User Account

All Pages

How to find the equivalent units of production

Assignment Help Cost Accounting
Reference no: EM132548670

The following information relates to the goods in process No. 2 of Mustafa Manufacturing for the month of November 2004:

Goods in process inventory (40,000 units 100% complete as to material and 75% complete as to conversion cost) 774,000

Cost of 140,000 units transferred in from process No. 2 during November 1,400,000

Manufacturing cost added in process No. 2, during November ?

Direct material 560,000

Direct labour 250,000

Factory overhead 750,000

                        3,734,000

On Nov. 30, 50,000 units are still in process No. 2 which are 100% complete as to material and 50% complete as to conversion cost.

REQUIRED

Question a. Compute the following:

i. Equivalent units of production.

ii. Cost per unit.

iii. Cost of units transferred out of finished goods.

Question b. General Journal entries to record:

i. Manufacturing cost added in process No. 2 during November.

ii. Transfer of 130,000 units from process No. 2 to finished goods warehouse.

Reference no: EM132548670

Questions Cloud

Disadvantages of using e-commerce in procurement process : Discuss the advantages and disadvantages of using e-commerce in the procurement process.
What is abbott operating cycle : What is Abbott's operating cycle? Abbot Corporation has an average collection period of 49 days, an inventory conversion period of 83 days
Expense of the government bond : Assuming the government is selling a government bond to fight COVID-19, and at the same time, ASHANTI Goldfields Company
Find accounts payable deferral period is : Ive's Lithography has a Cost of Goods Sold of $60.8 million. The company's accounts payable balance is $7.5 million. Its accounts payable deferral period is
How to find the equivalent units of production : Compute the Equivalent units of production. General Journal entries to record Transfer of 130,000 units from process No. 2 to finished goods warehouse.
Write about the valuable lessons : Write about the valuable lessons you have learned in life and give examples.
Find the inventory conversion period is : Frosty's Frozen Food Inc.'s inventory balance is $1.22 million. Frosty's Cost of Good's Sold is $30.4 million. Its inventory conversion period is
Find and calculate the breakeven point : Calculate the breakeven point. Be sure to include the fixed component of mixed cost in your fixed costs and the variable component in the variable cost.
How are characteristics of internet addiction : How are the characteristics of internet addiction similar to other forms of addiction? How are they different?

Reviews

Write a Review

Cost Accounting Questions & Answers

  Discuss current production and an incentive system

Explain the authors' statement: "Under an accounting system that assigns excess capacity costs to current production and an incentive system

  Compute the manufacturing overhead allocation rate

Hill Manufacturing uses departmental cost driver rates to apply manufacturing overhead costs to products. Manufacturing overhead costs are applied on the basis of machine-hours in the Machining Department and on the basis of direct labor-hours ..

  Prepare a sales budget incorporating the given information

You are required to prepare a sales budget incorporating the above information - company plans to sell product A throughout the year at a price of Rs.10 per unit and product B at a price of Rs.16 per unit.

  Identify the activities that would drive costs

In your post, provide some background information about your company. Explain what it produces and identify the activities that would drive costs.

  Prepare an income statement for each year based on full cost

Prepare the following, using a spreadsheet. An income statement for each year based on full costing and An income statement for each year based on variable costing.

  Recalculate the value of a put option using the risk

Recalculate the value of a put option using the risk neutral pricing approach

  Prepare in columnar form a statement

Prepare in columnar form a statement calculating the overhead absorption rates for each machine hour and each direct labour hour for each of the three production units.

  What are the tax consequences of each of the sales

What are the tax consequences if the corporation buys 150 of her shares for $15,000?

  Define the company should record the new display case

A company bought a new display case for $42,000 and was given a trade-in of $2,000 on an old display case, so the company paid $40,000 cash with the trade-in

  Identify a business research topic

Identify a business research topic and define the research questions for the identified problem or opportunity

  Describe purpose of an effective cost accounting system

Describe the purpose and elements of an effective cost accounting system. Differentiate the 3 types of cost accounting systems (job order, process, and hybrid). Include detailed descriptions of each.

  Submit your responses to the following questions in a 1-2

submit your responses to the following questions in a 1-2 page summary msword document. label each question clearly.

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