Comprehensive Problem (Algo) LO 12-1, 12-2, 12-3, 12-4 During Year 3, Anywhere, Inc. (Al) incurred the following product costs. Raw materials Labor Overhead The Year 2 ending balance in the Work in Process (WIP) account was $42,000. Accordingly, this is the beginning WIP balance for Year 3. There were 180 units of product in beginning WIP inventory. Al started 2,100 units of product during Year 3. Ending WIP inventory consisted of 160 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank. $ 94,000 122,400 74,000 Beginning inventory Units started Total units available for completion Equivalent Unit Computations Units inventory Units in ending Units complete units Total equivalent 180 2,100 Beginning inventory Raw materials Labor Overhead Total product cost (160) 2,120 Cost per Equivalent Unit Cost + Units $ 42,000 74,000 % Complete % 100 % Cost transferred to finished goods Cost in ending inventory Total product cost 2,216 = Allocation of Product Cost Equivalent Units 2,216 Cost per Unit $ 332,400

Comprehensive Problem (Algo) LO 12-1, 12-2, 12-3, 12-4 During Year 3, Anywhere, Inc. (Al) incurred the following product costs. Raw materials Labor Overhead The Year 2 ending balance in the Work in Process (WIP) account was $42,000. Accordingly, this is the beginning WIP balance for Year 3. There were 180 units of product in beginning WIP inventory. Al started 2,100 units of product during Year 3. Ending WIP inventory consisted of 160 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank. $ 94,000 122,400 74,000 Beginning inventory Units started Total units available for completion Equivalent Unit Computations Units inventory Units in ending Units complete units Total equivalent 180 2,100 Beginning inventory Raw materials Labor Overhead Total product cost (160) 2,120 Cost per Equivalent Unit Cost + Units $ 42,000 74,000 % Complete % 100 % Cost transferred to finished goods Cost in ending inventory Total product cost 2,216 = Allocation of Product Cost Equivalent Units 2,216 Cost per Unit $ 332,400

Name: Comprehensive Problem (Algo) LO 12-1, 12-2, 12-3, 12-4During Year 3,
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Description: Comprehensive Problem (Algo) LO 12-1, 12-2, 12-3, 12-4During Year 3, Anywhere, Inc. (Al) incurred the following product costs.RawmaterialsLaborOverheadThe Year 2 ending balance in the Work in Process (WIP) account was $42,000. Accordingly, this is t

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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