A producer of midcentury modern doll chairs, Santa, Inc. uses a process costing system. The following information pertains to operations for the month of November Percentage Complete Units Direct Materials Conversion Beginning Work in Process Inventory, 19,800 60% 20% November 1 Started in production 96,700 during November Ending Work in Process 16,500 90% 40% Inventory Beginning Work in Process Inventory Costs: Material $68,200 Conversion $44,560 Current Period Costs: Material $793,175 Conversion $1,367,890 REQUIRED Using the weighted-average method, answer the following questions: 1. How many units were completed and transferred to finished goods? 2. What are the total equivalent units for each cost component? 3. What is the cost per equivalent unit for each cost component?

A producer of midcentury modern doll chairs, Santa, Inc. uses a process costing system. The following information pertains to operations for the month of November Percentage Complete Units Direct Materials Conversion Beginning Work in Process Inventory, 19,800 60% 20% November 1 Started in production 96,700 during November Ending Work in Process 16,500 90% 40% Inventory Beginning Work in Process Inventory Costs: Material $68,200 Conversion $44,560 Current Period Costs: Material $793,175 Conversion $1,367,890 REQUIRED Using the weighted-average method, answer the following questions: 1. How many units were completed and transferred to finished goods? 2. What are the total equivalent units for each cost component? 3. What is the cost per equivalent unit for each cost component?

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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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