Taxable gain on the sale? Chicot Chocolate Co. has 4,000 units in beginning work in process, 40%complete as to conversion costs. The company transferred 30,000 units tofinished goods, and there are 2,000 units in ending work in process, 30%complete as to conversion costs. Beginning andm MԸ.11..

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Answered: Chicot Chocolate Co. has 4,000 units in…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 8EB: A production department within a company received materials of $7,000 and conversion costs of $5,000...

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Lead Inc. processes a single type of lead pipe. For the current period the following information is given: Units Material Costs Beginning Inventory 5,000 $ 125,000 Conversion Costs $ 40,275 Started During the Current Period 20,000 $ 450,000 $ 232,875 Ending Inventory 2,500 All materials are added at the beginning of the production process. The beginning inventory was 60% complete as to conversion, while the ending inventory was 30% completed for conversion purposes. Calculate Lead's physical flow of units, equivalent units, cost per equivalent unit and assign costs to the inventory categories of Finished Goods and Ending Work-in-Process using the FIFO method of processing costing.
Chicotti cocoa ...accounting questions
The Trece Co. manufactures joint products X and Y as well as by-product Z. Cumulative costs data for the period show P204,000 representing 20,000 units completed processed through the Refining Department at an average cost of P10.20. Costs are assigned to X and Y by the market value method which considers further processing costs in subsequent operations. Additional data: Z X Y Quantity processed 2,000 units 8,000 units 10,000 units Sales price per unit P5 P20 P25 Further processing cost per unit 1 5 7 Marketing and administrative expense per unit 1 Operating profit per unit 1 Required: a. Assuming by-product value is material determine the joint cost allocated to Z using Net realizable value method and joint cost to X and Y. b. Assuming by-product value is immaterial and insignificant, what is the joint cost allocated to X and Y.
The Trece Co. manufactures joint products X and Y as well as by-product Z. Cumulative costs data for the period show P204,000 representing 20,000 units completed processed through the Refining Department at an average cost of P10.20. Costs are assigned to X and Y by the market value method which considers further processing costs in subsequent operations.Additional data: Z X YQuantity processed 2,000 units 8,000 units 10,000 unitsSales price per unit P5 P20 P25Further processing cost per unit 1 5 7Marketing and administrativeexpense per unit 1Operating profit per unit 1 Required:a. Assuming by-product value is material determine the joint cost allocated to Z using Net realizable value method and joint cost to X and Y.b. Assuming by-product value is immaterial and insignificant,…
The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct materials Manufacturing overhead Selling and administrative expense P 435,000 215,000 190,000 185,000 1. What is Antonio's prime cost for last quarter? a. P460,000 b. P410,000 c. P405,000 d. P 375,000 2. Antonio's total manufacturing cost is a. P460,000 b. P 645,000 . P 650,000 d. P 840,000
A process manufacturer reports the following: Units Conversion Percent Complete Beginning work in process inventory 158,000 85% Units started this period 330,000 Units completed and transferred out 360,000 Ending work in process inventory 128,000 25% Assume the company utilizes the wieghted-average method. What are the equivalent units of production for conversion costs?
A production department reports the following conversion costs. Equivalent units of production for conversion total 408, 000 units this period. Calculate the cost per equivalent unit of production for conversion. The company uses the weighted average method. Costs of beginning work in process $1,037,500 Costs added this period 745,000
The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct materials Manufacturing overhead Selling and administrative expense P 435,000 215,000 190,000 185,000 1. What is Antonio's prime cost for last quarter? a. P460,000 b. P 410,000 c. P 405,000 d. P375,000 2. Antonio's total manufacturing cost is P 460,000 b. P 645,000 P 650,000 d. a. C. P 840,000 3. Antonio's total period cost is P 185,000 b. a. P 275,000 P 400,000 d. с. P 620,000
A production department reports the following conversion costs. Equivalent units of production for conversion total 478,000 units this period. Calculate the cost per equivalent unit of production for conversion. The company uses the weighted average method. Costs of beginning work in process $ 1,057,500 Costs added this period 775,000 Cost per equivalent unit of production-Weighted average Costs transferred out Cost of ending work in process Total costs + Equivalent units of production Cost per equivalent unit of production Conversion EUP per EUP Ch.
A production department reports the following conversion costs. Equivalent units of production for conversion total 357,000 for this period. Calculate the cost per equivalent unit of production for conversion. The company uses the weighted-average method. Cost of beginning work in process Costs added this period Multiple Choice о O O O O $2.90. $3.65. $0.42. $3.90. $0.75. 268,000 1,124,300
Equivalent Units of Conversion Costs The Filling Department of Ivy Cosmetics Company had 4,700 ounces in beginning work in process inventory (90% complete). During the period, 33,500 ounces were completed. The ending work in process inventory was 1,700 ounces (70% complete). What are the total equivalent units for conversion costs? 38,920 X units. Feathark
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Chicot Chocolate Co. has 4,000 units in beginning work in process, 40% complete as to conversion costs. The company transferred 30,000 units to finished goods, and there are 2,000 units in ending work in process, 30% complete as to conversion costs. Beginning and m M Ը.11..