Appendix: Standard-Costing Method and ...Work in process, beginning19,300Started during current period145,400To account for164,700Spoiled units12,000Good units completed and transferred out128,000Work in process, ending24,700Accounted for164,700NG▾Inspection occ<772☐ >stage. Normal spoilage is 5% ofthe good unit.

Explanation:The standard costing method provides a structured approach to cost accounting, allowing…

Answered: Appendix: Standard-Costing Method and…

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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TB MC Qu. 8-79 (Algo) The Finishing Department had... The Finishing Department had 6,100 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 30% complete as to conversion costs. 17,200 units were received from the previous department. The ending Work-in-Process Inventory consisted of 3,100 units which were 50% complete as to materials and 30% complete as to conversion costs. The Finishing Department uses first-in, first-out (FIFO) process costing.How many units were started and completed during the period? Multiple Choice 20,200. 14,200. 14,100. 23,300.
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 39,000 units, 100% complete as to materials and 60% complete as to conversion. Units started and completed: 138,000. Units completed and transferred out: 177,000. Ending Inventory: 37,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $57,000. Costs in beginning Work in Process - Conversion: $62,850. Costs incurred in February - Direct Materials: $301,000. Costs incurred in February -Conversion: $613,150. Calculate the equivalent units of conversion. Multiple Choice 251,000 225,100 O 138,000 175 000
Question 1 The following data, in physical units, describe a grinding process for January: Work in process, beginning Started during current period To account for Spoiled units Good units completed and transferred out Work in process, ending Accounted for 19,000 50,000 169,000 12,000 132,000 25,000 169,000 Inspection occurs at the 100% completion stage. Normal spoilage is 5% of the good units passing inspection. Required: 1. Compute the normal and abnormal spoilage in units. 2. Assume that the equivalent-unit cost of a spoiled unit is $10. Compute the amount of potential savings if all spoilage were eliminated, assuming that all other costs would be unaffected. Comment on your answer.

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