Q2. Kelley paint company uses the weighted-average method to account for costsof production. Kelley manufactures base paint in two separate departments -Mixing and Packaging. The following information is for the Mixing Department forthe month of March.• A total of 40,000 units were in beginning WIP Inventory. All werecompleted and transferred out during March.• A total of 70,000 units were started during March. Of the 70,000 unitsstarted, 20,000 units were completed and transferred out to the Packagingdepartment (100% complete with respect to direct materials, direct labour,and overhead), and 50,000 units were partially completed and remained inending WIP Inventory on March 31 (90% complete for direct materials, 70%complete for direct labour, and 30% complete for overhead, which is appliedbased on machine hours).. Costs in beginning WIP Inventory totaled $229.000 ($98,000 in directmaterials + $41.000 in direct labor + $90,000 in overhead).. Costs incurred during March totaled $165,000(= 70,000 in direct materials+35.000 in dina$2O + TOOSS+MML 60 FUGGGL Dace5SOHINREF3WHp/Mk5ER0eastwestcollege.brightspace.com/d2l/le/activities/edit/TGHFC Bank-sm Calgary Mail-Linda Baa-mi... C Our own research i... Queen's University... lindabaamintah-Ya...N NettionLessons=False&retumUrl=%2fd21... BProdigy Finance Homepage - Maste...Y 19px V+ vLato (Recom9Paragraph v B I U A Ev 聞くR [~Mixing du Packaging. The following information is for the viking Department forthe month of March.. A total of 40,000 units were in beginning WIP Inventory. All werecompleted and transferred out during March.. A total of 70,000 units were started during March. Of the 70,000 unitsstarted, 20,000 units were completed and transferred out to the Packagingdepartment (100% complete with respect to direct materials, direct labour,and overhead), and 50,000 units were partially completed and remained inending WIP Inventory on March 31 (90% complete for direct materials, 70%complete for direct labour, and 30% complete for overhead, which is appliedbased on machine hours).. Costs in beginning WIP Inventory totaled $229.000 ($98,000 in directmaterials + $41.000 in direct labor+ $90,000 in overhead).. Costs incurred during March totaled $165,000(= 70,000 in direct materials +35,000 in direct labor+ 60,000 in overhead).• Use the four key steps to assign costs to units completed and transferred out and to units in ending WIP inventory for the MixiDepartment.

Name: Q2. Kelley paint company uses the weighted-average method to account
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Description: Q2. Kelley paint company uses the weighted-average method to account for costsof production. Kelley manufactures base paint in two separate departments -Mixing and Packaging. The following information is for the Mixing Department forthe month of Mar

Process costing system: It is used to compute the cost per unit from the production at each stage.…

Answered: - A total of 40,000 units were in…

Business

Accounting

- A total of 40,000 units were in beginning WIP Inventory. All were completed and transferred out during March.

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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