Comfy Furniture has work in process inventory valued at $30,000 (60% complete) on March 1. During March, they spent $80,000 on additional costs and completed 75% of the work. Calculate the ending work in process inventory value.

Comfy Furniture has work in process inventory valued at $30,000 (60% complete) on March 1. During March, they spent $80,000 on additional costs and completed 75% of the work. Calculate the ending work in process inventory value.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter5: Product And Service Costing: Job-order System

Section: Chapter Questions

Problem 15E: On August 1, Cairle Companys work-in-process inventory consisted of three jobs with the following...

See similar textbooks

Related questions

Q: Need Answer to this question fast

A: The problem requires the determination of the EPS. Earnings per share (EPS) is a company's net…

Q: Want solution

A: Explanation of Beginning Inventory: Beginning inventory represents the value of materials on hand at…

Q: General Accounting Theory Question

A: Explanation of Forward Contract: A forward contract is a customized financial agreement between two…

Q: Need help with this accounting problem

A: Step 1: Define Investment IncomeIncome which is earned due to amount invested into financial…

Q: Exercise 19-17 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares…

A: Above answers can be computed as under- Weighted average shares of common stock…

Q: 1. The company can purchase the equipment by borrowing $220,000 with a 23-month, 12% installment…

Q: Need answer of this question

A: Explanation of Net Income: Net income, also known as net profit or earnings, is the total profit of…

Q: Financial Accounting

A: Step 1: Define Insurance Replacement CostReplacement cost means the total amount a company has to…

Q: Help me please asap. Don't use any AI. It's strictly prohibited. Thanks

A: Assets are resources owned by the business that have future economic value. From the list provided,…

Q: General Accounting Question please answer not use chatgpt

A: STEP 1: Calculate the Net Income. This is the difference between sales and all the associated costs…

Q: At Kevin's date of death he owned a house valued at $250,000. He originally purchased it for…

A: When you inherit property, you receive a "stepped-up basis" equal to the fair market value of the…

Q: ll

A: Requirement 1: Computation of the cost of goods sold and ending inventory under the FIFO method as…

Q: Need answer the accounting question

A: Step 1:- Introduction to the Price-Earning RatioPrice-Earnings ratio (P/E Ratio) is a financial…

Q: Calculate the activity rate on these accounting question

A: Step 1: Define Activity RateUnder activity-based costing, the activity rate is determined using the…

Q: Taxable income & tax liability?

A: Explanation of Sales: Sales refer to the total revenue generated from selling goods or services to…

Q: Mt. Palomar Manufacturing Co. uses a process cost system. Its manufacturing operation is carried on…

A: 2. Comparison of Unit Costs Month to MonthThe Machining Department will find it easier to compare…

Q: Rolfe Company (a U.S.-based company) has a subsidiary In Nigeria, where the local currency unit is…

A: Key Context Recap Part A: Translation Adjustment This happens when NGN (Nigerian Naira) is the…

Q: Need help to solve this problem

A: Explanation of Product Costs: Product costs, also known as manufacturing or inventoriable costs, are…

Q: The Oriole Company makes a sale on account for $880. The market rate of interest is 12%, and the…

A: The Oriole Company should record $880 as the sale amount and as the account receivable. The market…

Q: How much

A: Explanation of Controllable Margin: Controllable margin is the profit generated by a division or…

Q: Correct & Accurate answer

A: Explanation of Petty Cash FundThe petty cash fund is a small reserve of cash that a business keeps…

Q: Hello tutor provide answer this general accounting question

A: Step 1:- Introduction to the Unrealized LossIf the current market price of a capital asset is lower…

Q: account answer wanted

A: A recognized gain is when an investment or asset is sold for more than originally paid. Recognizing…

Q: A recent annual report for Adobe Incorporated contained the following data: (dollars in thousands)…

A: Step 1:Ratio analysis is a technique to get compression of data with previous year and with…

Q: 5 George Springer Corporation plans to grow by offering a sound system, the SS3000, that is…

A: The correct answer is:b. Product differentiationThe strategy described for George Springer…

Q: Use the cash flow statement of Apple inc company to develop a cash budget for three months which is…

A: I used the following procedures to make this three-month financial budget:Annual Cash Flow…

Q: Consider the following questions on opening and running an Accounting Firm and how they apply:…

A: The target market for an accounting firm can be diverse, ranging from individuals needing tax…

Q: Problem

A: Explanation: Taxable income is the amount of income on which tax is to be levied. It is calculated…

Q: 10 “Service response time” is an example of which balanced scorecard measure: Select one:…

A: "Service response time" falls under the internal business process perspective within the balanced…

