the contract
: a. Sara plans to have a cafe business. She needs to buy a furniture to be used for the business. The furniture costs RM50,000. Empire Furniture, the supplier, i
|