Weighted-average method in its process costing system

Assignment Help Financial Accounting

Reference no: EM131202332

Trapp Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in its Painting Department consisted of 2,000 units that were 70% complete with respect to materials and 60% complete with respect to conversion costs. The cost of the beginning work in process inventory in the department was recorded as $14,000. During the period, 13,000 units were completed and transferred on to the next department. The costs per equivalent unit for the period were $2.8 for material and $3.8 for conversion costs. The cost of units transferred out during the month was:

a. $85,800

b. $76,200

c. $74,880

d. $66,040

Reference no: EM131202332

Questions Cloud

What is adjusted basis in her partnership interest : At the beginning of 2015, Margaret’s adjusted basis in her 50 percent interest in MP Partnership, a calendar year general partnership, was $10,000. During 2015, Margaret did not make any additional contributions to MP Partnership, and Margaret’s shar..

Prepare journal entries necessary to record issue of bonds : Matt Perry, Inc. had outstanding $6,000,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,000,000 of 10%, 15-year bonds (interest payable July 1 and January 1) at 98. A portion of the proceeds was use..

Budgeting and performance reports : The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers that it uses in its budgeting and performance reports—the number of courses and the total number of students. The Gourmand Cooking ..

Weighted-average method in process costing system : The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 16,000 units, The ending work in process inventory is 100% complete with respect to materials and 80% comple..

Weighted-average method in its process costing system : Trapp Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in its Painting Department consisted of 2,000 units that were 70% complete with respect to materials and 60% complete with respe..

Assume there are no banking holidays within period of time : Kelsey international declared a dividend on friday, November 13, that is payable on friday, december 4, to holders of record on monday., november 30. what is the latest date that you can purchase this stock if you wish to receive this dividend? assum..

Transaction indicate the amount of revenue or expenditure : A city engages in the transactions that follow. For each transaction indicate the amount of revenue or expenditure that it should report in 2014. Assume first that the main objective of the financial statements is to enable users to assess budgetary ..

What is the amount of liability for advances from customers : YumYum has a service contract with a maintenance company. The contract is for cleaning services at a rate of $3,000 per month. The maintenance company bills YumYum semiannually on October 1 and April 1. The contract commenced on October 1, 2015. What..

What should be the net carrying value of inventory : The journal entry in the buyer’s books to record the honoring by the seller of an account deemed uncollectible in a factoring agreement with recourse would include. Estimated cost of disposal 20,000 Normal profit margin 60,000 Current replacement cos..

User Account

All Pages