User Account

All Pages

Prepare the cost of production report

Assignment Help Financial Accounting
Reference no: EM132755524

Question - The information for the current month for a manufacturer of ready-to-wear clothes is as follows:

Beginning work in process 30,000 units

Units started 60,000 units

Units completed 75,000 units

Ending work in process 12,000 units

Spoilage ?

Beginning work-in-process direct materials P18,000

Beginning work-in-process conversion P 7,200

Direct materials added during month P90,000

Conversion costs during month P45,000

Beginning work in process was half complete to conversion. Direct materials are added at the beginning of the process. Ending work in process was 75% complete. All spoilage is abnormal and is detected at end of the process.

The company uses the weighted-average method of process costing. To avoid differences in answers, round off all unit costs to two decimal places.

REQUIRED -

1. Prepare the Cost of Production Report.

2. Determine the following:

a. Units to be Accounted

b. Units Accounted For

c. EUP for Materials

d. EUP for Conversion costs

e. Total Costs to be Accounted

f. Cost per equivalent unit for Materials

g. Cost per equivalent unit for Conversion

h. Cost of Units Transferred out

i. Cost of Ending Work in Process

j. Cost of Abnormal Spoilage

Reference no: EM132755524

Questions Cloud

What the budgeted net income for pearl poodle grooming : What the budgeted net income for 2021 is? The expected selling & administrative expenses are $70,000 which includes $20,000 of depreciation.
What is the new required return for the stock : A stock has a market return of 8%, risk free rate of 1% the beta remains at 1.2 but increases by 50%, what is the new required return for the stock
Examples of internal forces affecting red carpet : Identify and describe 3 examples of internal forces affecting Red Carpet
Heard lot of good things about value chain management : The line managers in the production department have heard a lot of good things about value chain management.
Prepare the cost of production report : Direct materials are added at the beginning of the process. Ending work in process was 75% complete. Prepare the Cost of Production Report
What expected balance in retained earnings on budgeted : The company expects to declare dividends during 2021 amounting to $50,000. The expected balance in retained earnings on the 2021 budgeted balance sheet is
Growth horizons : Define what you believe are three horizons the entrepreneur must address. How are transitions made from one horizon to another?
How would new deal change trade merger arbitrage : Investors will receive $65.75 and .14 shares of LVMH for each share of TIF. How would this new deal change your trade merger arbitrage trade set-up?
What is her portfolio beta : An individual has $30000 invested in a stock that has a beta of 0.8 and $20,000 invested in a stock with beta of 1.4. What is her portfolio beta

Reviews

Write a Review

Financial Accounting Questions & Answers

  What total amount will be paid to the preferred shareholders

Legacy issues $700,000 of 7.5%, four-year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. They are issued at $643,419 and their market rate is 10% at the issue date. 1.Prepare the January 1, 2013, journal ent..

  Describe the fraud that had occurred

From the e-Activity, describe the fraud that had occurred, and suggest the primary way in which the parties involved could have prevented the fraud in question.

  What is the value of a six-month european call option

The risk-free interest rate is 5% per annum with continuous compounding. What is the value of a six-month European call option with a strike price of $72

  Company should discontinue operating snack foods division

Snickers Company operates two divisions, the Fruit Preserves Division and the Snack Foods Division. The Fruit Preserves Division manufactures and sells jelly and jams to supermarkets. Determine whether the company should discontinue operating the Sna..

  Prepare a flexible budgetpuget sound divers is a company

prepare a flexible budgetpuget sound divers is a company that provides diving services such as underwater ship repairs

  Determine the firms current ratio and quick ratio

Based on the information given here, determine the firm's current ratio and quick ratio at the end of 1997 and 1996 and in which year do you consider the firm to be in better financial condition? Explain

  Her old residence is never rented out or used for business

On October 29, 2013, Miss Joan Seely (SSN 123-45-6789) sells her principal residence for $150,000 cash. she purchased the residence on May 12, 2004, for $85,000. She spent $12,000 for captital improvements in 2004. To help sell the house, she pays $3..

  Show the calculation of gain to be recognized from exchange

Equipment that cost $80,000 and has accumulated depreciation of $63,000 is exchanged for similar equipment with a fair value of $35,000 and $15,000 cash is received. The exchange lacked commercial substance.

  Journalize the entry to record the factory labor costs

A summary of the time tickets for the current month follows: - Journalize the entry to record the factory labor costs.

  Question sports and surf label billabong has the hardest

question sports and surf label billabong has the hardest working brand in australia according to a new report on the

  Determine what is the present value of payments

Assuming the appropriate rate of interest is 9.5%. What is the present value of payments? (Use 4 decimal points for the Time value Factor)

  How much could withdraw at the beginning of each year

How much could you withdraw at the beginning of each year and end up with zero in the account? (First make a time-line indicating inflows and outflows)

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