Homework Help is Here – Start Your Trial Now!
Business
Accounting
Carla Vista Mortgage Company uses a process costing system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan department for final processing. The following processing and cost data pertain to September: 1. Applications in process on September 1,110 2. Applications started in September, 1,180 Beginning work in process: Direct materials $1,010 Conversion costs 3,950 September costs: 3. Completed applications during Direct materials $6,730 September, 850 Direct labour 10,550 Applications still in process at September 30 were Overhead 12,236 100% complete in terms of materials (forms) and 60% complete in terms of conversion costs. Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. (a) (b) Your answer is correct. Determine the equivalent units of service (production) for materials and conversion costs. Direct Materials Conversion Costs Total equivalent units 1290 eTextbook and Media Your answer is partially correct. Calculate the unit costs and prepare a cost reconciliation schedule. osts s in September valent units costs econciliation Schedule :o be accounted for k in process inventory, September 1 ed into production tal costs to be accounted for accounted for pleted and transferred out rk in process inventory, September 30 Materials onversion costs al costs accounted for eTextbook and Media Save for Later Direct Materials 1290 $ $ $ 1114 Attempts: 1 of 3 used Conversion Costs Total 1114 $ $ $ Attempts: 1 of 3 used Submit Answer

Carla Vista Mortgage Company uses a process costing system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan department for final processing. The following processing and cost data pertain to September: 1. Applications in process on September 1,110 2. Applications started in September, 1,180 Beginning work in process: Direct materials $1,010 Conversion costs 3,950 September costs: 3. Completed applications during Direct materials $6,730 September, 850 Direct labour 10,550 Applications still in process at September 30 were Overhead 12,236 100% complete in terms of materials (forms) and 60% complete in terms of conversion costs. Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. (a) (b) Your answer is correct. Determine the equivalent units of service (production) for materials and conversion costs. Direct Materials Conversion Costs Total equivalent units 1290 eTextbook and Media Your answer is partially correct. Calculate the unit costs and prepare a cost reconciliation schedule. osts s in September valent units costs econciliation Schedule :o be accounted for k in process inventory, September 1 ed into production tal costs to be accounted for accounted for pleted and transferred out rk in process inventory, September 30 Materials onversion costs al costs accounted for eTextbook and Media Save for Later Direct Materials 1290 $ $ $ 1114 Attempts: 1 of 3 used Conversion Costs Total 1114 $ $ $ Attempts: 1 of 3 used Submit Answer

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter6: Process Costing
Section: Chapter Questions
Problem 17E: K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the...
See similar textbooks
icon
Related questions
Question
Carla Vista Mortgage Company uses a process costing system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan department for final processing. The following processing and cost data pertain to September: 1. Applications in process on September 1,110 2. Applications started in September, 1,180 Beginning work in process: Direct materials $1,010 Conversion costs 3,950 September costs: 3. Completed applications during Direct materials $6,730 September, 850 Direct labour 10,550 Applications still in process at September 30 were Overhead 12,236 100% complete in terms of materials (forms) and 60% complete in terms of conversion costs. Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. (a) (b) Your answer is correct. Determine the equivalent units of service (production) for materials and conversion costs. Direct Materials Conversion Costs Total equivalent units 1290 eTextbook and Media Your answer is partially correct. Calculate the unit costs and prepare a cost reconciliation schedule. osts s in September valent units costs econciliation Schedule :o be accounted for k in process inventory, September 1 ed into production tal costs to be accounted for accounted for pleted and transferred out rk in process inventory, September 30 Materials onversion costs al costs accounted for eTextbook and Media Save for Later Direct Materials 1290 $ $ $ 1114 Attempts: 1 of 3 used Conversion Costs Total 1114 $ $ $ Attempts: 1 of 3 used Submit Answer
Transcribed Image Text:Carla Vista Mortgage Company uses a process costing system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan department for final processing. The following processing and cost data pertain to September: 1. Applications in process on September 1,110 2. Applications started in September, 1,180 Beginning work in process: Direct materials $1,010 Conversion costs 3,950 September costs: 3. Completed applications during Direct materials $6,730 September, 850 Direct labour 10,550 Applications still in process at September 30 were Overhead 12,236 100% complete in terms of materials (forms) and 60% complete in terms of conversion costs. Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. (a) (b) Your answer is correct. Determine the equivalent units of service (production) for materials and conversion costs. Direct Materials Conversion Costs Total equivalent units 1290 eTextbook and Media Your answer is partially correct. Calculate the unit costs and prepare a cost reconciliation schedule. osts s in September valent units costs econciliation Schedule :o be accounted for k in process inventory, September 1 ed into production tal costs to be accounted for accounted for pleted and transferred out rk in process inventory, September 30 Materials onversion costs al costs accounted for eTextbook and Media Save for Later Direct Materials 1290 $ $ $ 1114 Attempts: 1 of 3 used Conversion Costs Total 1114 $ $ $ Attempts: 1 of 3 used Submit Answer
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
SEE MORE TEXTBOOKS