Liquid extracts company, Accounting Basics

Assignment Help:

Liquid Extracts Company makes a line of fruit extracts for home use in making wine, jams and jellies, pies and meat sauces.  Fruits enter the production process in pounds; the product emerges in quarts (one pound of input equals one quart of output).  On May 31st, 4,250 units were in process.  All direct materials had been added, and the units were 70 percent done for conversion costs.  Direct materials costs of $4,607 and conversion costs of $3,535 were attached to the units in the starting work in process invetory.  During June 61,300 pounds of fruit were added at the cost of $71,108.  Direct labor for the month totaled $19,760 and overhead costs applied were $31,375.  On June 30th 3,400 units remained in process.  All direct materials for these units had been added, and 50 percent of conversion costs had been incurred.

Using FIFO method, prepare a process cost report for the month of June.


Related Discussions:- Liquid extracts company

Learning objectives of current ratio, Q. Learning objectives of current rat...

Q. Learning objectives of current ratio? - Analyze the transactions by examining source documents. - Journalize the transactions in the journal. - Post the journal entrie

Evaluate process controls and organizational system, Purpose To assess y...

Purpose To assess your ability to:  •apply REA ontology concepts to an organization  •prepare diagrams for the identification of the flow of data through an organization

Explain weighted-average inventory, Q. Explain Weighted-average inventory? ...

Q. Explain Weighted-average inventory? Weighted-average: Ensuing inventory is priced using a weighted-average unit cost. In perpetual inventory procedure a new weighted-average

Explain in detail about the merchandise inventory, Explain in detail about ...

Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on

Company law, I want a company law assignment

I want a company law assignment

Prepare a statement of financial position, Brown sole trader Brown has ...

Brown sole trader Brown has been in business for some years and has kept her drawings slightly below the level of profits each year. You are her accountant, and she has passed

Illustrating the recording of sales returns, Q. Illustrating the recording ...

Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose

Net book value, When we say an asset is at its Net Book Value, Does that me...

When we say an asset is at its Net Book Value, Does that mean Cost of asset + Revaluation added - Accumulated Depreciation or Revaluation is not relevant for calculating the NBV?

Suspense account, The book of Deven Verma could not be tallied. The account...

The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later

Write Your Message!

Captcha
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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd