User Account

All Pages

Weighted-average method in its process costing system

Assignment Help Accounting Basics
Reference no: EM131103798

Hobart Beverage Company uses the weighted-average method in its process costing system. Materials are included at the start of the production process but conversion costs are uniformly applied throughout the production process. The following data about the Packaging Department were taken from the company's accounting records:

  •  In 1 January 2016, there were 20,000 units in the work in process inventory that were 40% completed and 150,000 units in the finished goods inventory.
  •  The company sold 300,000 units during January.
  •  There were 32,000 units, which were 75% complete as to conversion costs, in the work in process inventory and 120,000 units in the finished goods inventory at the end of January.
  • Cost data are summarized below:

WIP 1 January 2016

Cost per equivalent unit

Direct Materials

$ 34,900

Materials

$2.45

Conversion costs

$ 41,500

Conversion

$3.15

Reference no: EM131103798

Questions Cloud

What are two advantages of using nat : ICTNWK506: Topic learning guide: NAT What are two advantages of using NAT? Security - hides private addresses; address conservation - private addresses need only be unique across the corporate network, not the Internet as a whole
Explain the theory that supports the motivation strategy : Classify the relationship between job satisfaction and job performance. Explain the impact of employee motivation strategies used to maximize job performance.
What amount will you have to deposit today to fund : A deferred annuity will pay you $500 at the end of each year for 10 years, however the first payment will not be made until three years from today (payments will be made at the end of years 3 through 12). What amount will you have to deposit today..
If the firms have different marginal costs : Let the inverse demand curve be p(q) = a − bq. Suppose there are two firms, with constant marginal cost equal to C. Now suppose that the two firm engage in price competition (set p) instead of quantity competition (set q). If the firms have different..
Weighted-average method in its process costing system : Hobart Beverage Company uses the weighted-average method in its process costing system. Materials are included at the start of the production process but conversion costs are uniformly applied throughout the production process.
What are their equilibrium strategies and quilibrium outcome : Let the inverse demand curve be p(q) = a − bq. Suppose there are two firms, with constant marginal cost equal to C. (Cournot) If both firms move simultaneously, what are their equilibrium strategies and what is the equilibrium outcome? (Stackelberg) ..
Telecommunication network installation and management : When it comes to telecommunication network installation and management, as a business manager, you have to make a crucial decision to choose between hiring an expert to do the work or do it yourself.
Would this be good or bad for the economy : What are M1 and M2? What impact would this action (pulling money from checking accounts) have on the size of the M1 and M2 components of the money supply?
Performance-based compensatory share option plan : P16-7 Performance-Based Compensatory Share Option Plan Connors Company has 70 executives to whom it grants com- pensatory share options on January 1, 2007. The plan grants each executive options to acquire a maximum of 100 shares of the company's ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the net cash from operating activities

Glitter Girl, Inc. recognized net income of $150,000 including $26,000 in depreciation expense.

  Entity efficiency and effectiveness achieving performance

Service performance information according to AASB relates to the delivery of goods and/or services with the intention of having a positive impact on society or segments of society, the entity's efficiency and effectiveness in achieving its service ..

  Team shirts inc bought a computer system for 100000 and

1. inventory information for missoula merchandising inc is provided below. sales for the period were 2800 units for 8

  Brimson has forecast production for the next three months

brimson has forecast production for the next three months as follows july 5500 units august 6900 units september 7900

  Fifo to lifo questions

Fill in each of the blanks below with one of these: larger, smaller, unchanged, or insufficient (information given to answer question). Several years after the switch from FIFO to LIFO:

  Assume research in motion invested 834 million to expand

assume research in motion invested 834 million to expand its manufacturing capacity. assume that these assets have a

  Quayle oil company is considering investing in a new oil

quayle oil company is considering investing in a new oil well. it is expected that the oil well will increase annual

  On january 1 2011 zane manufacturing company purchased a

on january 1 2011 zane manufacturing company purchased a machine for 40000. the company expects to use the machine a

  How is it reported in the financial statements

If a security is classified as available-for-sale, and an unrealized holding loss is viewed as giving rise to an other-than-temporary (OTT) impairment, how is it reported in the financial statements?

  Confirmations in the area of accounts receivable

We learned in class that confirmations in the area of accounts receivable provides the best evidence for the existence assertion. Is this stated in the standard and if so, where?

  What is the compensation expense to be recorded by marr

on May 5, 1980 the Marr company issued a 5 year stock option to the chief financial officer the option entitled the employee to buy 1,000 shares of stock for $4 per share when the stock was selling fro $4 per share. under APB opinion No. 25 what i..

  What is an extraordinary item per gaap rules

The rules are specific. How are extraordinary items different from some other irregular items that you occasionally see on a corporate income statement?

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