Coronado Company reports the following for the month of June.UnitDateExplanationUnitsCostTotal CostJune 1Inventory150$3$45012Purchase4502,70023Purchase4002,80030Inventory80Assume a sale of 500 units occurred on June 15 for a selling price of $8 and a sale of 420 units on June 27 for $9.(a1)Your answer is correct.Calculate cost of goods available for sale.The cost of goods available for sale2$45,950 Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. (Round answers to 3 decimal places, e.g. 2.525.)June 13June 12June 15$4June 23$4June 27$.%24%24

The cost of goods available for sale equals the beginning value of inventory plus the cost of goods…

Answered: Calculate Moving-Average unit cost for…

Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27 June 1 24 June 12 $4 June 15 $. June 23 $4 June 27 %24 %24 %24

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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Question 22?
units conversion percentage complete beginning work in process inventory 10,000 20% units started 21,000 units completed and transferred out 26,000 Ending work in processs inventory 5,000 80% The conversion cost of the beginning inventory was $6,500. During the month, $112,000 in additional conversion cost was incurred. Required: a) Assume that the company uses the FIFO method. Compute the following: 1. The equivalent units of production for conversion for the month. 2. The cost per equivalent unit for conversion for the month. 3. The total cost transferred out during the month. 4. The cost assigned to the ending work-in-process inventory. b) Assume that the company uses the weighted-average cost method. Compute the following: 1. The equivalent units of production for conversion for the month. 2.…
82 Q2 Selected ledger accounts for Realm Company are given below for the just-completed year: Bal. 1/1 Debits Bal. 31/12 Raw Materials 41,000 475,000 82,000 Credits ? 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? Cost of goods sold Debits Manufacturing Overhead 427,400 Credits Bal. 1/1 Direct materials Direct labour Overhead Bal. 31/12 Debits Work in Process 86,500 Credits 904,100 342,000 132,000 444,600 ? Factory Wages Payable 206,500 Bal. 1/1 Credits 21,000 202,500 Bal. 31/12 17,000 Finished Goods Bal. 1/1 59,800 Credit Debits Bal. 31/12 ? 163,000 Debits Cost of Goods Sold ? Required: 1. What was the cost of raw materials put into production during the year? Cost of raw materials $ 208,000 2. How much of the materials in requirement 1 consisted of indirect materials? Indirect materials $ 41,600 3. How much of the factory labour cost for the year consisted of indirect labour? Indirect labour cost $ 90,000 4. What was the…
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QUESTION 17 Cost AccountingChoose the answer from the choices
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6 pints 00:28:56 A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials $160 100 16,000 15,800 300 $51
In 2023, John, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2023 income tax return until December 10, 2024 (due date was April 15, 2024) and no extensions of time to file the return were filed. Below are amounts from his 2023 return: View the 2023 data. Read the requirement. First select the labels for any applicable financial obligations that John will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary calculations. Only round amounts you enter into the table to the nearest cent. If an input field is not used in the table leave the input field empty; do not select a label or enter a zero.) Interest Late payment: Failure to pay penalty Late filing: Failure to file penalty 282.99 279.00 1,395.00 2023 data - X Taxable income Total additional amount due $ 1,956.99 Total tax…
5:25 piscussion Question_Week 8_Process C PROCESS COSTING I Discussion Question J&G Manufacturing makes a single product by way of three separate processes. Details of production for the month ending June 30 were as follows: Process Process 1 Process 2 $390,000 Process 3 Input material: Material added Direct Labour cost Manufacturing Overhead Normal losses Output Scrap value of losses 16,250 kg $57.300 $61,000 $36,750 $92,200 $63,000 $112,800 $97,080 6% 8% 6% 13,250 kg $16.00/kg $32.00/kg 13.750 kg 12,000 kg The nature of the process requires equipment to be cleaned at the end of each month; hence there is no opening or closing stock of product in process. Required: i) The process account for each process: and ii) The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain. II ..
QUESTION 17 Hanson Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory.. Materials costs. Conversion costs.. Percent complete with respect to materials.. Percent complete with respect to conversion. Units started into production during the month. Units transferred to the next department during the 200 S2,200 S1,000 50% 10% 6,500 6,100 month Materials costs added during the month. Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials. Percent complete with respect to conversion.. S135,000 $312,600 600 80% 60% Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error,…
Beginning work in process inventory Units started this period Total Completed and transferred out Ending work in process inventory Units 74,000 392,000 370,000 96,000 Direct Materials Percent Complete 80% 90% Conversion Percent Complete 201 Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Percent Complete 40% Equivalent units of production: Weighted average method Direct Materials Units EUP Conversion Percent Complete. EUP
Chapter 17 Homework Item Date August 1 Bal., 4,800 units, 3/5 completed 31 Direct materials, 86,400 units 31 Direct labor 31 Factory overhead 31 Goods finished, 87,600 units 31 Bal., ? units, 3/5 completed Debit Credit Debit Line Item Description Inventory in process, August 1 Started and completed in August Transferred to finished goods in August Inventory in process, August 31 Total 155,520 44,480 25,024 a. Determine the number of units in work in process inventory at August 31. units 223,728 6,912 162,432 206,912 231,936 8,208 8,208 b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is z Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For August Whole Units Credit Equivalent Units Equivalent Direct Materials Units Conversion