How many beanie babies toys were actually worked

Assignment Help Accounting Basics

Reference no: EM131763389

Question: Ty Inc. manufactures Beanie Babies using a Weighted Average process costing system. The manufacturing occurs in two stages: Department 1 sews fabric pieces together and stuffs the Beanie Baby and Department 2 packages the completed product. The following data is available for production in Department 1 during November:

Beginning Goods in Process - 30% complete on Nov. 1 30,000 units

Units Started in November 320,000 units

Units Completed in November 310,000 units

Ending Goods in Process - 90% complete on Nov. 30 40,000 units

All materials used in Department 1 are added at the start of the manufacturing process. Direct labor and factory overhead are added evenly throughout the manufacturing process. The costs associated with November's production were:

Beginning Goods in Process balance (materials) $6,000

Beginning Goods in Process balance (direct labor costs) $3,000

Beginning Goods in Process balance (factory overhead) $7,000

Materials added in November $64,000

Direct labor costs in November $90,420

Factory overhead costs in November $96,800

1. How many Beanie Babies toys were actually worked on in Department 1 during November?

a. 310,000

b. 350,000

c. 320,000

d. 380,000

2. What were the equivalent units of production for materials for the month of November?

a. 310,000

b. 340,000

c. 320,000

d. 350,000

3. What were the equivalent units of production for both direct labor and factory overhead for the month of November?

a. 325,000

b. 346,000

c. 337,000

d. 350,000

Reference no: EM131763389

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