Assuming the company produced 24,000 fully and partially finished units during the year, determine the cost components of the finished goods inventory, which is composed of 4,800 finished units. Purchases of raw materialsRaw materials inventory, beginningRaw materials inventory, endingDepreciation, factoryInsurance, factoryDirect labourMaintenance, factoryAdministrative expensesSalesUtilities, factorySupplies, factorySelling expensesIndirect labourWork in process inventory, beginningWork in process inventory, endingFinished goods inventory, beginningFinished goods inventory, ending$370,50042,80071,500185,50020,700244,900122,800285,6001,968,000111,5004,070326,300264,90028,350121,40041,050164,200 Direct materialsDirect labourManufacturing overheadTotal$0

Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…

Answered: Assuming the company produced 24,000…

Assuming the company produced 24,000 fully and partially finished units during the year, determine the cost components of the finished goods inventory, which is composed of 4,800 finished units.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 55,000 to 95,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 85,000 units during the year at a selling price of $7.40 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per variable cost and fixed cost to 2 decimal places.) Total cost: Variable cost Fixed cost Total cost Cost per unit: Variable cost Fixed cost Total cost per unit 55,000 Units Produced and Sold $ $ 132,000 300,000 432,000 75,000 Units Produced and Sold 95,000 Units Produced and Sold
During the period, 45,000 units were completed, and 3,600 units were on hand at the end of the period. If the ending work in process inventory was 75% complete as to direct materials and 25% complete as to conversion costs, the equivalent units for direct materials under the weighted-average method would be: a) 48,000 b) 48,600 c) 47,700 d) 45,900
correct answer
Israr Corporation uses the weighted-average method in its process costing system. During the month ending work in process inventory consists of 9,000 units. The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the cost per equivalent unit for the period is Rs. 3.75 for material and Rs.1.25 for labor and overhead. What is the balance of the ending work in process inventory account?
A production department's output for the most recent month consisted of 8,700 units completed and transferred to the next stage of production and 5,700 units in ending Work in Process inventory. The units in ending Work in Process inventory were 60% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weighted average method. Multiple Choice O O 7,500 units. 10,920 units. 14,400 units. 5,280 units. 12,120 units.
Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 61,000 to 101,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 91,000 units during the year at a selling price of $9.94 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost: Variable cost Fixed cost Total cost Cost per unit: Variable cost Fixed cost Total cost per unit $ $ $ 61,000 Units Produced and Sold 81,000 244,000 400,000 644,000 $ 0.00 $ 0 $ 0.00 $ 101,000 0 0.00
The assembly department had 700 units 35% completed in process at the beginning of June, 10,000 units completed during June, and 900 units 60% completed at the end of June. Using the first-in, first-out method of inventory costing, what was the number of EQUIVALENT units of production for material costs AND conversion costs for the period?
Williams Company computed its cost per equivalent unit for direct materials to be $2.60 and its cost per equivalent unit for conversion to be $3.75. A total of 250,000 units of product were completed and transferred out as finished goods during the month. The ending Work in Process inventory consists of 36,000 equivalent units of direct materials and 36,000 equivalent units of conversion costs. The amount that should be reported in ending Work in Process Inventory is:
A company had beginning inventories as follows: Direct Materials, $650; Work-in-Process, $850; Finished Goods, $1,050. It had ending inventories as follows: Direct Materials, $750; Work-in-Process, $950; Finished Goods, $1,150. Material Purchases, net were $1,900, Direct Labor $2,000, and Manufacturing Overhead $2,100. What is the Cost of Goods Sold for the period? Multipie Cholce $5,700. $5,600. $5,900. $5,800.
Uramilaben
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 57,000 units were started in production; and 64,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 25% complete with respect to conversion. Equivalent Units of Materials fill in the blank 1 Equivalent Units of Conversion fill in the blank 2
There were 2,000 units in beginning inventory that were 70% complete with regard to conversion. During the month, 15,000 units were started, and 16,000 were transferred to finished goods. The ending work in process was 55% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method?