Reference no: EM133011754
XYZ, Inc. has two departments, Fabrication and Assembly. Assembly department began the current period with 3,000 units in work-in-process. These units were 65% complete. 8,000 units were transferred from the Fabrication department. Costs attached to beginning work-in-process included $12,000 incurred in Fabrication plus $6,000 for materials, $9,000 for labor, and $10,000 for overhead in Assembly. Materials are added at the beginning of the process, labor is added when the units are 30% complete and overhead is incurred uniformly.
- Units are inspected at 50% stage of completion. Rejected units are returned to the 20% stage of completion for rework. Normal rework is 2% of units surviving inspection. Units are inspected again when they are 70% complete. Rejected units are thrown away. Normal spoilage is considered to be 2% of the units inspected. There were 8,400 units inspected for rework and 300 units were rejected for spoilage. Spoiled units are sold for one dollar each. Ending work-in-process consists of 1,800 units, 60% complete. Current costs incurred were $42,720 from Fabrication plus $16,800 for materials, $25,200 for labor, and $41,550 for overhead in Assembly.
Required:
Problem 1. Using average process costing, determine cost of goods completed, cost of ending work-in-process, loss from abnormal spoilage, and loss from abnormal rework in the Assembly department. Note: Use numerical fractions, such as 1/3, 4/5, etc., (not decimal) for allocations, if any.
Problem 2. Prepare the appropriate journal entries for the Assembly department accounting for the transactions emanating from the cost of production report at the end of the period.
What is the amount of itemized deductions Samuel may claim
: Samuel is single and age 48, has AGI of $98,000, and incurs the following expenditures in 2020. What is the amount of itemized deductions Samuel may claim
|
Describe communication situations in organizational setting
: Describe communication situations in an organizational setting, where you think email should be used and where email should not be used as the primary medium of
|
Identify advantages of group problem solving
: Identify advantages of group problem solving. List reasons why it is critical to the success of organization-wide QI. Describe a situation from your experience
|
Research extolling the benefits of outsourcing
: Assume that you are a top executive for a large, privately held company. Your specific area of responsibility is managing all aspects of compensation and benefi
|
Prepare the journal entries for the assembly department
: Prepare the appropriate journal entries for the Assembly department accounting for the transactions emanating from the cost of production report
|
Creation of a smart-tech building inspection system
: Critically reviewing the existing work relevant to the project, and identify the research and/or design gaps or needs - creation of a smart-tech building
|
Calculate cooler eoq
: Calculate Cooler's EOQ for CK55. Cooler Corporation is a manufacturer of cooling products. It purchases 14,400 units of a particular component (CK55)
|
What is ABCs sustainable growth rate
: Company ABC has asset turnover of 180%. Its equity multiplier and profit margin are 165% and 6%, respectively. What is ABCs sustainable growth rate
|
What should the manager have done differently
: A workgroup completes a project, meeting a big deadline, and the manager invites everyone to a celebration after work on Friday. People are delighted - except P
|