Q: A post-closing trial balance contains only ___? a) Revenue accounts b) Expense accounts c) Permanent…

A: Explanation of Post-Closing Trial Balance: A post-closing trial balance is a list of all permanent…

Q: Give true answer please not use ai

A: The annual rate of interest can be computed using the present value of a perpetuity formula. PV =…

Q: Given the following data, use present worth analysis to find the better alternative, A or B. Use an…

A: The problem pertains to present worth analysis. Present Worth Analysis, also referred to as Net…

Q: Calculate COGS

A: Explanation of Net Sales: Net Sales refer to the total revenue generated from sales after deducting…

Q: Get answer

A: Explanation of Assets: Assets are resources owned by a company that have economic value and can be…

Q: General Accounting

A: Step 1: Define Economic Order Quantity (EOQ)In the context of operations management, the economic or…

Q: Solve this accounting problem not use ai

A: Step 1:- Introduction to the Standard CostThe standard cost of each unit of the company's product…

Q: Blank

A: Explanation of Accounting Performance: Accounting performance refers to the measurement of a…

Q: Please explain the transaction and its impact on the Balance Sheet equation. Transaction 5: Our…

A: Detailed explanation:Transaction : The company performs services worth $25,000, and the customer…

Q: please help me to solve this questions

A: determine the amount and character of Hannah's recognized gain or loss on the sale of her MM Inc.…

Q: Accounting

A: Explanation of Capital Expenditure:Capital expenditure, often referred to as "CapEx," is the money…

Q: Give true answer this general accounting question

A: Step 1:- Introduction to the Break-even PointA crucial calculation in the cost-volume-profit…

Q: Answer in step by step with explanation. Don't use Ai and chatgpt.

A: Step 1: The following medical expenses are potentially deductible:a. Dentist: $1,500b. Doctors:…

Q: fill in blanks

A: CalculationsNote 1 Present value of fair value$120,000LessPresent value (0.88999 * 12000)$10,680…

Q: Please do fast don't use ai to answer

A: To calculate Luong Corporation's taxable income, we start with its net income per books, which is…

Q: Answer

A: Explanation of Petty Cash Fund: The petty cash fund is a small reserve of cash kept on hand by a…

Q: General Accounting Question please solve

A: Step 1: Define Cost DriversThe identification of appropriate cost drivers is critical in estimating…

Q: Business 123 Introduction to Investments May I please have an expert explain the various types of…

A: 6. Yield Spread The Yield Spread compares the yield of one bond to another, often to a benchmark…

Q: Please don't use ai

A: Step 1: Define Variable Expense RatioIn the variable expense ratio, the total variable expense…

Q: Give true answer the accounting question

A: Step 1:- Introduction to the Variable CostingUnder variable costing, the fixed manufacturing…

Q: Correct answer me

A: Explanation of Book Value: Book value is the recorded value of an asset on the balance sheet,…

Question

100%

Find the ending work in process inventory

Comfy Furniture has work in process inventory valued at
$30,000 (60% complete) on March 1. During March, they
spent $80,000 on additional costs and completed 75% of
the work. Calculate the ending work in process inventory
value.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Norwood Co. had 200 units in work in process at the beginning of the month. During the month, 7,500 units were started in production, 6,800 of which, along with the beginning work in process, were completed by the end of the month. The uncompleted units were in ending inventory, one-half complete. What were the equivalent units of production for the month?
A company started the month with 4,519 units in work in process inventory. It started 15,295 units and had an ending inventory of 4,936. The units were 100% complete to materials and 30% complete with conversion. How many units were transferred out during the period?
The finishing department started the month with 700 units in WIP inventory. It received 2.200 units from the molding department and transferred out 2,150 units. How many units were in process at the end of the month?
Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
On August 1, Cairle Companys work-in-process inventory consisted of three jobs with the following costs: During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold. Required: 1. Calculate the predetermined overhead rate based on direct labor cost. 2. Calculate the ending balance for each job as of August 31. 3. Calculate the ending balance of Work in Process as of August 31. 4. Calculate the cost of goods sold for August. 5. Assuming that Cairle prices its jobs at cost plus 20 percent, calculate Cairles sales revenue for August.
Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
A company has the following transactions during the week. Purchase of $3,000 raw materials inventory Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour What is the cost assigned to Job 7 at the end of the week?
The finishing department started the month with 600 units in WIP inventory. Lt received 1,500 units from the molding department and ended the month with 550 units still in process. How many units were transferred out?
Production information shows these costs and units for the smoothing department in August. What is the value of the inventory transferred out to finished goods and the value of the WIP inventory at the end of the month, assuming conversion costs are 30% complete?
Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?