Note: Use average method in answering the requirements Auto Novelties. Ine. manufactures a small robot that can be moved around by remotecontrol. It can be used as a novelty to serve food and drinks to guests, and with aspecial attachment it can vacuum the carpet. The materials are all added at thebeginning of the Assembly Operation (the first operation). Labor and overhead areadded uniformly during the month.. Data for the month of July in the AssemblyOpcration are given as followUnitsWork in process, July 1LUnits started in processCostsWork in process, July 115,000250,000MaterialsLabor and overheadP210,00060,000July costs:MaterialsLabor and overhead3,500,0001,458,000The inventory of work in process on July 1 was complete as to materials but only 2/3complete as to labor and overhead. On July 31, the inventory consisted of 20,000units that were 40% complete with respect to labor and overhead.Required: Using average method and FIFO method compute for1. Equivalent production for materials, labor and overhead2 Unit cost for materials, labor and overhead3. Totál costs of units completcd ad transferred4. Totał costs of units in process, end

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Auto Novelties. Inc. manufactures a small robot that can be moved around by remote control. It can be used as a novelty to serve food and drinks to guests, and with a special attachment it can vacuum the carpet. The materials are all added at the beginning of the Assembly Operation (the first operation). Labor and overhead are added uniformly during the month.. Data for the month of July in the Assembly Operation are given as follow Units Work in process, July 1 L'inits started in process Costs Work in process, July 1 15,000 250,000 P 210,000 60,000 Materials Labor and overhead July costs: Materials Labor and overhead 3,500,000 1,458,000 The inventory of work in process on July 1 was complete as to materials but only 2/3 complete as to labor and overhead. On July 31, the inventory consisted of 20,000 units that were 40% complete with respect to labor and overhead. Required: Using average method and FIFO method compute for 1. Equivalent production for materials, labor and overhead 2 Unit cost for materials, labor and overhead 3. Total costs of units completcd ad transferred 4. Total costs of units in process, end

Auto Novelties. Inc. manufactures a small robot that can be moved around by remote control. It can be used as a novelty to serve food and drinks to guests, and with a special attachment it can vacuum the carpet. The materials are all added at the beginning of the Assembly Operation (the first operation). Labor and overhead are added uniformly during the month.. Data for the month of July in the Assembly Operation are given as follow Units Work in process, July 1 L'inits started in process Costs Work in process, July 1 15,000 250,000 P 210,000 60,000 Materials Labor and overhead July costs: Materials Labor and overhead 3,500,000 1,458,000 The inventory of work in process on July 1 was complete as to materials but only 2/3 complete as to labor and overhead. On July 31, the inventory consisted of 20,000 units that were 40% complete with respect to labor and overhead. Required: Using average method and FIFO method compute for 1. Equivalent production for materials, labor and overhead 2 Unit cost for materials, labor and overhead 3. Total costs of units completcd ad transferred 4. Total costs of units in process, end

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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