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

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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