Process for the Mixing Department using the FIFO method

Assignment Help Financial Accounting

Reference no: EM13906718

Ralph, Inc. manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the Mixing Department (i.e., same completion percentage applies to materials and conversion costs). Information for the Mixing Department for January follows:

Work in process, January 1:

Units (35% complete) 7,500

Direct materials $36,000

Direct labor $45,000

Overhead (applied) $15,000

During January, 26,750 units were completed and transferred to the Molding Department. The following costs were incurred by the Mixing Department during January:

Direct materials $133,050

Direct labor 180,000

Overhead (applied) 45,000

At January 31, there were 3,750 units that were 80% complete remaining in Mixing Department.

Calculate the cost of January's ending work in process for the Mixing Department using the FIFO method.

Reference no: EM13906718

Questions Cloud

Use of worksheet in preparing statement of cash flows : Explain the use of a worksheet in preparing a statement of cash flows. When numerous adjustments are necessary or other complicating factors are present, companies often use a worksheet to assemble and classify the data that will appear on the statem..

Conversion costs would there be using the FIFO method : How many equivalent units for conversion costs would there be using the FIFO method?

Describe the positions taken by the institution or trader : In 2007 investors lost confidence in the structured products created from US subprime mortgages. This led to a ‘‘credit crunch'' and losses of tens of billions of dollars by financial institutions such as UBS, Merrill Lynch, and Citigroup. Structu..

How many equivalent units for conversion costs : How many equivalent units for conversion costs would ther Feathered Nests produces decorative birdhouses. The company’s average total cost per unit is $20.00 when it produces 2,000 birdhouses. If $4698 of the costs are fixed, and the plant manager us..

Process for the Mixing Department using the FIFO method : Ralph, Inc. manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the Mixing Department (i.e., same completion percentage applies to materials and conversion costs). Calculate the..

Dividing net income available for the common shareholders : Lois Kenseth, president of Sycamore Corporation, is concerned about Several large stockholders who have been very vocal lately in their criticisms of her leadership. She thinks they might mount a campaign to have her removed as the corporation’s CEO...

How prior research does or does not support your hypothesis : The introduction and literature review should address your research question: why it is important, and how prior research does or does not support your hypothesis, as well as providing a background on what we know about this topic.

Hedging of an existing asset-cash flow hedges-interest rate : Wilson Company has 100,000 units of widgets in its inventory on October 1, 2008. Wilson purchased them for $1 per unit one month ago. It hedges the value of the widgets by entering into a forward contract to sell 100,000 widgets on January 31, 2009, ..

Hat happens if an employee drives the company truck : hat happens if an employee drives the company truck and gets in an accident? What happens to your property when you die?

User Account

All Pages