Fairfax company uses weighted-average process costing to

Assignment Help Accounting Basics

Reference no: EM13598408

Fairfax Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During September, the company transferred 725,000 units of product to finished goods. At the end of September, the goods in process inventory consists of 200,000 units that are 50% complete with respect to labor. Beginning inventory had $420,875 of direct materials and $82,500 of direct labor cost. The direct labor cost added in September is $1,567,500, and the direct materials cost added is $2,816,625.

1(a) Determine the equivalent units of production with respect to direct labor.

1(b) Determine the equivalent units of production with respect to direct materials.

2. Compute both the direct labor cost and the direct materials cost per equivalent unit.

3(a)Compute both direct labor cost and direct materials cost assigned to units completed and transferred

3(b)Compute both direct labor cost and direct materials cost assigned to ending goods in process inventory.

Reference no: EM13598408

Questions Cloud

Three-quarters of all purchases are paid for in the month : pierce merchandising company expects to purchase 90000 of materials in march and 105000 of materials in april.

Will the bond proceeds always be greater than the face : maui blends inc. produces and sells organically grown coffee. on july 1 2012 maui blends inc. issued 2800000 of 7-year

Discuss the differences between accrual-basis financial : discuss the differences between accrual-basis financial statements and cash-basis financial statements. determine which

Stone co began operations in year 1 and reported 225000 in : stone co. began operations in year 1 and reported 225000 in income before income taxes for the year. stones year 1 tax

Fairfax company uses weighted-average process costing to : fairfax company uses weighted-average process costing to account for its production costs. direct labor is added evenly

Assume at the end of the year management believed the : goodwill of 200000 was recorded as a result of an acquisition of a company in a previous year.what type of asset is the

According to a summary of payroll of newman publishing co : according to a summary of payroll of newman publishing co. 600000 was subject to the 7.5 fica tax. also 50000 was

Post to the stockholders equity accounts use j5 as the : alexia corporation was organized on january 1 2012. it is authorized to issue 14510 shares of 8 100 par value preferred

Awesome audio works inc warrants its products for one year : awesome audio works inc. warrants its products for one year. the estimated product warranty is 2 of sales. assume that

User Account

All Pages