A company uses a process cost accounting system. The following information is available regarding direct labor for the current year: Goods in process, January 1 5,500 units, 80% complete Goods in process, December 31 8,800 units, 40% complete Units completed and transferred to finished goods Direct labor costs during the year 46,900 units $266,300 (a) Calculate the equivalent units of production for direct labor for the year using weighted average. (b) Calculate the average cost per equivalent unit for direct labor (round to the nearest cent).

A company uses a process cost accounting system. The following information is available regarding direct labor for the current year: Goods in process, January 1 5,500 units, 80% complete Goods in process, December 31 8,800 units, 40% complete Units completed and transferred to finished goods Direct labor costs during the year 46,900 units $266,300 (a) Calculate the equivalent units of production for direct labor for the year using weighted average. (b) Calculate the average cost per equivalent unit for direct labor (round to the nearest cent).

Name: ### Question 12A company uses a process cost accounting system. The f
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Description: ### Question 12A company uses a process cost accounting system. The following information is available regarding direct labor for the current year:- **Goods in process, January 1**: - 5,500 units, 80% complete- **Goods in process, December 31**:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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