During Year 3, Anywhere, Inc. (Al) incurred the following product costs.$ 84,000107,22069,000Raw materialsLaborOverheadThe Year 2 ending balance in the Work in Process (WIP) account was $37,000. Accordingly, this is the beginning WIP balance for Year3. There were 185 units of product in beginning WIP inventory. Al started 2,000 units of product during Year 3. Ending WIP inventoryconsisted of 155 units that were 60 percent complete.RequiredPrepare a cost of production report by filling in the cells that are left blank.Equivalent Unit Computations%EquivalentUnitsUnitsCompleteBeginning inventory185Units started2,000Total units available for completionUnits in ending inventory(155)%Units complete2,030100 %Total equivalent units2,123Cost per Equivalent UnitCost perCostUnitsUnitBeginning inventory$37,000Raw materialsLaborOverhead69,000Total product cost2,123 =Allocation of Product CostCost transferred to finished goodsCost in ending inventoryTotal product cost$ 297,220

Name: During Year 3, Anywhere, Inc. (Al) incurred the following product cos
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Description: During Year 3, Anywhere, Inc. (Al) incurred the following product costs.$ 84,000107,22069,000Raw materialsLaborOverheadThe Year 2 ending balance in the Work in Process (WIP) account was $37,000. Accordingly, this is the beginning WIP balance for Yea

Total cost = Beginning WIP + materials used + direct labor costs + Overhead cost The cost per unit…

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During Year 3, Anywhere, Inc. (AI) incurred the following product costs. $ 84,000 107,220 69,000 Raw materials Labor Overhead The Year 2 ending balance in the Work in Process (WIP) account was $37,000. Accordingly, this is the beginning WIP balance for Year 3. There were 185 units of product in beginning WIP inventory. Al started 2,000 units of product during Year 3. Ending WIP inventory consisted of 155 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank.

During Year 3, Anywhere, Inc. (AI) incurred the following product costs. $ 84,000 107,220 69,000 Raw materials Labor Overhead The Year 2 ending balance in the Work in Process (WIP) account was $37,000. Accordingly, this is the beginning WIP balance for Year 3. There were 185 units of product in beginning WIP inventory. Al started 2,000 units of product during Year 3. Ending WIP inventory consisted of 155 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank.

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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