User Account

All Pages

Prepare an october cost of production report

Assignment Help Accounting Basics
Reference no: EM131773448

Question - Lilliputian inc. produces dog food. all direct material is entered at the beginning of the process.

Some shrinkage occurs during the production process, but management considers any shrinkage of less than 8% to be normal. October 2010 data are as follows:

Beginning WIP inventory (45% complete as to conversion) 36,000 pounds

Started during the month 120,000 pounds

Transferred to FG inventory 126,000 pounds

Ending WIP inventory (15% complete as to conversion) 21,600 pounds

The following costs are associated with October production:

Beginning WIP inventory:

material 14,000

Conversion 10,800 24,800

current period:

Material 39,060

Conversion 33,912 72,972

Total cost to account for 97,772

Required - Prepare an October 2010 cost of production report for Lilliputian Inc. using FIFO process costing.

Reference no: EM131773448

Questions Cloud

How many dollars does washington corporation : How many dollars does Washington Corporation currently sell of the product each year
Write in an essay - mastering change management : Conclude the key points and reasons identified during the critical evaluation - Write in an essay format - Mastering Change Management
Write a report with the given content : You need some modify in work specially in the literature review.
Or is this increase due to increased awareness of adhd : What is your opinion? Are ADHD medications being "overprescribed"? Or is this increase due to increased awareness of ADHD?
Prepare an october cost of production report : Lilliputian inc. produces dog food. all direct material is entered at the beginning of the process. Prepare an October 2010 cost of production report
Describe one strategy used to prevent potential reductions : Describe one strategy used to prevent potential reductions in NII and one strategy used to prevent potential increase in NIE.
Anna karenina and explain his or her tragic flaw : Name a real-life or fictionalized character from history or current times such as Richard Nixon or Anna Karenina and explain his or her tragic flaw.
Difference between research material and peer review article : What is the difference between research material and peer review articles? Can I use peer review articles for research?
What amount should bowie report as estimated liability : what amount should Bowie report as estimated liability for the coupons

Reviews

Write a Review

Accounting Basics Questions & Answers

  Which of the following circumstances most likely would

which of the following circumstances most likely would cause an auditor to suspect an employee payroll fraud scheme?a

  The records of marshall company

The records of Marshall Company

  Collins and farina are forming a partnership collins is

1. smith west and krug form a partnership. smith contributes 180000 west contributes 150000 and krug contributes

  Mr marinos purchase of the stock of lifepath fitness was

mr. marinos purchase of the stock of lifepath fitness was done through his business. the stock investment has always

  Income and expenses

Mary Kate owns a building that she leases to an individual who operates a grocery store. Rent income is $10,000 and rental expenses are $6,000. On what form 1040 schedule or schedules are the income and expenses reported?

  Montana white water corporation sells canoes

State the effect of the error on the income statement of Montana White Water for the year ended December 31, 2010.

  Explain the difference between risk and uncertainty

Explain the difference between risk and uncertainty in the context of investment appraisal, and suggest how Warden can quantify the risk in change in selling price and comment on our findings

  How many equivalent units for conversion costs

Lexicon, Inc. had beginning inventory in March consisting of 15,000 units (60 percent converted) and ending inventory consisting of 20,000 units (40 percent converted). In addition, 45,000 units were started during the period. How many equivalent ..

  Compute the balance in the deferred gross profit

A 2010 sale resulted in default in 2012. At the date of default, the balance on the installment receivable was $12,000, and the repossessed merchandise had a fair value of $8,000. Prepare the entry to record the repossession.(AICPA adapted)

  Who sets federal accounting standards

Which funds are used by federal agencies to account for receipts of resources from specific sources, earmarked by law for special purposes?

  What is the product cost for the expansion product

What is the product cost for the expansion product under absorption and variable costing? Is there anything ABC Company can do to improve the cash flow

  Complete all of the steps of the accounting cycle

Complete all of the steps of the accounting cycle.

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