Please do not give solution in image format thanku Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increase gasmileage by 20%. The company's controller suspects that the year-end dollar balances shown below in the inventory accounts may beincorrect.Work in process, December 31 (materials 100% complete;conversion 50% complete)Finished goods, December 31Work in process, beginning of year (materials 100% complete;conversion 80% complete)UnitsStarted into productionCosts added during the yearUnits completed during the year35,00040,000There were no finished goods inventories at the beginning of the year. The company uses the weighted-average method of processcosting. There is only one processing department.A review of the company's inventory and cost records shows the following:Units30,000610,000Costs780,000$ 70,000$123,500CostsMaterialsConversion$ 32,000 $ 58,000$760,000$2,100,000 Required:1. Determine the equivalent units and the costs per equivalent unit for materials and conversion for the year. (Round your "Cost perequivalent unit" answers to 2 decimal places.)Equivalent units of productionCost per equivalent unitCost of ending work in process inventoryCost of finished goods inventory2. Determine the amount of cost that should be assigned to the ending work in process and finished goods inventories.View transaction listJournal entry worksheet<AMaterialsNote: Enter debits before credits.Event1Materials3. Prepare the necessary correcting journal entry to adjust the work in process and finished goods inventories to the correct balancesas of December 31. (Round intermediate calculations to 2 decimal places.)Record entryConversionRecord the entry to adjust the work in process and finished goods inventoriesGeneral JournalConversionClear entry$$TotalDebit0Credit0View general journal>

Equivalent unit of production defines the amount of work done by a manufacture on units of output…

ambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increase gas mileage by 20%. The company's controller suspects that the year-end dollar balances shown below in the inventory accounts may be ncorrect. Work in process, December 31 (materials 100% complete; conversion 50% complete) Finished goods, December 31 Units 35,000 40,000 Costs $ 70,000 $123,500 There were no finished goods inventories at the beginning of the year. The company uses the weighted-average method of process costing. There is only one processing department. A review of the company's inventory and cost records shows the following: Costs

ambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increase gas mileage by 20%. The company's controller suspects that the year-end dollar balances shown below in the inventory accounts may be ncorrect. Work in process, December 31 (materials 100% complete; conversion 50% complete) Finished goods, December 31 Units 35,000 40,000 Costs $ 70,000 $123,500 There were no finished goods inventories at the beginning of the year. The company uses the weighted-average method of process costing. There is only one processing department. A review of the company's inventory and cost records shows the following: Costs

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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