Please show your computations through excel.d. Using AVERAGE method, compute for the cost of goods sold assuming there was no beginning or ending inventory of finished goods for the month. BETTERED Engine Corporation manufactures a single model of gasoline engine used in lawn mowers,portable generators and pumps. The basic engine block is cast from steel and machined in the CastingDepartment. Then it is transferred to the Assembly Department, where the crank shaft, valves and othercomponent parts are added. After assembly, it is transferred to the finishing department where the engineis tested. Data related to February operations are:Quantity dataWIP, begStage of CompletionCastingAssembly1,000Finishing50030050%2,80025%50%Transferred tonext 2,7002,900departmentWIP, endStage of Completion80080040090%40%50%Cost dataCost from precedingdepartmentMaterialsDirect laborFOHFactory costsMaterialsРо3,150P42,840P10,925P338P40,258P12,426P12,426P2,760P2,839P4,140P116,480Direct laborFOHP146,575P16,362P48,461P44,408P12,240P44,408P18,360a. Using FIFO, compute for the equivalent unit for finishing department.b. Using FIFO, compute for the total cost of units transferred out from Finishing Department.s. Using AVERAGE method, compute for the equivalent unit for casting department.d. Using AVERAGE method, compute for the cost of goods sold assuming there was no beginning orending inventory of finished goods for the month.

Name: Please show your computations through excel.d. Using AVERAGE method, c
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Please show your computations through excel.d. Using AVERAGE method, compute for the cost of goods sold assuming there was no beginning or ending inventory of finished goods for the month. BETTERED Engine Corporation manufactures a single model of ga

Although the question has multiple sub-parts, but it specifically requires the answer for part d.…

Business

Accounting

BETTERED Engine Corporation manufactures a single model of gasoline engine used in lawn mowers, portable generators and pumps. The basic engine block is cast from steel and machined in the Casting Department. Then it is transferred to the Assembly Department, where the crank shaft, valves and other component parts are added. After assembly, it is transferred to the finishing department where the engine is tested. Data related to February operations are: Quantity data WIP, beg Stage of Completion Transferred to next 2,700 Assembly 1,000 Casting 500 Finishing 300 25% 50% 50% 2,900 2,800

BETTERED Engine Corporation manufactures a single model of gasoline engine used in lawn mowers, portable generators and pumps. The basic engine block is cast from steel and machined in the Casting Department. Then it is transferred to the Assembly Department, where the crank shaft, valves and other component parts are added. After assembly, it is transferred to the finishing department where the engine is tested. Data related to February operations are: Quantity data WIP, beg Stage of Completion Transferred to next 2,700 Assembly 1,000 Casting 500 Finishing 300 25% 50% 50% 2,900 2,800

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

please answer do not image.
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
(2) Allocate the common cost between the previous five products during November 2018 using the physical measurement method. 1-1 (degree) (3) Prepare an income statement for the five products, calculating the percentage of gross profit for each product during the month of November 2018 1-1 (degree) (4) Allocating the common cost among the previous five products during the month of November 2018 using the weights method It is likely that a detailed table will be prepared, indicating how to allocate the joint cost of (55,000 dinars). - (1 degree - 1) You have the following information: Gulf Wooden Industries Company uses oak tree wood to produce its various products, which are five products and are as follows: tables - chairs - libraries - wooden window frames - reception rooms). Note that the cost of the raw material, which is the oak wood that was used, and the costs necessary to manufacture it, amounted to (55,000 dinars) per month. November 2018. The following table shows a summary of…
Please see image
Hello, I need help solving this accounting problem.
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production $ 31,000 $ 4,570 Direct labor $ 59,000 Manufacturing overhead applied to work in process Underapplied overhead $ 88,200 $ 4,150 Inventories Beginning Raw materials $ 11,300 Ending $ 18,200 Work in process $ 54,200 $ 65,000 Finished goods $ 33,200 $ 42,900 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Direct materials used in production Total manufacturing costs added…
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
The unadjusted cost of goods sold is calculated using which of the following equations? Multiple Choice O Beginning finished goods inventory + Cost of goods manufactured + Ending finished goods inventory Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured + Ending finished goods inventory
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
Vai
Inventory elements: derecognition and measurement At the time of their exit, the inventory and other fungible assets are measured and recorded in accounting through applying one of the following formulas: First In - First Out C FIFO WAC Weighted Average Cost Last In - First Out LIFO Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01.N: acquisition 500 kg, actual cost 47 lei/kg: 09.01. N: acquisition 300 kg, actual cost 49 lei/kg: 12.01. N: consumption 600 kg: 17.01. N: consumption 100 kg: 20.01. N: acquisition 200 kg, actual cost 55 lei/kg: 24.01. N: consumption 400 kg: 27.01. N: acquisition 700 kg, actual cost 57 lei/kg: 30.01. N: consumption 750 kg.
a. Prepare a schedule of cost of goods manufactured. b. Prepare an income statement.