Corsi Company had no beginning Work in Process inventory, completed and transferred out were 70,000 physical units, and ending Work in Process inventory of 7,000 physical units. Materials are added at the beginning of the process. What is the total number of equivalent units for materials during the period? a. 70,000 b. 63,000 c. 7,000 d. 77,000 The net sales for Casual Fashions, Inc. last year amounted to $1,126,800 and the average inventory at retail was $212,604. The published inventory turnover at retail is 6. Calculate the inventory turnover at retail, and if it is less than the published rate, calculate the target average inventory at retail. (Round your answer to the nearest dollar) a. $178,800 b. $187,800 c. $212,500 d. Turnover is greater During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 64,000 were in process in the production department at the beginning of April, and 256,000 were started and completed in April. April's beginning inventory units were 80% complete with respect to materials and 20% complete with respect to conversion. At the end of April, 86,000 additional units were in process in the production department and were 85% complete with respect to materials and 35% complete with respect to conversion. The production department had $1,202,068 of direct materials and $759,638 of conversion costs charged to it during April. Also, its beginning inventory of $187,066 consists of $134,472 of direct materials costs and $52,594 of conversion costs. Using the weighted-average method, compute the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department's output.
Corsi Company had no beginning Work in Process inventory, completed and transferred out were 70,000 physical units, and ending Work in Process inventory of 7,000 physical units. Materials are added at the beginning of the process. What is the total number of equivalent units for materials during the period? a. 70,000 b. 63,000 c. 7,000 d. 77,000 The net sales for Casual Fashions, Inc. last year amounted to $1,126,800 and the average inventory at retail was $212,604. The published inventory turnover at retail is 6. Calculate the inventory turnover at retail, and if it is less than the published rate, calculate the target average inventory at retail. (Round your answer to the nearest dollar) a. $178,800 b. $187,800 c. $212,500 d. Turnover is greater During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 64,000 were in process in the production department at the beginning of April, and 256,000 were started and completed in April. April's beginning inventory units were 80% complete with respect to materials and 20% complete with respect to conversion. At the end of April, 86,000 additional units were in process in the production department and were 85% complete with respect to materials and 35% complete with respect to conversion. The production department had $1,202,068 of direct materials and $759,638 of conversion costs charged to it during April. Also, its beginning inventory of $187,066 consists of $134,472 of direct materials costs and $52,594 of conversion costs. Using the weighted-average method, compute the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department's output.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
help
Transcribed Image Text:Corsi Company had no beginning Work in Process inventory, completed and
transferred out were 70,000 physical units, and ending Work in Process
inventory of 7,000 physical units. Materials are added at the beginning of
the process. What is the total number of equivalent units for materials
during the period? a. 70,000 b. 63,000 c. 7,000 d. 77,000
The net sales for Casual Fashions, Inc. last year amounted to $1,126,800 and
the average inventory at retail was $212,604. The published inventory
turnover at retail is 6. Calculate the inventory turnover at retail, and if it is
less than the published rate, calculate the target average inventory at retail.
(Round your answer to the nearest dollar)
a. $178,800
b. $187,800
c. $212,500
d. Turnover is greater
During April, the production department of a process manufacturing system
completed a number of units of a product and transferred them to finished
goods. Of these transferred units, 64,000 were in process in the production
department at the beginning of April, and 256,000 were started and
completed in April. April's beginning inventory units were 80% complete
with respect to materials and 20% complete with respect to conversion. At
the end of April, 86,000 additional units were in process in the production
department and were 85% complete with respect to materials and 35%
complete with respect to conversion.
The production department had $1,202,068 of direct materials and $759,638
of conversion costs charged to it during April. Also, its beginning inventory
of $187,066 consists of $134,472 of direct materials costs and $52,594 of
conversion costs.
Using the weighted-average method, compute the direct materials cost and
the conversion cost per equivalent unit and assign April's costs to the
department's output.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 3 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education