Homework Help is Here – Start Your Trial Now!
Business
Accounting
Bentley Enterprises uses process costing to control costs in the manufacture of Dust Sensors for the mining Industry. The following Information pertains to operations for November. (CMA adapted) work in process, November 1st started in production during November work in process, November 30th The beginning Inventory was 60% complete as to materials and 20% complete as to conversion costs. The ending Inventory was 90% complete as to materials and 40% complete as to conversion cost Costs pertaining to November are as follows: Beginning Inventory: direct materials, $58,560; direct labor, $22,320, manufacturing overhead, $17.240. Costs incurred during the month: direct materials, $487,800; direct labor, $235,280; manufacturing overhead, $443,960 Multiple Choice What are the total costs in the ending Work-In-Process Inventory assuming Bentley uses first-in, first-out (FIFO) process costing? Note: Round costs per equivalent unit to two decimal places. O O $192.900 O $190,350 O Units $190,320 18,000 104,000 28,000 $198.820 Q Search < Prev 3 or 10 Nerty> LDC L (DELL

Bentley Enterprises uses process costing to control costs in the manufacture of Dust Sensors for the mining Industry. The following Information pertains to operations for November. (CMA adapted) work in process, November 1st started in production during November work in process, November 30th The beginning Inventory was 60% complete as to materials and 20% complete as to conversion costs. The ending Inventory was 90% complete as to materials and 40% complete as to conversion cost Costs pertaining to November are as follows: Beginning Inventory: direct materials, $58,560; direct labor, $22,320, manufacturing overhead, $17.240. Costs incurred during the month: direct materials, $487,800; direct labor, $235,280; manufacturing overhead, $443,960 Multiple Choice What are the total costs in the ending Work-In-Process Inventory assuming Bentley uses first-in, first-out (FIFO) process costing? Note: Round costs per equivalent unit to two decimal places. O O $192.900 O $190,350 O Units $190,320 18,000 104,000 28,000 $198.820 Q Search < Prev 3 or 10 Nerty> LDC L (DELL

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
80007 ACG3343 2023 X M Question 3- Chapter X d -8 Quiz i https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F... work in process, November 1st started in production during November Work in process, November 30th Bentley Enterprises uses process costing to control costs in the manufacture of Dust Sensors for the mining Industry. The following Information pertains to operations for November. (CMA adapted) F1 Multiple Choice OOOO The beginning Inventory was 60% complete as to materials and 20% complete as to conversion costs. The ending Inventory was 90% complete as to materials and 40% complete as to conversion costs. Costs pertaining to November are as follows: Beginning Inventory: direct materials, $58,560; direct labor, $22,320; manufacturing overhead, $17,240. Costs incurred during the month: direct materials, $487,800; direct labor, $235,280; manufacturing overhead, $443,960. What are the total costs in the ending Work-In-Process Inventory assuming Bentley uses first-In, first-out (FIFO) process costing? Note: Round costs per equivalent unit to two decimal places. $190,350 $192,900 $188,328 $188.820 J 2 F2 F3 #3 F4 Exercises Units 18,000 104,000 28,000 $ 4 Q Search DE xb Home | bartleby F5 % 5 F6 Seved < Prev 3 or 10 A G MA L DCL F7 8 x M Question 3 - Chapter X b Success Confin Q A ☆ 30 & 7 Next > F8 * 6 F9 prt sc (DELL) F10 ( S home F11 1 end F12
Transcribed Image Text:80007 ACG3343 2023 X M Question 3- Chapter X d -8 Quiz i https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F... work in process, November 1st started in production during November Work in process, November 30th Bentley Enterprises uses process costing to control costs in the manufacture of Dust Sensors for the mining Industry. The following Information pertains to operations for November. (CMA adapted) F1 Multiple Choice OOOO The beginning Inventory was 60% complete as to materials and 20% complete as to conversion costs. The ending Inventory was 90% complete as to materials and 40% complete as to conversion costs. Costs pertaining to November are as follows: Beginning Inventory: direct materials, $58,560; direct labor, $22,320; manufacturing overhead, $17,240. Costs incurred during the month: direct materials, $487,800; direct labor, $235,280; manufacturing overhead, $443,960. What are the total costs in the ending Work-In-Process Inventory assuming Bentley uses first-In, first-out (FIFO) process costing? Note: Round costs per equivalent unit to two decimal places. $190,350 $192,900 $188,328 $188.820 J 2 F2 F3 #3 F4 Exercises Units 18,000 104,000 28,000 $ 4 Q Search DE xb Home | bartleby F5 % 5 F6 Seved < Prev 3 or 10 A G MA L DCL F7 8 x M Question 3 - Chapter X b Success Confin Q A ☆ 30 & 7 Next > F8 * 6 F9 prt sc (DELL) F10 ( S home F11 1 end F12
Expert Solution
Step 1: Introduction of process costing and equivalent unit

Process Costing : 

Operation costing method employed to determine the value of a product at each process or stage of the production process, applicable where goods produced from a series of continuous operations or procedures.  Process costing is employed by businesses that manufacture goods and where production is in repetitive inflow.

The given diagram explains the process costing system in which a product has to go through different processes before it becomes the final product. Initially raw material is added to the first process and any additional costs like direct labor and manufacturing overhead is also added to it. Output from the first process is transferred to the next process. In the next process again, some extra costs like material, labor and other overheads may apply to the unfinished product. This process may be repeated until the final process after which the product becomes the final product and is ready for sale. In process costing, costs are assigned to each production process rather than to individual units or batches of products.

Equivalent Units

Equivalent Units: These are the units which are partially completed, to arriving at the correct cost we may calculate the equivalent units.

steps

Step by step

Solved in 4 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS