User Account

All Pages

What is the cost assigned to units completed

Assignment Help Cost Accounting
Reference no: EM133013234

Question - Ronda Company employs weighted average process costing system concerning its sole product. The following data were provided by the cost accountant for the year ended Dec 31, 2016:

-There are 15,000 units on Jan 1, 2016 with following costs: 500,000 - direct material; 1,200,000 - direct labor, and 300,000 - factory overhead. The beginning inventory is 30% complete as to conversion cost.

-There are 35,000 units started during 2016 and the total manufacturing cost added during 2016 consists of P4M - direct material; P3M - direct labor; and P1M - factory overhead.

-There are 20,000 units on Dec 31, 2016 which are 80% incomplete as to conversion cost.

-There is no spoilage during the year.

-It is the company's policy to add direct labor and factory overhead evenly throughout the period when all direct materials are added at the beginning of the process.

REQUIRED -

-What is the cost assigned to units completed or the cost of goods manufactured for the year ended December 31, 2016?

-What is the cost assigned to December 31, 2016 work-in-process inventory?

-Assuming the use of FIFO method, what is the cost assigned to units completed or the cost of goods manufactured for the year ended December 31, 2016?

-Assuming the use of FIFO method, what is the cost assigned to Dec 31, 2016 work-in-process inventory?

Reference no: EM133013234

Questions Cloud

Calculate the effective annual interest rate : Calculate the effective annual interest rate for: a transaction in which R200 is invested 18 months to give R350
Determine the return on stockholders equity : Common Stockholders' Profitability Analysis - A company reports the following: Net income $300,000. Determine the return on stockholders equity
What the cost of the building that should be recorded by ABC : Interest costs during construction were P170,000. What the cost of the building that should be recorded by ABC Co.
Has abc ltd engaged in irresponsible lending : Assume that the NCCP Act apply to Sleepy's loan. Has ABC Ltd engaged in "irresponsible lending"?
What is the cost assigned to units completed : Assuming the use of FIFO method, what is the cost assigned to units completed or the cost of goods manufactured for the year ended December 31, 2016
Describe the steps in making a potato gratin : What must be done to the surface of a red meat item before it is placed into a hot sauté pan? Why and Describe the steps in making a potato gratin.
What is the dual purpose of grill marking : What is the essential equipment necessary to set up a grilling station and What is the dual purpose of grill marking (cross-hatching)
What are Warren Buffett Ten Rules for Success : Question - What are Warren Buffett's Ten Rules for Success? Which rule is the most important for you? Why
Why is moderate heat preferred in the pan-frying technique : Describe the appearance of a properly cooked pan-fried item and Why is moderate heat preferred in the pan-frying technique

Reviews

Write a Review

Cost Accounting Questions & Answers

  What is the amount that will be in the account

Earns 10% per year compounded annually. Using the following factors, what is the amount that will be in the account at the end of the 5 years?

  Accounting for an interest-bearing note payable

On April 1, the Snake River Racing Club (SRRC) purchased ten white-water rafts with a cash price of $3,000 each. SRRC offered to pay for the rafts by making a $5,000 down payment and by signing a $25,000, 8 percent interest-bearing note.

  Responsibilities of a corporate accountant

Corporate accountant that have been mentioned in the job advertisements that you have collected with your detailed understanding of each of the attributes

  1 readersnetcom sells books and software over the internet

1 readersnet.com sells books and software over the internet. a recent article in a trade journal has caught the

  Find accounting to amount of goodwill at date of acquisition

Assume a tax rate of 30% is assumed Required Apply equity method of accounting to the amount of goodwill at the date of acquisition

  What is standard direct labor cost per unit of product glow

Find What The flexible-budget variance in operating income is? What is the standard direct labor cost per unit of product Glow?

  Depreciation for accounting and income tax purposes

Evaluated warranty costs are expensed for accounting purposes when incurred. depreciation for accounting and income tax purposes differs because of dissimilar bases of carrying the related property.

  What is the monthly operating profit for iie

Should IIE contract with Mike's Mechanics for either of these two services? If so, which one(s) should it write the contract for and what is the new monthly profit?

  Find what is the accounts receivable balance on dec

Prepare a schedule of expected cash collections from sales by month and in total for the fourth quarter. What is the accounts receivable balance on Dec.31?

  Compute variable-overhead spending variance

Construct an Excel spreadsheet to solve the preceding requirement. Show how the solution will change if the following information changes: actual output was 9,100 cases, and actual variable overhead was $395,000.

  Make schedule of cost of good manufacture for gitano product

Gitano Products, Make a schedule of cost of goods manufactured for year. Assume all raw materials are used in production as direct materials.

  Have you extended the idea from species to specific groups

During the Peloponnesian War, the people of Plataea (the same city where the Greeks won their final major victory vs. the Persians) are besieged by the Spartans.

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