Find out the amount of cost that should be assigned

Assignment Help Financial Accounting

Reference no: EM13128018

Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information:
Units Materials Conversion
Work in process. Jan. 1 (80% complete with respect to conversion costs) 100,000 $100,000 $157,500
Units started into production 500,000
Costs added during the year:
Materials $650.00
Conversion $997.50
Units completed during the year 450,000

The company uses the weighted-average cost method in its process costing system. The ending inventory is 50% complete with respect to conversion costs.

Required:

i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.

ii. Determine the cost transferred to finished goods.

iii. Determine the amount of cost that should be assigned to the ending work in process inventory

Reference no: EM13128018

Questions Cloud

Give z statistic and p-value for value obtained by census : Probability of selecting a household with no children that is equal to the value obtained by the census. Give the z statistic (rounded to two decimal places) and the P-value. What do you conclude?

How many kilograms of sodium fluoride would be needed : How many kilograms of sodium fluoride would be needed to treat an 8.25x10^7 gal reservior?

Weighted-average technique in the costing system : The Nichols Company uses the weighted-average method in its process costing system. The company recorded 29,500 equivalent units for conversion costs for November in a particular department.

Separable differential equation : Could someone please show me how to solve this separable differential equation?

Find out the amount of cost that should be assigned : Determine the cost transferred to finished goods. Find out the amount of cost that should be assigned to the ending work in process inventory

How many ge atoms would it contain : The density of germanium is 5.325 g/cm3. If you made a 5.3-nm diameter quantum dot of germanium, how many Ge atoms would it contain? Assume the dot is spherical.

Illustrate what is allen break-even point in units : At that level Allen Company expects to sell 3,000 units next year. Illustrate what is Allen’s break-even point in units if it purchases the new equipment?

How many grams of oxygen gas are required : How many grams of oxygen gas are required to produce 7.68 kJ of heat when hydrogen gas burns at constant pressure to produce gaseous water?

Retailers-consumers have right to complain to manufacturers : On the basis of these results, do you think retailers and consumers have a right to complain to the manufacturers? Why?

User Account

All Pages