User Account

All Pages

Determine the number of units to account

Assignment Help Accounting Basics
Reference no: EM133046902

Question - Test Company uses a normal, process costing system to determine product cost. The company uses the first-in, first-out (FIFO) method to account for equivalent units and costs in beginning work-in-process.

The product passes through two departments: Department 1 and Department 2. In Department 2, all direct materials are added at the beginning of the process. The following information is available for Department 2 in July.

Work-in-process, July 1

Units 5,000 units

Costs

Direct materials $25,000

Conversion cost 16,000

Transferred-in cost 20,000

July activity

Units

Transferred in 50,000 units

Completed and transferred out 45,000 units

Costs added

Direct materials $400,000

Conversion cost 184,000

Transferred-in-cost 200,000

Percentage of completion

Work-in-process, July 1 60%

Work-in-process, July 31 40%

Required - Determine the number of units to account for from the July production report.

Reference no: EM133046902

Questions Cloud

How did the company lose control of its employees behavior : Imagine that you have been hired as the new Chief Executive Officer (CEO) of Wells Fargo immediately following the news of the fraud scandal.
What is the textbook total expense variance : Burnham Elementary School spent $100,000 on textbooks for the fall 2019 semester. What is the textbook total expense variance
Share a human resource management : Share a human resource management best practice that a current organization is using? What makes it so effective for them. Please explain
Concept of heuristics and biases : Please answer each question. Explain why you chose the answer that you did by drawing on the concept of heuristics and biases in decision making in Chapter 15.
Determine the number of units to account : Completed and transferred out 45,000 units. Determine the number of units to account for from the July production report
How can consumers benefit from using analytics : How can consumers benefit from using analytics, especially based on location information? Provide a specific example to support your rationale. Please add refer
Unethical to travel without vaccination : How to prove all people must get Covid-19 vaccination to travel and illustrate is it totally irresponsible/unethical to travel without vaccination
Tourism area life cycle model : In Butler's tourism area life cycle model, destinations should seriously consider diversifying their products, carry out a destination audit and do a re-visioni
Ethics and corporate social responsibility : What is Corporate Social Responsibility? Evaluate and present the arguments - Pros and Cons of Corporate Social Responsibility.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which is true regarding barbara obligation to provide email

Barbara, a California CPA, is renewing her license in active status. Which is true regarding Barbara's obligation to provide an email address?

  Calculate the profitability index

Calculate the Profitability Index for each project.

  What is the preferable presentation of accounts receivable

Which of the following is NOT considered cash for financial reporting purposes? What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet?

  Cash disbursements for manufacturing overhead

The February cash disbursements for manufacturing overhead on the manufacturing overhead budget should be:

  Which cash available for distribution to partners

Which cash available for distribution to partners in an installment liquidation could be equal to? Cash available after realization of non-cash asset is made

  Explain polices that should be adopted to establish

Explain polices that should be adopted to establish effective internal control to protect EFT transactions from internal and external in organizations

  Calculate the gross estate

House and lot in Cagayan de Oro City (mortgaged for 300,000) P1,250,000. Calculate the gross estate if the decedent was not a non-resident alien

  What is meant by risk in auditing

What is meant by "risk" in auditing? Discuss the different types of risk assessment procedures. Discuss five components of the COSO internal control framework

  What is the companys increase in cash flows provided

A company is preparing its year-end cash flow statement using the indirect method. What is the company's increase in cash flows provided by financing activities

  What is the difference between cash basis and accrual basis

Based on accrual accounting, which month should Henry record the inventory purchase (January or February)? How would he record the entry?

  Determine the asset turnover ratio

A company reports the following: Sales $764,000 and Average total assets 477,500. Determine the asset turnover ratio

  Compute the price of the bonds for these maturity dates

The current yield to maturity on such bonds in the market is 14 percent. Compute the price of the bonds for these maturity dates

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